Finance
Kigali International Financial Centre
The Kigali International Financial Centre (KIFC) adds trusts, foundations, protected cell companies and modern fund rules to Rwanda’s company and partnership laws. Vehicles that meet the economic substance tests can pay corporate income tax at 3% instead of 28%, with 0% withholding tax on dividends, interest and royalties.
- Corporate income tax for qualifying funds and holding companies
- 3%1,2
- Corporate income tax for qualifying funds and holding companies
- Corporate income tax for qualifying fund managers
- 15%2
- Corporate income tax for qualifying fund managers
- For a CMA fund licence after a complete application
- 30 days1
- For a CMA fund licence after a complete application
- Held by collective investment schemes, June 2025
- FRW 71.4bn3
- Held by collective investment schemes, June 2025
The vehicles
| Vehicle | Law | Key points |
|---|---|---|
| Holding company | Law N° 007/2021 governing companies | The 3% rate needs net assets in Rwanda of at least USD 1 million, an office, Rwandan staff and resident directors |
| Protected cell company | Law N° 007/2021 governing companies | One legal entity with a core and several cells, each with its own assets and liabilities |
| Collective investment scheme | Law N° 062/2021 | Unit trusts, investment companies, partnership and contractual schemes; needs a CMA licence or exemption |
| Limited partnership fund | Law N° 008/2021 governing partnerships | Tax-transparent; the partners are taxed on their share |
| Trust | Law governing trusts | Notarised trust deed; the trustee needs a licence from CMA or the National Bank of Rwanda |
| Foundation | Law governing foundations | A council of at least three members, one resident in Rwanda |
Source: Ministry of Trade and Industry: Law N° 007/2021 governing companies; Capital Market Authority: Law governing collective investment schemes; Office of the Registrar General: Requirements for trusts, foundations and partnerships4,5,6
Substance
The reduced rates are for vehicles managed and controlled in Rwanda. A fund manager or custodian must manage at least USD 1 million in Rwanda, and holding companies need an office, Rwandan staff and resident directors.7,1
Setting up a fund
- The fund vehicle can be established in two days at most.
- The Capital Market Authority (CMA) decides on a licence within 30 days of a complete application.
- Ten investment managers were licensed in June 2025.
Source: Kigali International Financial Centre: Funds FAQ; Capital Market Authority: Annual Report 2024–20251,3
The local fund market
Collective investment schemes held FRW 71.4 billion for 40,253 unit holders in June 2025, led by the RNIT Iterambere Fund, Rwanda’s first unit trust.3
Sources
- Kigali International Financial Centre: Funds FAQ
- Rwanda Revenue Authority: Investment incentives for registered investors, August 2023
- Capital Market Authority: Annual Report 2024–2025
- Ministry of Trade and Industry: Law N° 007/2021 governing companies
- Capital Market Authority: Law governing collective investment schemes
- Office of the Registrar General: Requirements for trusts, foundations and partnerships
- Kigali International Financial Centre: Economic substance and management in Rwanda
Figures checked 9 November 2026. Prepared by InvestRwanda.com for general information. It is not investment, tax or legal advice; please confirm details with a qualified adviser before acting.
