The fund is registered remotely within a week of provision of all KYC documents.
The fund is required to appoint at least three directors/officers who then appoint a Fund Manager.
Directors can be any individuals or legal entities, there are no requirements for citizenship or qualifications. Any legal entity can be appointed as Fund Manager.
PIF20 is normally registered with two types of shares:
The services of a registered agent and a registered office are paid for annually.
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Services
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Fees (USD)
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Total cost of a new fund registration (not including apostilled copies of corporate documents or the government fee)
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7 800
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Annual renewal (starting from the second year)
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3 500
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Notarial certification of a copy of a document
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250
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Apostille of a document
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550
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Compliance fee
Payable in the cases of: - renewal of a company, - liquidation of a company, - transfer out of a company, - issue of a power of attorney to a new attorney, - change of director/shareholder/beneficial owner, except the change to a nominee director/shareholder) |
250 (standard rate, includes the check of 1 individual);
+ 50 or each additional individual (director, shareholder, or beneficial owner) or legal entity (director or shareholder) if such legal entity is administered by GSL; + 100 for each additional legal entity (director or shareholder) if such legal entity is not administered by GSL; 350 (rate for high-risk companies, includes the check of 1 individual) |
*The fees are valid as at 01.06.2022.