Collective investment schemes may be created in TCI, either by incorporating a mutual fund company or by establishing a unit trust. Mutual funds and open-ended investment companies are governed by the Companies Ordinance 1981.
Unit trusts are subject to the general laws of equity and trusts and hence are governed more by their trust deed than by statute.
There is no separate legislation relating to investment funds but a fund is obliged to produce a prospectus which requires approval by the regulatory authorities. A company which acts as trustee must have a licence under the Trustees (Licensing) Ordinance 1992. Restrictions are not imposed on the type of investment which a fund may make; rather the emphasis is on demonstrating the manager's expertise in the investment area selected.
REQUIREMENTS FOR REGISTRATION
Application should be made to the Financial Services Commission (FSC). Registration is dependent upon the approval by FSC of the credentials of the promoters and their advisors with subsequent monitoring of the fund's performance.
TCI recognises the importance of this growing market and has adopted a pro-active approach to attract such collective investment schemes.
The Financial Services Commission is responsible for the registration of ships and intellectual property such as patents and trademarks in TCI.
THE LAW AND REGISTRATION REQUIREMENTS
TCI has an active shipping registry where ships up to 150 GRT under British tonnage calculation may be registered. Registration is confined to British vessels, which means vessels owned by British subjects including bodies corporate established under and subject to the laws of TCI, the UK and other British Dependent territories. Registration of transfer of ownership, registration of mortgages and transfers from other shipping registries can also be carried out.
The registration of patents in TCI is regulated by the Registration of patents Ordinance 1982, as amended in 1990 and the Patents Rules 1983.
The Registration of Trademarks in TCI is regulated by the Registration of trade Marks Ordinance 1978 and the Trade Mark Rules 1982.
The above registration procedures can be effected quickly and efficiently at a competitive cost within the stable and secure environment of a British Dependent Territory.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.