Management companies must meet several requirements to set up and operate a FIC or a family of funds. These include: 

• Have administrative capacity and an adequate technological and operational infrastructure 
• Have suitable personnel  
• Have an effective internal control structure 
• Implement a comprehensive information system 
• Have a code of good corporate governance 
• Develop contingency and operational continuity plans 
• Have a risk management system and specific coverage for different types of risks. 

SFC authorization is mandatory for the creation of fund families and each family's first fund, as well as for funds that do not belong to any family. The request for authorization must include the model regulation, the approval certificate, compliance certifications, details on the representative document of participations, the profile of the investment committee, and the qualities of the manager or external manager.

The fund’s management company must commence operations within six months of authorization, with a possible extension of an additional six months if requested and justified. If it is not started within the deadline, the authorization expires and a new one must be requested.

In addition, management companies must maintain coverage for various risks, such as losses due to wrongful acts, infidelity, falsification of documents, among others. The SFC may require additional policies and define the amount of coverage. 

Every FIC must have a minimum equity, equivalent to 39,500 Tax Value Units (UVT). The fund’s management company has one year, with a possible extension of six months, to comply with this amount. If it is not reached, the authorization is lost and the fund must be liquidated. In the event of an unexpected reduction in assets, an additional extension can be requested to rectify the situation.