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Open Non-UCITS Funds in Gibraltar

Updated on Friday 11th November 2016

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Open-non-UCITS-funds-in-GibraltarForeign investors may set up various types of investment funds, according to the Financial Services Act in Gibraltar. The law provides for the establishment of collective investment schemes which can take up several forms. The most employed ones are UCITS and non-UCITS investment funds. No matter the kind of investment fund an investor want to open in Gibraltar, they must obtain the approval of the Financial Services Commission (FSC) prior to marketing the fund.

Our company registration agents in Gibraltar can offer more information on all the laws providing for the establishment of investment funds on the Rock.

What are Gibraltar non-UCITS funds?

Just like UCITS, non-UCITS funds are undertakings for collective investments in transferable securities, the only difference between the two types of funds residing in the fact that UCITS funds registered in Gibraltar can be marketed in other EU countries which have adopted EU Directive 2009/65, while non-UCTIS funds can only be marketed in Gibraltar. The main advantage of non-UCITS funds is that the FSC can provide for more relaxed regulations related to the establishment of such funds. The taxes imposed to Gibraltar non-UCITS funds are lower compared to the taxation of UCITS funds.

Types of non-UCITS funds in Gibraltar

The Financial Services Act provides for the following types of non-UCITS funds which can be registered in Gibraltar:

  • -          mutual funds;
  • -          umbrella funds;
  • -          feeder funds;
  • -          hedge funds;
  • -          funds of funds.

Non-UCITS funds can be marketed to retail investors in Gibraltar.

How to open a non-UCITS fund in Gibraltar

The first step to set up a non-UCITS fund in Gibraltar is to register an investment company with the Companies House. Public companies are usually registered as non-UCITS in Gibraltar. Following the company registration process, the fund must obtain the approval of the FSC based on the following documents:

  • -          the company’s incorporation documents;
  • -          the fund’s prospectus;
  • -          the prescribed application form;
  • -          the details of the directors;
  • -          information on the manager of the fund.

It can take up to 6 months for a non-UCITS fund to be approved by the FSC in Gibraltar.

For full information on the establishment of non-UCITS funds, please contact our Gibraltar company formation representatives.

 

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