FAQ

An offshore fund is issued and canceled incorporated or addressed outside Brazilian territory, following the legislation of the country in which it was constituted.

This instrument targets, individuals, companies and institutional investors with funds available overseas. However, each investor is responsible for verifying eligibility to purchase shares in these funds, using information provided by agents authorized to operate with this investment modality.

The offshore fund is allowed to invest in the international as well as in the Brazilian market, or both.

These are the services usually provided to an offshore fund:

- Administration: responsibility for the fund’s daily activities;

-NAV (Net Asset Value) Calculator: responsibility for calculation of fund shares;

- RTA (Register Transfer Agent): responsibility for the fund’s liabilities;

- Investment Management: responsibility for managing the fund;

- Custody/Settlement: responsibility for executing the fund’s operations;

- Accounting: responsibility for preparing the fund’s accounting information;

- Service to external auditors: responsibility for monitoring the fund’s auditing process.

Itaú offers the following services to offshore funds: NAV Calculator (share calculation), Accounting (Itaú is responsible for the fund’s accounting information) and Service to External Auditors.

- Certificate of Formation / Certificate of Incorporation: notarized translation, certified copy of the document, properly notarized and stamped by the consulate;

- Latest version of the Memorandum of Association / Articles of Association / LLC Agreement / LLP Agreement or Charter / Bylaws / Operating Agreement: notarized translation, certified copy of the document, properly notarized and legalized by the consulate;

- Offering Memorandum / Private Placement Memorandum: plain copy or digitalized image;

- Certificate of Good Standing issued by the official authority of the country whose laws rule the fund: notarized translation, certified copy of the document, properly notarized and legalized by the consulate;

- Certificate of Incumbency issued by the official authority of the country whose laws rule the fund: notarized translation, certified copy of the document, properly notarized and legalized by the consulate;

- Itaú’s KYC Procedure: original document;

- RTA letter stating that the company is the RTA and executes AML for the fund’s investors: original document;

- Manual of Policies and Procedures for RTA of Offshore Fund: plain copy or digitalized image;

- Letter from the Fund’s Board of Directors stating that the “Offering Memorandum” or “Private Placement Memorandum” is the latest valid document, listing who are the fund’s service providers (RTA and manager) and attesting to the validity of the registration documents presented;

- Management Agreement: plain copy or digitalized image;

- Updated Financial Report: plain copy or digitalized image;

- Documents by the institution that manages the fund (updated Social Statute, minutes of director elections and proxy, if any): simple copy. If the documents were issued overseas, a certified copy of the document is required, properly notarized and legalized by the consulate; and

- Client Registration Form: original document properly notarized and legalized by the consulate.

Operation instructions are sent by the client to Itaú through the Itaú Custody website. This tool enables clients to obtain reports and information needed to manage their assets.

Itaú relies on a custo mer service area that is specialized in offshore funds, with expertise to address questions and provide adequate guidance to solve issues.

As Offshore Funds are registered in jurisdictions that are different from the shareholder address and/or manager address, they may offer confidentiality benefits and advantages in terms of taxes, according to the legislation of the location where they are constituted.