How to set up a Fund In Ireland
This can be dependent on the location of the target investors and the investment policy of the fund. For advice on this, you can contact Garth McKeown or Larry McCowan.
UCITS are open-ended funds and may be established as a Unit Trust, ICAV, Common Contractual Fund (CCF) or Variable or Fixed Capital Companies.
AIFs can be established as a Unit Trust, ICAV, Common Contractual Fund (CCF), Investment Company or Investment Limited Partnerships.
The Central Bank of Ireland, our regulator in Ireland, is responsible for the approval of all collective investment schemes (i.e. both UCITS and AIFs). The approval process varies depending on the fund type selected.
For all Irish funds, service providers including an Irish based depository, an Irish based administrator, an Irish regulated external auditor, a management company and UCITS Manco/AIFM must be approved in advance of fund approval.
The Cental Bank of Ireland is responsible for the authorisation of UCITS. This authorisation process for UCITS has two parts:
- the approval of service providers as noted above for both UCITS and AIFs.
- the approval of UCITS documentation
The KIID is a concise document which must be translated into the language of the investor and must provide basic detail on the fund’s investment strategy, charges, past performance over 10 years and risks/rewards.
The time frame for approval of a UCITS fund from confirmation of receipt to final approval is 25 working days.
- identifying key parties to the fund who must be approved by the Central Back of Ireland. The Alternative Investment Fund Manager, directors, investment manager, fund administrator, depositary and auditor must all be pre-approved by Central Bank of Ireland.
- an application form to the Central Bank of Ireland, including the prospectus, the constitutional documents of the fund and the material contracts with the various parties to the fund.
It is possible for investment funds to operate in certain jurisdictions other than Ireland to re-register in Ireland. This fund re-domiciliation process ensures minimal disruption to day-to-day management and distribution of the fund.
Funds domiciled in the following jurisdictions can avail of the new re-domiciling framework:
- Bermuda
- British Virgin Islands
- Cayman Islands
- Guernsey
- Jersey