Ireland AIF (Non-UCITS) Fund

Key Features

The term “AIF” is broadly defined and essentially comprises all non-UCITS funds. AIFs are subject to the regulations implementing the EU’s Alternative Investment Fund Managers Directive (“AIFMD”).

An AIF may be established in Ireland as a single fund or as an umbrella fund comprising one or more sub-funds. The Central Bank of Ireland’s (“Central Bank”) AIF regime imposes varying investment and borrowing restrictions depending on whether the AIF is established for retail investors (a “RIAIF”) or qualifying investors (a “QIAIF”).

Legal Requirements

Requirements

Description

General

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

No

Share capital or equivalent

·         Minimum subscription

QIAIFs

(EUR 100,000)

·         Minimum investors

None

Directors

  • Minimum number

3

  • Corporate directorship allowed

No

  • Local director required
Minimum of 2 local directors

Investment Restrictions

§  Up to 20% of the net assets may be invested in unlisted securities

§  Up to 20% of the net assets may be invested in securities issued by the same issuer

§  Borrowings cannot exceed 25% of net assets

§  RIAIFs may 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

QIAIFs (Yes – authorised from anywhere)

RIAIF (Yes – authorised from within EU)

  • 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