A Fund is a structure whose activities involve the investment of funds in a portfolio of securities and whose operation is based on the principle of diversification of risk The Securities Act 2005 broadly provides for two categories of Funds: Open-ended Fund, also known as a Collective Investment Scheme (‘CIS’) and Close-ended Fund, commonly known as the Private Equity (PE) Fund

Collective Investment Schemes (‘CIS’)

A Collective Investment Scheme means a scheme constituted as a company, a trust, or any other legal entity prescribed or approved by the FSC

    • •   Whose sole purpose is the collective investment of funds in a portfolio of securities, or other financial assets,
    •     real property or non-financial assets as may be approved by the Commission
    • •   Whose operation is based on the principle of diversification of risk
    • •   That has the obligation, on request of the holder of the securities, to redeem them at their net assets value,
    •     less commission or fees
    • •   Where the participants do not have a day to day control over the management of the property, whether or
    •     not they have the right to be consulted or to give directions in respect of such management

Category of CIS

Key features/benefits

Retail CIS

    • •   Targets retail investors
    • •   No minimum investment

Professional CIS

    • •   For private placement
    • •   Exempt from most ongoing obligations provided
    •     that the shares acquired are not resold to the
    •     public and is not listed for trading on a securities
    •     exchange.

Specialised CIS

    • •   For investments in real estate, derivatives,
    •     commodities or any other product authorized
    •     by the Commission

Expert fund CIS

    • •   For expert investors
    • •   Minimum initial investment of USD 100,000
    • •   Exempted from certain obligations under the CIS
    •     Regulations subject to authorisation from the
    •     FSC

Closed End Funds

A closed end fund is principally characterized by the fact that the investors do not have control on exiting the fund


CIS are liable to a tax rate of 15% but this can be reduced upon the application of the Partial Tax Exemption of 80%.

Key Requirements:

    • •   Approval to operate as a fund from the Financial Services Commission (FSC)
    • •   Funds may be set up as a company, limited partnership, trusts, and protected cell companies.
    • •   A fund conducting business principally outside of Mauritius and whose majority of shares/voting rights/legal
    •     or beneficial interests are held by non-citizens will also be required to apply, in addition to their fund
    •     authorization, for a Global Business Licence (GBL).
    • •   It is a mandatory requirement for any corporation holding a GBL to be administered by a management
    •     company duly licensed by the FSC (Administrator).
    • •   Funds set up in Mauritius may be managed by an investment manager in Mauritius holding a CIS manager
    •     license and a GBL (where it is managing a GBL fund) or may be self-managed
    • •   A fund authorised in Mauritius needs to file an offering document with the FSC. The type of offering
    •     document and the relevant disclosure in this document will vary depending on the category of the fund and
    •     the target investors. The prospectus needs to comply with a list of prescribed disclosure requirements,
    •     including the matters required by the Mauritius Securities Act 2005 (the Act) and the rules and regulations
    •     made thereunder.

Our fund administration services:

    • •   Formation of fund including advice on the most efficient structure from a tax, substance, company law,
    •     compliance and corporate governance perspective.
    • •   Preparation of application pack and lodging application with regulatory authorities.
    • •   Fund Administration including opening of bank accounts, handling matters following deliberations at Board
    •     meetings, liaison with service providers and regulatory authorities.
    • •   Directorship and company secretary activities
    • •   Tax Advisory & Compliance including ensuring compliance with licensing conditions and on-going rules &
    •     regulations.
    • •   Transfer Agent services: processing of subscriptions, transfers, redemptions and buybacks, maintaining
    •     share registers
    • •   Fund Accounting