{"id":38395,"date":"2024-12-09T09:29:17","date_gmt":"2024-12-09T08:29:17","guid":{"rendered":"https:\/\/fidulex.ch\/?p=38395"},"modified":"2024-12-09T09:33:22","modified_gmt":"2024-12-09T08:33:22","slug":"sicav-principles-in-switzerland","status":"publish","type":"post","link":"https:\/\/fidulex.ch\/en\/sicav-principles-in-switzerland\/","title":{"rendered":"SICAV principles in Switzerland"},"content":{"rendered":"
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What is a SICAV?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Definition<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The SICAV (Soci\u00e9t\u00e9 d\u2019investissement \u00e0 capital variable) is a legal structure commonly used in the field of investment funds<\/strong> in Switzerland. It allows investors to acquire shares directly in a company that manages assets<\/strong> based on a defined investment strategy.<\/p>

Unlike other types of fund, the capital of a SICAV varies according to investor subscriptions and withdrawals, giving it great flexibility.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Control<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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This model is particularly valued for its transparency<\/strong>, its ability to attract capital, and the diversification it offers. SICAVs are subject to the Federal Act on Collective Investment Schemes (CISA)<\/strong> and are strictly supervised by the Swiss Financial Market Supervisory Authority (FINMA)<\/strong>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Requirements for setting up a SICAV in Switzerland<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The creation of a SICAV in Switzerland is governed by strict rules designed to ensure transparency, investment security and investor protection.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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FINMA authorization<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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A SICAV must obtain an authorization<\/strong> as an establishment issued by FINMA. This authorization certifies that the SICAV complies with the legal requirements<\/strong> of the Federal Act on Collective Investment Schemes (CISA). In addition, the SICAV's statutes and investment regulations must be approved by FINMA.<\/p>

If the SICAV includes compartments<\/strong> (umbrella funds), approval is required for each of them.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Financial & structural requirements<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The SICAV must have assets of at least 5 million Swiss francs in the year following its launch, and an adequate ratio between the contributions of entrepreneurial shareholders and the total assets of the SICAV must be guaranteed.<\/p>

The actions of entrepreneurs and investors must :<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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  • \n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\tBe fully paid up in cash<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t
  • \n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\tBe without nominal value<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t
  • \n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\tBe freely transferable<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Organization and administration<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    The SICAV must draw up detailed regulations defining its investment policy, investment limits and risks, and risk allocation. A licensed bank must be appointed to hold the assets.<\/p>

    There are two types of management for a SICAV. On the one hand, the self-managed SICAV<\/strong>, which manages its own portfolio with the possibility of delegating certain tasks. On the other hand, the externally managed SICAV<\/strong>, which delegates the administration and portfolio management to entities with the required authorization.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Additional restrictions<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    The SICAV must have the sole purpose<\/strong> of collective asset management. Additionally, it cannot provide external services except those authorized under the Financial Institutions Act (LEFin).<\/p>

    The SICAV must maintain equity<\/strong> up to the amount set by FINMA at any time. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Company name<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    The name of the SICAV must explicitly include its legal form<\/strong> or its abbreviation (\"SICAV\").<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Taxation of the SICAV<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    SICAVs are not considered independent<\/strong> tax entities, except for directly held real estate properties. The wealth and income generated by the SICAV are taxed<\/strong> directly at the level of the investors<\/strong>, based on their tax residence and the applicable tax laws.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Taxation of income and wealth<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Transactions carried out as part of the asset management of a SICAV are subject to certain tax obligations, such as the stamp duty<\/strong>, applicable under the rules of the Stamp Duty Act (LT).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Transaction taxes<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Transactions carried out within the framework of SICAV asset management are subject to certain tax obligations, such as the stamp duty<\/strong>, applied in accordance with the rules of the Stamp Duty Act (LT).<\/p>

    In addition, the withholding tax<\/strong> applies to distributed<\/strong> or reinvested income, in accordance with the guidelines of the Federal Tax Administration (FTA).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Fund providers<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Companies and service providers managing the SICAV are also subject to specific tax obligations<\/strong>, including VAT applicable to certain activities such as fund management or rebates granted to distributors.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

    A soci\u00e9t\u00e9 d'investissement \u00e0 capital variable (SICAV) combines the characteristics of investment funds and limited companies.
    \nThis type of company offers investors maximum flexibility.<\/p>","protected":false},"author":1,"featured_media":38397,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[48],"tags":[],"class_list":["post-38395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-droit-des-societes"],"_links":{"self":[{"href":"https:\/\/fidulex.ch\/en\/wp-json\/wp\/v2\/posts\/38395","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fidulex.ch\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fidulex.ch\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fidulex.ch\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fidulex.ch\/en\/wp-json\/wp\/v2\/comments?post=38395"}],"version-history":[{"count":10,"href":"https:\/\/fidulex.ch\/en\/wp-json\/wp\/v2\/posts\/38395\/revisions"}],"predecessor-version":[{"id":38406,"href":"https:\/\/fidulex.ch\/en\/wp-json\/wp\/v2\/posts\/38395\/revisions\/38406"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fidulex.ch\/en\/wp-json\/wp\/v2\/media\/38397"}],"wp:attachment":[{"href":"https:\/\/fidulex.ch\/en\/wp-json\/wp\/v2\/media?parent=38395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fidulex.ch\/en\/wp-json\/wp\/v2\/categories?post=38395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fidulex.ch\/en\/wp-json\/wp\/v2\/tags?post=38395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}