• Fund Administration Services

Whether you are a well-established or first-time fund manager, you will have direct access to team with years of technical expertise and a hands-on approach to support the day-to-day running of your fund.

Funds set up in Mauritius enjoy a low tax regime and have access to its extensive network of double tax treaties. The maximum income tax levied on a fund that is tax resident in Mauritius is 3% under the Partial Exemption Regime. There is no capital gains tax in Mauritius and no withholding tax on dividends and interest in Mauritius. There are also no exchange controls in force and funds can be repatriated freely.

A Mauritius Investment Fund can be structured as a company, a protected cell company, a variable cell company, a trust, a limited partnership, foundation or any other legal entity prescribed or approved by the Mauritius Financial Services Commission (FSC). Funds can either be open-ended – with a variable share capital – that fall under the Collective Investment Scheme (‘CIS’) category, or Closed-End Fund (‘CEF’) with a fixed share capital, often commonly known as private equity funds.

Fund Administration Solutions

Professional CIS
The provisions relating to professional CISs applies to CISs offering their shares solely to sophisticated investors, or those CISs offering their shares as private placements. Moreover, the provisions also apply to closed-end funds which are not reporting issuers or to those CISs that the Commission classifies by rules as professional CISs. The professional CISs are exempted from several provisions of the Securities Regulations provided the shares acquired by the participants shall not be resold to the public and the participants are advised of this restriction at the moment of subscription or the CIS is not listed for trading on a securities exchange. The exemptions shall apply only where the CIS or closed-end fund has notified the Commission 15 days before the offering is made and has filed a copy of the prospectus or offering document prepared for the purpose of the offering with the Commission at the same time. The CIS or closed- end fund shall advise the Commission at the conclusion of the offering indicating the total amount and value of shares sold.

Specialised CIS
A specialised CIS is one that invests in real estate, derivatives, commodities or any other product authorised by the Commission. A person wishing to establish a specialised CIS shall apply to the Commission for a decision as to whether or not such a scheme would be authorised. Prior to giving a decision the Commission shall determine which of the regulations would apply, whether specific rules should be issued and the conditions that would apply to such a scheme.

Expert CIS
A CIS may apply to the Commission for authorisation as an expert fund. An expert fund shall only be available to expert investors, and an expert investor means:

  • an investor who makes an initial investment, for his own account, of not less than USD100,000; or
  • a sophisticated investor or any similarly defined investor in any other securities legislation.

An expert fund may appoint a manager who, where appointed, shall be the holder of a CIS manager licence, or a licence issued by a regulatory body in a jurisdiction having comparable regulation as Mauritius for investor protection. The CIS Manager of an expert fund need not be resident in Mauritius.

The board of the fund or the CIS Manager (where appointed) must satisfy itself that the fund is and continues to be managed in accordance with the fund’s constitutive documents. The board of the fund, or the CIS manager where appointed, shall be responsible for ensuring that the provisions of the CIS Regulations applicable to expert funds are complied with. The expert fund shall accept as investors in the fund, only such persons as the Board or CIS manager where appointed is satisfied are expert investors.

The offering document or any other similar document of an expert fund shall:

  • contain a statement to the effect that the expert fund shall be available only to expert investors,
  • contain in a prominent position, the definition of an expert investor; and  shall have the following statements in a prominent position:
    “Investors in [name of the expert fund] are not protected by any statutory compensation arrangements in Mauritius in the event of the fund’s failure.”
    “The Mauritius Financial Services Commission does not vouch for the financial soundness of the fund or for the correctness of any statements made or opinions expressed with regard to it.”

An expert fund is exempted from several provisions of the Securities Regulations.

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  • Establishment of Collective Investment Schemes (CIS) and closed-end funds (investment trusts).
  • Establishment of Funds as Protected Cell Companies (“PCC”).
  • Assisting in the preparation of Private Placement Memorandums and other constitutive documents.
  • Management of Investors’ information.
  • Preparation of financial statements in accordance with International Financial Reporting Standards. Point of contact for all service providers/connected parties/regulators.
  • Provision of Money Laundering Reporting Officer and Deputy Money Laundering Officer.
  • Provision of two resident directors of the required calibre.
  • Provision of registered office.
  • Corporate Secretarial services.
  • Registrar services.
  • Preparation and filing of tax returns with local tax authorities.
  • NAV calculations.
  • General administration.
  • Maintenance of bank accounts and providing resident signatories.
  • Keeping all statutory and accounting records of the company.
  • Due-diligence checks on investors.
  • Ensuring compliance with laws and regulations.
  • Any other service that may be mutually agreed with the client.
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The PCC operates in two distinct parts. On the one hand, shares will be issued for the Core and these will carry the voting rights, and on the other hand, there will be cellular shares issued for each Cell and which do not carry voting rights. Each cell has its own name or designation. Furthermore, each cell may have different investors.

The PCC allows for legal segregation of assets attributable to each cell of the company whether corporately or individually owned, and thereby offers flexibility and security for investment structuring. Each cell has assets and liabilities attributed to it, and its assets cannot be used to meet the liabilities of any other cell and therefore limits the claim of a creditor against assets of the cell it has contracted with. There is a legal segregation of net assets attributable to each cell of the company. Hence, the cellular assets attributable to a particular cell will only be affected by the liabilities of the company arising from transaction attributable to that cell.

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