How to create an investment fund - in Russia. Types of investment funds Turnkey investment fund

Investment activities– this is an investment of capital with the aim of its subsequent turnover and increase through production. You can invest money in anything, and any entrepreneur or businessman can do it. Another thing is how profitable and effective the work of a person who has little experience and knowledge in this economic field will be.

You can develop the skill of an investor for a long time and try to earn it through trial or error, but all you need to do is turn to professionals for help through an investment fund. Where to invest your investments, how to open an investment fund, what do you need to know to raise funds in an investment fund? The questions seem difficult only at first glance. Let's figure it out theoretical basis about IF, let's study Russian rating main investment communities of the capital.

Private entrepreneurs often encounter problems and difficulties as soon as they start looking for good ideas For investment projects. Why? Formation equity, using money to invest in a business, maintaining and developing a project requires a lot of time, effort and experience. In this situation, you need to know what an investment fund is.

In the wide use of the term, an investment fund is a form of collective investment that represents a participant in an organization with a share in the authorized capital in exchange for his savings. The main goal of his work is to attract shareholders who are ready to save and increase their savings. Investment resource Russian Federation it works simply:

• members of the organization are ready to contribute to the authorized capital;
• the managing bodies of the investment resource, by investing in investment projects, free shareholders from complex and painstaking work;
• the income received is distributed among the participants of the investment fund in proportion to the shares of each.

The rating of societies allows us to highlight the most successful projects among all others, which allows beginners to consciously approach the choice of professionals. Due to the liquidity properties of shares, community members can terminate their cooperation at any time and sell the asset.

Investing your accumulated money should be a winning business, so trust in professionals plays an important role. Managers are well versed in the profitability of a financial instrument and, based on extensive experience, approach any project. This indicates the most minimal risks for direct investments.

Which funds should I co-finance into?

The types of investment funds create competition in the market, and an investor can simply become confused when choosing a professional. To simplify the picture, we suggest highlighting the main IFs:

1. Share investment fund, in which the property of the authorized capital is distributed among shareholders, and the main goal is to receive profit from the invested capital;
2. Russian investment funds allow small investors to create their wealth. This type of organization does not attract large amounts, because its authorized capital grows due to the number of investors;
3. The American model focuses on profitability through investment. Hedge funds accumulate large amounts of investment. Large international investment funds strive for this form of deposits, since the analogue of mutual funds has practically no legal restrictions in operation;
4. The investment fund that carries out trading activities invests all shares in the market valuable papers;
5. CHIF, or investment fund based on voucher shares. A characteristic period for the development of such organizations was during the planned economy. The state provided the opportunity to privatize property into private ownership through the sale of vouchers.

The investment fund of the Russian Federation is somewhat different in type from similar ones operating in other countries, since the issue of investment closely interacts with state economy. In Russia, hedge funds have an extremely low rating, while the spread of CHIFs was at the peak of popularity only in our country.

Classification of funds for attracting capital investments

An investment project can be created or developed thanks to investment funds. In order to determine the types of investment funds, it is important to understand the classification criteria.

• Depending on access to deposits

An open investment fund allows shareholders to join or leave the company freely. The liquidity property of shares is significant. The amount of investment is not limited in any way; opening such an investment community is necessary to work with reliable financial instruments.

A closed fund of investment projects is aimed at working on time and in a specific industry. The closed type operates only in real estate and invests capital in innovation in this area. Shares in the authorized capital are sold by the organization immediately after registration of the legal entity.

The interval type of institution for attracting investment is listed as a company engaged in professional trading on the stock exchange. The sale of assets occurs on certain dates and at intervals.

• Depending on the area of ​​investment focus

The best investment organizations operate on a share basis, which receive income from contributions to the shares of the firms. The types of such communities can also be divided into those that work:

• with small industries;
• with medium-sized enterprises;
• with large companies.

Working with a huge IF production is much more profitable, since the cooperation takes on a long-term nature, and the profitable percentage is much higher.

Investment funds in Russia must be multi-tasking and conduct the investment process without limiting themselves to one organization. The more communities “under one roof”, the wider the focus and range of finance.

The rating of leading investment funds gives preference to bond institutions, which, unlike joint-stock enterprises, have a fixed price for a share in the authorized capital. Net profit from bonds is significantly lower than from stocks, but this type of investment in investment funds minimizes the risks of shareholders. Bond resources are divided into several subtypes:

• Federal (a reliable and popular investment method);
• municipal;
• corporate (risky but highly profitable investment method).

The Russian Investment Fund can profit from investments in the construction and operational sectors. Some of them may sell living areas, others to rent out under a lease agreement, and still others to conduct transactions on land legal relations. One of the subtypes of such companies can be called mortgage (a closed resource that receives profit from mortgage securities).

The Investment Fund of the Russian Federation specializes in various financial instruments, among which liquid securities are often found. Managers must professionally monitor markets and perform their work as quickly and profitably as possible for shareholders.

The principle of operation of resources to attract investments

Within the created cooperative, which is formed by attracting investments, security of depositors’ funds is created for state level. Investment project, collecting cash from shareholders, invests them in the development of business ideas.

How to create a trusting relationship between a newbie and an IF? Professional resources carry out their work transparently, since the requirements for organizing and conducting the process are limited by the legislative framework and are entirely aimed at customer focus.

There are several indicators that are important to take into account when choosing an investment fund:

• risk level;
• creation of an investment fund and period of activity;
• minimum amount threshold for purchasing a share;
• availability of benefits and shares for shareholders;
• total amount of capital raised;
• level of profitability.

How to correctly determine a suitable investment fund?

Creating an investment fund is a matter for professionals, but it should be taken into account that a completely different resource can be chosen for each investment purpose. The type of organization chosen is selected by the investor in a few simple steps.

Determine the amount of accumulated capital and the period of validity of the investment. Most resources work with large sums, so co-financing with a small investment is possible with a narrower circle of investment funds. Timing also plays a role due to the turnaround period of each resource. Thus, a real estate fund is designed for a long-term project, and securities resources have a quick turnover.

Let's get acquainted with resource types. This will help to correctly correlate risks and returns, as well as the likelihood of using a particular financial instrument.

Select managers. Cases of fraud are rare here, since the activities carried out are regulated by law. Although there is still a possibility of giving your savings “into the wrong hands”.

We pay attention to the ratings of various organizations. Reviews of work and user ratings are always publicly available on information portals. It is better to take several sources as a basis in order to get an objective assessment. For the most part, investors trust the official resources of departments or government bodies.

We form the correct assessment. After a comprehensive analysis and study of complete information about resources, you can form a conclusion and make a decision.

The best funds for attracting investments

In Russia there are several hundred registered resources for attracting savings. However, for your convenience it will be very useful information about the list of the most famous investment fund of the Russian Federation.

Save and increase your savings wisely by seeking help from resources that will provide the entire necessary range of collective investment services.

is a full member of the EU. The island nation of Cyprus has a carefully developed legal system and effective taxation, which attracts entrepreneurs from all over the world. Foreign businessmen quite often choose this jurisdiction in order to register an offshore company in Cyprus. In addition, the possibilities of Cyprus to open an investment fund in Cyprus are in demand today, because the island has almost all the necessary mechanisms for this.

You can register an investment fund in Cyprus in one of three options: IF (UCITS), AIF (AIF) and IKKK (SICAV).
As IQ Decision lawyers note, all investment funds in Cyprus, in accordance with the provisions of the European Union Directive “On Markets” financial instruments» (MiFID) give the right to obtain citizenship of an EU country.

IKKK (SICAV)

IKKK - this is the name given to investment companies with variable capital, registered as an LLC. Authorized capital such an enterprise is allowed to change; it can be equal to the volume of all the assets of the company, but only after its obligations have been fulfilled. Opening a SICAV in Cyprus means managing exclusively your own assets, which, as in the case of an investment fund, are in the custody of a depository.

The minimum rate of authorized capital is 1,700,000 euros, and is paid up to 3 months after receiving the license.

Investment fund in Cyprus - a structure for collective/joint investments in transferable securities. Such a structure can be almost any enterprise operating in the field of joint investment of capital in securities, bank deposits and other financial market instruments.

IQ Decision lawyers would like to draw your attention to the fact that if you decide to register a Cyprus investment fund, you will need to know that UCITS has the rights to invest only in financial instruments designated by Directive DI200-2004-01.
UCITS does not invest in assets such as:

• securities;
• over 10% of own assets in new shares;
• over 10% of its own assets in securities or any other financial assets issued by the fund.

Taxes for UCITS:

• on profit - 12.5%;
• for dividends - no;
• for capital gains - no, (exception - if there is an alienation of real estate in Cyprus);

If you specifically need Cyprus, qualified lawyers at IQ Decision will recommend that you open an alternative investment fund in Cyprus. AIFs are created specifically to enhance transparency and protect collective foreign investments. They represent a form of collective investment in which the common capital is formed by contributions from investors planning further investment. With the same goal - making a profit, an AIF acts differently than an individual fund. Registration of an alternative investment fund in Cyprus has the same minimum rate of authorized capital - 1,700,000 euros, and it is paid up to 3 months after receiving the license.

If you decide to open an investment fund in Cyprus, IQ Decision specialists will be ready to advise you in detail on how to register an investment fund in Cyprus. We will also tell you why it is interesting to create an alternative investment fund in Cyprus.

Let's look at AIFs in more detail. Cyprus legislation defines two types of alternative investment funds:

• with an unlimited number of investors;
• with a limited number of investors.

Advantages of alternative investment funds:

• there are no restrictions from the regulator on investment options;
• submission and consideration of the application are simple and prompt;
• creation of “umbrella” funds with an extensive infrastructure, which makes it possible to manage groups of differentiated assets while pursuing different investment policies;
• no taxation when issuing dividends;
• no capital gains taxation;
• there is no VAT taxation on the work of an investment manager;
• the ability to use double taxation agreements, since an AIF is a legal entity created as an enterprise/company;
• there are no difficulties in preparing reports for the regulator.

The minimum rate of authorized capital is the same 125,000 euros.

The manager works independently (if it is a management company) or appoints a fund manager.

Note IQ Decision: with the permission of the regulator, it is possible to work in self-control mode, but at the same time minimum bid the authorized funds will already be 300,000 euros. At the same time, if you decide to establish an investment fund in Cyprus or buy a ready-made investment fund in Cyprus, its maintenance and opening cost will be quite acceptable.

Let's look at some features of the two types of AIF:

AIF without limitation of participants:

Assets may be represented in Cyprus or other stock exchanges European Union.

Restrictions depend on the type of investor and investment policy.

Investors can be not only professional investors.

The number of investors is not limited.

AIF with limited participants:

Assets are not publicly offered.

The total number of investors is limited to 75.

Investors can only be professionals who have the necessary experience and knowledge to accept their investment decisions and assess risks appropriately.

The total volume of all managed assets is limited threshold value 100 million euros (with leverage) or 500 million (without leverage).

The limitation on the sale of investments is 5 years.

The lawyers of IQ Decision will help you create an investment fund in Cyprus, as well as register an investment fund in Europe. We will also offer you ready-made solution- buy an investment fund in Cyprus.

The information contained in the article is current at the time of its publication. Please check with our specialists possible solutions for your business.

Foreign investment funds are one of the most popular instruments for collective investment and raising capital.

In 2007, Hill Consulting registered and began administering a foreign investment fund for the first time. Since then, the company's specialists have registered and participated in the creation of more than a dozen funds in different jurisdictions and have accumulated unique experience in their creation and management. Hill Consulting has proprietary technologies for using foreign investment funds within the framework of international tax planning.

The main reasons for the demand for foreign investment funds:

Opportunity to build comfortable relationships between the manager and investors. In a regular company, the investor is less protected; the company is not obliged to buy back its shares and return the investment. The Fund is obliged to redeem units/shares upon the first request of the investor.

The ability to attract new investors on behalf of the fund and manage the money of third parties legally.

The ability to register the entire infrastructure of the fund and management company quickly, using simplified licensing.

Inclusion in the register of funds, and the opportunity to work with financial institutions and instruments that are not available to ordinary companies, for example, with Euroclear and Eurobonds.

Fund investors are outside the scope of the CFC legislation and the automatic exchange of information.

• Cost of setting up a foreign investment fund ranges from 20 to 100 thousand dollars.
• Registration deadlines from 3 to 6 months depending on the jurisdiction.

The most suitable jurisdictions in terms of registering a foreign investment fund are: British Virgin Islands (BVI), Bermuda, Cayman Islands, Guernsey, Jersey, Isle of Man and more complex Ireland, Luxembourg, Cyprus, Malta.

Funds can be of open and closed types; there are also private equity funds, quantum and crypto funds and many others.

The fund infrastructure, in addition to the fund company itself (corporation or partnership), usually consists of:

1. Management company(hereinafter referred to as the Management Company) (makes investment decisions).
2. Administrator (calculation of NAV for investor entry and exit, registration of subscriptions and redemptions).
3. Prime broker (carrying out fund transactions on the stock exchange).
4. Custodian (registration and accounting of rights to securities purchased by the fund).
5. Payment bank (accepting payments when investors enter, making current payments and payments when investors exit. Often coincides with the Custodian).
6. Auditor (sometimes a mandatory requirement that increases investor confidence in the fund).

During the process of creating a foreign investment fund, you will receive the following documents:

Documents of the stock company (Certificate of Registration; Memorandum/Articles of the Association; Protocols of appointment of officials;)

• License or Certificate of registration as a foundation;
  
• Prospectus or Investment Memorandum (showing the fund's strategy to future investors);

Sample documents for subscription and redemption of shares/fund units;

Agreements with the management company, Administrator, Custodian, Auditors;

Only after the formation of all the infrastructure required by the requirements of the place of registration of the fund and the execution of all the above documents, the company becomes a fund and can begin to attract the first investors.

The need to create their own foreign investment fund comes primarily from wealth managers who already have significant experience in investing and their own trusted clients.

Since the activities of the fund affect the interests of a more or less wide range of investors, they are usually subject to regulation by the state of its registration. However, there are exceptions or simplified registration (licensing) conditions, which are in greatest demand among clients due to the reduction in project implementation time.

Approximate scheme of an investment fund

If you have any questions or need more detailed advice, please contact our specialists.
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Search for business solutions in modern conditions rapidly changing socially - economic processes cannot be limited only to one industry sector or type of product (service).

Global competition, the lack of borders for the movement of capital and increasingly short technological cycles force investors and entrepreneurs to look for and apply new forms and approaches for investing their capital.

This, in turn, largely became the defining moment for the development of promising forms of investment in the financial sector of the economy in the form of various funds. Over the past 50 years, the world has accumulated sufficient experience in working with investment funds, their management strategies and interaction with those who are considered investors in a broad sense.

This article will talk about what investment funds exist in Russia, how they are created, how to open an investment fund and what you need to know for this.

Opening your own investment fund in Russian conditions – is it worth playing by the rules?

Although, recent history Russia and its economy are only a quarter of a century old, but the market financial services and investing has managed to survive its enchanting ups and no less dramatic downfalls. One has only to remember check funds: “Hoper-invest”, MMM and other extreme things.

IN current state the market more or less complies with European standards, legal norms and procedures have been worked out and there is a certain practice of interaction between fund owners and all social and legal institutions.

The procedure for creating an investment fund itself, even based on Russian realities, is quite simple and requires from the founders only a careful approach to registration legal documents(you can’t do without qualified lawyers).

Before approaching the formal side of the matter, the founder must decide on several important points:

1. Purposes of creating the fund and terms of its existence
2. Based on your goals, determine for yourself what the fund’s main strategy in the market will be - for example, short-term or long-term, risky or passive, etc.
3. After determining the strategy, tools and forms of work with investment capital. For example, there are Various types funds focused on specific ways of working with assets: stock, bond, index, real estate or venture funds.
4. IN Russian legislation There are two main types of investment funds - Joint Stock (see) and Unit Fund. In the first case, its organization and establishment is in many ways similar to the establishment of an ordinary public (joint stock) company, plus specific requirements for the formation of investment structures are added, which are in many ways similar to mutual funds.

For investment purposes in Russia, the preferred form of investment funds in the form of mutual funds is still preferable, since the establishment of an AIF as a public company is much more difficult and expensive with almost the same effect of generating profit.

Creating a mutual fund - brief instructions for investors

The most important thing you need to know when establishing a mutual fund is that, in the general legal sense, a mutual fund is not legal entity and all its property (shareholders’ funds) is managed by special management organizations (management companies) on the basis of an agreement trust management. Therefore, the very initial stage of the formation of a mutual fund will be the creation by its founders of the “Rules for the trust management of a mutual investment fund.”

In essence, this is the Foundation’s Charter, and it must contain:

• Goals and terms of existence of the fund(for example, a fund for investing in promising solar energy production technologies)
• Investment declaration– investment strategy, tools for investing capital, ways to manage it
• Selecting a management company and an agreement with it

Actually, the procedure for creating a mutual fund may look like this:

1. State registration of the fund's PDU - submission of a package of documents (personal data of the founders, application and the PDU themselves) to the Federal Financial Markets Service of the Central Bank. Registration period is no more than 30 days.
2. Approval of regulatory documents (Regulations for recognizing persons as qualified investors, rules internal accounting property transferred in payment for investment shares, accounting policy Mutual fund, rules for determining value net assets Mutual Fund, policies for exercising voting rights on shares included in the Mutual Fund).
3. Accreditation of qualified investors (if the mutual fund is created for qualified investors)
4. Opening a transit account (depository account) of a management company for the formation of a mutual fund - this must be done immediately after registering the PFU, but before the start of accepting funds from retail investors
5. Opening a current account for the management company of a mutual fund is carried out after registration of the PDU by the Fund and before the start of accepting applications for the purchase of investment shares
6. Opening a management account for settlements on management operations
7. Opening a custody account for a management company for storing mutual fund securities
8. Opening of personal accounts for purchasers of mutual fund investment units
9. The inclusion of assets in the mutual fund is carried out immediately after the receipt of tangible assets in payment for investment shares necessary to complete the formation of the Fund.
10. Issuance of investment units of a mutual fund to investor-depositors - this operation is carried out either on the very day the property is included in the mutual fund, or on the next business day.
11. Approval of the report on the completion of the formation of the mutual fund is carried out no later than 5 working days from the date of issuance of investment units to investors
12. Submission of the report and changes to the mutual fund management system to the Financial Markets Service of the Central Bank of the Russian Federation - no later than 5 working days from the date of issuance of investment units
13. State registration of changes in the mutual fund PDU - is carried out within 5 working days from the date of submission of documents to the Federal Financial Markets Service of the Central Bank of the Russian Federation
14. Publication of changes or notification of registration of changes in the PDU by the Fund to depositors - investors (who own investment share) – this procedure is carried out within 10 working days from the date of notification of the Financial Markets Service of the Central Bank of the Russian Federation about the registration of changes to the rules of trust management.

The entire presented methodology for registering a mutual fund (as well as other types of collective investment organizations) is presented as required by the main normative document concerning the work of mutual funds, namely, Order of the Federal Financial Markets Service of Russia dated 04/09/2013 N 13-25/pz-n, as well as Civil and Tax Codes RF.

Despite the relatively simple procedure for registering a mutual fund, it should still be recognized that in Russian realities one cannot do without specialists and professionals in the field of corporate law. And if there is such an opportunity, it always makes sense to contact specialized law or consulting firms that know how to create investment funds and will help create a package registration documents and go through all stages of registration with the least loss of time and money.