Launching an EIS Fund

If you will manage investments for other people in the UK, you must be FCA-authorised or operate under an authorised manager. You can seek your own authorisation, launch under an established firm, or become an appointed representative. The right route depends on your resources, timescale and appetite for regulatory responsibility.

There is no single answer. Your decision should reflect how quickly you need to launch, the capital you can commit to setup, and how much regulatory responsibility you are prepared to carry. Many first-time managers begin under an authorised firm, then seek their own authorisation once they have built a track record.

You will need core documents such as an Information Memorandum, Key Information Document and application form, alongside an agreed structure and compliance processes. Launching under an authorised manager can take weeks to a few months, while securing your own authorisation usually takes considerably longer.

The work continues well beyond raising capital. Investments must qualify under the EIS rules, with HMRC advance assurance often sought, while the manager oversees compliance, investor onboarding, reporting, valuations, tax certificates and financial promotions throughout the life of the fund.