1. Introduction
  2. Eligible Investors
  3. Legal form
  4. Authorisation and supervision
  5. Capital requirement
  6. Investment policy
  7. Legal and regulatory framework
  8. Custodian bank
  9. Central administration
  10. Publication of a prospectus and an annual report
  11. Issue of new shares
  12. Dividends distribution
  13. Net asset valuation
  14. Compartments
  15. Tax regime
  16. VAT
  1. Introduction

The SICAR has been introduced by the law of June 15, 2004. It has been amended by the following laws:

The SICAR does not constitute a new legal form of company. It should rather be regarded as a legal and tax framework applicable to an existing legal form.

The purpose of the SICAR is to invest in securities representing risk capital in order to enable the investors to the benefit of the result of the management of such assets in consideration for the risk incurred.


  1. Eligible Investors

Investing in a SICAR is reserved to sophisticated investors know as “Well Informed Investors”. Well informed investors are

  1. Legal form
  1. Authorisation and supervision
  1. Capital requirement
  1. Investment policy
  1. Legal and regulatory framework
  1. Custodian bank
  1. Central administration
  1. Offering document and annual report
  1. Issue of new shares
  1. Dividends distribution
  1. Net asset valuation
  1. Compartments
  1. Tax regime

Transparent entities

Opaque entities

  1. VAT