Three types of Mutual Funds can be established under the Mutual Funds legislation:
(A) Public Fund
A Public Fund is one which offers shares to the general public.
(B) Private Fund
A Private Fund is one which either offers shares to no more than fifty investors or offers shares on a private basis only.
(C) Accredited Fund
An Accredited Fund is one which offers shares only to accredited investors with an
initial investment of not less than US$ 25,000 per investor.
"Accredited investor" means a person
whose ordinary business involves,
whether for the person's own account or the accounts of others,
the acquisition or disposal of property of the same kind as
the property of the fund or a substantial part of the property
of the fund; or
who has signed a declaration that the person, whether individually or
jointly with his spouse (as applicable), has net worth in excess of one
million dollars in the United States currency or its equivalent in any other
currency and consents to being treated as an accredited investor;
All Mutual Funds must have a licensed Manager and Administrator.
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for further information.