Collective Investment Schemes are regulated by The Financial Services Commission (FSC). A Mauritius Expert CIS Fund is established by the Securities (Collective Investment Schemes and Closed-end Funds) Regulations 2008.
RA 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
Securities (Collective Investment Schemes and Closed-end Funds) Regulations 2008
Financial Services Commission of Mauritius
The entity making the application is a Mauritius GBC 1 holding a Global Business Category One License (GBL1).
Minimum subscription - USD 100,000 Minimum investors - none
Minimum number -2 Corporate Directors / Partners / Trustees allowed -yes Local Directors / Partners / Trustees required- 2
a Custodian required -Yes Local custodian required - No Eligible custodian -Subject to approval by FSC Fund manager required -Yes Local fund manager required -No b Fund manager requires to be licensed -No Eligible fund managerFund - manager must be licensed and shall be a company which is incorporated and have its place of business in Mauritius; Or, A licence issued by a regulatory body in a jurisdiction having comparable regulation as Mauritius for investor protection.
Yes
No
Fund Administrator is subject to approval by the commission
Yes
Yes
Qualified local auditor must be appointed
• GBC1 companies renamed as Global Business Licence (GBL) (as of 1 January 2019) are liable to tax at the rate of 15%.
• GBL will qualify for an exemption of 80% of the specific foreign-source income
(e.g. foreign dividend not allowed as deduction in source country,
foreign interest income, foreign-source income derived by a Collective Investment Scheme [CIS],
closed end funds, CIS manager, CIS administrator, investment adviser or asset manager licensed or approved by the FSC.
• No credit shall be allowed on foreign source income where the 80% exemption has been claimed
• A company incorporated in Mauritius shall be treated as non-resident if its place of effective management is situated outside Mauritius, but shall still be required to submit a return of income in Mauritius
• An investment tax credit of 5% over 3 years (in the year of acquisition and subsequent two years) will be introduced in respect of expenditure incurred during the period 1 July 2018 to 30 June 2020 in new plant and machinery (excluding motor cars) by a company importing goods in semi knocked-down form
• This tax credit will be available on the condition that there is an incorporation of at least 20% local value addition
• Companies may continue to contribute 50% of CSR (instead of 75%) to the MRA provided they receive approval from the National CSR Foundation
• There is no withholding tax on dividends and interest paid to non-residents.
• There is no capital gains tax on dividends and interest paid to non-residents.
