Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the Central Bank authorisation letter, including banking and payment rails.
Ireland ICAV: the ICAV Act 2015 and the QIAIF regime.
An Ireland ICAV is a corporate fund vehicle under the ICAV Act 2015, registered by the Central Bank of Ireland and, separately, authorised by it as a Qualifying Investor AIF (QIAIF). File a complete application on ORION by 5pm on the business day before your chosen date, and the letter issues that day. In our files, the months go into clearing providers. We run both steps from Dublin.
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Ireland in brief
Ireland ICAV: a one-day Central Bank authorisation that takes months to prepare.
An Ireland ICAV is governed by the Irish Collective Asset-management Vehicles Act 2015 (No. 2 of 2015). Section 6(3)(a) gives it a sole object, the collective investment of its funds; a registration order under section 9 incorporates it, sections 17 to 20 govern its authorisation, section 21(1) obliges a non-UCITS ICAV to appoint a depositary and section 56 requires at least two directors. The Central Bank of Ireland holds two roles. As registrar, a function the 2015 Act created, it keeps the Register of Registered ICAVs and the Register of Charges Created by ICAVs, and it reviews a complete registration application in ten business days. As regulator it authorises the fund under the AIF Rulebook of July 2026, whose Chapter 2 sets the Qualifying Investor AIF rules. The Central Bank describes the registrar function as separate from authorisation.
Authorisation is a filing exercise with a hard edge. The Central Bank accepts a QIAIF application only once the alternative investment fund manager (AIFM), the depositary, the directors, the fund administrator and the investment manager are approved or cleared in advance. The AIFM files it on ORION, with the depositary and the investment company, management company or general partner as appropriate. The deadline is 5pm on the business day before the proposed date, and the letter issues by close of business on that date. Late or incomplete applications come back. Each director's Individual Questionnaire must be in at least 5 working days before filing, so in our files the calendar is set by the providers rather than by the Central Bank. The minimum subscription is €100,000 unless the Central Bank approves otherwise. One recurring charge is the Central Bank's industry funding levy: at least €8,952 for a standalone fund on the 2026 invoices.
An ICAV under the ICAV Act 2015 is registered by the Central Bank of Ireland as registrar and authorised by it as a QIAIF under the AIF Rulebook of July 2026.
ORION filing by 5pm the business day before, letter on the chosen day once providers are cleared. €100,000 minimum; levy from €8,952.
The two builds
One QIAIF regime, five legal forms.
Chapter 2 of the AIF Rulebook applies whichever form the QIAIF takes: unit trust, designated investment company, investment limited partnership, common contractual fund or ICAV. Tax and reporting are where the forms part ways.
Five legal forms under one Chapter 2: the ICAV, or a plc, unit trust, ILP or CCF.
01 - QIAIF AS AN ICAV
The purpose-built company
An ICAV incorporated by Central Bank registration order and authorised under sections 17 to 20 of the 2015 Act, with at least two directors, two Irish resident, and a depositary. An umbrella ICAV may produce separate periodic reports for its sub-funds.
An ICAV incorporated by Central Bank registration order and authorised under sections 17 to 20 of the 2015 Act, with at least two directors, two Irish resident, and a depositary. An umbrella ICAV may produce separate periodic reports for its sub-funds.
- ✓Registration order, section 9
- ✓Registrar review in ten business days
- ✓At least two directors, s.56
- ✓Depositary under s.21(1)
- ✓Separate sub-fund reports allowed
- ✓Gross roll-up under s.739B
02 - ILP · UNIT TRUST · CCF · PLC
The other four wrappers
A designated investment company, unit trust, common contractual fund or investment limited partnership under the same Chapter 2 rules. ILPs and CCFs are tax transparent; unit trusts and CCFs add a half-yearly report.
An investment company, unit trust, CCF or ILP under the same Chapter 2 rules; ILPs and CCFs are tax transparent.
- ✓Plc or ICAV: two Irish-resident directors
- ✓Unit trust: Unit Trusts Act 1990
- ✓ILP: transparent under s.739J
- ✓CCF: transparent under s.739I
- ✓Half-yearly report within two months
- ✓Same €100,000 minimum
As of 2026 per the ICAV Act 2015, the AIF Rulebook of July 2026 and Part 27 of the Taxes Consolidation Act 1997. The form is picked per investor base and tax profile.
Why Ireland
Six reasons sponsors file a QIAIF in Ireland.
✓
A launch date you choose
Authorisation lands on the date the sponsor picks, provided the complete ORION filing is in by 5pm the business day before. The offer period may open once the letter is in hand.Letter on the date you pick.
✓
Registrar and regulator in one
The Central Bank registers ICAVs and authorises them through separate functions. Its public registers list registered ICAVs, the charges ICAVs create and every collective investment scheme it regulates.Registers ICAVs and authorises them.
✓
Insiders below the minimum
The QIAIF may exempt the management company, the AIFM and its group, the investment manager, their directors and qualifying employees from the €100,000 minimum, so the team can invest next to its investors.Insiders may skip the €100,000.
✓
No annual tax on the fund
Revenue's Tax and Duty Manual sums up the regime: no annual tax on income or gains arising to a fund. Exit tax falls on chargeable events for Irish-resident investors, and non-residents with a declaration on file stay outside it.No annual tax on the fund.
✓
Room for smaller managers
The AIF Rulebook has Parts for QIAIFs with a registered or a non-EU AIFM, and sub-threshold managers register under regulation 4 of S.I. No. 257 of 2013, but a QIAIF needs an authorised AIFM within two years of launch.Registered AIFM for up to two years.
✓
Depositary work stays in Ireland
Depositary functions that are not delegated must be carried out in Ireland. The Central Bank hears in advance before the depositary, administrator, investment manager or auditor changes, and it may object.Undelegated depositary work in Ireland.
How it compares
How Ireland differs from other fund domiciles.
Each domicile answers one question differently: does the regulator sign off the fund itself? Ireland does, on a published timetable, while Luxembourg's RAIF and the Swiss L-QIF skip that step.
Ireland vs other fund domiciles
| Feature |  Ireland | Other domiciles |
|---|---|---|
| Product sign-off | Central Bank authorisation | None for a RAIF or an L-QIF |
| Timetable | Letter on the chosen day | L-QIF: FDF told within 14 days |
| Money thresholds | €100,000 per investor | RAIF: EUR 1,250,000 in 24 months |
| Manager | Authorised AIFM within two years | Liechtenstein AIFM fee CHF 20,000 |
Product sign-off
IrelandCentral Bank authorisation
Other domicilesNone for a RAIF or an L-QIF
Timetable
IrelandLetter on the chosen day
Other domicilesL-QIF: FDF told within 14 days
Money thresholds
Ireland€100,000 per investor
Other domicilesRAIF: EUR 1,250,000 in 24 months
Manager
IrelandAuthorised AIFM within two years
Other domicilesLiechtenstein AIFM fee CHF 20,000
Country by country
| Country | Vehicle | Regulator | Notes |
|---|---|---|---|
| Ireland | ICAV · QIAIF | Central Bank of Ireland | Letter on the chosen day |
 Luxembourg | RAIF | No CSSF product approval | EUR 1,250,000 within 24 months |
 Switzerland | L-QIF | No FINMA authorisation | FDF notified within 14 days |
 Liechtenstein | AIF | FMA | AIFM licence CHF 20,000; notice CHF 750 |
IrelandVehicleICAV · QIAIF
RegulatorCentral Bank of Ireland
NotesLetter on the chosen day
LuxembourgVehicleRAIF
RegulatorNo CSSF product approval
NotesEUR 1,250,000 within 24 months
SwitzerlandVehicleL-QIF
RegulatorNo FINMA authorisation
NotesFDF notified within 14 days
LiechtensteinVehicleAIF
RegulatorFMA
NotesAIFM licence CHF 20,000; notice CHF 750
Before you launch
What an Ireland ICAV actually requires.What an Ireland ICAV requires.
The Central Bank takes a QIAIF application only when every party below is approved or cleared. These ten lines are the file we assemble before an ORION date is fixed.
01
Authorised AIFM - due within two years of launch for QIAIFs authorised since 22 July 2013, earlier if the AIFM Regulations require.
02
Depositary - appointed under section 21(1) of the ICAV Act; functions it does not delegate are carried out in Ireland.
03
Directors - at least two (s.56); the AIF Rulebook adds two Irish-resident ones and none shared with the depositary, for an ICAV as for a plc.
04
Individual Questionnaires - completed online by each director at least 5 working days before the application is filed.
05
Administrator and investment manager - approved or cleared by the Central Bank in advance, like the AIFM and depositary.
06
Eligible investors - MiFID professional clients, investors with an expertise appraisal, or investors certifying that they are informed.
07
Minimum subscription - €100,000 or its equivalent unless the Central Bank approves otherwise; the fund may exempt the AIFM, investment manager and qualifying staff.
08
Loss statement - insiders let in below the minimum certify in writing that they qualify and know they could lose all of the sum invested.
09
Capital raising - the QIAIF may not raise capital from the public by issuing debt instruments.
10
Beneficial ownership - an internal register kept, and changes filed on the Central Bank's central register within 14 days.
01
Authorised AIFM within two years.
02
Depositary under s.21(1).
03
Two Irish-resident directors.
04
Questionnaires 5 working days ahead.
05
Administrator and manager cleared.
06
Eligible investors only.
07
Minimum of €100,000 each.
08
Insider loss statements.
09
No public debt issues.
10
BO changes within 14 days.
Reflects the ICAV Act 2015, the AIF Rulebook of July 2026 and S.I. No. 110 of 2019 as of 2026.ICAV Act 2015, AIF Rulebook July 2026, S.I. No. 110 of 2019, as of 2026.
Verify it yourself
Official sources
Regulator pages, legal texts and public registers the figures on this page are based on.
- LawIrish Collective Asset-management Vehicles Act 2015 (No. 2 of 2015), revised to 6 July 2022 - Law Reform Commissionrevisedacts.lawreform.ie
- RegulatorCentral Bank of Ireland - Authorisation Process for AIFscentralbank.ie
- RegulatorCentral Bank of Ireland - ICAV Registrationcentralbank.ie
- GuidanceCentral Bank of Ireland - AIF Rulebook (July 2026), Chapter 2 Qualifying Investor AIF Requirementscentralbank.ie
- GuidanceRevenue - Tax and Duty Manual Part 27-01a-02, Investment Undertakings (last updated January 2026)revenue.ie
How it works
From provider clearance to a Central Bank letter.
01
Form and investors
ICAV or one of the other four forms, chosen against the investor base: who qualifies, and who will give a non-resident declaration rather than pay exit tax.The investor base picks the form.
02
Providers cleared
The AIFM, depositary, administrator and investment manager are approved or cleared by the Central Bank, and each director's questionnaire goes in at least 5 working days before filing.Central Bank clearance comes first.
03
ICAV registration
Form AR1 goes to the registrar. The Central Bank reviews a complete application in ten business days, and a registration order incorporates the ICAV.AR1, reviewed in ten business days.
04
ORION filing
The AIFM files the QIAIF application by 5pm on the business day before the chosen date. Certain QIAIFs need a pre-submission first.By 5pm, the business day before.
05
Letter and offer
The authorisation letter issues by close of business on that date, and the offer period may not start before it.Letter first, then the offer period.
Quick facts
Vehicle ActICAV Act 2015 (No. 2 of 2015)
RulebookAIF Rulebook, July 2026
ICAV reviewTen business days
QIAIF filingORION, 5pm the business day before
LetterClose of business, chosen day
Minimum€100,000
Annual reportWithin six months
AIFM decision3 months, plus up to 3
The Central Bank's part is short and published. In our files the critical path is the AIFM and depositary agreements and the directors' questionnaires, so the ORION date is fixed only once those are signed.
On the ground in Ireland
Run from our Dublin office.
Prifinance - Ireland
Dublin · Ireland
Dublin, Ireland
01
Provider clearance
AIFM, depositary, administrator and investment manager lined up and cleared before any ORION date goes in the diary.Cleared before a date is set.
02
Board and questionnaires
Directors chosen to fit the legal form, and each director's Individual Questionnaire filed at least 5 working days ahead.Questionnaires 5 working days ahead.
03
Registration and filing
Form AR1 to the registrar for a new ICAV, then the QIAIF application on ORION by 5pm on the business day before.AR1, then ORION by 5pm.
04
After the letter
Beneficial ownership changes go on the central register within 14 days, and a charge the ICAV creates within 21 days, or it is void.14 days for owners, 21 for charges.
We also have offices in
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
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Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
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Good to know
Taxation of an Irish QIAIF.
Part 27, Chapter 1A of the Taxes Consolidation Act 1997, as Revenue's manual explains it, taxes an Irish fund's investors on chargeable events rather than the fund each year.
Gross roll-up
Authorised ICAVs, authorised unit trusts and certain Part 24 investment companies are investment undertakings under section 739B, with no annual tax on the fund's income or gains.No annual tax at fund level.
Exit tax, Irish individuals
Exit tax is deducted on payments, redemptions, transfers and a deemed disposal every 8 years: 38% for Irish-resident individuals from 1 January 2026, down from 41%.38% from 1 January 2026.
Non-resident declarations
No exit tax arises where the fund holds an appropriate non-resident declaration (Schedule 2B) before the chargeable event, or where Revenue has approved equivalent measures under section 739D(7B).Schedule 2B declaration on file.
Transparent ILPs and CCFs
Investment limited partnerships stay outside gross roll-up under section 739J, and common contractual funds are taxed on a transparent basis under section 739I.Sections 739J and 739I.
Stamp duty
Section 88 of the Stamp Duties Consolidation Act 1999 exempts the transfer of units in an investment undertaking, a CCF or an ILP.Section 88 stamp duty exemption.
Personal portfolio rate
Where the fund is a personal portfolio investment undertaking, the Irish-resident individual's rate is 60% instead of 38%. We check whether that status can arise before the fund documents are signed.60% personal portfolio rate.
Tax summary
Fund levelNo annual tax on income or gains
Irish-resident individuals38% exit tax from 1 January 2026
Non-residentsNo exit tax with a declaration
ILP and CCFTax transparent
Unit transfersStamp duty exempt, s.88
*As of 2026 per TCA 1997 Part 27 and SDCA 1999 s.88, as Revenue's January 2026 manuals explain them. Corporate investors are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Irish ICAV, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live fund.
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Ireland · Central Bank · QIAIF
Launch your Ireland ICAV with expert support.
Full-service assistance - from provider clearance and ICAV registration to the ORION filing and the authorisation letter - run through our Dublin office.
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Request a free conclusion →FAQ
The Irish ICAV: what sponsors ask.
What is an ICAV fund?+
An ICAV is an Irish Collective Asset-management Vehicle under the ICAV Act 2015, a corporate fund whose sole object is collective investment. The Central Bank of Ireland incorporates it by registration order and, separately, authorises it as an AIF.
What is a QIAIF?+
A Qualifying Investor AIF, the Central Bank's professional fund regime under Chapter 2 of the AIF Rulebook of July 2026. Insiders aside, it takes at least €100,000 per investor, and it may be an ICAV, a unit trust, an investment company, an ILP or a CCF.
Who can invest in an Irish QIAIF?+
A MiFID professional client, an investor appraised by an EU credit institution, MiFID firm or UCITS management company, or one who certifies as an informed investor. Inside the EU the fund is marketed to AIFMD professional investors unless a Member State allows wider categories.
How long does it take to launch an Ireland ICAV?+
The Central Bank's own steps are short: ten business days to review a complete ICAV registration, and an authorisation letter on the chosen day if the ORION filing lands by 5pm the business day before. In our files the months go into clearing the AIFM, the depositary and the directors.
What does an Ireland ICAV cost?+
The Central Bank's 2025 levy, billed in 2026, starts at €8,952 for a standalone fund; an umbrella with more than one sub-fund also pays €593 per sub-fund, the first included. Consultation CP172 of 25 September 2026 sets out new levy proposals. Any filing fee is confirmed per structure. Our fee for the ICAV work follows in writing after a free assessment.
Does a QIAIF need an authorised AIFM?+
Yes, within two years of launch for a QIAIF authorised on or after 22 July 2013, or sooner where the AIFM Regulations require. An external AIFM needs at least €125,000 of capital, an internally managed AIF €300,000, and the Central Bank decides an AIFM application within 3 months, extendable by 3.
ICAV, plc or ILP: which form?+
The ICAV is built for funds alone and may report per sub-fund; like a plc, it needs two Irish-resident directors; an ILP is tax transparent under section 739J. We let the investors' tax position choose between them.
When does a QIAIF report?+
Within six months of each financial period's end it publishes its annual report and submits it to the Central Bank. The first annual report runs to a date within 18 months of incorporation; unit trusts and CCFs also publish a half-yearly report within two months.
ICAV or Luxembourg RAIF?+
The RAIF if the sponsor wants no product approval at all, the ICAV if a Central Bank authorisation letter matters. The CSSF does not approve a RAIF, which must reach EUR 1,250,000 within 24 months; a QIAIF gets its letter on a chosen date and may be picked for a post-authorisation review, with 20 business days to answer.
Why Prifinance for an Ireland ICAV?+
We clear the AIFM, depositary, administrator and directors before any ORION date is set, then file the QIAIF on the day you pick. The work runs from our Dublin office, and the investors' tax position is settled before the legal form is chosen.
What is an ICAV?+
A fund company under the ICAV Act 2015.
What is a QIAIF?+
Chapter 2 professional fund, €100,000 minimum.
Who invests?+
Professional, appraised or informed investors.
How long?+
Letter on the chosen day; preparation takes months.
Cost?+
Levy from €8,952 (billed 2026). Our fee: after a free assessment.
Authorised AIFM?+
Within two years of launch.
Which form?+
The investors' tax position decides.
Reports?+
Annual report within six months.
ICAV or RAIF?+
RAIF skips approval; ICAV gets a letter.
Why Prifinance?+
Providers cleared first, from Dublin.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Central Bank of Ireland or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.