Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the FSC approval, including banking and payment rails.
Get an investment license in the BVI.
The emerging manager's fast lane: the BVI Approved Manager regime - US$1,000 to apply, business permitted seven days after filing, assets to US$400 million open-ended and US$1 billion closed-ended, outside the Regulatory Code - with full Category 3 investment management under SIBA waiting when the fund outgrows the threshold.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
BVI in brief
The regime built for the fund that does not exist yet.
The BVI solved the emerging-manager problem in a way no other jurisdiction has matched: the Investment Business (Approved Managers) Regulations let a manager of BVI private, professional and closed-ended funds operate on an approval rather than a licence - US$1,000 to apply, business permitted seven days after the application is filed, the Commission responding within thirty days, and exemption from the Regulatory Code that governs full licensees. The ceiling is real and stated: US$400 million under management for open-ended private and professional funds, US$1 billion for closed-ended. Cross it and you notify within seven days and move to a full licence within three months - the regime tells you in advance exactly when you outgrow it.
Above the threshold, SIBA's Category 3 investment management licence carries the same business under the full framework, and the BVI's fund ladder - incubator, approved, private, professional and public funds - lets the product scale in the same jurisdiction as the manager. There is no corporate income tax, no capital gains tax and no withholding; ongoing obligations are proportionate: an authorised representative, annual financial statements within six months of year-end, returns by 31 January and notification of material change within fourteen days. For first-time fund managers, spin-outs and sponsors launching a debut vehicle, the BVI is where the licence stops being the obstacle. We build the approval, the fund and the upgrade path.
The emerging manager's regime: BVI Approved Manager - US$1,000 to apply, business seven days after filing, Commission response in thirty days, exempt from the Regulatory Code; caps of US$400M open-ended and US$1bn closed-ended.
Category 3 under SIBA above the ceiling, with the incubator-to-public fund ladder alongside. No income, gains or withholding tax. Built end to end.
The two builds
The Approved Manager - or the Category 3 licence.
One ladder, two rungs: approval below the thresholds, full SIBA licence above them. We build for the rung you are on and the one you are heading to.
The Approved Manager now. Category 3 when you outgrow it.
01 - APPROVED MANAGER
The emerging manager's route
Managing BVI private, professional and closed-ended funds on approval. US$1,000 to apply, trading seven days after filing, outside the Regulatory Code, with proportionate ongoing obligations.
Managing BVI private, professional and closed-ended funds on approval. US$1,000 to apply, trading seven days after filing, outside the Regulatory Code, with proportionate ongoing obligations.
- ✓Private and professional funds
- ✓Closed-ended funds and affiliates
- ✓US$1,000 application
- ✓Business 7 days after filing
- ✓US$400M / US$1bn AUM caps
- ✓Exempt from the Regulatory Code
02 - CATEGORY 3 · SIBA
The full licence
Investment management under SIBA. Managing segregated portfolios, mutual funds, pension schemes and other investments without AUM ceilings, on the full regulatory framework.
SIBA Category 3 investment management without AUM ceilings. Segregated portfolios, mutual funds and pension schemes under the full code.
- ✓Managing segregated portfolios
- ✓Managing mutual funds
- ✓No AUM ceiling
- ✓Full Regulatory Code
- ✓Category 4 advice stackable
- ✓The planned destination
Per the Investment Business (Approved Managers) Regulations and SIBA as of 2026. Approval and renewal fees follow the FSC schedule. Confirmed at filing.
Why the BVI
Six reasons first funds start here.
✓
Seven days to business
Applications filed at least seven days before launch let the manager start on schedule - no other credible regime moves that fast.Launch dates hold.
✓
US$1,000 to apply
The entry cost of a supervised manager is a rounding error against a first fund's launch budget.Rounding error entry.
✓
A hard ceiling
US$400 million open-ended, US$1 billion closed. You know the day you outgrow the regime, years before it happens.Known years ahead.
✓
Outside the Regulatory Code
Approved Managers are exempt from the code that governs full licensees. Proportionality written into law, not promised.Proportionality in law.
✓
The fund ladder
Incubator to approved to professional to public. The product scales beside the manager, in one jurisdiction.Product scales too.
✓
Thirty-day answers
The Commission responds within thirty days of a complete application. A regulator that keeps its own clock.A regulator on clock.
How it compares
How the BVI differs from other routes.
The comparison in plain terms: the fastest route to a supervised fund manager. Bounded by thresholds that are stated up front.
BVI vs other jurisdictions
| Feature |  BVI | Other jurisdictions |
|---|---|---|
| Regime | Approval, then SIBA licence | Licence from day one |
| Entry | US$1,000 · 7 days | CI$1,000-€75k, months |
| Ceiling | US$400M / US$1bn AUM | None - and none needed |
| Code | Exempt while approved | Full code throughout |
Regime
BVIApproval, then SIBA licence
Other jurisdictionsLicence from day one
Entry
BVIUS$1,000 · 7 days
Other jurisdictionsCI$1,000-€75k, months
Ceiling
BVIUS$400M / US$1bn AUM
Other jurisdictionsNone - and none needed
Code
BVIExempt while approved
Other jurisdictionsFull code throughout
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| BVI | Approved Manager / Cat 3 | No income tax | US$400M AUM cap, US$1,000 |
 Cayman Islands | Securities manager - CIMA | No income tax | CI$5,000/yr, CI$15k resources |
 Bahamas | Funds + SIA - SCB | No income tax | IFA 2019 fund categories |
 Belize | Securities licence - FSC | Territorial business tax | US$500,000 capitalisation |
BVILicense typeApproved Manager / Cat 3
TaxationNo income tax
RequirementsUS$400M AUM cap, US$1,000
Cayman IslandsLicense typeSecurities manager - CIMA
TaxationNo income tax
RequirementsCI$5,000/yr, CI$15k resources
BahamasLicense typeFunds + SIA - SCB
TaxationNo income tax
RequirementsIFA 2019 fund categories
BelizeLicense typeSecurities licence - FSC
TaxationTerritorial business tax
RequirementsUS$500,000 capitalisation
Before you apply
Requirements for the BVI approval.Requirements for the approval.
The regime is light, not absent. The checklist below is what an Approved Manager maintains.
01
BVI company. Incorporated for the approval, with at least two directors where corporate.
02
Eligible clients. BVI private, professional and closed-ended funds, and affiliates of them.
03
Within the thresholds. US$400 million open-ended, US$1 billion closed-ended assets under management.
04
Application timing. Filed at least seven days before business commences.
05
Authorised representative. Appointed and maintained throughout.
06
Fit-and-proper principals. Directors and owners vetted, with clean histories.
07
Business plan. The funds managed, the strategy and the projected assets stated.
08
Annual financial statements. Filed within six months of financial year-end.
09
Annual return. Filed by 31 January each year.
10
Material-change notification. Filed within fourteen days.
11
Threshold monitoring. Notification within seven days of breach; full licence within three months.
01
BVI company, 2 directors.
02
Eligible fund clients only.
03
Within US$400M / US$1bn.
04
Filed 7 days pre-launch.
05
Authorised representative.
06
Principals vetted clean.
07
Plan and projections filed.
08
Statements within 6 months.
09
Return by 31 January.
10
Changes in 14 days.
11
Thresholds monitored.
Reflects the Investment Business (Approved Managers) Regulations as of 2026. Full Category 3 licensing carries the Regulatory Code in addition.Approved Managers Regulations + SIBA, 2026.
How it works
From first call to the FSC approval.
01
Rung and fund
Approved Manager eligibility tested, fund category chosen, the upgrade horizon mapped.Eligibility tested.
02
Company and principals
BVI entity, directors appointed, authorised representative engaged.Rep engaged.
03
The filing
The application filed at least seven days before launch. US$1,000, complete at submission.US$1,000, complete.
04
Commission response
Thirty days to a response on a complete file. Business permitted from day seven.30 days; live at 7.
05
Live and monitored
Fund launched, returns calendared, AUM tracked against the ceiling. Growth without surprises.AUM tracked.
Quick facts
RegulatorBVI FSC
Fast laneApproved Manager
Application feeUS$1,000
Start7 days after filing
Commission responseWithin 30 days
AUM capsUS$400M · US$1bn
Annual returnBy 31 January
StatementsWithin 6 months
The AUM ceiling is a calendar item, not a cliff: crossing it triggers seven-day notification and three months to license fully. We track it for you.
On the ground in the BVI
Run from our Road Town office.
Prifinance - BVI
Road Town · Tortola
Road Town, Tortola, BVI
01
Rung and horizon
Approved Manager now, Category 3 mapped for later. The growth path built into the first structure.Growth built in.
02
The FSC filing
Application, principals and plan assembled to the seven-day rule. Launch dates that hold.Timed to 7 days.
03
The fund alongside
Incubator, approved, private or professional fund structured beside the manager. One jurisdiction, one adviser.Same jurisdiction.
04
Ongoing compliance
Representative, returns, statements and threshold monitoring run as routine. The light regime kept clean.Run as routine.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of investment firms in the BVI.
No income taxation, proportionate obligations and economic substance filed where it applies.
No corporate income tax
Management and performance fees are untaxed at entity level. The launch budget goes into the fund, not the fisc.Budget goes to the fund.
No capital gains tax
Appreciation and realisations sit outside any charge. The manager's economics stay whole.Economics whole.
No withholding taxes
Distributions to investors leave clean. The neutrality a pooled vehicle requires.Neutral pooling.
Payroll on local employment
The one real tax touches local staff. Sized to reality when the office is built.Sized to reality.
Economic substance
The regime's filings apply by activity. Planned once at structuring, filed annually thereafter.Planned once.
Fees over taxes
The fiscal relationship is application, approval and company fees. Predictable, budgetable, small.Small and known.
Tax summary
Corporate income taxNone
Capital gains taxNone
Withholding taxesNone
Payroll taxOn local employment
State chargesLicence + company fees
*Figures as of 2026 per BVI law. Economic-substance outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: BVI company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, approved manager.
Follow Prifinance
Active across our channels.
BVI · FSC
Launch your investment firm in the BVI with expert support.
Full-service assistance - from Approved Manager filing and fund structuring to the Category 3 upgrade - run through our Road Town office.
Get a consultation →Free legal opinion
Is the BVI the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The BVI investment licence - the questions we hear.
What is the BVI Approved Manager regime?+
An approval rather than a licence for managers of BVI private, professional and closed-ended funds - US$1,000 to apply, business permitted seven days after filing, and exemption from the Regulatory Code that governs full SIBA licensees.
What are the thresholds?+
Assets under management may not exceed US$400 million for open-ended private and professional funds, or US$1 billion for closed-ended funds. Crossing a threshold triggers notification within seven days and a move to full licensing within three months, unless the Commission agrees otherwise in writing.
How fast can we start trading?+
The application must be filed at least seven days before business commences, so a manager can be operating a week after filing, with the Commission responding within thirty days of a complete application. It is the fastest credible route to a supervised fund manager anywhere.
What are the ongoing obligations?+
An authorised representative maintained at all times, annual financial statements within six months of financial year-end, an annual return by 31 January, notification of material changes within fourteen days, and at least two directors where the manager is a company.
What happens when the fund grows past the cap?+
You notify within seven days and apply for a full SIBA licence within three months. Because the ceiling is known from day one, the upgrade is a planned project rather than an emergency - we map it into the original structure.
What is the Category 3 licence?+
SIBA's investment management category - managing segregated portfolios, mutual funds, pension schemes and other investments without AUM ceilings, under the full Regulatory Code. It is where a successful Approved Manager lands.
Can we launch the fund here too?+
Yes - the BVI's fund ladder runs incubator, approved, private, professional and public, so the product scales in the same jurisdiction as the manager, with one set of advisers and one regulator.
How are BVI managers taxed?+
No corporate income tax, no capital gains tax and no withholding; payroll tax applies to local employment. Economic-substance filings apply by activity and are planned at structuring.
BVI or Cayman for a first fund?+
The BVI is faster and cheaper to launch and the Approved Manager regime is purpose-built for debut vehicles; Cayman is the institutional default with deeper administration when LPs demand it. Fund size and investor expectations decide - we model both.
Why Prifinance for the BVI?+
Filings timed to the seven-day rule so launch dates hold, the fund structured beside the manager, and the Category 3 upgrade mapped before you need it - from our Road Town office.
What regime?+
Approved Manager, BVI FSC.
Thresholds?+
US$400M / US$1bn.
How fast?+
Business 7 days after filing.
Ongoing?+
Rep, returns, statements.
Past the cap?+
Notify 7 days, licence 3 months.
Category 3?+
Full SIBA management.
Fund too?+
Incubator to public.
Taxes?+
None on income.
Or Cayman?+
LP expectations decide.
Why you?+
Upgrade mapped early.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
Google
“I had their assistance in company registration and I would recommend them. They were answering all my clarification during the process and offering all their supportThank you Daniel and Irinia”
Google
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Google
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Google
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Google
“I recently had the pleasure of working with Boris.. and I must say, it was a fantastic experience. Boris went above and beyond to assist me with my residency needs. His professionalism, knowledge, and dedication truly stood out. I highly recommend working with Boris and the team!”
Google
Start today
One message away from your BVI investment approval.
Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which BVI route fits your project and what it will cost.
✓Written legal opinion within 2-5 business days - free of charge✓A clear recommendation on the right licence scope, not a sales pitch✓Transparent fixed fees, confirmed up front✓EN · RU · ES speaking team
Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of BVI FSC or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.