1. Introduction
The SICAV is Malta's most widely used form of investment
vehicle. Established under the Companies Act (the "Act"), the SICAV
is a dedicated investment company whose flexibility renders it
equally suitable for setting up as an AIF, a UCITS or a PIF.
2. Establishment of a SICAV
In order to validly constitute a SICAV, a memorandum of
association must be entered into and subscribed by at least two
persons and registered with the Registrar of Companies (the
"Registrar") who, on approval of the company's name
and on verification of all other legal requirements, will issue a
certificate of registration.1 The prerequisites and
process of registration are generally the same as those pertaining
to other forms of company, including such requirements as the
establishment of a registered office in Malta. However, due to the
innate variability of a SICAV's share capital, it is not
possible for the memorandum and articles ("M&As") of
a SICAV to state the amount
