PWC Logo

Compare key jurisdictions using our

Fund Domicile Web Tool

You can either compare by category or look at a single country in isolation.

Choosing Your Fund Category

Q9. What are the initial regulatory costs?

Countries are hidden, click here to show

Abu Dhabi

Fund vehicle

  • Public fund: €3,000
  • Exempt and qualified investor fund: N/A

Fund manager

  • FSRA application fee: €5,000 per regulated activity

Bermuda

Regulated funds:

  • Standard/ Institutional/ Administered fund: $855

Non-regulated:

  • Class A funds: $1,545
  • Class B funds: $1,030

Excluded funds:

Non-licensed persons registration (it is a requirements of the BMA for non-licensed persons to register with the BMA if they wish to carry out business activities):

  • Application: $108

British Virgin Islands

  • Fees payable to the FSC upon the application for recognition as a private or professional fund: $700.
  • Public fund: $1,000
  • Incubator or approved fund: $1,500

Cayman Islands

Initial registration fees: $4,268 for a standalone fund and $3,049 for a master fund.

Cyprus

  • UCITS/AIF: One-off application fee €1,800 plus €400 for each sub-fund until the 15th Compartment apart from the 1st one and €250 from the 16th sub-fund onwards.
  • AIFLNP: One-off application fee €1,300 plus €300 for each sub-fund until the 15th Compartment apart from the 1st one and €250 from the 16th Compartment onwards.

Dubai

Fund Vehicle

  • Fund ROC USD 1,000
  • Fund DFSA USD 0

Fund Manager 

  • ROC Application Fee USD 8,000
  • Commercial License Fee USD 12,000
  • Data Protection Fee USD 1,000
  • DFSA Application Fee USD 5,000-USD 25,000 (depending on the scope of the license)

To offer all new fund managers a cost effective option to establish a business in the DIFC, the set-up cost have now been reduced.


Fund Vehicle

  • Fund ROC USD 1,000
  • Fund DFSA USD 0

Fund Manager

  • ROC Application Fee USD 0
  • Commercial License Fee USD 0
  • Data Protection Fee USD 1,000
  • DFSA Application Fee USD 5,000-USD 25,000 (depending on the scope of the license)

Guernsey

GFSC application fees £ (GBP)

  • Open-ended funds: £3,335 (Additional class £700)
  • Closed-ended funds: £3,335
  • Non-domiciled schemes: £1,076

Hong Kong

Application Fee (HK$ per fund) - 20,000 (single fund), 40,000 (umbrella fund), 5,000 (sub-fund).

Authorisation Fee (HK$ per fund upon granting of authorisation) - 10,000 (single fund), 20,000 (umbrella fund), 2,500 (sub-fund).

Annual Fee (HK$ per fund upon granting of authorisation) - 6,000 (single fund), 7,500 (umbrella fund), 4,500 (sub-fund).

Ireland

The Central Bank of Ireland does not charge a fee for the authorisation or registration of an investment fund.

Japan

There are no regulatory filing fees.

Jersey

Regulatory fees (application fee to JFSC): min £2,100 depending on the number of service providers.

Liechtenstein

The foundation costs of the funds depend on their complexity but in general are:

UCITS
CHF 15,000-30,000 for UCITS

AIFs
CHF 20,000-30,000 for AIFs

IUs
CHF 15,000-25,000 for IU

http://www.cssf.lu/fileadmin/files/Lois_reglements/Legislation/RG_NAT/GDR_281013_CSSF_fees.pdf

Luxembourg

Single sub-fund UCITS, Part II UCI, SIF

  • EUR 3,500

Umbrella UCITS, Part II UCI, SIF

  • EUR 7,000

Internally managed Part II UCI and SIF (traditional or umbrella)

  • EUR 10,000

Malta

UCITS, retail non-UCITS and retail AIFs
Application for a License: €2,500 per scheme, €450 per sub fund up to 15 sub-funds, none for 16 sub-funds or more.


PIFs and AIFs
Application for a license: €2,000 per scheme, €1,000 per sub fund.


NAIFs
Application fee for each NAIF where the tied agent is an individual €2,000, notified AIF sub-fund €1,000 per sub-fund.


RICC
Application for a license: €1,000.

Mauritius

USD 1,000 for single fund and USD 300 for each additional fund.

Singapore

Initial MAS fees to recognise an offshore retail fund with MAS are as follows:

1.Application for recognition of an offshore fund: S$1,200 per Form 2 application

2.Lodgement of prospectus for registration: S$2,000

3.Lodgement of any amendments to the prospectus before registration by the MAS: S$1,000

Switzerland

FINMA regulatory fees:

  • Authorisation as fund management company, SICAV, Limited Partnership for collective investment or SICAF: CHF 4’000-40’000
  • Authorisation of the fund contract/articles of association and investment regulations/company agreement per collective investment scheme without sub-funds or per sub-fund: CHF 2’000-20’000

UK

  • UCITS - £1200
  • NURS - £1500
  • QIS - £2400
Countries are hidden, click here to show

Find a local contact

Find

You are now leaving this website

You are now about to leave this website. Click the button below to continue.

Continue To Website
PWC Logo

Welcome to our new web tool

Key Enhancements

Close

You have hidden a country, if you wish to unhide countries use the "show all" links at the top and bottom of the answer list. Hide message