Asset management license in Luxembourg

The duchy possesses role of heavy-experienced and dynamically-progressing center for EU investmenting organizations. Its prosperity is due to politic steadiness, active encouraging of abroad-coming investments, favorable and clearly defined legislative basis, multilingual personnel and highly-set expert background level.

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Overview of asset management license in Luxembourg

Time-period for option to get asset management license in Luxembourg is 4-month-period; capital standards include a min amount of 1,250,000 EUR. For self-managed enterprises, min capital is 300 thousand EUR.

UCITS are designed for retail capital-holders and have the privileges of EU-Passport, allowing free passage in EU-markets with least formalities. EU-Passport gives UCITS possibilities to be vended to different categories of capital-holders and established for spreading in EU-States. It essentially speeds up the UCITS launch process and reduces associated costs.

UCITS’ stringent regulations and perfectly-guaranteed level of capital-holders safeguard made them widely-known among regulators and retail capital-holders worldwide. UCITS brand, incl. Luxembourg possesses essential market share in various countries in Asia and Latin America.

Considering facts and information about such permits obtained locally, features such as the firm’s structure, investment manager role as fund initiator, need to appoint 2 conductors residents, and involvement of custodian, supervisor and administrative provider are highlighted assistance.

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Taxes

1. Possibility of exemption from income tax-payment.
2. No tax-payments on dividends and capital increase.
3. No net property tax-payments.
4. Possibility of VAT-exemption.

To obtain asset management license in Luxembourg: legal aspects

1. Legally-approved address isn’t needed.
2. No registered agent needed.
3. No secretary needed.

Accounting and auditing:

• mandatory audit annually;
• provision of semi-annual reports.

Firm name if you’re intending to get asset management license in Luxembourg:

• any language may be used;
• name needs to contain Latin letters;
• restriction on the use of a name that is identical or similar to an existing firm;
• use of names being misleading or offensive is prohibited.

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Main mechanisms and infrastructure

To comply with normative parameters for asset management license in Luxembourg, applicant firms need to document that its central administrative mechanism and officially-registered office are conducted locally. Central administrative sector contains operation of direction, supervision, execution and controlling, ensuring monitoring of all activities. Officially-registered office needs to contain a “decision center” and “administrative one”. It’s essential the firm effectively conducts business-activities from its officially-registered local office.

Firms need to strictly meet organizational normative parameters defined in Article 37-1 of appropriate Law for appropriate business-activities provided, and in Article 17 for the ancillary service spreaded.

To obtain asset management license in Luxembourg, firms are needed to implement sound internal governance arrangements including clear organizational structural mechanisms with defined, transparent and consistent lines of responsibility. Efficient processes are needed to identify, manage, monitor and report the risks to which the firm is or may be exposed. Robust internal controls are needed, incl. efficient administration and accounting, and controls and security schemes for information technologies systems.

All mentioned schemes and processes need to be comprehensive, appropriate and adapted to the nature, scale and complexity of firm’s business-activities, incl. its risks. Firm is needed to launch specialized internal control functions, incl. internal audit, risk-management and compliance.

Detailed regulatory norms and expectations regarding central monitoring, internally-governmented and risk-management contained in CSSF-Circular 20/758 need to be complied at all times.

Individuals and organizations may be shareholders or firm’s members, covered by prior approval from the CSSF. Applicants, to get a permit, need to provide CSSF with mandatory data according to regulations, incl. information regarding the qualifying holding. It notes that “qualified participation” means participation in firm that represents 10% or more of the capital or voting rights, or provides essential influence over firm supervision. As another option, capital-holders might turn to ready-made asset management license in Luxembourg for sale.

Share-holders or participants holding a significant interest need to meet conditions ensuring sound and responsible management. Concept of sound and responsible supervision is assessed on the basis of criteria determined in Article 18(9) of Operating Rules and Standards. Key parameters are:

• reputation of shareholders or participants;
• reputation and expertise of persons managing business-activities after obtaining permission;
• financial steadiness of shareholders or participants;
• risk of illegal monetary means circulation and financing of terrorist operations.

Our team might offer you asset management license for sale in Luxembourg. Turning to our help, you’ll get your business-project easily and quickly.

Unique business-opportunities in Luxembourg

1. Favorable geographical location facilitating strategic interactions with other regions.
2. Open economy with high competitiveness.
3. Attractive tax-environment promoting financial stability.
4. Diverse financial sector providing ample investment opportunities.
5. Steady legal and regulatory structure providing a reliable business-environment.
6. Easy access to strategic decision makers.
7. Skilled, multilingual workforce capable of effectively completing a variety of tasks.
8. Developed infrastructural environment ensuring efficient operation of enterprises.
9. Favorable commercial climate, creating conditions for successful business-development.
10. Support for research and development, stimulating innovative progress.
11. Highly-set standard of living, creating comfortable conditions for living and working.

Considering the above, capital-holders may resort to option of getting permit or a Luxembourg asset management licensed company for sale.

Assessing reputation and expertise

To obtain permission, members of administrative, controlling and supervisory bodies, and shareholders or participants with a significant interest, need to provide documentation confirming their reputation. Image is assessed based on police clearance certificates and other documentation confirming absence of violations on part of relevant persons.

Those responsible for day-to-day supervision needs to be authorized to efficiently manage the business-activities and possess sufficient professionally-directing expertise, incl. previous expertise with a high level of responsibility and autonomy. Prudential approval procedure applies to persons holding key functions in such firms.

Professional expertise of each member of interested body is assessed both at individual and collective level, bearing in mind characteristics of business-activities and organization of the firm.

Business-management officers are assigned to at least 2 individuals of repute and expertise with approximately equal authority. This principle allows for mutual control and shared decision-making without necessarily implying that they act together in taking responsibility for firm. Persons holding key functions must be available to contact the CSSF at all times and must reside locally. Exemption from the residency requirement may be requested for one of these individuals, but only for the first 6 months after approval is granted. Permission is granted for an indefinite period, provided the firm complies with applicable legal norms at all times. After receiving permission, firm may immediately begin to carry out its activities.

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