ARTICLE · 09 APRIL 2012

New Corporate Structure For Funds

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The Minister for Finance has approved in principle the development of legislative proposals for a new corporate structure for the funds industry ("SICAV").

IrelandGovernment, Public Sector

Michael Jackson

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The Minister for Finance has approved in principle the development of legislative proposals for a new corporate structure for the funds industry ("SICAV"). The proposals for the SICAV legislation are aimed at developing the funds industry in Ireland and promoting employment and business opportunities in the State.

One of the primary advantages of the SICAV will be to provide for a corporate entity that can elect its classification under the US check-the-box taxation rules. Preliminary US tax advice has confirmed that the proposed SICAV structure would be eligible to avail of this classification. The introduction of the SICAV will increase the range of structures available to promoters seeking to establish investment funds in Ireland.

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