Valsen Fiduciaries Funds

Ireland UCITS Fund

Ireland UCITS has its origins in EU legislation. It’s regulated by rules established by the Central Bank, which is the regulatory authority responsible for the authorization and supervision of all collective investment schemes established in Ireland.

About Ireland UCITS Fund

UCITS are open-ended investment funds that have the sole object of collective investment in transferable securities or in other liquid financial assets. A UCITS can invest in a diverse range of investments, including;

  • Transferable securities
  • Units in collective investment schemes
  • Approved money market instruments
  • Derivatives and forward transactions and deposits

Ireland UCITS Fund Legal Requirements

Requirements Description
  1. Applicable legislation

UCITS Directive 2014/91

  1. Supervising Authority

Central Bank of Ireland.

  1. Corporate vehicle permitted

EU recognised;

Unit Trust

ICAV

Common Contractual Fund (CCF)

Variable or Fixed Capital Companies

  1. Share capital or equivalent
    • Minimum subscription

EUR 125,000 plus, if applicable, an additional amount of 0.02% of the amount by which net assets exceed EUR 250 million.

    • Minimum investors
None
  1. Directors / Partners / Trustees
    • Minimum number

2

    • Corporate Directors / Partners / Trustees allowed

Yes

    • Local Directors / Partners / Trustees required

Yes

  1. Fund functionaries required
    • Custodian
      • Custodian required
Yes
      • Local custodian required

No

      • Eligible custodian

A licensed institution or another institution acceptable to the Central Bank of Ireland.

    • Fund manager / Investment manager
      • Fund manager required
Yes
      • Local fund manager required

No

      • Fund manager requires to be licensed

Yes

      • Eligible fund manager

A UCITS investment company may opt to be “self-managed” or alternatively can appoint an external management company .

    • Fund administrator
      • Fund administrator required
Yes
      • Local fund administrator required

Yes

      • Eligible fund administrator

Ireland licensed company offering fund administrator services as approved by the Central Bank of Ireland.

    • External auditor
      • External auditor required
Yes
      • Local external auditor required

No

      • Eligible external auditor

Qualified local auditor approved by the Central Bank of Ireland.

  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. Estimated license processing duration

3 months

Ongoing Obligations

Requirements Description
Monthly obligations
Office Required
Quarterly obligations
None
Annual obligations
Submit half-yearly financial and annual audited accounts of the AIF management company to the Central Bank. The half-yearly accounts shall be submitted within two months of the half-year end and the annual accounts within four months of the year end. The report shall be accompanied by the minimum capital requirement report.
Other obligations

An AIF company should hold its minimum capital requirement in the form of eligible assets
Always be in a position to demonstrate, to the Central Bank, its compliance with the minimum capital requirement

Tax Obligations and Other Exemptions
Requirements Description
Business Tax
AIFs formed under the law of an EU Member State, other than Ireland, will not be liable to tax in Ireland.
Withholding Tax
No withholding tax is payable on dividends and/or interest payable.
Value Added Tax (VAT)
VAT is not applicable to mutual funds in its entirety.
Stamp duty Act
None
Trades Tax Act
None
Immigration Decree
None
Exchange Control Act
There are no foreign exchange control restrictions.
Foreign Earnings Act
The Foreign Earnings Act is not applicable.

Benefits of a Ireland UCITS Fund:

  • Ease and speed of establishment
  • Flexible structuring of the entity
  • Favourable compliance restrictions
  • Friendly regulatory environment
  • Freely marketed on a retail basis throughout the EEA (subject to a simple registration process)
  • UCITS can also be sold globally (particularly throughout Asia)
  • UCITS are entitled to a marketing passport