Registration of an investment Fund.
All applications must be submitted to the Financial Services Commission (FSC) through a licensed Management Company (Trustlink).
Initial Review Stage
At this stage, the FSC needs to have a submission in writing (an outline memorandum) outlining:
the identity, track record and credentials of the promoter- Manager
general information regarding the fund, its objectives and proposed investment, its structure, the size of the fund and the minimum subscription
track record of the functionaries to the fund
compliance with any other regulatory bodies requirements
The FSC requires that, as far as possible, that the central administration of the scheme is inMauritius . To this end, the fund must have a local administrator, a local custodian/ bank , a local secretary and a quorate number of directors that are locally resident.
If satisfied, an approval in principle will be given by the FSC following which the scheme may proceed with the drafting of its materials contracts.
Document review stage
All constitutive documents of the schemes need to be submitted to the FSC. These include the
information documents – prospectus or placing memorandum
the material contracts concluded with the different functionaries i.e. Investment management, Custodian Agreement , Administration Agreement, Investment Advisory, Placing Memorandum Agreements etc. Where the corporate structure is used, statutory corporate documents have also to be filed.
If the Authority is satisfied with the documents and the profile of the functionaries then they will issue the license with its terms and reporting requirements.
The following documents need to be filed with the FSC by a registered investment fund.
quarterly Net Asset Value calculation
annual audited accounts
investment managers report
any other company statutory filing and filing of tax return
Where the scheme is structured as a GBC1 company, such entity is liable to a 15% tax rate. However a tax credit of 3% is given bringing the effectivetax rate to 3%.
A foreign tax credit is provided on taxes suffered in other jurisdiction. Double tax ation treaty reliefs are also available with respects to dividend and capital gains.
We advise on all aspects of investment fund from the registration to the administration of third-party offshore funds, bringing you all the advantages of an offshore base without the need for a physical presence.