Okunye Ukutshala Imali - Izinzuzo zeMaltese Hedge Funds

Idatha Ebalulekile Mayelana ne-Malta

• IMalta yaba yilungu le-EU ngoMeyi 2004 futhi yajoyina i-Euro Zone ngo-2008.
• IsiNgisi sikhulunywa futhi sibhalwa kabanzi eMalta futhi siwulimi oluyinhloko lwebhizinisi.

Izinto Ezinomthelela Kunzuzo Yokuncintisana yaseMalta

• Indawo eqinile yezomthetho neyokulawula enohlaka lomthetho oluhambisana Neziqondiso ze-EU. I-Malta ihlanganisa zombili izinhlelo zezomthetho: umthetho wezakhamuzi kanye nomthetho ovamile, njengoba umthetho webhizinisi usekelwe ezimisweni zomthetho wamaNgisi.
• I-Malta izidla ngezinga eliphezulu lemfundo enabafundi abathole iziqu abamele ingxenye yemikhakha eyahlukene ehlobene nezinsizakalo zezezimali. Ukuqeqeshwa okukhethekile ezinsizeni zezezimali kunikezwa emazingeni ahlukene emfundo yangemva kwesecondary kanye nezemfundo ephakeme. Umsebenzi we-accounting usungulwe kahle esiqhingini. Ababhali bama-accountant bangaba iziqu zasenyuvesi noma baneziqu ze-accountant eziqinisekisiwe (ACA/ACCA).
• Isilawuli esisebenzayo esingeneka kakhulu futhi esinomqondo webhizinisi.
• Ukunikezwa okukhula njalo kwendawo yamahhovisi esezingeni eliphezulu ukuze iqashwe ngamanani ashibhile kunaseNtshonalanga Yurophu.
• Ukuthuthuka kwe-Malta njengesikhungo sezimali samazwe ngamazwe kubonakala ezinhlobonhlobo zezinsizakalo zezezimali ezitholakalayo. Ukugcwalisa imisebenzi evamile yokudayisa, amabhange aya ngokuya enikela; amabhange azimele kanye nezokutshalwa kwezimali, ezezimali zephrojekthi, imalimboleko ehlanganisiwe, umgcinimafa, ukugcinwa, kanye nezinsizakalo zediphozithi. I-Malta futhi isingatha izikhungo ezimbalwa ezisebenza ngemikhiqizo ehlobene nohwebo, njengezezimali zohwebo ezihlelekile, kanye ne-factoring.
• Isikhathi esijwayelekile sase-Malta siyihora elilodwa ngaphambi kwe-Greenwich Mean Time (GMT) namahora ayisithupha ngaphambi kwe-US Eastern Standard Time (EST). Ngakho-ke ibhizinisi lamazwe ngamazwe lingaphathwa kahle.
• Amazinga Wokubika Ngezezimali Wamazwe Ngamazwe, njengoba amukelwa yi-EU, agxilile emthethweni wenkampani futhi ayasebenza kusukela ngo-1997, ngakho-ke azikho izimfuneko zendawo ze-GAAP okufanele ubhekane nazo.
• Umbuso wentela oqhudelana kakhulu, nabakwamanye amazwe, kanye nenethiwekhi yesivumelwano sokukhokhiswa intela kabili enwetshiwe.
• Akukho mingcele ekunikezweni kwezimvume zokusebenza kubantu abangebona abe-EU.

I-Malta Hedge Funds: Izimali zabatshalizimali abaqeqeshiwe (PIF)

Umthetho waseMalta awubhekiseli ngokuqondile ku-hedge funds. Kodwa-ke, i-Malta hedge funds ilayisensi njenge-Professional Investor Funds (PIFs), uhlelo lokutshala izimali oluhlangene. Izimali ze-Hedge eMalta zivame ukumiswa njengezinkampani zokutshala izimali ezivulekile noma ezivaliwe (SICAV noma INVCO).

Umbuso we-Malta Professional Investor Funds (PIFs) uqukethe izigaba ezintathu: (a) lezo ezinyuselwe kubatshalizimali abafanelekayo, (b) labo abanyuselwe kubatshalizimali abangavamile, kanye (c) nalabo abanyuselwe kubatshalizimali abanokuhlangenwe nakho.

Izimo ezithile zidinga ukwaneliseka ukuze ufaneleke ngaphansi kwesinye salezi zigaba ezintathu futhi kanjalo ukwazi ukutshala imali ku-PIF. Ama-PIF ayizinhlelo zokutshala izimali ezihlangene eziklanyelwe abatshalizimali abangochwepheshe nababiza imali ephezulu ngezinga elithile lobuchwepheshe nolwazi ezikhundleni zabo.

Incazelo Yomtshalizimali Ofanelekayo

“Umtshali-zimali Ofanelekayo” ungumtshali-zimali owenza lezi zindlela ezilandelayo:

1. Itshala ubuncane be-EUR 100,000 noma imali yayo elinganayo ku-PIF. Lokhu kutshalwa kwezimali akumele kwehliswe ngaphansi kwaleli nani elincane nganoma isiphi isikhathi ngendlela yokuhlenga ingxenye; futhi
2. Isho ngokubhalela kumphathi wesikhwama kanye ne-PIF ithe umtshali-zimali uyazi, futhi uyazamukela ubungozi obuhlobene nokutshalwa kwezimali okuhlongozwayo; futhi
3. Kwanelisa okungenani okukodwa kokulandelayo:

• Inkampani enezimpahla zizonke ezingaphezu kuka-EUR 750,000 noma ingxenye yeqembu enezimpahla zizonke ezingaphezu kuka-EUR 750,000 noma, esimweni ngasinye, imali elingana nayo; or
• Indikimba yabantu engahlanganisiwe noma izinhlangano ezinezimpahla zizonke ezingaphezu kuka-EUR 750,000 noma okulinganayo nohlobo lwemali; or
• I-trust lapho inani lengqikithi yezimpahla ze-trust lingaphezu kuka-EUR 750,000 noma okulingana nohlobo lwemali; or
• Umuntu onenani lengqikithi yenani noma inani elihlanganyelwe lihlanganiswe nomngane wakhe womshado lingaphezu kwama-EUR 750,000 noma imali elingana nemali; or
• Isisebenzi esiphezulu noma umqondisi womnikezeli wesevisi ku-PIF.

Ayini ama-PIF aseMalta Asetshenziselwa futhi Yiziphi Izinzuzo zawo?

Ama-PIF avame ukusetshenziselwa izakhiwo ze-hedge fund ezinempahla eyisisekelo kusukela kuzibambiso ezidluliswayo, ukulingana kwangasese, impahla engagudluki, nengqalasizinda. Zibuye zisetshenziswe ngokujwayelekile yizimali ezibandakanya ukuhweba nge-cryptocurrency.

Ama-PIF anikeza izinzuzo eziningi, okuhlanganisa:

• Ama-PIF enzelwe abatshalizimali abangochwepheshe noma ababiza kakhulu ngakho-ke awanayo imikhawulo evamise ukubekwa ezikhwameni zokudayisa.
• Ayikho imikhawulo yokutshala imali noma yokuzuza futhi ama-PIF angasethwa ukuze abambe impahla eyodwa kuphela.
• Asikho isidingo sokuqoka umgcini.
• Inketho yelayisense esheshayo iyatholakala, ngemvume phakathi kwezinyanga ezi-2-3.
• Ingakwazi ukuzilawula.
• Ingase iqoke abalawuli, abaphathi, noma abahlinzeki besevisi kunoma iyiphi indawo eyaziwayo, amalungu e-EU, EEA, kanye ne-OECD.
• Ingasetshenziselwa ukusetha imali yemali ebonakalayo.

Kukhona futhi ithuba lokubuyisela kabusha izimali zothango ezikhona ezivela kwezinye izindawo ziye eMalta. Ngale ndlela, ukuqhubeka kwesikhwama, ukutshalwa kwezimali, nezinhlelo zenkontileka kuyaqhubeka.

I-Malta Alternative Investment Funds (AIF)

Ama-AIF ayizikhwama zokutshala izimali ezihlangene ezikhuphula imali kubatshalizimali futhi zibe nesu elichaziwe lokutshala izimali. Abadingi ukugunyazwa ngaphansi kwe-Undertakings for the Collective Investment in Transferable Securities (UCITS) isimiso.  

Ukuguqulwa kwakamuva kwe-Alternative Investment Fund Directive (AIFMD), ngokuchitshiyelwa koMthetho Wezinsizakalo Zokutshalwa Kwezimali kanye Nemithetho Yezinsizakalo Zokutshalwa Kwezimali kanye nokwethulwa kwemithetho engaphansi kudale uhlaka lokuphathwa nokumaketha kwezimali ezingezona ze-UCITS eMalta.

Ububanzi be-AIFMD bubanzi futhi buhlanganisa ukuphathwa, ukuphatha, kanye nokumaketha kwama-AIF. Kodwa-ke, ihlanganisa kakhulu ukugunyazwa, izimo zokusebenza, nezibopho zokungafihli ze-AIFM kanye nokuphathwa nokukhangisa kwama-AIF kubatshalizimali abangochwepheshe kuyo yonke i-EU ngokweqa imingcele. Lezi zinhlobo zezimali zifaka i-hedge funds, izimali ze-private equity, izimali ze-real estate, kanye ne-venture capital funds.

Uhlaka lwe-AIFMD luhlinzeka ngohlelo olulula noma lwe-deminimis lwama-AIFM amancane. Ama-De minimis AIFM abaphathi okuthi, ngokuqondile noma ngokungaqondile, baphathe iphothifoliyo yama-AIF amafa abo angaphansi kokuphathwa ngokuhlanganyela angadluli amanani alandelayo:

1) € 100 million; or

2) Ama-Euro ayizigidi ezingu-500 ama-AIFM aphatha ama-AIF angenakulinganiswa kuphela, ngaphandle kwamalungelo okuhlenga angasebenziseka phakathi neminyaka emihlanu kusukela ekutshalweni kwezimali kokuqala ku-AIF ngayinye.

I-de minimis AIFM ayikwazi ukusebenzisa amalungelo okuphasiswa kwe-EU atholakala kuhulumeni we-AIFMD.

Nokho, noma iyiphi i-AIFM impahla yayo engaphansi kwabaphathi iwela ngaphansi kwemingcele engenhla, isengangena kuhlaka lwe-AIFMD. Lokhu kuzoyenza ibe ngaphansi kwazo zonke izibopho ezisebenza kuma-AIFM wesikophu esigcwele futhi iyenze ikwazi ukusebenzisa amalungelo okuphasiswa kwe-EU atholakala ku-AIFMD.

Ulwazi Olwengeziwe

Uma udinga ulwazi olwengeziwe mayelana nama-PIF nama-AIF eMalta, sicela ukhulume nabo UJonathan Vassallo: iseluleko.malta@dixcart.com, ehhovisi le-Dixcart eMalta noma koxhumana naye ojwayelekile we-Dixcart.

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