Valsen Fiduciaries Funds

Gibraltar Experienced Investor Fund

The Gibraltar Financial Services Commission (GFSC) regulates financial services industry including Experienced Investor Funds under the Financial Services (Experienced Investor Funds) Regulations 2018. This Act sets out the guidelines pertaining to the application and licensing of mutual funds and other collective investment entities in Seychelles.

About Gibraltar AIFM Fund

A Gibraltar EIF is designed for professional, high net worth or experienced investors. EIF’s are registered in accordance with the EIF regime established under The Financial Services (Experienced Investor Funds) Regulations 2018. The EIF regime is reliant on Experienced Investor Fund Directors and other licensed service providers.

Gibraltar Experienced Investor Fund Legal Requirements


Requirements

Description
  1. Applicable legislation
The Financial Services (Experienced Investor Funds) Regulations 2018

Financial Services (Collective Investment Schemes) Act 2011.

  1. Supervising Authority
Gibraltar Financial Services Commission (GFSC)
  1. Corporate vehicle permitted
Gibraltar:

Limited Company

PCC (Protected Cell Company)

  1. Share capital or equivalent
    • Minimum subscription
£10,000
    • Minimum investors
None
  1. Directors / Partners / Trustees
    • Minimum number
2
    • Corporate Directors / Partners / Trustees allowed
Yes
    • Local Directors / Partners / Trustees required
No
  1. Fund functionaries required
    • Custodian
      • Custodian required
Yes
      • Local custodian required
No
      • Eligible custodian
Licensed Financial institution

Licensed Trustee services provider

Any other person as the authority may approve

    • Fund manager / Investment manager
      • Fund manager required
Yes
      • Local fund manager required
No
      • Fund manager requires to be licensed
Yes
      • Eligible fund manager
Any licensed fund manager as approved by the GFSA.
    • Fund administrator
      • Fund administrator required
Yes
      • Local fund administrator required
No
      • Eligible fund administrator
Administrator of an EIF must be domiciled and regulated in Gibraltar or,

If external, be established in a jurisdiction where it is regulated in accordance with a legislative and regulatory regime that provides at least equivalent protection to the regime in Gibraltar.

The appointment of fund administrators established outside of Gibraltar requires the Commission’s consent and is also subject to the consent of the Minister with responsibility for financial services.

    • External auditor
      • External auditor required
Yes
      • Local external auditor required
No
      • Eligible external auditor
Qualified local auditor or

Foreign auditor if fund is structured as a domestic company

  1. Asset Requirements
    • Restriction on type of asset class invested
None
    • Asset diversification requirements
None
    • Limitation on size of the fund or total assets under management
None
  1. Local physical office required
No
  1. Prospectus / Offering Memorandum required to be filed
Yes
  1. Eligible for listing
Yes
  1. License fees
    • License application fee
£2,500
    • Annual license fee
£2,500
  1. Estimated license processing duration
3 months

Ongoing Obligations

Requirements Description
Monthly obligations
Office Required
Quarterly obligations
None
Annual obligations
Submit annual audited accounts to GFSC within 4 months of the financial year end
Other obligations

Notify GFSC within of any of the following changes:

Change in the registered office address

Change of its agent in Gibraltar

Change in name or address of-

  • each director of the fund, if the fund is a company
  • each trustee of the fund, if the fund is a trust
  • each general partner of the fund, if the fund is a limited partnership.

Appointment, resignation or removal of a Director or officer

Tax Obligations and Other Exemptions
Requirements Description
Business Tax
AIF are exempt from business tax.
Withholding Tax

There is no withholding tax on payments from a Gibraltar fund to its non-Gibraltarian investors.

Payments to a Gibraltar company from subsidiaries in certain European jurisdictions

Capital Gains Tax
There is no capital gains tax, inheritance tax or wealth tax in Gibraltar
Value Added Tax (VAT)
VAT is not applicable to AIFM in its entirety.
Stamp duty Act
There is a stamp duty of £10 on the creation of share capital of a company and on any increase in share capital.

Benefits of a Gibraltar Experienced Investor Fund:

  • Ease and speed of establishment
  • Flexible structuring of the entity
  • Favourable compliance restrictions
  • Friendly regulatory environment
  • Quick and easy regulatory notification process