Fund Formation Guide by iMaps Capital Markets
How to Set Up an Investment Fund
A comprehensive guide to launching investment funds in Europe and offshore jurisdictions, covering regulation, structure, costs, and a faster alternative through Actively Managed Certificates.
In-Depth Guides
Everything You Need to Know
Whether you're launching a UCITS fund in Luxembourg or exploring offshore options in the Cayman Islands, our guides walk you through each step of the process.
01
European Fund Setup
A step-by-step guide to establishing a regulated investment fund in Europe, covering UCITS and AIFMD frameworks, jurisdiction selection, and regulatory approval.
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02
Offshore Funds
Explore the benefits and considerations of offshore fund structures in jurisdictions like the Cayman Islands, Bermuda, and the British Virgin Islands.
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03
Fund Setup Costs
A detailed breakdown of startup and annual operating costs for both European and offshore funds, including legal fees, administration, custody, and regulatory charges.
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04
Actively Managed Certificates
Discover AMCs as a faster, more flexible alternative to traditional fund structures, listed on the Stuttgart Stock Exchange with lower barriers to entry.
Learn About AMCs →
The Alternative
Why Many Fund Managers Choose an AMC Instead
An Actively Managed Certificate gives you the flexibility of a fund: exchange-listed, actively managed, open to retail investors, without the lengthy setup, heavy regulation, and high costs of a traditional fund structure.
200+
ETIS ISSUED
EUWAX
EXCHANGE LISTED
EUR 1 bn+
VOLUME ISSUED
20+
EU COUNTRIES
Frequently Asked Questions
Common Questions About Fund Setup
What is the difference between UCITS and AIFMD?
UCITS are highly regulated retail investment products distributed across the EU. AIFMD governs managers of alternative investment funds such as hedge funds, private equity, and real estate funds, primarily targeting professional investors.
What is an Actively Managed Certificate?
An AMC is an exchange-listed structured product that tracks an actively managed portfolio. It offers a faster, more flexible alternative to a traditional fund, with lower setup costs and fewer regulatory hurdles.
How much does it cost to set up a fund in Europe?
Regulator fees are the smaller part: Luxembourg's CSSF charges €4,650 to authorise a standalone fund and the same again each year. Service providers drive the budget: a Luxembourg RAIF costs about €60,000–€160,000 to set up and from about €155,000 a year to run.
Which jurisdictions are best for European funds?
Luxembourg and Ireland, the two largest domiciles, hold 48% and 43% of global cross-border fund assets, 91% between them, according to J.P. Morgan. Both offer established regulators, extensive tax treaty networks and deep pools of experienced fund service providers.
How long does it take to launch a fund?
Luxembourg practitioners quote three to six months for a UCITS, while a Luxembourg RAIF can launch in four to six weeks because it needs no CSSF approval. An iMaps AMC reaches its first trading day about 30 business days after due diligence is accepted.
What are the advantages of offshore funds?
The Cayman Islands, the British Virgin Islands and Bermuda offer tax-neutral structures, registration-based regulation and access to global investors. Since AIFMD II, marketing them in the EU also depends on the fund's home jurisdiction staying off the EU's anti-money laundering and tax blacklists.