Skype ID: acumum   Malta: +356 2778 1700

Malta Fund Structures

SICAVs – SICAVs – LLPs – Contractual Funds – Unit Trusts

 Sharia Funds – Umbrella Funds

Flexible vehicles underpin the Maltese Fund Offering

Investment Companies Funds can be set up as limited liability companies. Companies may be established either as:
1. Open-ended investment companies (SICAVs) or;
2. Close-ended investment companies (SICAVs).
1. Open-ended investment companies (SICAVs)
• SICAVs may be formed as public or private companies with variable share capital and are governed by the Companies Act;
• Public companies may offer their shares or debentures to the public;
• Private companies are limited to the extent to which they can transfer shares and are barred from issuing any
invitation to the public to subscribe to any shares or debentures;
• SICAVs permit the introduction of additional investors without having to wait for the liquidation of the current holding;
• A unit’s value in an openended scheme reflects the NAV of the scheme;
• SICAVs have become the most common form of retail and professional investor fund structures for both
local as well as international offerings. This is due to investment companies being able to benefit from Malta’s
broad network of double taxation treaties and have low-running costs.
2. Close-ended
investment
companies (INVCOs)
• INVCOs are public
companies with a fixed share
capital
• An INVCO’s business is
restricted to the investment
of its funds, mainly in
securities, or can operate as
a retirement fund.
• Further restrictions for
INVCOs include:
– The company’s holdings
in any other company
that is not an investment
company with fixed share
capital, is not greater
than 15% by value of its
investments.
– Distributions of
company’s capital profits
are prohibited by its
memorandum and
articles of association;
and
– Companies must not
keep hold of over 15% of
the income derived from
securities.
Both SICAVs and INVCOs may
operate as umbrella funds,
through which the share capital
may be divided into different
classes, with each class of
shares representing a distinct
sub-class of the company. This
enables the scheme to operate
a number or separate sub-funds
having different investment
policies.
SICAVs may also be formed as
Incorporated Cell Companies.
MALTA FUND STRUCTURES
STRUCTURING
STRU