Features of mutual funds

CEMF - one of the most popular tools for effective structuring projects
4CE99198-171F-4B65-83AE-B3FE95FD0FFA 2008 2011
550 funds
from 2008 to the end of 2011 the number of real estate investment funds almost doubled to 550 funds
86FC073E-F957-4EAC-9F0A-E85D32689C72 x2
Fast growth
The total value of net assets of all CEMF amounted to more than 375 billion rubles. and continues to grow
3025A41B-42B0-42A6-8457-D8F7D9CAD6BC 0
0% profit tax

The CEMF is not subject to income tax. Business, aimed at capitalization and reinvestment of profit have the opportunity to dramatically improve its efficiency


Information about unit owners are kept confidential

Flexibility of the system and management

The ability to vary the degree of participation of shareholders in the affairs of the Fund. It allows to avoid the u of a holding structure while maintaining control and management

Asset Protection
The fact that the investment fund has an investment declaration and the property of the Fund is separated from the property of investors and their risks, make CEMF an effective asset protection tool
Prohibition to utilize the assets of the Fund for debts of shareholders
Legal separation of the investor-owner from management
Impossibility of bankruptcy of the fund
The control system, including licensing supervision, increases legal protection
What is CEMF?
A unit investment fund (Mutual Fund, Fund) is a separate property complex without the creation of a legal entity, consisting of property transferred to the trust management of the management company by the founders (Shareholders) and property received in the process of managing the Fund.

The assets of the Fund, including all its revenues, belong to the Shareholders based on common equity ownership and are certified by an investment share.


Investment shares can be freely traded on the market, can be sold, mortgaged, etc.


Each investment share has the same value. The share size of the Shareholder in the Fund is determined by the number of its shares


The property of the Fund is in the trust management of the Management Company (MC). At the same time, it is separated both from private property of shareholders and from property of the MC.

C35C11C0-54C3-44DD-9A94-9222BBA78EA9 Assets CEMF CEMF The manager company Trust management Shareholders fund Investment shares Own $
How the Fund works
The property of the Fund may include various types of assets that have property value ranging from securities to loans. The operational activity of the Fund is carried out by the management company solely in the interests of the Shareholders

Assets can both be acquired in the CEMF, and be separated from it

Assets can be included in the CEMF for a long period, both in anticipation of a rise in value, and in order to generate income

The Fund can receive loans and credits, incl. against property of the Fund

All income generated as a result of operating activities is transferred to the assets of the fund

Operations with the Fund's property is formally committed by the MC. In practice, many CEMFs are managed by shareholders

94C78412-4DD1-4825-ABA3-693A4E82E31C Profits tax 0% CEMF Assets Market Evaluators Cost estimate of assets Transactions with assets Increase in the cost of shares Transactions and transactions with assets The manager company TSB RF Shareholders Auditor Special Depository Control
PIF taxation features
Operations performed with the property of CEMF, and the property of CEMF have a special tax regime
703B1C18-17C1-4173-993E-0FDDB9123C7C 0
0% profit tax

The income received by the Fund from the sale of property or leasing, dividends, interest and any other income are not subject to income tax, which allows you to reinvest without loss.

A810AFEE-76A3-439C-BBD2-1B3094C19102 %
Corporate property tax, land tax

At the expense of the Fund, property taxes are also paid if the Fund includes such property

Taxation of investors

Shareholders of the fund - owners of investment units, are taxed based on the rules of taxation of securities

Comparison of AO and CEMF
Specificity of the legal design of the CEMF brings it closer to a legal entity, but it provides significant advantages in the activity. Thus, in the frames of the CEMF, a familiar structure of the management system can be built
D2661A23-816C-4503-A58A-7092C3F419B2 General meeting shareholders Investment committee / consultant The manager company = D.U. Shareholders CEMF rules of DM of MF UIF is not a legal entity Profit tax - 0% Increase in the cost of shares Dividends Units Assets
EC5F8388-0263-4D58-8473-DB4361C0CB01 Promotions Growth Dividends General meeting of shareholders Board of Directors CEO - EI Assets Shareholders AO Charter of JSC AO is a legal entity Profit tax - 20%
CEMF is an effective solution for various business tasks

You can see the examples in the catalog of services

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If you have any questions regarding the structuring of your fund, please contact us.