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Switzerland Launches Emerging Markets Fund

Tuesday, March 9, 2010

It has recently emerged that Switzerland has created a finance institution for economic cooperation and development, in a bid to facilitate access to long-term finance for small- and medium-sized enterprises (SMEs) in developing countries and countries in transition.

The Swiss Federal Council took the decision on March 5 to establish the development finance institution SIFEM AG (Swiss Investment Fund for Emerging Markets), which will have the mandate to manage investment operations in relation to economic cooperation and development. This new structure is to be set up as a revolving fund.

In creating SIFEM AG, capitalized by the Swiss Confederation, Switzerland is equipping itself with a modern management structure to handle investment instruments for cooperation and development, based on the model used by European development agencies.

According to the Federal Administration, this new structure has become necessary due to the growth of the State Secretariat for Economic Affairs’ (SECO) investment activities over the past 12 years. It notes that almost CHF400m (EUR274m) has been invested to date in around 40 participations in venture capital funds supporting SMEs, particularly in Asia, in sub-Saharan Africa and in South-Eastern Europe.

The Federal Administration has emphasized that this offers a promising model for development, given that every franc invested in a venture-capital fund generates on average twelve francs in the local economy of the partner countries, including through the creation of long-term jobs, according to case study research carried out in 2007.

The capitalization of this company, the nomination of its board of directors and the details of its organisation will be the subject of a later decision by the Federal Council. No additional financial funds will be required since the company will be capitalized via transfer of the current portfolio of investments made by SECO.

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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