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 fund launch, including banking and payment rails.
Set up an investment fund in Switzerland.
The Swiss fund that launches without FINMA: the limited qualified investor fund is exempted by law from authorisation and approval, offered only to qualified investors and managed by a FINMA-licensed institution that carries the responsibility instead - with the FCP, SICAV and the limited partnership for collective investment available where a supervised product is required.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Switzerland in brief
The country that finally let funds launch on schedule.
Switzerland's collective investment framework was long defined by one fact: almost everything needed FINMA approval, including every fund contract and every new sub-fund of an umbrella. The limited qualified investor fund changed that. The L-QIF is exempted by law from the requirement for authorisation and approval by FINMA, is not supervised by FINMA, and may only be offered to qualified investors - with the FINMA-licensed institution managing it bearing sole responsibility for compliance. The Federal Department of Finance keeps a public register of every L-QIF, so the vehicle is visible without being supervised. It is Switzerland's answer to Luxembourg's RAIF, and it works on the same logic: supervise the manager, not the wrapper.
The traditional forms remain where they are needed. The contractual fund, the SICAV and the SICAF sit under the Collective Investment Schemes Act with FINMA approving the fund contract and each sub-fund. The limited partnership for collective investment is the private-markets vehicle: only qualified investors may be limited partners, the general partner must be a Swiss limited company with its registered office in Switzerland holding at least CHF 100,000 in paid-in capital and acting solely for that partnership unless separately licensed as an asset manager of collective investment schemes, and both the institution and the partnership agreement require FINMA authorisation - unless the partnership is structured as an L-QIF, which is exempt. We choose the form, appoint the licensed manager and launch.
Switzerland's answer to the RAIF: the L-QIF is exempted by law from FINMA authorisation and approval, offered only to qualified investors, managed by a FINMA-licensed institution that bears sole responsibility for compliance, and listed in the Finance Department's public register.
The classic forms - FCP, SICAV, SICAF and the limited partnership with its CHF 100,000 Swiss general partner - remain where an approved product is required. No EU passport either way.
The two builds
The L-QIF - or the approved Swiss fund.
Speed or supervision, the Swiss version: the L-QIF launches without FINMA approval under a licensed manager; the classic forms are approved product by product.
The exempt L-QIF - or an approved CISA fund.
01 - L-QIF
The exempt vehicle
The limited qualified investor fund. Exempted by law from FINMA authorisation and approval, open only to qualified investors, managed by a FINMA-licensed institution and listed in the Finance Department's public register.
The limited qualified investor fund. Exempted by law from FINMA authorisation and approval, open only to qualified investors, managed by a FINMA-licensed institution and listed in the Finance Department's public register.
- ✓Exempt from FINMA approval
- ✓Qualified investors only
- ✓FINMA-licensed manager required
- ✓Manager carries sole responsibility
- ✓Public register at the Finance Department
- ✓Available in fund or LP form
02 - APPROVED SWISS FUND
The supervised product
The contractual fund, SICAV, SICAF or limited partnership under CISA. FINMA approves the fund contract and each sub-fund, and authorises the institution behind it.
FCP, SICAV, SICAF or limited partnership under CISA. FINMA approves the fund contract and every sub-fund, and authorises the institution behind it.
- ✓FCP · SICAV · SICAF · LP
- ✓Fund contract approved by FINMA
- ✓Each sub-fund approved separately
- ✓LP general partner - CHF 100,000
- ✓GP: Swiss company, Swiss seat
- ✓Institution authorised by FINMA
Reflects the Collective Investment Schemes Act and FINMA's published authorisation requirements as of 2026. L-QIF managers bear sole responsibility for compliance.
Why Switzerland
Six reasons sponsors choose a Swiss fund.
✓
The L-QIF exemption
Exempted by law from FINMA authorisation and approval. A Swiss fund whose launch date is set by the sponsor, not the regulator.Launch on your clock.
✓
Responsibility where it belongs
The FINMA-licensed manager bears sole responsibility for the L-QIF's compliance. Investors get a supervised decision-maker.Supervised decision-maker.
✓
The Swiss name
For private wealth and family capital, a Swiss domicile carries weight no other jurisdiction replicates.Weight nothing replicates.
✓
Private-markets structure
The limited partnership for collective investment is purpose-built for private equity and real assets, with qualified investors only.LP built for it.
✓
Visible without supervision
The Finance Department's public register lists every L-QIF. Transparency without a supervisory file.Visible, not supervised.
✓
Franc and stability
The currency, the legal system and the political continuity that Swiss capital is domiciled for in the first place.Why capital comes.
How it compares
How Switzerland differs from other fund domiciles.
Numbers next to numbers: Swiss standing with an exempt vehicle, and no EU passport whatever form you choose.
Switzerland vs other fund domiciles
| Feature |  Switzerland | Other domiciles |
|---|---|---|
| Fast vehicle | L-QIF - exempt by law | RAIF, QIAIF, private fund |
| Investors | Qualified investors only | Well-informed or professional |
| EU passport | None | AIFMD marketing passport |
| Register | Finance Department public list | Regulator registers |
Fast vehicle
SwitzerlandL-QIF - exempt by law
Other domicilesRAIF, QIAIF, private fund
Investors
SwitzerlandQualified investors only
Other domicilesWell-informed or professional
EU passport
SwitzerlandNone
Other domicilesAIFMD marketing passport
Register
SwitzerlandFinance Department public list
Other domicilesRegulator registers
Country by country
| Country | Vehicle | Regulator | Notes |
|---|---|---|---|
| Switzerland | L-QIF · FCP · SICAV · LP | FINMA supervises the manager | L-QIF exempt by law |
 Luxembourg | RAIF · SIF | CSSF supervises the AIFM | EUR 1.25M in 24 months |
 Liechtenstein | AIF · UCITS | FMA | EEA passport available |
 Cayman Islands | Mutual and private funds | CIMA | CI$4,125 annual registration |
SwitzerlandVehicleL-QIF · FCP · SICAV · LP
RegulatorFINMA supervises the manager
NotesL-QIF exempt by law
LuxembourgVehicleRAIF · SIF
RegulatorCSSF supervises the AIFM
NotesEUR 1.25M in 24 months
LiechtensteinVehicleAIF · UCITS
RegulatorFMA
NotesEEA passport available
Cayman IslandsVehicleMutual and private funds
RegulatorCIMA
NotesCI$4,125 annual registration
Before you launch
What a Swiss fund actually requires.What a launch requires.
Exempt from approval is not exempt from rules. The checklist below is what a compliant launch covers.
01
Vehicle choice. L-QIF or an approved CISA form, decided on investors and distribution.
02
Qualified investors. The L-QIF may only be offered to qualified investors as defined in CISA.
03
Licensed manager. A FINMA-licensed institution of the required category, which bears sole responsibility for L-QIF compliance.
04
General partner. For a limited partnership, a Swiss limited company with Swiss registered office and at least CHF 100,000 paid-in capital.
05
GP exclusivity. The general partner acts solely for that partnership unless licensed as an asset manager of collective investment schemes.
06
Fund documentation. Collective investment contract, partnership agreement or articles drafted for the strategy.
07
FINMA approval. For non-exempt forms, the fund contract and every sub-fund approved before launch.
08
Register entry. L-QIFs listed in the register kept by the Federal Department of Finance.
09
Custody and administration. Swiss providers appointed and contracted.
10
Risk and valuation. The manager's processes covering the fund from day one.
11
Tax and distribution. Investor-level treatment and cross-border marketing rules mapped before launch.
01
Vehicle chosen on investors.
02
Qualified investors only.
03
FINMA-licensed manager.
04
GP: CHF 100,000, Swiss seat.
05
GP exclusivity respected.
06
Documentation drafted.
07
FINMA approval if not exempt.
08
Register entry for L-QIF.
09
Custody and administration.
10
Risk and valuation live.
11
Distribution rules mapped.
Reflects CISA and FINMA's published requirements as of 2026. The L-QIF is not supervised by FINMA; its manager is.CISA + FINMA requirements, as of 2026.
How it works
From first call to a live Swiss fund.
01
Investors and vehicle
Who invests and where they are. The two questions that decide L-QIF versus an approved form.Who and where.
02
The manager
A FINMA-licensed institution appointed, with responsibilities and delegation set out in writing.Appointed in writing.
03
Documentation
Contract, agreement or articles drafted; for approved forms, the FINMA submission prepared.Drafted or submitted.
04
Launch or approval
L-QIF entered in the Finance Department register, or the approved form taken through FINMA.Register or FINMA.
05
Operation
Subscriptions from qualified investors, valuation and risk processes running at the manager.Subscriptions open.
Quick facts
Fast vehicleL-QIF
AuthorisationExempt by law
SupervisionManager, not fund
InvestorsQualified only
RegisterFederal Department of Finance
LP general partnerCHF 100,000 paid-in
GP seatSwitzerland
EU passportNone
Every sub-fund of an approved umbrella needs its own FINMA approval. One more reason the L-QIF exists.
On the ground in Switzerland
Run from our Zug office.
Prifinance - Switzerland
Zug · Switzerland
Zug, Switzerland
01
Vehicle and investors
L-QIF or approved form, decided against the actual investor base and distribution plan.Tested first.
02
The licensed manager
A FINMA-licensed institution appointed. The party that carries the compliance responsibility.Carries responsibility.
03
Documentation
Fund contract, partnership agreement or articles drafted for the strategy and its assets.For the strategy.
04
Launch and register
Register entry, custody, administration and the distribution rules handled before subscriptions open.Register and custody.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Good to know
Taxation of Swiss funds.
Fund-level transparency in the standard cases. With the analysis done at investor level.
Fund-level treatment
Swiss collective investment schemes are generally treated transparently for direct taxes in the standard cases. Confirmed per vehicle at structuring.Transparent standard cases.
Investor-level analysis
Each investor is taxed in their own residence. The fund documentation is built with that in mind.Residence-based.
Withholding tax
Swiss anticipatory tax applies to certain distributions with reclaim mechanisms. Planned rather than discovered.Reclaim planned.
The manager layer
The FINMA-licensed manager has its own cantonal taxation. Zug's combined rate near 12% is part of the design.≈12% combined.
No EU passport
Cross-border marketing into the union runs under national private placement rules or a paired EU vehicle.Private placement.
Modelled before launch
Investor, fund and manager treatment mapped together before the first subscription.All three modelled.
Tax summary
Fund levelTransparent in standard cases
Investor levelResidence-based
WithholdingAnticipatory tax with reclaim
Manager (Zug)≈12% combined
EU marketingNational private placement
*Position as of 2026. Vehicle and investor-level outcomes are confirmed with Swiss advisers 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: Swiss vehicle, 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.
Follow Prifinance
Active across our channels.
Switzerland · CISA
Launch your Swiss fund with expert support.
Full-service assistance - from vehicle choice and manager appointment to documentation, register entry and launch - run through our Zug office.
Get a consultation →Free legal opinion
Is an L-QIF right for your strategy?
Our legal team will analyze your case at no cost and provide a written legal opinion: which vehicle, jurisdiction, or route fits your fund.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Swiss fund: the practical answers.
What is an L-QIF?+
The limited qualified investor fund - a Swiss collective investment scheme exempted by law from the requirement for authorisation and approval by FINMA. It is not supervised by FINMA, may only be offered to qualified investors, and must be managed by an institution holding the required FINMA licence.
If FINMA does not supervise it, who is responsible?+
The manager. FINMA's own guidance is explicit that L-QIF managers bear sole responsibility for compliance, which is exactly why the vehicle is restricted to licensed institutions and qualified investors.
Is the L-QIF secret?+
No. The Federal Department of Finance maintains a public register of all L-QIFs. The vehicle is visible; it simply is not supervised at product level.
What forms can a Swiss fund take?+
Contractual funds (FCP), SICAVs, SICAFs and limited partnerships for collective investment. Most require FINMA approval of the fund contract, and each sub-fund of an umbrella needs separate approval - unless the vehicle is an L-QIF.
What is the limited partnership for collective investment?+
Switzerland's private-markets vehicle. Only qualified investors may be limited partners. The general partner must be a Swiss limited company with its registered office in Switzerland and at least CHF 100,000 of paid-in capital, acting solely for that partnership unless separately licensed as an asset manager of collective investment schemes.
Does a Swiss fund have an EU passport?+
No. Switzerland is outside the EEA, so marketing into the union runs under national private placement regimes or through a paired EU vehicle. We map that before the vehicle is chosen, not after.
Who counts as a qualified investor?+
The definition sits in the Collective Investment Schemes Act and covers professional and certain high-net-worth investors. We test the actual investor base against it before recommending an L-QIF.
How long does a launch take?+
For an L-QIF, months driven by manager onboarding and documentation rather than by an approval queue. Approved forms take longer because FINMA reviews the fund contract and every sub-fund.
Switzerland or Luxembourg?+
Similar logic - supervise the manager, exempt the product, but Luxembourg's RAIF carries the AIFMD marketing passport and Switzerland's L-QIF does not. If EU distribution matters, Luxembourg; if the Swiss name and Swiss investors matter, Zug. We model both.
Why Prifinance for Switzerland?+
The investor base tested against the qualified-investor definition before anything is drafted, a licensed manager appointed with responsibilities set out in writing, and the register and distribution rules handled before subscriptions open.
What is an L-QIF?+
Fund exempt from FINMA approval.
Who is responsible?+
The licensed manager, solely.
Secret?+
No - public register.
Which forms?+
FCP, SICAV, SICAF, LP.
The LP?+
GP: CHF 100k, Swiss seat.
EU passport?+
None - private placement.
Qualified investors?+
Per CISA definition.
How long?+
Months for an L-QIF.
Or Luxembourg?+
Passport decides.
Why you?+
Investor base tested first.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
Google
“I had their assistance in company registration and I would recommend them. They were answering all my clarification during the process and offering all their supportThank you Daniel and Irinia”
Google
“We found PRIFINANCE COMPANYvia the Internet and asked for help in organizing the opening of their company in Estonia. PRIFINANCE COMPANY specialists helped us a lot with this. Their professional, competent approach and knowledge of their business left us with only the best impressions.”
Google
“I'm thrilled with my experience with PriFinance! They helped me obtain a crypto license in Estonia without any hassle. The team was super understanding and always available to answer my questions and assist. It was great to see how they put effort into preparing the documents to ensure everything went smoothly. I'm delighted with the outcome and highly recommend PriFinance to anyone looking to get a license…”
Google
“Opening an account with Prifinance in a Swiss bank was such an easy and quick process that I was shocked. It all started with the first call, where I received detailed guidance on the required documents and the entire procedure.One of the key highlights was their attention to detail. As someone who usually gets tangled up in paperwork, I was pleasantly surprised when they sent me all the documents and…”
Google
“I recently had the pleasure of working with Boris.. and I must say, it was a fantastic experience. Boris went above and beyond to assist me with my residency needs. His professionalism, knowledge, and dedication truly stood out. I highly recommend working with Boris and the team!”
Google
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which Swiss vehicle fits your strategy and what it will cost.
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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 FINMA or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.