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An ‘out of the box’ approach to hedge fund administration Why not to use Bermuda as your domicile of choice Jason Bibb, Hedge Funds and Alternative Investments Is Perception the Reality? The Hedge Fund Market and How It Is Serviced Hedge Fund Hot Topics The Bermuda Value Proposition 1 2 3 4 PERCEPTION VERSUS REALITY “…Bermuda seems to be closed for business…” “…Bermuda is too regulated…” “…Bermuda takes too long to establish an hedge fund, other jurisdictions are easier…” “…between all the third party service providers, Bermuda is too expensive…” “…cannot find quality good people in Bermuda…” “…I can do everything in Cayman, which is easier for my business…” The ‘Bermuda’ Perception Aggressive Offshore Jurisdictions seeking business US Offshore Lawyers Investment Managers seeking less onerous regulatory environments Global service providers adopting the same mindset How was the ‘Bermuda’ Perception Born? The ‘Bermuda’ comparison British Virgin Island Tax Neutral environment Politically and economically stable Simple and flexible system of regulation and control No regulatory restrictions on investment policy or fees No requirement to appoint directors Need to incorporate in BVI Set up and maintenance costs are low Fast track set up Bermuda Tax Neutral environment Politically and economically stable Reputation for robust effective regulation No regulatory restrictions on investment policy or fees Flexibility over the appointment of directors, secretaries and resident representatives Need to incorporate and register in Bermuda Set up and maintenance costs are low Fast track set up, if required Robust AML policies Cayman Islands Tax Neutral environment Politically and economically stable Reputation for lighter regulation No regulatory restrictions on investment policy or fees Requirement to appoint directors, but not local Apart from an auditor there is no mandatory local service provision Set up and maintenance costs are low Fast track set up TH