Investment Fund Services
Structuring, regulatory compliance and administration of investment funds in Mauritius. A recognised framework for collective investment vehicles with an international focus.
Mauritius, an international platform for investment funds
Mauritius has established itself over the decades as a recognised investment fund structuring platform, particularly for strategies targeting Africa, India and South-East Asia. The Mauritian regulatory framework, supervised by the Financial Services Commission (FSC), provides a structured environment, compliant with international standards and suited to a variety of collective investment vehicles.
Mauritian funds cover a broad spectrum of strategies: open-ended and closed-ended Collective Investment Schemes (CIS), Closed-End Funds (CEF), private equity funds, real estate funds, debt funds and funds of funds. Funds can be structured under various legal forms, including the Variable Capital Company. Mauritian legislation — primarily the Securities Act 2005 and FSC regulations — provides a clear framework for each type of vehicle.
The positioning of Mauritius rests on several structural factors: an extensive network of double taxation avoidance agreements (over 44 countries), no capital gains tax, a legal system based on English common law, a central time zone (GMT+4) facilitating exchanges between Asia and Europe, and a bilingual English-French environment. These elements make Mauritius a jurisdiction of choice for fund managers seeking to structure their investments in emerging markets.
Our investment fund services
As an FSC-licensed Management Company, Sunibel Corporate Services supports fund promoters at every stage of their investment vehicle's lifecycle, from initial structuring to ongoing administration.
Structuring and incorporation
Analysis of the investment strategy, selection of the appropriate legal vehicle, drafting of constitutional documents (constitution, offering memorandum, subscription agreements), coordination with legal and tax advisors.
FSC licence and compliance
Preparation and submission of the licence application to the FSC, monitoring of the approval process, implementation of internal compliance procedures, and ongoing liaison with the regulator throughout the fund's life.
Promoter and investor due diligence
KYC/AML checks on fund promoters, managers and investors in accordance with FIAMLA and FSC guidelines. Risk assessment, screening against international sanctions lists, and ongoing profile monitoring.
Capital calls and distributions
Management of capital calls from investors, processing of subscriptions and redemptions, calculation and execution of distributions, maintenance of the investor register and coordination of financial flows.
AML/KYC and ongoing monitoring
Implementation of anti-money laundering and counter-terrorist financing policies, transaction monitoring, suspicious operations reporting, and periodic updating of investor identification files.
Regulatory reporting
Preparation and submission of periodic filings to the FSC, CRS/FATCA reports, coordination with external auditors, and production of reports for investors and regulatory authorities. Our fund administration service covers all of these obligations.
Types of investment funds in Mauritius
Mauritian legislation provides for several fund categories, each catering to specific investor profiles and strategies.
Collective Investment Scheme (CIS)
The CIS is the standard vehicle for open-ended funds in Mauritius. It allows investors to subscribe and redeem units on an ongoing basis, based on the net asset value (NAV) calculated periodically. The CIS is suited to liquid strategies: listed equities, bonds, money market instruments and diversified funds. It is subject to an FSC licence and to diversification and transparency requirements.
Closed-End Fund (CEF)
The CEF is a closed-ended fund whose units are not redeemable at the investor's request. This vehicle is favoured for illiquid strategies requiring a long investment horizon: private equity, venture capital, infrastructure and real estate. The CEF operates through capital calls and distributes returns as realisations occur.
Expert Fund
The Expert Fund is reserved for qualified investors (expert investors) with a minimum investment of USD 100,000. This vehicle benefits from an expedited FSC approval process and lighter regulatory requirements. It is particularly suited to alternative strategies and experienced promoters seeking rapid deployment.
Professional Collective Investment Scheme
The Professional CIS is intended for professional or sophisticated investors. This vehicle offers greater flexibility in terms of investment policy and benefits from a proportionate regulatory regime. It is frequently used for hedge funds, multi-strategy funds and structured investment vehicles targeting an institutional investor base.
Regulatory framework for funds in Mauritius
The investment fund industry in Mauritius is governed by a coherent legislative and regulatory framework, supervised by the Financial Services Commission (FSC).
Securities Act 2005
The Securities Act is the framework legislation governing securities, investment funds and capital markets in Mauritius. It defines fund categories, licensing obligations, marketing rules and governance requirements. The FSC is empowered to issue supplementary regulations (FSC Rules) specifying the terms of application.
FSC licence
Every investment fund established in Mauritius must obtain an FSC licence before commencing its activities. The licence application includes the constitutional documents, the offering memorandum, compliance procedures, CVs of key personnel and evidence of substance. The FSC assesses each application against criteria of competence, governance and investor protection.
AIFM framework
Mauritius has established a regulatory framework for Alternative Investment Fund Managers (AIFMs), inspired by international best practices. This framework imposes requirements in respect of risk management, asset valuation, conflict of interest management and investor reporting. Fund managers based in Mauritius must obtain a specific FSC licence.
International compliance
Mauritius is a signatory to the major international agreements on tax transparency and anti-money laundering: CRS (Common Reporting Standard), FATCA, OECD conventions and FATF standards (via ESAAMLG). Mauritian funds are subject to automatic exchange of financial information, reinforcing the jurisdiction's credibility with institutional investors and foreign regulators.
Why structure a fund in Mauritius?
Extensive treaty network
With over 44 double taxation avoidance agreements, Mauritius offers funds privileged access to target markets, including India, South Africa, China, France, the United Kingdom and numerous sub-Saharan African countries. This access allows for the optimisation of the tax treatment of investment flows (dividends, interest, capital gains) subject to compliance with substance conditions.
Favourable tax environment
The absence of capital gains tax, no withholding tax on dividends and interest paid to non-residents, and the Partial Exemption Regime (subject to conditions) constitute a competitive tax framework for international investment funds. Each situation must nevertheless be subject to a personalised tax analysis.
Common law legal system
The Mauritian legal system, based on English common law for business law, offers a familiar and predictable framework for international investors. The concepts of trust, limited partnership and protected cell company are recognised and regulated by law.
Strategic time zone
Located in GMT+4, Mauritius provides time zone overlap with Asian markets in the morning and European markets in the afternoon, facilitating commercial interactions and market operations in both directions.
Gateway to Africa and Asia
Mauritius is a member of several regional economic organisations — COMESA, SADC, Indian Ocean Rim Association — and benefits from trade agreements facilitating investments into these zones. This position makes Mauritius a natural platform for funds investing in African and Asian emerging markets.
Frequently asked questions about fund services
Structure your fund with Sunibel Corporate Services
As an FSC-licensed Management Company, we support you in the structuring, licensing and administration of your investment fund in Mauritius.
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