Valsen Corporate

Ireland UCITS Fund

  • Ireland UCITS Fund Key Features
  • The UCITS European directive sets out a common set of rules for the cross-border distribution of collective investment schemes via the European Passport. UCITS are designed with the retail consumer in mind, ensuring appropriate levels of protection for investors. A UCITS may be established in Ireland as a single fund or as an umbrella fund comprising one or more sub-funds, each with a different investment objective and policy. The key common aspects of UCITS funds are that they must be open-ended and liquid. The flexibility of UCITS is evident in that they may be set up as a single fund or as an umbrella fund that is comprised of several ring-fenced sub-funds, each with a different investment objective and policy. Each sub-fund is treated as a separate entity, with the assets and liabilities segregated from other sub-funds within the umbrella UCITS fund. Management of each sub-fund can be performed by a different investment manager and sub-funds are permitted to invest in each other, subject to certain investment restrictions. UCITS funds can be used for a wide range of strategies and asset classes. Exchange Traded Funds (ETFs) and Money Market Funds (MMFs) are almost always established at UCITS funds.

    Legal Requirements

    Requirements

    Description

    General
    • Corporate  vehicle permitted

    Investment company with fixed or variable capital,  Common Contractual Fund (CCF), Irish Collective Asset-Management Vehicle (ICAV), Unit trust, Limited partnership
    • Local physical office required

    No

    Share capital or equivalent
    • Minimum subscription

    None
    • Minimum investors

    None

    Directors
    • Minimum number

    3
    • Corporate directorship allowed

    No
    • Local director required

    Minimum of 2 local directors

    Investment Restrictions

    §  Up to 10% of the net assets may be invested in unlisted securities

    §  Up to 10% of the net assets may be invested in securities issued by the same issuer

    §  Borrowings can be effected for investment purposes

    §  Cannot enter into physical short sales and may establish side pocket share classes for illiquid assets.

    Service Providers Required
    • Custodian

    Yes (local)
    • Fund manager/Investment manager

    Yes
    • Fund administrator

    Yes (local)
    • Auditors

    Yes
    Tax Treatment Authorised Irish funds are tax exempt, except to the extent that they have Irish resident investors. Transfers of units in Irish funds are exempt from Irish stamp duty. Duration to Set Up About 3 months Distinctive Benefits of Licence
    • Flexible structuring of fund vehicle
    • Favourable tax regime
    • Globally reputable regulatory environment
    The Valsen Advantage
    • End to end comprehensive service
    • Speedy and efficient service
    • Expert advice on structuring options
    • Dedicated ongoing compliance support
    • Extensive network pool of service providers