The Corporate Transparency Act - Investment Funds and Structured Finance
New beneficial ownership information disclosure requirements under the Corporate Transparency Act come into force on 1 January 2024 in respect of all non-exempt entities formed or registered to do business in the US. The CTA will have a significant impact on how most US and non-US entities are formed or registered to do business in the US, serving as a new policy tool to assist government authorities with law enforcement and prosecutorial efforts.
In this whitepaper, we examine some key issues for managers and structures from an investment funds and structured finance perspective, detailing the scope of compliance and action required under the CTA.
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Delaware has long been the premier state of formation for a variety of businesses and today, more than one million entities have made it their home because of its flexible and business-friendly legal and regulatory framework, well-respected and specialised judicial system, and responsive and engaged government. Since 2011, the Maples Group fiduciary services team in Delaware has provided independent governance services (directors, general partner and member manager), accounting services, registered agency and administration services to investment funds and asset finance vehicles.
We bring an unmatched level of expertise that draws upon jurisdictional knowledge and experience and we pride ourselves on partnering with, not just servicing, clients and strive to act as an extension of their in-house team with the goal of alleviating administrative and operational burdens to facilitate growth.
Our Services
Drawing on more than two decades in the alternative funds industry, the Maples Group has amassed a wealth of experience and has evolved in tandem with industry dynamics. This perspective and insight enables us to effectively guide our clients in navigating the complexities of today’s evolving business landscape.
Our Delaware office can provide:
Directorship Services
We provide qualified, experienced professionals, resident in Delaware, to serve as independent, non-executive directors on the boards of investment funds and special purpose vehicles. We can also provide directors or managing members to vehicles which can act as general partner. Our teams have deep and varied experience across a broad range of structures and strategies and bring an unmatched level of technical expertise.
Trustee Services
Independent trustees are critical to good governance and our highly experienced professionals bring a consistent approach and institutional quality service to investment funds, structured finance vehicles and other corporate bodies. We are licensed to act as a trustee in various jurisdictions and we have the relevant licenses and specialist professionals to hold voting shares of a fund or special purposed vehicle for the benefit of a charitable trust.
Formation Services
We offer full service entity formation solutions to US entities from dedicated and responsive professionals, enhancing risk management through protocol adherence and timely information updates.
Registered Office Services
Fulfilling all statutory requirements across jurisdictions, combined with physical meeting spaces and experienced support staff so clients can take full advantage of a local presence at their convenience.
Company Secretarial & Board Support Services
Through the provision of a comprehensive range of company secretarial and board support services, the Maples Group helps reduce administrative burdens to allow companies to focus on their core business objectives. We utilise Nasdaq Boardvantage® to supplement our robust company secretarial and board support services offering, providing clients with effective online meeting and entity document management solutions.
Accounting Tax & Agency Services
Our Delaware team supports client mandates with services that address accounting, bank accounts administration, financial reporting and external audit and tax coordination and filing requirements for a variety of investment funds, structured finance entities and special purpose vehicles.
Entity Management Services
Our full suite of entity formation and management services helps clients centralise and streamline data reporting and compliance, improve transparency, mitigate risks and reduce costs. We provide our clients with reliable and secure access to all of their corporate records via a robust and scalable system.
Permanent Office Solutions
In a complex global environment, our full service permanent office solutions and back office support can assist clients with establishing and managing their operations around the world.
Bureau of Economic Analysis & Treasury International Capital Filings
The Bureau of Economic Analysis and Department of Treasury issue regular mandatory surveys for US persons and businesses. Our team provides comprehensive yet cost-effective survey respondent services, which include gathering, collating, reviewing and submitting required data in a timely manner.
Partnership Representative Services for US Tax Purposes
This regulatory change has created challenges for clients that do not have a US based individual to serve in this capacity or take on the additional obligations. Our Delaware team are able to provide a Partnership Representative solution with experienced professionals acting as designated persons.
Liquidation Services
Our team of dedicated and experienced individuals can provide filing services in respect of dissolving Delaware entities with the Delaware Secretary of State and ensure dissolution / cancellation filings for Delaware entities are appropriately made including arranging for filing and paying all required annual franchise taxes.
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