Local incorporation required for establishing and managing collective investment schemes in Tanzania.
"PART XI - COLLECTIVE INVESTMENT SCHEMES (ss 115-129) [...]
117. Authorised collective investment scheme
No person shall set up or manage any collective investment scheme in Tanzania unless–[...]
(b) the manager and trustee/custodian of the scheme are–  (i) authorised by the Authority, upon application made in writing to act as manager or trustee/custodian, regard being had to their financial standing, their knowledge and experience of investment business and their honesty and integrity;  (ii) corporate bodies designated as such in the scheme; and  (iii) independent of each other.
[...]
118. Application to operate a collective investment scheme
(1) Every person who proposes to set up or operate a collective investment scheme in Tanzania shall make an application to the Authority.
(2) No application shall be made by any person unless he is the Manager or trustee or custodian or the proposed manager or trustee or custodian of the scheme.
[...]
119. Qualifications of trustee or custodian
(1) Subject to subsection (2), the trustees or custodian shall–
(a) be a statutory body or a company incorporated in Tanzania;[...]" (Capital Markets and Securities Act, Chapter 79 R.E. 2002, as amended)
Capital Markets and Securities Act, Chapter 79 R.E. 2002, as amended
[<a href="https://www.cmsa.go.tz/uploads/publications/en-1576056621-THE%20CAPITAL%20MARKETS%20AND%20SECURITIES%20ACT.pdf">Act</a>]