Open a SICAF in Switzerland
Open a SICAF in SwitzerlandUpdated on Tuesday 31st March 2020
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SICAF represents an acronym depicting an investment company with a fixed capital. This type of investment fund is available to all categories of investors and it is important to know that a SICAF falls under the category of closed-ended collective investment schemes, regulated by the Federal Act on Collective Investment Schemes (CIS). However, CIS may impose various limitations to professional investors, depending on the statutory documents of the company, on which our team of lawyers in Switzerland can provide more details.
Regulations on closed-ended CIS in Switzerland
A SICAF in Switzerland represents the legal entity under which a closed-ended investment fund can be established here. A closed-ended fund is a type of investment vehicle in which the shareholders can issue a limited amount of shares. Our attorneys in Switzerland can offer assistance for the registration of a SICAF following the rules stated in the Swiss Code Obligations, which prescribe that this type of investment vehicle should meet several criteria that can refer to its business objective (which is the collective capital investment) or to the fact that it shouldn’t be listed on the local Stock Exchange.
Registration of a SICAF in Switzerland
Any fund established in Switzerland has to be represented by a custodian bank, which subscribed to the regulations imposed by the Federal Banking Law.
According to the applicable legislation, a Swiss SICAF must be managed by a fund management company registered as a public limited company with the administrative office established in Switzerland.
Foreign investors can receive legal representation from a Swiss law firm if they are interested in opening a SICAF, which must obtain a license in order to carry out its business activities. The license is issued by the main regulatory body in this field, the Swiss Financial Market Supervisory Authority (FINMA).
When requesting a license from FINMA, the applicant should provide the following documents:
• the articles of association;
• regulations of the fund management company;
• organisational documents of the asset manager.
Businessmen who need further advice on how to open a SICAF in Switzerland can contact our Swiss lawyers for more information.