Dec 8 2015
Any entity looking for an approval as an incubator fund or an approved fund is required to submit an application (Form IB-A2-IAF) and all necessary supporting documents to the Commission no less than two business days prior to the date the applicant intends to start business.
Once the application has been received, the Commission will review the application and pass its decision to the applicant within two business days from the date when the application was received.
The entity must submit the following information:
- Name of the applicant
- Type of fund
- Type of entity
- Date of incorporation or registration
- Incorporation/registration number
- Date deemed to be an incubator fund
- Address of applicant
- Proposed date of commencement of business
- Name of Authorised Representative
- Details of Administrator
- Relevant details of all directors and/or general partners
Payment of Application Fee
Besides filing an application, the entity must also cover the application fee. No application will be processed unless the fee payable is received.
If the entity is approved as an incubator fund, the status is valid for two years. After expiration the entity may apply for extension of the validity.
In order to retain the Incubator fund classification, every fund must ensure that it retains an Authorised Representative who is authorised in accordance with the provisions of SIBA and that at least two directors have been appointed. Furthermore, the fund must have an Administrator.