Fund Administration in Mauritius
Fund accounting, NAV calculation, investor reporting and regulatory compliance. Rigorous administration for the performance and confidence of your investors.
The role of the fund administrator
The fund administrator is an independent service provider responsible for the operational and accounting management of an investment fund. In Mauritius, this role is governed by the Securities Act 2005 and the regulations of the Financial Services Commission (FSC).
The administrator acts as a trusted third party between the fund manager, the investors and the regulatory authorities. Its central role is to ensure the transparency, accuracy and regulatory compliance of the fund's operations. The independence of the administrator from the manager is a key element of fund governance and a trust factor for investors.
The administrator's main functions include: net asset value (NAV) calculation, maintenance of the investor register, processing of subscriptions and redemptions, management of distributions, reporting to investors and regulators, and coordination with external auditors. The administrator is also responsible for AML/KYC compliance at the fund level. For funds structured as a Global Business Company, economic substance requirements must also be met.
Our fund administration services
Sunibel Corporate Services offers a comprehensive range of fund administration services, suited to open-ended funds, closed-end funds, private equity funds and structured investment vehicles in Mauritius.
Fund accounting
Full fund accounting in accordance with IFRS standards: transaction recording, income and expense recognition, fair value measurement of assets, calculation of provisions and adjustments, preparation of periodic and annual financial statements.
NAV calculation
Net asset value calculation at the frequency defined by the fund documentation. Asset valuation in accordance with valuation policies, incorporation of accrued charges, foreign exchange position adjustments and NAV publication to investors and the manager.
Investor register
Maintenance of the official register of unitholders: processing of subscriptions, redemptions and transfers, balance updates, management of uncalled commitments (for closed-end funds), and production of individualised statements for each investor.
Distributions and capital calls
Calculation of distributions (dividends, income, return of capital) in accordance with the waterfall provisions in the fund documentation. Management of capital calls for closed-end funds: issuance of call notices, monitoring of receipts, updating of commitments.
Investor reporting
Production of periodic reports for investors: account statements, performance reports, portfolio composition reports, individualised tax statements (K-1 or equivalent), and any communication required by the fund documentation.
Audit coordination
Preparation of audit files, provision of supporting documentation, responding to auditor requests, coordination of the audit timetable to meet regulatory deadlines. Assistance in preparing the management letter and follow-up on recommendations.
Reporting and communication
The quality and timeliness of reporting are fundamental elements of fund administration. They underpin investor confidence, regulatory compliance and the fund's reputation.
Periodic NAV
NAV calculation and publication form the core of a fund's reporting. For open-ended funds, the NAV serves as the basis for subscriptions and redemptions. For closed-end funds, it provides a measure of performance and the value of investors' holdings. The calculation frequency (daily, weekly, monthly, quarterly) is determined by the fund documentation and must be adhered to with absolute regularity.
Investor statements
Each investor receives periodic statements detailing: the balance of their holdings, movements (subscriptions, redemptions, distributions), period performance, and relevant tax information. The clarity and accuracy of these statements directly contribute to investor satisfaction and the reduction of clarification requests.
Annual reports and financial statements
Annual financial statements are prepared in accordance with IFRS standards and subject to an external audit by a firm registered in Mauritius. This accounting rigour forms part of the broader corporate taxation framework in Mauritius. The annual report includes audited financial statements, the manager's report on strategy and performance, and information required by the fund documentation and regulations.
Regulatory filings
The administrator prepares and submits periodic filings required by the FSC: quarterly reports on assets under management, significant event notifications, annual compliance reports. These submissions must comply with the formats and deadlines prescribed by the regulator.
Technology and processes
Fund administration relies on rigorous systems and processes ensuring the accuracy, traceability and security of operations.
Information systems
We use professional fund administration platforms enabling automated transaction processing, NAV calculation, investor register management and reporting production. These systems ensure a complete audit trail and segregation of duties compliant with internal control requirements.
Controls and reconciliation
Our processes incorporate multi-level controls: daily reconciliation of positions and cash balances with custodians and brokers, independent verification of prices used for asset valuation, four-eyes review of NAV calculations before publication, and automated consistency checks on accounting data.
Business continuity
A Business Continuity Plan is in place to ensure the continuation of administration services in the event of an unforeseen occurrence. Data is securely backed up and recovery procedures are tested regularly.
Compliance and regulatory obligations
The fund administrator plays an essential role in maintaining the fund's regulatory compliance. This responsibility covers several areas.
Investor AML/KYC
In accordance with the Financial Intelligence and Anti-Money Laundering Act (FIAMLA), the administrator is required to identify and verify the identity of each investor before accepting their subscription. Procedures include: collection of identity documents, verification of source of funds, screening against international sanctions lists, money laundering risk assessment, and ongoing monitoring of movements.
CRS and FATCA
Mauritius is a signatory to the Common Reporting Standard (CRS) and has concluded an intergovernmental agreement with the United States under FATCA. The administrator is responsible for collecting tax self-certifications, classifying investors, identifying reportable accounts and transmitting filings to the MRA within the prescribed deadlines. Non-compliance with these obligations may result in significant penalties.
Regulatory filings
Beyond tax obligations, the administrator ensures the submission of all filings required by the FSC: periodic reports on fund activity, notifications of significant changes (manager, strategy, service providers), and responses to information requests from the regulator as part of its supervisory activities.
Frequently asked questions about fund administration
Entrust your fund administration to Sunibel
As an FSC-licensed Management Company, we provide rigorous and compliant administration of your investment fund in Mauritius.
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