Luxembourg allows foreign investors to set up investment funds through legal structures like SICAVs and SICAFs. A SICAV uses a public limited company to create a fund with variable share capital tied to net assets. A SICAF establishes a fund through entities with fixed capital, such as collective investment funds. Both SICAVs and SICAFs can be used to create various types of investment funds and are exempt from corporate and dividend taxes but pay an annual subscription tax. Lawyers-Luxembourg.com assists clients with opening funds in Luxembourg and handling the registration process.

1. A presentation brought to you by
Lawyers-Luxembourg.com
HOW TO OPEN A SICAV/SICAF
IN LUXEMBOURG

2. Luxembourg is an attractive investment
destination for foreign entrepreneurs
thanks to its developed economy.
Professional investors can set up
investment funds in the Grand Duchy
under various legal forms among which
the SICAF and SICAV are often employed.
FOREIGN INVESTORS IN
LUXEMBOURG

3. The SICAV (Société d’Investissement à
Capital Variable) can be used to
create an investment through a legal
entity with a variable share capital.
The share capital must have the same
value as the net assets of the
Luxembourg fund.

4. The main type of entity that can be used to
create a SICAV in the Grand Duchy is the
public limited liability company.
The registration will be completed as for
any other business vehicle while respecting
the investment funds legislation.
LEGAL FORMS FOR A SICAV
IN LUXEMBOURG

5. the public limited company (S.A.);
the limited liability company
(S.A.R.L.);
the limited partnership (S.C.A.).
The SICAF (Société d’Investissement à
Capital Fixe) implies using a legal entity
that has a fixed capital in order to open an
investment fund in Luxembourg.
The following legal vehicles can be used
for its creation:

6. collective investment funds;
hedge funds;
alternative investment funds.
Both the SICAV and SICAF can be used
to create various types of investment
funds.
Among these:

7. The creation of a SICAF and SICAV
implies selecting an appropriate legal
entity in accordance with the type of
fund to create.
The registration is completed with
the Trade Registrar just like in the
case of other businesses.

8. From a taxation point of view, both the
SICAF and SICAV are exempt from the
corporate and dividend taxes.
They will be subject to a subscription tax
which must be paid on an annual basis.
TAXATION OF SICAVS AND
SICAFS

9. If you want to open an investment fund
in Luxembourg and need help with the
legal procedures, our lawyers are at your
service.
Our law firm in Luxembourg can also
handle the registration process of a
company based on a power of attorney.

10. clients@lawyers-luxembourg.com
www.lawyers-luxembourg.com
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