A registered agent is a person or company designated to receive service of process (legal summons and notices), government correspondence, and regulatory filings on behalf of a legal entity. Every LLC, LP, or corporation formed in a US state — and most offshore jurisdictions — is required by law to maintain a registered agent with a physical address in the jurisdiction of formation.
Registered Agent Costs
Registered agent services typically cost $100–$300 per year per entity for domestic US entities. Offshore jurisdictions (Cayman Islands, BVI, Luxembourg) charge significantly more — $1,500–$5,000 annually — because the registered agent or registered office often provides additional compliance services. For managers running multiple SPVs, registered agent fees are a per-entity cost that scales linearly: 10 SPVs in Delaware means 10 registered agent fees, plus separate fees for any entities formed in other jurisdictions.
Why It Matters for Multi-SPV Managers
Registered agent fees are one of the "hidden" costs that make multi-SPV programs more expensive than they initially appear. While a single $200 annual fee seems negligible, managing 15 SPVs across two jurisdictions with ongoing renewals, address changes, and compliance filings creates administrative overhead that compounds with portfolio size. Consolidating SPV operations on a single management platform helps track these per-entity obligations alongside the broader administration workload.