A SICAR can be incorporated under quite a number of different legal structures in Luxembourg. It can either be incorporated as a partnership or as a corporation. As a partnership, it can take the form of either a (Public Limited Company (PLC., Corp./SA); Partnership Limited by Shares (SCA) or a Limited Liability Company (LLC., Ltd./SARL). In the case of a corporative, it can either be a Public Limited Company (SCOSA) and Limited Partnership (SCS). It is important to note that a SICAR cannot be incorporated in the form of a contractual Investment Fund (fonds commun de placement, FCP). However, it’s permitted for a SICAR to be incorporated as a Holding Fund constituted by several sub-funds, each of which being independent on the others. The main management and control of a SICAR as well as its registered office should be located in Luxembourg, this is a mandate. Furthermore, the assets of a SICAR should be transferred to an independent custodian, a financial institute residing in Luxembourg. This is done to make sure that the subscription price of shares in the company are received in due time; transactions which involve equivalent assets are transferred or paid, and the proceeds will be used in compliance with the founding documents. In Luxembourg, it’s requisite that the custodian and management of a SICAR is conducted by well-qualified and industry experienced staff. It’s not mandatory for a SICAR to have a “Sponsor/Promoter.” Dating from incorporation and approval by the Luxembourgian Financial Market Authority (CSSF), a SICAR is expected to reach its subscribed minimum share capital of 1 million EUR within 1 year. The minimum share capital might vary depending upon the business form chosen. In the case of a SICAR that is incorporated as a corporation, it’s requisite that the issued shares are fully subscribed and at least 5% of all the shares are paid up, the payment can be in the form of cash or other accepted non-cash contributions.