A holding company, LPF and OFC have different legal and operational requirements. Once advisers have assessed the structure, clear governance, accounting records and reporting responsibilities help support its ongoing administration.
Identify the vehicle and its purpose
A private investment arrangement may hold family assets, make co-investments or operate as a fund. An ordinary holding company, limited partnership fund (LPF) and open-ended fund company (OFC) are not interchangeable. Not every private holding arrangement is a qualifying fund.
Ask the appropriate advisers to review ownership, investor rights, investment activities, management location, regulated functions and the jurisdictions involved. The family-owned investment holding vehicle concession and unified-fund exemption have separate conditions. Treaty entitlement is not guaranteed by incorporation or management location alone.
Document governance
Keep the constitutional documents or partnership agreement and record the authority for investments, financing, distributions and cash movements. An approval matrix should match the actual role of directors, the GP, managers and other providers.
Set procedures for conflicts, related-party transactions, delegations and changes to mandates. Retain minutes, resolutions and supporting papers. The records should show who decided what and when, without attributing a regulated function to an administrative provider that does not perform it.
Maintain entities and ownership records
Track the vehicle and each subsidiary or special-purpose entity separately. Identify who maintains officers, members, controllers, registered offices, annual filings and service-provider appointments. The requirements for an LPF or OFC differ from those of an ordinary company.
Update the structure chart when interests or control change. Keep documentary support for the chart and assign responsibility for any additional notifications or consents.
Prepare banking and transaction evidence
Explain the purpose of the structure, expected transactions and the origin of funds. Separate source of funds from source of wealth. Obtain the provider's identity, certification and beneficial-owner requirements; the SCR alone may not answer them.
Keep agreements, trade confirmations, valuation support and settlement evidence for material transactions. Consistent documentation supports review but does not guarantee account opening or continued facilities.
Accounting, audit and tax responsibilities
Agree ledgers, reconciliations, management reports and the closing timetable. Assign valuation responsibility and document assumptions, particularly for illiquid assets. Prepare the information requested by the independent auditor and keep its engagement separate from administrative coordination.
Tax advisers should assess the actual income and conditions of any exemption, concession or treaty claim. Record-keeping helps evidence a position; it does not create eligibility. Check the law in force for the relevant period, including any changes following 2026 proposals.
Agree what IMSG will deliver
IMSG can coordinate company records and administrative or accounting work within a written scope. Investment management, legal structuring, custody, regulated appointments, specialist valuation and fund accounting are not automatically included. Confirm each provider's capabilities, responsibility and fee before relying on a complete operating arrangement.
See our LPF operations guide, private OFC guide and tax support. A free 20-minute introductory call can identify the next step; a detailed structure review is separately scoped.