The sole objective of ICISs and UCITs is the collective investment of funds of the unit holders.
ICISs can take the following legal forms:
- International fixed capital company
- International variable capital company
- International unit trust scheme and
- International investment limited partnership
UCITs can take the following legal forms:
- Common Fund
- Variable Capital Investment Company
ICISs and UCITs are liable to tax or not depending on their legal status.
Under certain conditions, management fees charged for the management of ICISs and UCITs funds can be exempt from VAT.