According to the laws and regulations of our country, fund companies can be divided into at least the following types: according to the types of organizational entities, there are corporate funds and partnership funds; According to the investment fields, there are securities investment funds and equity investment funds; According to the different ways of establishment, there are Public Offering of Fund and private equity funds.
The above-mentioned different fund companies have different factors to consider when they are established, but their industrial and commercial registration registration procedures are basically the same. According to the laws and regulations on the registration management of companies or partnership enterprises in China, both of them need to go to industrial and commercial registration, but the investors of corporate funds must actually pay their contributions within five years under the investment company type, while partnership funds do not need to register their registered capital, and their partners can freely agree on how to pay their contributions and their respective share of contributions according to the partnership agreement.
As a partnership, there are two kinds of partnerships in law: general partnership and limited partnership. In practice, most funds that adopt partnership system are limited partnerships. There are great differences between general partnership and limited partnership in the way of capital contribution and the way of responsibility between partners. In short, in terms of fund registration procedures, the registration requirements of corporate funds are stricter than those of partnership fund companies, requiring more preparation in advance, and its management will be more standardized but lacking flexibility; Partnership fund is the most widely used fund organization form at present, especially limited partnership fund.
Take the common limited partnership fund in practice as an example. The establishment of a limited partnership fund requires at least one general partner. He must be responsible for the management and operation of the fund and bear unlimited joint liability for the debts of the fund. The general partner can get more profits from the fund, and at the same time, he can only make a symbolic contribution or even not. Generally speaking, he must have considerable investment management experience or considerable technology and resources in the field of fund investment and operation. Because he is responsible for the specific management and operation of the fund, it is almost direct whether the candidate is suitable.
In addition to the general partner, a limited partnership fund needs several limited partners. The investor role in the limited partner fund entity is the main source of fund investment funds, especially the source of fund initial working capital. Limited partners are only responsible for the debts of the fund to the extent of their capital contribution, and do not participate in the management and operation of the fund, but should extract the return on investment according to the agreed profit share and do not receive daily remuneration from the fund. So it can be said that the limited partners in the fund only want money. But if this limited partner has both money and industry experience and related resources in the field of fund investment, it will be quite ideal.
As far as the qualifications of fund companies are concerned, China's laws and regulations do not specify the special qualifications that fund investment companies need. You just need to ensure that they are legally registered and operate according to law.
As for the lowest cost you require, it is also a complicated problem. Because there are many factors in the company's cost composition, such as establishment cost, operation cost, management cost, financing cost, investment cost and so on. If you can't clearly refer to which aspect, it is difficult to give a satisfactory answer here. Since your fund is still in its infancy, it is more appropriate to adopt the partnership fund type from the perspective of establishment cost.
First, there is no statutory minimum registered capital requirement for partnership funds, and the initial investment pressure of partners is very small. Partners can make additional investments according to the needs of future investment operations, or raise funds in the market as needed, without having to contribute all their own funds; Second, partnership funds are more flexible than corporate funds, easy to gain unanimous approval from fund partners, and relatively easy to adjust investment strategies, which is more suitable for the requirements of fast, uniform and accurate foreign investment of investment funds.
When setting up a partnership fund, it is particularly important to pay attention to the drafting of the partnership agreement, because how the partnership agreement is agreed directly determines the profit distribution among the partners. It can be said that it is a programmatic document for the successful operation of a partnership fund. What kind of structure should your fund be built in, what mode to invest, how to distribute profits among partners, how to share losses, how to determine the remuneration of executive partners, and so on. , must be considered in advance and implemented in the partnership agreement.