Turks and Caicos Money Transmitters License

Turks and Caicos Mutual Funds

A Mutual Fund as defined in the Mutual Fund Ordinance 1998 (MFO) is a company, unit trust or partnership that issues equity interests, the purpose or effect of which is the pooling of investors’ funds with the aim of spreading investment risks and enabling investors in the mutual fund to receive profits or gains from the acquisition, holding, management or disposal of investments.

Categories of Mutual Funds

Categories of Mutual Funds under the MFO are:

  1. Registered Mutual Funds are constituted under TCI law and may only issue equity interests to investors who meet prescribed qualifications or the equity interests of which are listed on a stock exchange recognized by the TCI.
  2. Recognised Mutual Funds are constituted outside the TCI and the equity interests of which are listed on a stock exchange recognized by the TCI.
  3. Licensed Mutual Funds do not qualify as registered or recognized but are otherwise approved.

Legal Requirements



Element Requirement(s)
Entity Requirements The entity making the application is a Turks and Caicos:

  1. A company,
  2. Unit Trust,
  3. Partnerships,
Director’s Requirements Every mutual funds administrator which is a company shall provide in its Articles of Association that there be not less than two directors at any time and further shall ensure that there are two directors at all times..
Shareholder requirements Every mutual funds administrator will need at least one shareholder.
Compliance Officer The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.
Fund Manager A mutual fund manager shall not be appointed

unless he or it is licensed by a regulatory authority in the countries in which he or it carries on the activities.

Local Office The applicant must have premises in the island acceptable to the commission prior to operating the business. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.
Minimum Capital Requirements For the purposes of a registered mutual fund the qualifications for an investor shall be that;

(a) he has investments of $100,000 or more in securities quoted on the stock exchanges specified.

Ongoing Obligations

It shall be a condition of every licence granted under section 14 that the licensee shall at all times act in good faith and in the interests of the investors in the mutual funds and—

Shall cause annual accounts to be prepared in accordance with generally accepted accounting principles acceptable to the Commission and audited by an independent auditor, and shall submit such accounts to the investors in the fund within four

shall, within thirty days of its occurrence, notify the Commission of any change, or proposed change, in the information (including any business plan or prospectus) contained in, or supplied in connection with, the application for the registration, recognition or licensing of the mutual fund, as the case may be;

shall ensure that the current prospectus in respect of equity interests in the mutual fund shall at all times describe the equity interests in all material respects; and shall contain such other information as is necessary to enable a prospective investor in the mutual fund to make an informed decision as to whether or not to subscribe for or purchase the equity interests; and shall ensure that each such current prospectus be filed with the Commission;

(iv) shall file within twenty-one days of its occurrence, an amended prospectus with the Commission if at any time there is any change that materially affects any information in a

prospectus filed with the Commission or in the prescribed details of such prospectus;

Shall maintain such records, prepare such reports and provide such information as may be required by this Ordinance;

hall ensure that the prescribed annual fees are paid in a timely manner;

About Valsen Fiduciaries

Valsen Fiduciaries is a licensed independent global service provider of a broad range of fiduciary, administrative, legal, corporate secretarial and support services.

    1. Company formations and Administration
    2. Assistance with Bank Account opening
    3. Collective Investment Setup and Administration
    4. Intellectual Property Registrations and Maintenance.
    5. Trusts and Foundations setup and administration
    6. Online Payment Gateway Solutions
    7. Banking Licenses and PSP, E-Money, E- Wallet Licenses
    8. Yacht and aircraft registrations.
    9. Cryptocurrency Solutions (ICO, STO, Crypto Exchanges etc)

The Valsen Advantage

  • We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of securities dealer licenses in all major jurisdictions.
  • Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
  • We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
  • We have a full in-house compliance support for all compliance requirements with the regulator and service providers

Our Contact Details

Please visit us on: www.offshorelicense-regulatory.com , www.valsen-corporate.com

OR Contact us on:

  • Tel: +248 4321018
  • WhatsApp: +248 2525217
  • Skype: vf-international.com
  • Email: [email protected]


+248 252 5217

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