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Malta A European Fund Jurisdiction 2009

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A presentation about setting up investment funds

A presentation about setting up investment funds

Published in: Economy & Finance, Business

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  • 1. Malta – A European Fund Jurisdiction2011
    Muscat Azzopardi and Associates, Advocates
  • 2. Malta – a general overview
    An EU Member State since 2004;
    Highly reputable financial services centre;
    Single regulator for Banking, Securities and Insurance– highly accessible and pro-business;
    Service-driven environment;
    Relatively low overall costs;
    Multilingual and professional work-force – an English speaking country with professionals usually speaking four languages;
    Ideal for UCITS IV schemes as well as non-retail funds;
    The most competitive tax structure within the EU, yet fully OECD compliant and not a tax haven;
    An excellent network of double taxation agreements.
  • 3. Why set up a fund in Malta?
    A flexible yet robust regulator – highly accessible;
    Very quick time to market – around four weeks, with an “in-principal approval” for Professional Investor Funds (PIFs) within a maximum of seven days;
    NO income tax, capital gains or withholding tax as long as assets not based in Malta;
    A very cost-competitive jurisdiction – relatively low set up and administration fees;
    Quickly becoming a hub for managers and administrators – tax and licensing advantages;
    Clear legislative structure;
    Possibility of self-managed schemes;
    Asset Manager need not be based in Malta;
    Custodian of a PIF may also be based elsewhere.
  • 4. Comparison with Luxembourg and Dublin – Qualifying PIF
  • 5. Malta’s Regulatory Framework
    1. Professional Investor Funds (PIFs)
    2. UCITS IV compliant Retail Funds
  • 6. Professional Investor Funds
    Suitable vehicles for Fund Promoters wishing to set up Hedge Funds, Private Equity Funds, Funds of Hedge Funds, Venture Capital Funds, Investment Property Funds;
    Three classes of PIF’s aimed at various investor profiles ranging from quasi-retail to institutional investors;
    Funds may be set up as a SICAV, a limited partnership, contractual fund or a unit trust;
  • 7. Professional Investor Funds
  • 8. PIF features at a glance
  • 9. UCITS IV funds
    Malta has already implemented legislation to implement UVITS IV measures. These include;
    Introduction of a full EU passport for UCITS Managers
    Quicker and simplified passporting for UCITS schemes
    Possibility of cross-border merger of UCITS schemes
    Possibility of Master-Feeder UCITS structures
    Simplified information for investors – introduction of Key Investor Information Document
  • 10. Services offered by MA&A
    • Due diligence exercise
    • 11. Assistance with submission forms
    • 12. Fund license application (with MFSA)
    • 13. All meetings with MFSA as required
    • 14. Drafting of Memorandum & Articles
    • 15. Registration of Fund Company
    • 16. Drafting of the Fund Offering document
    • 17. Setting up of the fund's administration
    • 18. Provision of the local registered office
    • 19. Submission of all the regulatory documentation
  • Muscat Azzopardi and Associates, Advocates
    Offices:
    35, 40, Villa Fairholme
    Zachary Street, Sir Augustus Bartolo Street
    Valletta, Malta Ta’ Xbiex, Malta
    Tel: +356 21336195 / +356 21 336196
    Fax: +356 21 336027
    Mail: mail@ma-advocates.com
    Web: www.ma-advocates.com
    Contact: Dr. James Muscat Azzopardi
    Mail: jamesma@ma-advocates.com
    Mobile: +356 9945 7373