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Create Funds with Variable Capital in Italy

Updated on Wednesday 16th November 2016

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Create-fund-with-variable-capital-in-ItalyCollective investment schemes are among the most popular in Italy. This happens because recently this country adopted the EU directive which allows collective undertakings for investments in transferable securities (UCTIS) to be marketed all over Europe provided that they meet the requirements of this directive. There are two types of UCITS funds which can be established in Italy:

  • -          open-ended collective schemes;
  • -          closed-ended collective schemes.

While open-ended investment funds may have a variable capital, closed-ended funds must have a fixed capital. Our Italian company formation agents can offer more information on the differences between these two types of funds.

Definition of funds with variable capital in Italy

Italian funds with variable capital can be described as investment schemes in which the capital of the funds varies depending on the number of investors or shareholders. The value of fund depends on the net value of its assets.

In order to open a fund with a variable capital in Italy, an investor may choose between the following two forms:

  • -          SICAV company (investment company with a variable capital);
  • -          contractual fund.

The main advantage of investment funds with variable capital in Italy is that the investors may claim their shares at their net value.

How to establish a fund with variable capital in Italy

As mentioned above, foreign investors seeking to open an investment fund under the form of open-ended UCTIS in Italy may choose between the investment company with a variable capital and the contractual fund. In order to establish a SICAV one must register a company with the Trade Register and based on its incorporation documents and investment rules it can obtain the approval of the National Commission for Companies and Stock Exchange (CONSOB) and of the Italian National Bank. When opening an investment fund with a variable capital under the form of a contractual fund, the fund contract is the main document providing for the regulations and the management of the fund. The contractual fund must also be submitted for approval with the National Bank and CONSOB.

For full information on how to open a fund with a variable capital, please feel free to contact our company registration representatives in Italy.

 

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