KIFC Funds and Fund Managers

At a glance

Key rules and reference figures for establishing or assessing a fund.¹

Source: Kigali International Financial Centre: FAQs on establishment and operationalization of funds under KIFC (June 2024)¹

How KIFC fits in

KIFC facilitates the establishment and domiciliation of investment funds, including alternative vehicles such as private-equity funds. It is a financial-services framework, not a separate fund regulator: the CMA remains responsible for capital-market licensing and supervision. The Registrar General registers the legal entity, while a fund that is a collective investment scheme also needs CMA authorisation or an exemption. KIFC’s fund FAQ says a partnership can be tax transparent and describes the legal forms available for funds as company, trust, partnership, foundation or another arrangement recognised in Rwanda.^1,2

A collective investment scheme pools money from investors for investment on their behalf. Investors’ interests are represented by their proportional ownership in the scheme. The CMA’s role includes regulating and developing the capital market and protecting investors. For a prospective investor, this means checking both the scheme’s status and the authorisation of its service providers, rather than relying only on the fund’s legal form or place of registration.^1,3

Funds currently listed

Examples listed by the CMA as collective investment schemes.⁴

Source: Capital Market Authority Rwanda: Licensees (November 2026)⁴

RNIT Iterambere Fund was established in 2016 as Rwanda’s first collective investment scheme. At its tenth anniversary in 2026, RNIT reported more than FRW 86 billion in assets under management and about 90,000 registered accounts serving over 350,000 unit holders. Its net asset value per unit rose from FRW 100 at inception to FRW 274 in 2026. These are fund-reported figures, not a guarantee of future performance.⁵

Licences and legal forms

Capital-market business in Rwanda is regulated by the CMA. Its licence categories include investment management and custody, as well as securities brokerage, investment banking and credit rating. A collective investment scheme’s manager must hold an investment manager licence, and regulated funds must appoint a custodian in Rwanda. The custodian may also act as corporate trustee for a unit trust or as a depositary for certain partnership or contractual schemes.^1,3,4

The fund’s legal structure does not remove these regulatory duties. KIFC states that collective investment schemes and fund service providers require licensing in addition to registration. For schemes that meet the legal criteria for exemption, the exemption route is distinct from a licence; KIFC also notes that an exempted scheme must comply with the relevant requirements of the collective investment scheme law. Unlicensed or unexempted private funds and schemes may not publicly market in Rwanda.¹

How to establish a fund

A practical sequence, based on the registration and licensing framework:¹

• Choose a legal form. Funds may be formed as a company, trust, partnership, foundation or another arrangement recognised in Rwanda. Investor liability depends on the governing formation document, such as a company memorandum, partnership agreement or trust deed.
• Register the vehicle with the Registrar General. The registration documents depend on the structure. KIFC’s FAQ says fund vehicles may be established in up to two days; this is separate from any required regulatory approval.
• Appoint the required service providers. For a collective investment scheme, select a CMA-licensed investment manager and a licensed custodian. Both must be domiciled in Rwanda and meet the local managed-assets requirement.
• Apply to the CMA for a scheme licence or exemption, as applicable. KIFC gives a 30-day timeline for a licence after submission of a completed application. Allow for the prospectus approval process where the scheme makes an offer.
• Complete the governance and reporting arrangements before operating. Regulated-fund agreements are submitted to the regulator; amendments are also subject to CMA approval. Do not publicly market a scheme until it has the required licence or exemption.

Source: Kigali International Financial Centre: FAQs on establishment and operationalization of funds under KIFC (June 2024)¹

The manager and custodian must each manage at least USD 1 million in Rwanda under KIFC’s stated substance requirements. This is a local managed-assets test, not simply the proposed fund’s target size. KIFC also says regulated funds must have a custodian in Rwanda.¹

Tax and economic substance

KIFC’s June 2024 fund FAQ states that funds generally pay corporate income tax at 15%. A registered investor licensed as a collective investment scheme may qualify for a 3% rate if it satisfies the Investment Code’s conditions. The preferential rate is not automatic merely because a fund is registered in Rwanda or associated with KIFC. The tax incentive requires local expenditure, governance and staffing, as well as a qualifying fund size.^1,6

Main conditions for a collective investment scheme to qualify for the 3% rate under the 2023 RRA incentives guide.⁶

Source: Rwanda Revenue Authority: Investment Incentives for Registered Investors (August 2023)⁶

KIFC’s FAQ describes the preferential package for qualifying funds as including 0% withholding tax on dividends, interest and royalties, and an exemption from capital gains tax. Treat these as conditional incentives: confirm that the investor and fund meet the applicable economic-substance tests and qualify under the relevant tax rules before using the rates in a financial model.¹

Fees, filings and practical checks

KIFC’s fund FAQ lists an annual fee of RWF 1 million for a licensed collective investment scheme and a prospectus approval fee of 0.05% of the offer during licensing. Registration and service-provider licensing charges vary by entity and licence type. The FAQ directs applicants to the CMA’s licensing information for the applicable service-provider fees. These published figures should be checked before budgeting because fees and rules can change.¹

There are continuing filing duties after authorisation. Legal entities file annual financial reports and changes to beneficial ownership information with the Registrar General. Licensed entities file annual activity reports with the CMA and submit quarterly and annual reports under the conduct-of-business rules. Fund agreements and relevant information for regulated schemes are submitted to the regulator and made available to scheme participants; they are not generally made available to the public through that process.¹

Before committing capital, investors can check the CMA’s licensee list for the scheme, manager and custodian, then review the prospectus and governing agreement for investment objectives, fees, redemption terms and risks. Fund managers should build the local staffing, board, expenditure and record-keeping tests into operations from the outset if they intend to seek the 3% rate. Check current licensing, tax eligibility and fees with the CMA, KIFC or Rwanda Revenue Authority before acting.^1,4,6