Volaw recognise that Jersey is not the only jurisdiction with laws and regulations suitable for the establishment of collective investment funds and similar vehicles. Indeed, there are several reasons why a fund promoter, or their advisers, may choose to domicile a fund in another jurisdiction; these are:
- Perceived preference or familiarity of target investors for that jurisdiction
- Availability of tax credits or other benefits to the fund by owning assets through a vehicle incorporated in the foreign jurisdiction
- Availability of tax credits to investors in the fund resident in a target market
- Differences in regulatory or other legal matters in using a vehicle incorporated in the foreign jurisdiction (N.B. these benefits tend to be historical as Jersey’s regulatory framework is constantly evolving).
However, in some such foreign fund jurisdictions, there is a lack of availability for appropriately qualified and skilled fund administrators to undertake the administration of the fund. This may lead to issues of “management and control” being questioned by onshore revenue authorities. Volaw is able to use its experience in administering Jersey domiciled funds to provide a quality service to funds incorporated in other jurisdictions.
Volaw Trust Company is able to offer a full range of management and administration services, including:
- Provision of Jersey resident directors and officers
- Company secretary
- Ensuring management and control is maintained offshore
- Coordination of investor subscriptions and calls
- Preparation of NAV calculations
- Processing of capital and income distributions
- Payment of fees and other liabilities
- Book-keeping and accounting
- Supervision of regulatory filings
- General supervision of the fund’s activities.