CIS Manager / Fund Manager Companies

The Securities Act 2005 and rules & regulations made under it allow for Fund or CIS Manager Companies to be set up and licensed in Mauritius. These are particularly beneficial for Investment Houses who manage Mauritius Funds or Fund sponsors who have Mauritius Funds set up worldwide. Mauritius has the advantage of having a modern and flexible securities law, it issues clear Fund Manager licences within a reasonable time, requires reasonable minimum capital requirement, charges low licence fees and has a low tax rate.

Mauritius is one of the best places to save on costs for Investment Houses and Fund sponsors and at the same time enjoy the array of fund administrators, service providers and fund lawyers in the country.

A CIS Manager / Fund Manager is authorised under the Securities Act to carry out the following activities for the management of a Collective Investment Scheme including:

• all administrative services required by the scheme;
• provision of registrar and transfer facilities;
• distribution of the securities of the scheme;
• maintaining accounting records of the scheme;
• giving investment advice in relation to the scheme;
• managing the portfolio of the scheme

Insurance Cover Required

A CIS Manager / Fund Manager is required to subscribe to an insurance policy against the following risks:

• fraudulent activities of employees;
• fraudulent instructions;
• losses arising from the malicious or fraudulent corruption of electronic data or electronic transactions;
• legal liability to third parties arising from breaches of professional duty.

Financial Statements Filing

• A CIS manager / Fund Manager shall file with the Commission interim financial statements prepared in accordance with IFRS within 45 days after the closing date of each quarter;
• Every CIS manager/Fund Manager shall, within 90 days of its balance sheet date, file with the Commission an annual report which shall include audited financial statements prepared in accordance with IFRS and audited in accordance with the International Standards on Auditing.

Staff Qualification

Staff employed must have relevant experience and qualification as required under the Securities Act.

Minimum Capital Required

A CIS Manager/Fund Manager needs to have a minimum capital in place amounting to MUR 1,000,000 (approx. USD 27,000).

Premier’s Professional Services to CIS Manager / Fund Manager

Premier Financial Services Limited provides the following services with respect to the activities of the CIS Manager/Fund Manager:

• Advice and Formation of the CIS Manager / Fund Manager
• Application and Renewal of CIS Manager / Fund Manager Licence
• Provision of registered office address.
• Provide professional directors and qualified secretary resident in Mauritius.
• Open bank account.
• Carry out NAV calculations of Funds being managed (if required)
• Preparation of quarterly accounts and filing with the authorities.
• Prepare and file tax returns.

Please click on Mauritius Funds for the different types of Mauritius Funds and Fund Administration Services to have more details of our Fund Administration services to Mauritius Funds.

If you require a Fund Manager, please call our Expert Team who can assist you with your requirements. You are invited to call us at (230) 245 6703. You may send your enquiries by email: contact@premier.mu or by fax at (230) 245 6704.