Establishing open-ended funds in Guernsey - .PDF file.
This document is intended to provide a brief overview of some of the legal and regulatory considerations to be taken into account when establishing a new open-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.
When launching a new Fund it is necessary to identify a promoter. In some cases the identity of the Promoter is clear. In other instances the identity of the Promoter is not so clear. As a general rule, the Promoter is usually the person, or persons, establishing the Fund and ultimately responsible for ensuring its success. In the case of a failed launch the Promoter is usually the person, or persons, responsible for paying the costs…
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