Offshore Funds

Corporate, Legal Structure & Licensing

Funds registered with the Financial Services Commission in Mauritius are incorporated under the Companies Act 2001 and are licensed by the Financial Services Commission as holding:
  • a Category 1 Global Business Licence (‘GBC1’); and
  • a Fund licence under the Financial Services Act 2007 and the Securities Act 2005 (as amended) (‘Securities Act’).


The administration of the fund should be done through a Local Fund Administrator in Mauritius (Premier Financial Services Limited) which implies that:
  • the accounts are kept and the accounting documents are available in Mauritius;
  • the share register is kept in Mauritius;
  • issues and redemptions of shares are carried out in Mauritius; and
  • the calculation of the Net Asset Value (NAV) is carried out in Mauritius.


Under the Securities Act there are two main types of funds that can be formed:

1. A Collective Investment Scheme; or
2. A Closed-Ended Fund

1(i). A Collective Investment Scheme (‘CIS’)
A CIS is defined under the Securities Act as one:

(i) 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;
(ii) whose operation is based on the principle of diversification of risk;
(iii) that has the obligation, on request of the holder of the securities, to redeem them at their net assets value, less commission or fees; and
(iv) where the participants do not have 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; and
(v) includes closed-end funds whose shares or units are listed on a securities exchange

2(ii). A Closed Ended Fund

A Closed Ended Fund is defined as: an arrangement or a scheme, other than a collective investment scheme (defined above), whose object is to invest funds, collected from subscribers during an offering made or from sophisticated investors, in a portfolio of securities, or in other financial or non-financial assets, or real property, as may be approved.

The Securities Act requires the Fund to have a:

  • Fund Administrator
  • Fund Manager
  • Custodian
  • Auditor

Format of the Prospectus or Offer Document of a Fund.

The FSC requires the prospectus or offer document of a Fund to be in a prescribed format.

Mandatory Requirements of a Fund (CIS/Closed Ended Fund)

It is mandatory for the Fund: (a) to appoint a Fund Administrator with a place of business in Mauritius; (b) that its accounting and reporting services are carried out by the Fund manager, or the Fund Administrator, both having a place of business in Mauritius.

Reports:

Funds are required to file with the Commission unaudited quarterly financial statements and an audited annual financial statements as per specifically approved format set out in the Securities Act.

Premier Professional Services to Funds

Premier Financial Services Limited provides the following services with respect to the activities of the Fund:
  • Advice and formation of the Fund
  • Application and Renewal of Fund Licence
  • Provision of registered office address.
  • Provide two resident/approved directors and qualified secretary resident in Mauritius.
  • Open bank account.
  • Provide administrator and registrar, and carry out NAV calculations.
  • Preparation of quarterly accounts and filing with the authorities.
  • Prepare and file tax returns.


From 1st July 2008 to 30 June 2009, there were 121 CIS licences that were issued by the Mauritius FSC.

If you require an Offshore Company or need an advice for your needs, 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.

 
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