UCITS - Why Ireland Doc


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Ireland a location of choice for International Funds

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UCITS - Why Ireland Doc

  1. 1. Assurance and Business Advisory Services Investment Funds Ireland the One Stop Shop for Investment Funds This publication has been prepared as a guide only. In the interests of brevity and clarity, detailed information may be omitted which may be directly relevant to an individual’s or an organisation’s circumstances. Professional advice should always be taken before acting on any information contained in this publication. Re-publication and dissemination (other than brief quotations with appropriate attribution) is expressly prohibited without prior written consent. The location of choice for the establishment of management companies, domiciliation of funds & excellent experienced servicing of all types of instruments. First for business. First for people.
  2. 2. Twelve Compelling Reasons Tax Benefits process is not the responsibility to choose Ireland of any designated individual. • No banking secrecy or exchange • Irish funds distribute to over 60 1. Highly regarded and well regu- of information blockages - Ireland countries across Europe, the lated environment for investment is not regarded as a “Tax haven” Americas, Asia, the Middle East funds. and is recognised by the OECD and Africa. 353 fund promoters as having implemented their from over 50 countries have set 2. Ireland is the largest hedge fund required taxation standards and up Irish domiciled funds and administration centre in the principles for the sharing and over 780 fund promoters use world. exchanging of information. Ireland as a servicing centre for • Irish regulated investment funds investment funds. 3. A leading cross border jurisdic- are exempt from tax of their tion for Exchange Traded Funds • Memoranda of Understanding: income and gains irrespective of and Money Market Funds in Ireland has entered into bilateral investors’ residency. Europe. MOU’s with the following • No withholding taxes apply for jurisdictions outside the EU: 4. Largest number of stock ex- non Irish resident investors. China, Dubai, Hong Kong, Isle change listed investment fund of Man, Jersey, South Africa, (1,605 investment funds (2,209 • Irish collective investment funds Switzerland and the USA. Future sub funds) listed as of Dec 2008, are not obliged to charge VAT and MOU planned with Taiwan. Source: Irish Stock Exchange). most of the services provided to a fund are exempt from VAT. • Fastest growing European and UCITS fund administration centre 5. Flexible, proactive regulatory • Lowest headline corporation tax over the past five years (Irish environment. in the OECD - 12.5%. domiciled net assets grew by • Common Contractual Funds 49% between 2004-2008; the 6. Speed to market: 24 hour ap- (CCFs) – tax transparent vehicles. European average for the same proval process available for period was 15%, Source: Central Qualifying Investor Funds (QIFs) • No stamp duty or capital duty Bank of Ireland & EFAMA). and an average 4-6 weeks for all charges on the establishment of a other fund structures. collective investment fund. • Promoter financial resources requirement: Irish promoters must 7. Fast track promoter approval – • Irish Management Companies have minimum net shareholder’s within one week of application. are subject to tax of 12.5% on funds of €635,000, or equivalent their trading income. Non- trading in another currency. 8. Extensive industry experience income will be taxable at 25%. and expertise. • Promoter liability – Irish • Double Taxation Treaties – 50 tax Promoters not legally responsible agreements, 6 additional new for losses of funds, as long as 9. Location – optimum time zone to treaties underway. due care has been provided. ensure global coverage. • Irish domiciled funds have access • The Irish custodian model 10. Only English speaking country in to the US double taxation treaty as required by the Financial the Eurozone, Euro currency. where a fund is demonstrated to Regulator provides significant be trading – this is a considerable comfort to investors. The 11. In Ireland today there are over advantage for exchange traded custodian will be directly liable 12,000 people employed directly funds. to the unit holders for any in the investment fund industry. unjustifiable failure to perform Other Distinguishing Factors its obligations or improper 12. Dedicated Shariah unit within the performance of them. Such Irish Financial Regulator. • EU Savings Directive adopted in duties will also extend to the Ireland. custodian’s appointment of any • Irish risk management process sub-custodians, which is of is based on guidance notes with particular importance to investors built in flexibility. Risk monitoring where assets are likely to be held for non-sophisticated funds in in various jurisdictions outside Ireland is on a daily basis. In Ireland. Ireland the risk management
  3. 3. How PwC Ireland can help? • Regulatory risk and compliance management. • Assistance with continuing regulatory obligations. Audit Services Our audit approach is tailored to suit the size and nature • Responding to regulatory change. of your organisation and draws upon our extensive industry knowledge. In addition to the independent Advisory Services PwC also provides a full range of business advisory audit we offer advisory services in the areas of financial services for both large organisations and independent reporting, corporate governance, regulatory compliance, advisors entering the investment fund business. Our independent controls and risk assessment. business advisory services team can assist clients in making strategic assessments of the investment Tax & Legal Services business, preparing business plans and economic Our Tax and Legal Services formulates effective analyses as well as advising on the structure of both strategies for optimising taxes, implementing innovative the investment advisor and the underlying fund. The tax planning and effectively maintaining compliance. team can also offer advice on systems and operational needs, identifying and selecting outside vendors and In recognition of the international tax issues to be preparation of full documentation of policies and considered in structuring funds, our specialised tax procedures. team works extensively with our global investment management teams on an ongoing basis. Our market share Irish-combined (Irish and non-Irish domiciled) market share Regulatory Services PwC has a dedicated regulatory and compliance service PwC team to assist you with all aspects of financial services KPMG KPMG regulation. The regulatory and compliance services 23% E&Y team provides support and advice to help you identify, PwC Deloitte 55% E&Y manage and control any existing and future regulatory 17% Other risks. Our services can be broadly categorised under three main headings: Deloitte Other 4% • Market entry; feasibility studies, authorisation 1% services, governance arrangements, compliance Source: Funds Encyclopaedia June 2008 frameworks, capital adequacy arrangements & notification assistance. PwC Investment Management Contacts - Ireland Olwyn Alexander Jonathan O’Connell Robin Menzies Tel: +353 1 792 8719 Tel: +353 1 792 8737 Tel: +353 1 792 8553 Email: olwyn.m.alexander@ie.pwc.com Email: jonathan.oconnell@ie.pwc.com Email: robin.menzies@ie.pwc.com Pat Candon Marie O’Connor Tax & Legal Services Tel: +353 1 792 8538 Tel: +353 1 792 6308 Email: pat.candon@ie.pwc.com Email: marie.o.connor@ie.pwc.com Jim McDonnell Tel: +353 1 792 6836 Fiona De Burca Ken Owens Email: jim.mcdonnell@ie.pwc.com Tel: +353 1 792 6786 Tel: +353 1 792 8542 Email: fiona.deburca@ie.pwc.com Email: ken.owens@ie.pwc.com Pat Wall Tel: +353 1 792 8602 Patricia Johnston Tony Weldon Email: pat.wall@ie.pwc.com Tel: +353 1 792 8814 Tel: +353 1 792 6309 Email: patricia.x.johnston@ie.pwc.com Email: tony.weldon@ie.pwc.com Pat Convery Tel: +353 1 792 8687 Joanne Kelly Regulatory & Compliance Services Email: pat.convery@ie.pwc.com Tel: +353 1 792 6774 Email: joanne.p.kelly@ie.pwc.com Deirdre McManus John O’Leary Tel: +353 1 792 7356 Tel: +353 1 792 8659 Andrea Kelly Email: deirdre.mcmanus@ie.pwc.com Email: john.oleary@ie.pwc.com Tel: +353 1 792 8540 Email: andrea.kelly@ie.pwc.com Advisory Real Estate Vincent McMahon Andy O’Callaghan Enda Faughnan Tel: +353 1 792 6192 Tel: +353 1 792 6247 Tel: +353 1 792 6359 Email: vincent.macmahon@ie.pwc.com Email: andy.ocallaghan@ie.pwc.com Email: enda.faughnan@ie.pwc.com Damian Neylin Robin Menzies Tel: +353 1 792 6551 Tel: +353 1 792 8553 Email: damian.neylin@ie.pwc.com Email: robin.menzies@ie.pwc.com
  4. 4. pwc.com/ie © 2009 PricewaterhouseCoopers. All rights reserved. “PricewaterhouseCoopers” refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity PricewaterhouseCoopers, One Spencer Dock, North Wall Quay, Dublin 1 is authorised by the Institute of Chartered Accountants in Ireland to carry on investment business. (01819).