Local incorporation is required for funds and fund management activities.
6. Objective and structure of collective investment undertaking
(1) For the purposes of this Act, a collective investment undertaking shall be an arrangement-[...]
(2) Such an undertaking may be constituted as-
(a) a unit trust; or (b) an investment company with variable capital whose articles provide that-
[...]
Unit Trusts (ss 15-21)
15. Management company
(1) A unit trust shall be licensed only if the Regulatory Authority has approved the management company, the trust deed, the choice of trustees and its name.
(2) For the purposes of subsection (1), a management company shall be a body corporate that has its registered office and its head office in Botswana.
[...]
PART VI
Investment Companies with Variable Capital (ss 22-31)
22. Licensing by Regulatory Authority
(1) ...... (2) A person shall not buy or sell shares of an investment company with variable capital on behalf of that company, unless the company has been licensed by the Regulatory Authority.
(3) The Regulatory Authority shall not license an investment company with variable Copyright Government of Botswana capital to carry on business unless it has such paid up capital as shall be prescribed as sufficient to enable it to conduct its business effectively and meet its liabilities.[...]
(5) References in the Companies Act to a company limited by shares shall be construed as including an investment company with variable capital and a reference to a share in, or the share capital of, a company limited by shares shall be construed accordingly. [...]" (CHAPTER 56:09 COLLECTIVE INVESTMENT UNDERTAKINGS, 1999)
CHAPTER 56:09 COLLECTIVE INVESTMENT UNDERTAKINGS, 1999
[<a href="https://www.finance.gov.bw/images/LawRegulations/Collective%20Investment%20Undertaking%20Act.pdf">Act</a>]