COREDO > Licensing > Financial Licences in the EU > Self-Managed Fund for Qualified Investors (FKI) in the Czech Republic

Self-Managed Fund for Qualified Investors (FKI) in the Czech Republic

What a Self-Managed FKI Fund Is

A self-managed fund for qualified investors (FKI) in the Czech Republic is an investment fund with its own legal personality and a licence from the Czech National Bank (ČNB). The fund manages its own assets, so you do not need an external investment company: the strategy and the decisions stay with your team.

COREDO has been operating since 2016 and runs financial licensing projects in the Czech Republic.

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Cost of the service
from EUR 40,000

Regulatory Framework: the ČNB, the ZISIF Act and the AIFMD

The licence for a self-managed fund is granted by the Czech National Bank (Česká národní banka, ČNB). The ČNB also keeps the list of investment funds with legal personality, which your fund joins once it is licensed.

The core statute is Act No. 240/2013 Coll. on Investment Companies and Investment Funds (ZISIF). Part Eight of it, §§ 272–293, is devoted to funds for qualified investors. The content of the application and its annexes is set by ČNB Decree (vyhláška) No. 247/2013 Coll., and we build your package to it.

At EU level, the rules for managers of alternative investment funds are laid down by Directive 2011/61/EU (AIFMD). It brought two regimes into Czech law: sub-threshold, for funds with assets below the threshold, and above-threshold.

Licence Details: What a Self-Managed FKI Fund Licence Permits

With a ČNB licence, the fund operates as an independent market participant: it raises capital, invests and answers to its investors in its own right.

Management and administration

Self-management of the fund’s assets: by law, the fund itself is the manager
In-house administration where the ČNB licence provides for it, or work with an external administrator
An investment strategy and asset classes that you set out in the fund’s statute

Raising capital

Accepting investments from qualified investors under contract
Founder shares for the initiators and investment shares for the investors
In the above-threshold regime, offering the fund in other EU countries after notifying the ČNB

Fund structure

The legal form of your choice: SICAV, joint-stock company or limited partnership on investment certificates
Sub-funds for different strategies or groups of investors
Sub-threshold or above-threshold regime, according to assets under management

Who invests

the fund is open to the qualified investors listed in § 272 ZISIF. For an investor who qualifies on the amount criterion, the threshold is EUR 125,000 or CZK 1,000,000, subject to the conditions of the Act.

Requirements for an FKI Fund Licence in the Czech Republic

The ČNB looks at capital, people, documents and the fund’s real presence in the country. COREDO prepares the answer to each point in advance, so that your application reaches the bank complete.

Initial Capital

The initial capital of a self-managed fund is at least EUR 50,000 in the sub-threshold regime and at least EUR 300,000 in the above-threshold regime. The current ZISIF text sets no separate minimum for the capital of the fund itself.

Governing Persons

The fund is run by at least two people, each of whom must have the knowledge and experience their function requires and an impeccable reputation.

Seat in the Czech Republic

The fund must have both its registered office and its actual centre of management in the Czech Republic. We work from Prague and design the fund’s governing bodies and allocation of functions around this requirement from the start.

Depositary and Auditor

A fund for qualified investors works with a depositary, and its annual report is checked by an auditor.

AML/CFT and Internal Control

Persons who administer an investment fund must comply with the Czech AML Act No. 253/2008 Coll. and carry out customer due diligence.

Initiator Screening

Before work begins, COREDO carries out a KYC/AML check of the initiator and the governing persons. This way, data on the ownership structure and beneficial owners feeds into the fund’s documents from day one.

COREDO Service Costs

Service	Cost
Establishment of a self-managed fund for qualified investors (FKI) and obtaining the ČNB licence	EUR 40,000 – EUR 70,000 + VAT

Where your project sits within this range depends on the complexity of the structure and the scope of work. Send us your project details, and we will quote the exact fee and fix it in the agreement.

The package includes:

Structuring. Choice of legal form and regime, sub-fund architecture, administration model, selection of the depositary and auditor
Fund establishment. Corporate formation of the chosen structure, incorporation documents, articles of association, share structure
Licensing documentation for the ČNB. Business plan, fund statute, risk management system, compliance and internal audit, AML/CFT, organisational and operational regulations, documents on the governing persons
Key counterparties and persons. Arranging the depositary, auditor and, where needed, an external administrator; selecting and preparing governing persons
Representation before the ČNB. Filing the application, handling the licensing proceedings, answering queries and providing supplementary documents until the licence is granted
Launch. Entry of the fund in the ČNB lists, related registrations and preparation for the start of operations

You provide the fund’s capital yourself: it is not part of COREDO’s fee.

You pay public authority fees and the services of the fund’s counterparties directly, on top of COREDO’s fee:

ČNB administrative fee for receiving the fund licence application — CZK 50,000
Notary and registrations — as incurred
Depositary, auditor, external administrator — as incurred, annually

Payment Terms

You pay COREDO’s fee in three instalments as the project moves forward:

40% — at the start, before we begin preparing the application and documents
40% — once you approve the finished package, before filing with the ČNB
20% — when the ČNB decides to grant the licence

Comparison with Other Licence Types in the Czech Republic

For an investment project in the Czech Republic, COREDO offers two structures: a licensed FKI fund and a fund registered under § 15 ZISIF.

Structure	Status with the ČNB	Initial capital	COREDO fee	Best suited to
Self-managed FKI, sub-threshold regime	ČNB licence	from EUR 50,000	EUR 40,000 – EUR 70,000 + VAT	A self-managed fund with assets below the threshold
Self-managed FKI, above-threshold regime	ČNB licence	from EUR 300,000	EUR 40,000 – EUR 70,000 + VAT	A large fund and offering it to investors in other EU countries
Alternative fund under § 15 ZISIF	Entry in the ČNB list	No requirement set	from EUR 8,500 + VAT	A closed group of investors and a fast start

A self-managed FKI is the right choice when you need a licensed fund with its own management team, shares for investors and sub-funds for different strategies. The § 15 fund is covered on the Alternative Investment Fund ZISIF §15 in the Czech Republic page.

All licence types are collected in the Financial Licences in the Czech Republic overview. If your project involves investment services, see also the Investment Fund in the Czech Republic page.

List of Documents for an FKI Fund Licence

We need your project details and documents on the people involved; COREDO writes the rest of the ČNB package.

Information for the Final Offer

Investment strategy and asset classes, use of leverage
Target assets under management (AUM) and growth forecast
Target investor base: type, number, jurisdictions, minimum investment
Administration model: in-house or external administrator
Planned number of sub-funds
Governing persons: whether you have candidates or COREDO selects them
Confirmation of capital availability — target fund capital and initial regulatory capital
Preferences for the depositary and auditor, or their selection by COREDO
Ownership structure of the initiator and ultimate beneficial owners (UBO)
KYC documents for the initiator and the governing persons

Fund Incorporation Documents

Incorporation documents of the chosen structure
Articles of association
Share structure: founder shares and investment shares

Licence Package for the ČNB

Business plan
Fund statute
Risk management system
Compliance and internal audit
AML/CFT system
Organisational and operational regulations
Documentation on the governing persons

Based on this information, we prepare a final offer at a fixed price.

FKI Fund Licensing Procedure in the Czech Republic

The project runs in seven stages: four preparatory stages, filing, the regulator’s decision and launch.

Structuring (preparation, 2–3 months together with Stages 2–4)

Together with you, COREDO chooses the legal form, regime, sub-fund architecture and administration model, and selects the depositary and auditor.

01

Fund Establishment (part of preparation)

We prepare the incorporation documents, articles of association and share structure for the chosen form. The corporate work runs in parallel with the licensing work, so preparation does not drag on.

02

Licensing Documentation for the ČNB (part of preparation)

COREDO writes the business plan, statute, regulations and the risk management, compliance, internal audit and AML/CFT systems. You sign off the finished package.

03

Key Counterparties and Persons (part of preparation)

We arrange the depositary, the auditor and, where needed, an external administrator. We find the governing persons or prepare your candidates, gathering documents on their qualifications, experience and reputation.

04

Representation before the ČNB (from filing to licence)

COREDO files the application and handles the licensing proceedings on your behalf. We answer the regulator’s queries and prepare any supplementary documents ourselves; you only confirm decisions of substance.

05

Review of the Application and the ČNB's Decision (indicatively up to 12 months)

By law, the ČNB decides within three months of filing and may extend this by another three. For the proceedings as a whole, including answers to queries, we plan for up to 12 months: here the regulator sets the pace.

06

Launch (after the ČNB's decision)

Following a positive decision, we enter the fund in the ČNB lists and complete the related registrations. We then prepare the fund to start operating and to welcome its first investors.

Indicative project timeline: 9–15 months from the start of work. Of this, preparing the structure and documentation takes about 2–3 months, and the ČNB licensing proceedings up to 12 months.

07

Advantages of an FKI Fund Licence in the Czech Republic

Management stays with you.

The fund acts as its own manager, with no external investment company. Your team, not a third-party licence holder, makes the investment decisions.

A 5% tax rate.

A fund that meets the conditions for a basic investment fund under the Czech Income Tax Act pays corporate income tax at 5% instead of the standard Czech rate of 21%.

A structure built around your strategy.

SICAV, joint-stock company or limited partnership; one fund or several sub-funds; in-house or external administration. You get a set-up designed for your project, not a standard template.

Access to EU investors.

In the above-threshold regime, the fund can be offered in other EU Member States after notifying the ČNB. A Czech licence becomes your entry point to the European capital market.

A clear status for investors.

A central bank licence, a depositary and audited reporting make the fund transparent and verifiable for every qualified investor.

One provider for the whole project.

COREDO takes the fund from the choice of legal form to its entry in the ČNB lists, including selecting counterparties and governing persons. You do not have to coordinate lawyers, a notary and consultants separately.

Contact us

Our Experts

Head of Compliance at COREDO since December 2020. Oversees AML, compliance and KYC; in a fund project, that means the AML/CFT system and checks on the initiator and governing persons.

Pavel Kos

Head of Legal. Has been with COREDO since June 2017 and has headed the legal team since July 2020. Possesses extensive experience in supporting financial licensing projects in the Czech Republic and other EU jurisdictions.

Alena Mach

Executive Director

Nikita Veremeev

Founder & NED

Gregory Lutsenko

Head of Compliance

Frequently Asked Questions

How does the sub-threshold regime differ from the above-threshold regime?

The dividing line is the volume of assets under management: the above-threshold regime starts above EUR 100 million. If the fund uses no leverage and makes no payouts to investors for five years, the threshold rises to EUR 500 million.

Can the application be filed with the ČNB before the company is registered?

Yes: the ČNB grants a self-managed fund licence on the founders’ application, before the legal entity is entered in the commercial register. That is why we prepare the corporate and licensing documents as one package, and the fund appears in the register already holding its licence.

Can the fund's managers invest in it themselves?

Yes: the § 272 ZISIF restriction on who may invest does not apply to the fund’s governing persons or to founder shares. The team can take part in the fund alongside the investors, and we set out the structure of that participation in the articles of association.

Under what conditions does the fund pay 5% tax?

The 5% rate applies to a basic investment fund under § 17b of the Income Tax Act. One route is a fund that, under its statute, invests more than 90% of the value of its assets in the categories listed there, such as investment securities and participations in capital companies. We check that your strategy meets these conditions before drafting the statute.

How can the fund be offered to investors in other EU countries?

This option is open to a fund whose manager is based in the Czech Republic and operates in the above-threshold regime. The ČNB must be notified of the plans in advance; the fund can be offered from the day the bank’s notice in reply is received. Such offers are addressed to professional clients, and COREDO prepares the notification for the ČNB.

What reporting does the fund prepare after launch?

In the above-threshold regime, the fund’s annual report must be ready within four months of the end of the accounting period. In their report, the auditor confirms that the annual report is consistent with the fund’s financial statements.

How are the 2026 amendments reflected in the fund's documents?

We work under the ZISIF as in force from 1 September 2026. Some provisions of Act No. 130/2026 Coll. will apply from 16 April 2027, among them the duty to notify the ČNB when individual management functions are delegated to another person. We build this procedure into the regulations from the outset, so they do not need rewriting after launch.

What happens if the ČNB asks for additional documents?

The law ties the three-month decision period to an application that contains everything required and has no defects. That is why we file a complete package and close every query quickly, so the proceedings do not drag on.

Contact Us

Tell us about your fund’s strategy and target assets, and we will propose the legal form, regime and work plan. COREDO will take your FKI fund all the way to its ČNB licence.

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