Apply for a Licence

Fund Administrators


The purpose of this page is to make sure that the application process is fully understood.

This section sets out:

  • Fund Administrators
  • What would this Licence allow you to do?
  • Capital Requirements
  • What do you need to submit?
  • External Fund Administrator

Fund Administrators

A fund administrator provides administration services to funds.

What would this Licence allow you to do?

A fund administration licence permits a firm to carry out;

  • Fund accounting: The administrator will maintain principal books and records and calculate and publish Net Assets Values (“NAV”) for funds under administration. Calculate and arrange for the disbursement of fees, costs and expenses in accordance with the funds respective private placement memorandum (“PPM”)
  • Registrar, transfer agency and client services: Receive and distribute monies, and process and record relevant details in the share register and communicate the same to fund investors. Establish banking and/or custodian relations for the funds under administration and to account for the receipt of monies invested etc.
  • Financial accounting: Maintaining the fund’s financial and accounting records, arrange for the preparation of the annual financial statements. To appoint, correspond and deal with, on a day-to-day basis, the auditors of the funds under administration. Arrange for quarterly reports to investors if applicable.
  • Compliance: To review, monitor and ensure continued compliance with applicable legislation for funds under administration and to ensure that only fit and proper persons/legal entities are permitted to form, maintain and/or invest in funds under administration. Review money wired in or out of the fund bank accounts and compliance to Gibraltar Anti Money Laundering requirements. To assist funds in obtaining listing on stock exchanges and ensure ongoing compliance with the same. This is also the responsibility of the Directors of the fund.

Fund administrators are required to have a service agreement in place with the fund that sets out the agreed services that it will provide to the fund.

Fund structures such as Experienced Investor Funds (EIFs) require an administrator to be appointed.

This area is governed by the Financial Services (Collective Investment Schemes) Act 2011.

Capital Requirements

The minimum Regulatory Capital is £10,000. The FSC may however require that a firm holds higher amounts of capital than the stipulated minimum.

What do you need to submit?

An application pack is required to be submitted together with all the relevant documents.

An application will not be considered complete if there are any outstanding documents.

The application pack must consist of:

  • Application Form
  • Business Plan
  • Financial projections for the next 3 years
    • Profit and loss account
    • Balance sheet
  • Individual Questionnaire (for each individual holding a notifiable position)
  • Body Corporate Questionnaire (for each entity holding a notifiable position)
  • Trust Questionnaire (if applicable)
  • Mapping assessment of how the application meets the relevant legislative threshold requirements (i.e. statutory/regulatory criteria for licensing under relevant Act/s)

Any other document the application considers the GFSC should take into consideration as part of the application.

Business Plan

When completing your application pack, the business plan information should clearly and comprehensively set out:

  • How many funds the firm intends to provide services to and information on the funds,
  • Details of the Mind and Management in Gibraltar
  • Where clients will be sourced
  • The risk appetite of the firm
  • The firm’s risk management function
  • Details of the Corporate Governance arrangements
  • Details on all outsourcing agreements the firm intends to establish and how the firm will ensure oversight over this
  • Anti Money Laundering arrangements
  • How the firm will be structured and staffed

The firm will need to meet the requirements under the Financial Services (Conduct of Fiduciary Services Business) Regulations 2006.

External Fund Administrator

The administrator of an EIF must be domiciled and regulated in Gibraltar or, be established in a jurisdiction where it is regulated in accordance with a legislative and regulatory regime that provides at least equivalent protection to the regime in Gibraltar. The appointment of fund administrators established outside of Gibraltar requires the Commission’s consent and is also subject to the consent of the Minister with responsibility for financial services.

Where a fund administrator established outside of Gibraltar wishes to provide services to EIFs, a request form should be completed and submitted to the GFSC

Application Forms

Should you get an error when opening any of the forms, please check the FAQ tab for guidance on how to override this.


Application Form

Documents referred to in the application form must be clearly referenced to help us process the application swiftly.


RGP Vetting Form

Please note that an 'Individual Questionnaire' or a 'Notifiable Document' MUST be accompanied by a Royal Gibraltar Police vetting application form in accordance with Section 30C of the Proceeds of Crime Act 2015. 

(i) The enquiry form must be completed by the applicant in full with BLUE INK on an original form (scanned copies will not be accepted by the RGP).

(ii) £10 will be required to be submitted with the form. This can be paid in cash or you may pay by cheque. If you are paying by cheque please make this payable to the Government General Account.

  Individual Questionnaire
  Body Corporate Questionnaire
  Trust Questionnaire

Where a trust is proposed as part of the shareholding structure of an applicant, the GFSC will need sight of a comprehensive explanation setting out the rationale for the use of such a vehicle within the structure.


Furthermore, the following is required to be submitted together with the Questionnaire


  1. Copy of the trust deed
  2. A written undertaking from the respective trustees to the effect that:
    • the provisions of the trust(s) in respect of beneficiaries, trustee(s) and terms of settlement are as contained in the relevant deed(s) dated [xxx],
    • the resignation of any trustee and, where appropriate, protector will be notified to the Commission forthwith,
    • no other trustee(s) or any additional or different protector(s) will be appointed, without the prior approval in writing of the Commission,
    • any proposed changes to the beneficiaries must be notified in writing to the Commission,
    • any proposed distribution or transfer for value or otherwise of any of the trust assets related to the applicant firm must receive the prior approval in writing of the Commission.
  3. Confirmation from the trustee(s) that they understand that failure to adhere to their undertaking may result in regulatory action against the applicant/regulated firm.

In addition to the Trust Questionnaire and the above listed information, the Applicant is also required to submit Individual Questionnaires for the settlor(s) and any named beneficiaries. This will not apply in cases where the beneficiary is a minor. In these cases, details of the individual will suffice i.e. name, DOB, address, nationality & passport number. When the trust is for example a discretionary family trust where not all beneficiaries are named (i.e. refers to spouse and children/issue of Mr X but does not actually name these individuals) a copy of the ‘letter of wishes’ of the Settlor, if any, will also be required.

In principle, the GFSC does not favour the use of nominee shareholdings for the purposes of holding shares, directly or indirectly, in a regulated firm. The Commission will therefore require that the applicant submit a paper setting out the rationale for the use of these structures in each instance where this is being proposed. This should include comprehensive details as to why it is necessary to hold the shares in this way.

  External Fund Administrator Request Form

Service Level Standards

The current service level standards are:

  • To provide initial feedback to an application within 5 weeks of a complete application being received.
  • Once all of the information has been received from an applicant and the application is therefore considered to be complete, we aim to provide an in principle decision within 4 weeks.

Please be advised that the above service level standards refer to the period of time in which the GFSC holds applications for consideration. Where we require further information or documents from an applicant the service level standards will be suspended until we receive the requested information. The period of time an application is pending because of factors outside the control of the GFSC will not be accounted for under the service level standards.

Please note that should we be unlikely to meet our SLS’s, we will advise you as soon as possible.

The purpose of this page is to set out:

  • What is an extension?
  • What do you need to submit?
  • Guidance

What is an extension?

Firms or individuals that are already licensed by the FSC may apply to extend their authorisation/licence to provide additional financial or professional services.

If you are seeking a licence, authorisation or registration under a separate Act, please contact the Authorisation team so that we can determine what documents you are required to submit.

What do you need to submit?

An application pack is required to be submitted with all the relevant documents.

An application will not be considered complete if there are any outstanding documents.

The application pack must consist of:

  • Application Fee (if applicable)
  • Revised Business Plan
  • Financial projections for the the next 3 years, clearly identifying the impact of the additional business
    • Profit and loss account
    • Balance sheet
    • Returns (these need to be on a quarterly basis for the first year and then annually for the following 2 years)
  • Individual Questionnaire (for any new individual holding a notifiable position)
  • Body Corporate Questionnaire (for any new entity within the structure)
  • Trust Questionnaire (if applicable)

Any other document the applicant considers the FSC should take into consideration as part of the application.


The licensee should consider and provide information on the following:

  • What new licence/authorisation it requires
  • The type of new business/activity
  • Where the business will be sourced
  • Resources to deal with the additional business
  • The impact of the additional business on its capital requirements
  • What changes are being effected to its systems and controls.