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Private pricaf

Private pricaf are collective investment undertakings with a fixed number of participation rights whose sole object is collective investment in financial instruments issued by unlisted companies, i.e. companies whose shares are not admitted to trading on a regulated market (see Articles 298 and following of the Law of April 19th 2014).  The private pricaf was introduced in 2003 to encourage investment in small and medium-sized enterprises (SMEs), and more specifically in companies that are not listed on the stock exchange and therefore cannot easily access the capital market.

Indeed, the private pricaf enables Belgian or foreign investors to place capital through an investment company that brings together a limited number of investors and benefits from professional and collective management of the capital, without being penalised for tax purposes compared with a direct individual investment.

The private pricaf are investment vehicles open to private investors, whose units can be subscribed for a minimum of 25,000 EUR. Before carrying out investments as private pricaf, the company must be registered with the FPS Finance. The pre-registration requirement also applies to each compartment created by the private pricaf.

Registration on the list maintained by the FPS Finance is accompanied by a special tax regime (as regards the tax base and withholding tax on movable property).

 CONSUlt the list of collective investment undertaking  (PDF, 199.55 KB) 

Warning: the collective investment undertakings struck off before the launch of the new module OPC in MyMinfin (31.07.2022) can only be consulted through the following list.


New procedure for registering, changing or striking off a collective investment undertaking on MyMinfin

Pursuant to Articles 3 and 3/3 of the Royal Decree of May 23rd 2007 concerning the private pricaf, the applicant company must apply for registration with the FPS Finance via the OPC application available on MyMinfin.

The General Administration of the Treasury of the FPS Finance has 30 calendar days following the day on which the request for registration was validly made or following the day on which the file was completed, in order to confirm registration on the list of FIIS/specialised real estate investment funds, pursuant to Article 3, § 3 of the Royal Decree of May 23rd 2007.

If the file is incomplete or if additional information is required to finalise registration, the FPS Finance may request the missing information or documents from the applicant company.

As for the compartment(s) of an investment company, created after the registration of the private pricaf (already registered), the mandatory documents must be provided if they are subject to change(s) following the formation of the compartment(s).

Consult the new registration procedure getting access to MYMINFIN (THIS HYPERLINK OPENS A NEW WINDOW)


Control procedure

Pursuant to Article 305 of the law of April 19th 2014 on alternative collective investment undertakings and their managers, introduced by the law of May 2nd 2019, the FPS Finance is in charge to control the observance by private pricaf of the provisions of the law of April 19th 2014 and the Royal Decree of May 23rd 2007 on the private pricaf.

Private pricaf should transmit on request of the FPS Finance every information and document on their organisation, their functioning and their operations, including the type of investment made, necessary for control purposes by the FPS Finance

'Pictogram uitroepteken'When the General Administration of Treasury finds that it is not complying with the legal and regulatory provisions applicable to it, a formal notice, stating the reasons, is sent to the private pricaf concerned, in order to remedy any shortcomings identified.

If the private pricaf has not remedied the shortcomings identified within 30 calendar days of notification of the formal notice, the FPS Finance strikes the private pricaf off the list, pursuant to Article 10 of the Royal Decree of May 23rd 2007.

Removal from the list means that the company concerned loses the benefit of the tax regime applicable to the private pricaf.


Legal and regulatory basis

The law of 19 April 2014 on alternative collective investment undertakings and their managers.

Royal Decree of May 23rd 2007 on the private pricaf published in the Belgian Official Journal.


Need some help?

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A question as regards the collective investment undertakings? Do you meet problems with the process? FAQs are available to help you.

If you haven't found the solution to your problem, you can also contact us via registration.treasury@minfin.fed.be

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