ASI stands for Alternative Investment Company — a relatively new investment structure introduced to the Polish market in 2016. ASI is a form of collective investment that may offer tax advantages. So what exactly is an ASI, and what should you know about it?

What Is an ASI?

An Alternative Investment Company is legally defined as an “alternative investment fund” (AFI). Its operational form is governed by Article 8a(2) of the Investment Funds Act, which allows ASIs to operate as:

  • A limited liability company (spółka z ograniczoną odpowiedzialnością)
  • A joint-stock company (spółka akcyjna)
  • A European company (spółka europejska)
  • A limited partnership (spółka komandytowa)
  • A joint-stock limited partnership (spółka komandytowo-akcyjna) — provided that the sole general partner is a limited liability company, European company, or joint-stock company

The sole purpose of an ASI is to collect assets from multiple investors and allocate them in accordance with a defined investment policy, always with the investors’ interests in mind. The ability to register ASIs was made possible through amendments to the Investment Funds Act.

For ASIs with asset values not exceeding EUR 100 million (or EUR 500 million if financial leverage is used), the only additional requirement is the appointment of an ASI Manager (ZASI – Zarządzający Alternatywną Spółką Inwestycyjną) and their registration with the Polish Financial Supervision Authority (KNF – Komisja Nadzoru Finansowego).

Business Limitations

It is important to note that ASIs are not authorized to conduct business operations in the traditional sense — they exist solely for investment purposes. However, ASIs may hold shares in companies that do engage in commercial activities.

ASI and Taxation

One notable advantage of ASIs is the potential for tax relief. Specifically, ASIs may be exempt from corporate income tax on revenues generated from the sale of shares or equity interests. To qualify, the ASI must hold at least 10% of the share capital in a company for a continuous period of at least two years. This exemption does not apply to shares in real estate companies.

Interested in establishing an ASI? Destrier Law Firm offers legal advisory services in this area. We can assist with the registration process and provide ongoing support throughout the lifecycle of your investment structure.

Contact our experts: Dr. Michał Żółtowski and his team are here to help.