The Open-ended Fund Company (OFC in Hong Kong)
An open-ended fund company (“OFC”) is an Open-Ended collective investment scheme established under the Securities and Futures Ordinance (“SFO”).
It is a separate legal entity structured in corporate form with limited liability and variable share capital which serves as an investment fund vehicle.
The new Open-Ended Fund Company (“OFC”) regime was commenced in July 2018, and the OFC is established in form of a company, along with the flexibility for investors to trade the funds through the creation and cancellation of shares.

The Limited Partnership Fund (LPF in Hong Kong)
Under the Limited Partnership Fund Ordinance (“LPFO”) with effective from August 2020, the Limited Partnership Fund (“LPF”) was available in Hong Kong. A LPF is a private fund structured in form of a limited partnership (“LP”).
Under the LPFO, the LPFs will enjoy the necessary contractual flexibility, flexibility in capital contribution & distribution of profits, tax exemptions, simplified registration process, & the dissolution mechanism.
The LPF requires only one registration after the constitution of a LPF by way of a written limited partnership agreement and the registration with the Companies Registry.

The Segregated Portfolio Company (SPC in the Cayman Islands)
The Cayman Islands have been the pre-eminent jurisdiction for investment funds which typically take the form of a segregated portfolio company (“SPC”).
The SPC requires to the following registrations:
a) Incorporation of an exempted company;
b) Registration of the exempted Company as an SPC; &
c) Separate registration with the Cayman Islands Monetary Authority (“CIMA”).
Both of the Open-Ended & Close-Ended funds are required to be registered with the CIMA.