Fund administration: Regime ratings

Here are the latest rankings for some of the industry’s most popular and developing fund domiciles, according to the Global Financial Centres Index which ranks the competitiveness of the world’s major financial centres on a scale of 1,000 points. Factors include the availability of skilled personnel, the regulatory regime and the ICT infrastructure.

Jersey
2017 GFCI ranking: 43 score: 633
Regulatory body: Jersey Financial Services Commission
Who domiciles here: 30 funds in the last 12 months
Double taxation treaties: 25
Regulatory fees: For a standard Jersey private fund: £1,070 ($1,290; €1,180) set up fee; £500 annual fee. Other funds: Fee differs depending on fund, typically a set-up fee of £1,820 and between £4,000 – £10,000 annual fee.
Time to set up a fund: 0-30 working days.

Guernsey
2017 GFCI ranking: 47 score: 629
Regulatory body: Guernsey Financial Services Commission
Who domiciles here: Permira, Apax Partners, Cinven, Macquarie, Partners Group and Inflexion
Double taxation treaties: 13
Regulatory fees: Application fee £3,335; annual fee: £3,335.
Time to set up a fund: One or three days for fast-track fund; non-fast track averages 28 days.

Isle of Man
2017 GFCI ranking: 58 score: 617
Regulatory body: Financial Supervision Commission
Double taxation treaties: 24
Regulatory fees: Varies depending on type. Application fee varies from zero to £2,850.
Time to set up a fund: The FSC must be notified within 10 business days of launch of a qualifying fund or a specialist fund. Average time is two to four weeks for typical fund; two to three months for regulated fund; two to six months for an authorised scheme.

Ireland
2017 GFCI ranking: 33 score: 663
Regulatory body: Central Bank of Ireland
Double taxation treaties: 68
Regulatory fees: None for passport of supervision; authorised funds pay minimum levy of €1,700.
Time to set up a fund: Typically six to eight weeks.

Bermuda
2017 GFCI ranking: 34 score: 660
Regulatory body: Bermuda Monetary Authority
Who domiciles here: 64 funds established in last 12 months
Double taxation treaties: 41
Regulatory fees: Application fee $855; reclassification fee $855; annual fee $968-$1,535.
Time to set up a fund: Same day for private funds.

British Virgin Islands
2017 GFCI ranking: 51 score: 625
Regulatory body: British Virgin Islands Financial Services Commission
Double taxation treaties: 23
Regulatory fees: Application fee $700; annual fee $1,000.
Time to set up a fund: Around four to six weeks depending on complexity and service provider requirements.

Cayman Islands
2017 GFCI ranking: 31 score: 670
Regulatory body: Cayman Islands Monetary Authority
Double taxation treaties: 35 signed Tax Information Exchange Agreements
Regulatory fees: Initial registration fee for an Exempted Limited Partnership is $1,215, plus $486 for expedited registration. Annual fees are $1,458.
Time to set up a fund: ELP and GP registration take place on same day, with certificates isseud within two to five working days.

Malta
2017 GFCI ranking: 77 score: 594
Regulatory body: Malta Financial Services Authority
Double taxation treaties: 72
Regulatory fees: EU AIFMs: Application fee €1,250, annual fee €4,000; Non-EU AIFMs: Application fee €2,500, sub funds €450, annual fee €3,000 (€500 for sub funds).
Times to set up a fund: Up to three months for authorisation as an AIFM; for Professional Investor Funds (PIFs), applications are reviewed within seven business days.

Luxembourg
2017 GFCI ranking: 18 score: 708
Regulatory body: Commission de Surveillance du Secteur Financier (CSSF)
Who domiciles here: EQT
Double taxation treaties: 80
Regulatory fees: Initial fee from €3,500 to €7,000; annual feees from €3,000 to €30,000 depending on sub-funds.
Time to set up a fund: Between a few weeks and several months depending on structure.

Mauritius
2017 GFCI ranking: 71 score: 603
Regulatory body: Financial Services Commission
Who domiciles here: Includes Inventus Capital Partners Fund III; AFIG Fund II LP and Pravega Fund I
Double taxation treaties: 43
Regulatory fees: Registration fee $1,000 plus $2,500 annually; additional funds $3,000 and $500 annually.
Times to set up a fund: No prescribed time.

Singapore
2017 GFCI ranking: 3 score: 760
Regulatory body Monetary Authority of Singapore
Regulatory fees: Varies depending on legal structure of the fund.
Time to set up a fund: Between three and four months for authorised and recognised funds, depending on complexity.

Hong Kong
2017 GFCI ranking: 4 score: 755
Regulatory body: Securities and Futures Commission and Mandatory Provident Funds Authority
Regulatory fees: Annual fees HK$6000 ($770: €707); umbrella fund HK$7,500; sub fund $HK4,500.
Time to set up a fund: “Take-up letter” generally issued within two business days.
Double taxation treaties: 61