Collective Investment Schemes are regulated by The Financial Services Commission (FSC). A Mauritius Fully Regulated CIS Fund is established by the Securities (Collective Investment Schemes and Closed-end Funds) Regulations 2008.
A fully regulated CIS which is mainly offered to the public, is a CIS that does not fall within any of the exemptions applicable to Professional, Specialised and Expert CIS. All the provisions of the Regulations would apply to a fully regulated CIS and therefore it would not be eligible to benefit from any exemptions provided under the Regulations.
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.
