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Alternative Investment Fund (ZISIF §15) in Czech Republic

A ready-made structure for asset managers, PE/VC funds and family offices — with minimal regulatory barriers and a broad investment mandate.

Since 2016, COREDO has been assisting clients with the registration of §15 ZISIF funds, providing full support — from selecting the optimal structure and preparing documentation to registration with the ČNB.

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Cost of the service
from EUR 8,500

What is ZISIF §15

Zákon o investičních společnostech a investičních fondech (240/2013 Sb.) is the primary Czech legislation governing the activities of management companies and investment funds. It implements the EU Alternative Investment Fund Managers Directive AIFMD (2011/61/EU).

Section §15 of this law establishes a separate, simplified regime for small alternative investment funds. Such funds are not subject to full licensing by the Czech National Bank (ČNB) — a notification registration is sufficient. The regulator does not actively supervise the activities of §15 funds, but they are required to be listed in the ČNB register and report annually.

Key parameters of the §15 regime:

legal form of the fund: s.r.o. (LLC) or a.s. (joint-stock company);

investors: unlimited number of qualified investors + no more than 20 non-qualified investors;

assets under management: up to EUR 500,000,000 (without leverage) or up to EUR 100,000,000 (with leverage);

minimum share capital: none (CZK 1 is sufficient);

investment strategy: unrestricted — equities, bonds, real estate, start-ups, crypto-assets, commodities, derivatives and other instruments;

prohibition on public offering of investments.

The fund is registered by notifying ČNB and submitting the articles of association, investment memorandum, beneficial ownership information and substance confirmation. The average notification registration period is approximately 30 days, whereas a full management company licence takes 6–12 months.

Ready-Made Company or New Registration

COREDO offers two paths for launching an alternative investment fund in Czech Republic, depending on your timeline and priorities.

Ready-made company

EUR 17,000 + VAT

A fund already registered with an active entry in the ČNB register.
The buyer acquires a functioning legal structure that simply needs to be transferred into their name.
This is the optimal choice if you need to launch operations quickly or demonstrate an active regulatory structure to counterparties.

New fund registration

EUR 8,500 + VAT

Creating a fund from scratch to your specific requirements regarding investment strategy, shareholder structure and name.
The process takes an average of 1.5–2.5 months, including legal entity registration and submission of the notification to ČNB.

Both options yield the same legal result — an operating alternative investment fund under the §15 ZISIF regime with ČNB registration. The difference lies only in speed and the possibility of customisation.

Legal Framework

The activities of §15 alternative investment funds in Czech Republic are governed by several layers of legislation.

Zákon č. 240/2013 Sb. (ZISIF) — the primary national law establishing the regime for management companies, investment funds and alternative funds. Section §15 enshrines the simplified regime for funds that do not offer investments publicly.

AIFMD Directive (2011/61/EU) — the European foundational document implemented through ZISIF. Establishes uniform standards for alternative fund managers across the EU. §15 funds fall under the exemption from full AIFMD application as small managers with limited assets under management.

AIFMD II — the revised directive, implemented in Czech Republic through an amendment to ZISIF that entered into force on 16 April 2026. Key changes concern outsourcing rules, reporting and substance requirements for the management company. For §15 funds, the practical impact of AIFMD II is limited given their exempt status.

ČNB requirements — the regulator maintains the official register of §15 funds and sets mandatory reporting formats. Annually by 30 January, funds must submit reports OFZ (CNB) 36-01 and OFZ (CNB) 37-01. Since 1 January 2021, AML/CFT requirements apply to §15 managers: within 60 days of registration, an Internal Principles System must be developed and submitted to ČNB.

Pricing

Service	Price
Alternative Investment Fund (ZISIF §15) — ready-made company	EUR 17,000 + VAT
New ZISIF §15 registration	EUR 8,500 + VAT
AML fund servicing (additional service)	from CZK 23,900/month + VAT

The ready-made company price includes legal support for the transfer, re-execution of corporate documents and assistance with updating data in the ČNB register. The new fund registration price includes assistance with creating the legal entity, preparing the notification registration application to ČNB and consulting on investment memorandum preparation.

AML fund servicing is a separate optional service covering the development of AML/CFT policies, ongoing compliance monitoring and support in interactions with the regulator. Relevant for funds required to submit their Internal Principles System to ČNB.

The process of acquiring a ready-made company (2–4 weeks)

Due diligence.

We provide a full package of corporate documents for the ready-made fund; the buyer conducts its review.

01

Agreement.

Signing the share/stock purchase agreement for the fund.

02

Transfer.

Legal formalisation of the change of ownership, updating data in the Obchodní rejstřík and notifying ČNB.

03

Adaptation.

At the buyer’s request — updating the investment memorandum, adding AML policies for the new strategy.

04

The process of registering a new fund (1.5–2.5 months)

Document collection.

Passport and identity document of the director/founder, proof of address, description of investment strategy.

01

Legal entity registration.

Incorporation of an s.r.o. or a.s. in the Obchodní rejstřík (~2 weeks).

02

ČNB application preparation.

Drafting the articles of association, investment memorandum, AML documentation.

03

Notification registration.

Submission of the application to ČNB, receipt of the register entry (~1–2 months).

04

Our Experts

COREDO has been operating since 2016, providing financial licensing and corporate law services across all 27 EU member states.

Pavel Kos

Head of Legal at COREDO. Has been with COREDO since 2017, heading the legal team since 2020. Specialisation: financial licensing, corporate law, regulatory advisory.

Alena Mach

Executive Director

Nikita Veremeev

Founder & NED

Gregory Lutsenko

Head of Compliance

Frequently Asked Questions

Is a ČNB licence required to manage a §15 fund?

No. §15 ZISIF funds operate under a notification regime: they are registered in the ČNB register but are not licensed. ČNB does not actively supervise their activities, which significantly reduces the regulatory burden.

What is the minimum capital required to open a §15 fund?

There are no capital requirements. The share capital may be CZK 1. This is one of the key advantages of the §15 regime compared to full alternative funds managed by a licensed company.

How many investors can a §15 fund have?

The fund may attract an unlimited number of qualified investors. For non-qualified investors, a limit of no more than 20 persons applies.

Can a §15 fund invest in crypto-assets?

Yes. §15 funds have a broad investment mandate and may invest in equities, bonds, real estate, start-ups, crypto-assets, derivatives and other instruments in accordance with the declared strategy.

What is the advantage of a ready-made fund over registering a new one?

A ready-made fund saves time. Instead of a 1.5–2.5 month registration process, you receive an operating structure with a ČNB register entry within 2–4 weeks. This is important if you need to quickly begin attracting investors or entering into transactions.

What reporting is a §15 fund required to submit?

Annually by 30 January, reports must be submitted to ČNB in forms OFZ (CNB) 36-01 and OFZ (CNB) 37-01 with data on assets under management. Additionally, since 2021, funds are required to develop and submit their Internal Principles System on AML/CFT to ČNB.

Submit Application

Ready to discuss acquiring a ready-made fund or registering a new ZISIF §15 in Czech Republic? The COREDO team will advise you on choosing the optimal structure and handle the entire formalisation process — since 2016.

Related Services

Financial Licences in Czech Republic

Investment Fund Management Company Licence