Truestee and fund management companeis must be locally incorporated in Namibia.
"Part I – Unit Trust Schemes in Securities Other Than Property Shares
3. Restrictions on management of unit trust schemes
(1) No person other than a company which has been registered as a management company under section 4 shall manage or carry on any unit trust scheme in securities other than property shares or issue unit certificates thereunder.
(2) No company other than a company which -
(a) is registered as a public company under the Companies Act, 1973 (Act No. 61 of 1973) [The Companies Act 61 of 1973 has been replaced by the Companies Act 28 of 2004.]; and
(b) has and maintains the prescribed share capital, paid-up share capital and non-distributable reserves actually employed or immediately available for employment in its unit trust business,
shall be or remain registered as a management company under section 4: Provided that the registrar may in his discretion, and on such conditions as he may deem fit, exempt any registered management company from compliance with the requirements of paragraph (b), for such a period, not exceeding six months, as he may determine.
[...]
20. Qualifications of trustees
(1) No person other than -
(a) a company registered as a public company under the Companies Act, 1973 (Act No. 61 of 1973) [The Companies Act 61 of 1973 has been replaced by the Companies Act 28 of 2004.];
(b) a company or institution, excluding a close corporation referred to in the Close Corporations Act, 1984 (Act No. 69 of 1984), incorporated under a special Act;
(c) an institution which is entitled to carry on business as a banking institution under the Banks Act, 1965 (Act No. 23 of 1965) [The Banks Act 23 of 1965 has been replaced by the Banking Institutions Act 2 of 1998.];
(d) an institution which is registered as a domestic insurer under the Insurance Act, 1943 (Act No. 27 of 1943)[The Insurance Act 27 of 1943 has been replaced by the Short-term Insurance Act 4 of 1998 and the Long-term Insurance Act 5 of 1998.]
shall become or act as a trustee under a unit trust scheme.[...]" (Unit Trusts Control Act, 1981 (Act 54 of 1981))
Unit Trusts Control Act, 1981 (Act 54 of 1981)
[<a href="https://media.namiblii.org/files/legislation/akn-na-act-1981-54-eng-2016-11-29.pdf">Act</a>]