Establishing closed-ended funds in Guernsey

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This document is intended to provide a brief overview of the principal legal and regulatory considerations to be taken into account when establishing a new closed-ended fund in Guernsey.

A new Fund can be established using any one of a range of vehicles including traditional limited liability companies, protected cell companies, incorporated cell companies, unit trusts and limited partnerships. Legislation to establish “Foundations” has been prepared and is awaiting approval by the States of Guernsey. The choice of vehicle for a new Fund will usually be driven by a number of considerations including the nature of the underlying  assets, taxation, market practise and investor requirements. More detailed information can be provided on the range of vehicles available and their respective characteristics.

Closed-ended funds are “supervised”, albeit to differing degrees, by the Guernsey Financial Services Commission and can be established as either “authorised” or “registered”…

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