The SICAF - the investment company with fixed capital, can be set up in Luxembourg by both local and foreign investors. Our team of financial experts can offer in-depth information on the registration requirements. You may learn more on the subject at http://www.startluxembourgfund.com/.

1. Set up a SICAF in Luxembourg
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2. 2
SICAF – definition
The SICAF in Luxembourg represents a
legal structure which stands for an
investment company with fixed capital.
In order to set up a SICAF (Société
d’Investissement à Capital Fixe), the
investor will need to observe the
requirements for capital, structuring and
fund management.
Luxembourg is a leading destination for
worldwide investors and fund managers,
as it provides numerous investment
structures.

3. 3
The characteristics
of a SICAF
The investment company is one of the
basic structures to form an undertaking
for collective investments in
Luxembourg.
An entrepreneur can open an investment
company with fixed capital, also known
as a SICAF.
This investment company can take the
form of several business entities.

4. 4
SICAF – legal entities
A SICAF structure in Luxembourg can
take the following forms:
• public limited company;
• limited liability company;
• partnership limited by shares;
• co-operative.
Our team of financial experts in
Luxembourg can offer more details on the
legal entities available here.

5. 5
SICAF – registration
requirements
A SICAF structure can be registered as an
individual fund.
At the same time, the investors can set up
a SICAF as an umbrella fund, which is a
structure that allows the registration of
several sub-funds that can carry out
different investment strategies and
policies.
The SICAF will need a capital of 1,250,000
euro that must be fully deposited within six
months from the authorization.

6. 6
SICAF – receive approval
from the CSSF
The Luxembourg financial supervisory
authority (CSSF) is the main regulator
for investment funds in the country.
The SICAF must also be verified by the
CSSF.
The SICAF will need to obtain an
approval from the CSSF before being able
to commence any activities.
The commission will approve the fund’s
constitutive documents, its
management strategy and its directors.

7. 7
Taxation of a SICAF >>
The distribution of dividends in
a SICAF must be done in such a way that
it will not decrease the assets to an
amount less than half of the fund’s
liabilities to its creditors.
The fund will also need to comply with
annual accountancy and financial reporting
requirements.
Our team of financial consultants can
provide more details related to this subject.

8. 8
>> Taxation of a SICAF
The SICAF in Luxembourg is exempt from
paying several taxes, mentioned below:
• income tax;
• net wealth tax;
• value added tax.
In particular cases, the provisions of the
double taxation treaties signed by
Luxembourg can apply to such structures.

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Other types of funds
Foreign investors have also the possibility
of setting up similar structures, such as the
SICAV, which refers to an investment
company with variable capital.
Those who want to invest on the equity
market can register a SICAR, an
investment company in risk capital.
The SICAR in Luxembourg can be
registered under several legal structures.

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Consultancy Service in
Luxembourg
Luxembourg is a top market for
securitization vehicles.
Please contact our team of financial
representatives for more details on the
securitization legislation applicable in
Luxembourg.
Our experts can also provide in-depth
information on the main purposes for which
an investment fund can be set up here.

11. Thank you for your
attention!
For more information please contact us at:
(+44)203-287 0408 (for international
clients)
office@startluxembourgfund.com
www.startluxembourgfund.com
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