Investment Funds in Mauritius

Investment funds in Mauritius are typically structured as companies incorporated under the Companies Act 2001 and licensed as Global Business Companies. They are regulated by the Financial Services Commission (FSC) and may operate as Collective Investment Schemes (CIS) or Closed-End Funds.

Funds may adopt a single-tier or two-tier structure, and umbrella funds can be formed using a Protected Cell Company (PCC), with each cell operating as a distinct sub-fund. Mauritius allows for a wide investment scope including equity, fixed income, and venture capital.

Regulatory Requirements

All CIS and closed-ended funds require prior approval from the FSC. In assessing an application, the FSC considers:

Track record of the promoters
Fund structure and investment objectives
Target investor profile and distribution strategy
Expertise of the investment manager, custodian, and administrator
Compliance with relevant foreign regulations (where applicable)

Upon satisfaction of all criteria, the FSC grants an approval in principle to allow incorporation and final licensing.

Governance & Operational Substance

The FSC expects funds to demonstrate meaningful presence and central administration in Mauritius. This includes:

A minimum of two resident directors
A licensed company secretary
Local administrator, custodian, and auditor
Maintenance of a bank account in Mauritius
Accounting records, share register, and NAV calculation performed locally
Board meetings initiated and chaired from Mauritius

While portfolio management decisions can be executed abroad, core administrative and compliance functions must remain in Mauritius.

Difference between CIS and CEF

Features	CEF	CIS
Requirement for a promoter
Can it be private or public in nature?
Shares issued in the fund to subscribers?
Timeline to collect funds from subscribers (private)?	6 months	6 months
Timeline to collect funds from subscribers (public)?	6 days	6 days
Can funds continuously be collected from subscribers?
Requirement for diversified investments?
Shares redeemable?
Investment/lock-in periods?
Investment timeframe?	Long	Short/Medium
Prospectus required?	If public company
Private placement memorandum required?		As per section 70 (1) of the Securities Act 2005
Requirement for a CIS Manager (Fund Manager)?
Can the investment fund be self-managed?	Upon the written approval of the FSC	Upon the written approval of the FSC
Custodian bank requirement?
CIS Administrator requirement?
Requirement for two (2) resident directors
Requirement for an auditor?
Financial statements to be audited in Mauritius and filed with the FSC?
Interim financial statements to be filed with the FSC?
Principal Bank Account in Mauritius?