Comprehensive Application & Advisory Solutions
Mauritius is a fast-growing International Financial Centre for the application of regulated (“Special”) licences which are used for a variety of different industries and company activities. TrustQore’s hugely experienced team can manage the application process from start to finish. Additionally, we provide a suite of relevant ancillary services designed to support your business and the regulated environment in which it will operate. The licence application is complex and time-consuming; using TrustQore means we can assist at every stage, ensuring the process is more straightforward.
The Mauritius Financial Services Commission (FSC) offers more than seventy types of licence. Amongst others, these include Funds, Family Office, Private Equity, Special Purpose Acquisition Company (SPAC), and Investment Dealership. Please contact us to discuss the full range of available licences. The most common are set out in more detail below:
Funds
TrustQore provides independent fund administration, corporate secretarial and reporting services to a broad range of investment funds including structures invested in private equity, real estate and digital assets. Services include:
NAV calculation services including verification and reporting.
Cash and liquidity management.
Financial statement and audit preparation.
Compliance (FATCA and CRS) reporting.
Fund management including director services.
CIS Manager
A CIS Manager in Mauritius is a licensed entity responsible for managing and operating a Collective Investment Scheme (CIS) in compliance with the Securities Act 2005 and applicable regulations. Its primary duties include portfolio management, ensuring regulatory compliance, risk mitigation, fund administration, and maintaining investor relations. A CIS Manager oversees the day-to-day operations of the fund, including asset valuation, Net Asset Value (NAV) calculations, and reporting.
It must meet the Financial Services Commission’s requirements for qualified personnel, operational manuals, and minimum capital, ensuring the scheme operates transparently and in the best interests of investors. This role is critical for the effective functioning and integrity of investment funds in Mauritius.
Although not compulsory, Funds may choose to incorporate a CIS Manager. When considering an application for a CIS Manager licence, the FSC will consider the key officers of the company including those responsible for portfolio management, as well as operating manuals documentation.
Protected Cell Company
A Protected Cell Company (PCC) in Mauritius is a legal structure that allows a single entity to operate with multiple segregated cells, each with distinct assets and liabilities. Regulated under the Financial Services Act 2007 and the Protected Cell Companies (Amendment of Schedule) Regulations 2005, a PCC enables legal and financial segregation between its cells, ensuring that the liabilities of one cell do not affect others or the core company. This structure is particularly advantageous for industries such as insurance, investment funds, and structured finance, where risk isolation is critical.
A PCC can be owned by individuals or corporate entities and must comply with strict regulatory requirements, including adequate governance and disclosure of the activities within each cell. Its flexibility and asset protection features make it a preferred structure for international businesses in Mauritius.
A GBL can be structured as a Protected Cell Company (PCC) under the Protected Cell Companies (Amendment of Schedule) Regulations 2005. A PCC structure comprises individual, separate cells which allows for legal segregation of the underlying assets attributable to each cell. Hugely flexible, a PCC may be owned by individuals or a corporate body.
Asset Management
TrustQore provides a comprehensive range of administration, accounting and investor relations services to asset management companies.
Typically, these are structured as a GBL and a specific licence must be obtained from the FSC in order before operations commence.
Investment Dealer Licence
The Mauritius Investment Dealer Licence, issued by the Mauritius FSC under the Securities Act 2005 permits the holder to establish a trading platform in Mauritius and to trade securities and similar instruments on behalf of clients.
In 2021, the 80% partial tax exemption on specified income streams was extended to companies holding this type of licence, thus reducing the effective income tax rate to 3% which acts as a real incentive to conduct this type of business in Mauritius.
Type of licence
Three categories of Investment Dealer licences are issued in Mauritius, as follows:
1. Investment Dealer (Full Service)
Including Underwriting
The holder of an ‘Investment Dealer (Full Service including underwriting)’ licence is authorised to:
– Act as an intermediary in the execution of securities transactions for clients.
– Trade in securities as principal with the intention of reselling these securities to the public.
– Underwrite or distribute securities on behalf of an issuer or a holder of securities.
– Give investment advice that is ancillary to the normal course of business activities; and
– Manage portfolios of clients.
An applicant is required to maintain a minimum unimpaired stated capital of MUR10 million (approx. USD230,000), or foreign currency equivalent.
A licensee must also hold professional indemnity cover appropriate to the volume and risk profile of the business undertaken.
Excluding Underwriting
The holder of an ‘Investment Dealer (Full Service excluding underwriting)’ licence is authorised to undertake all the activities listed above, except Underwrite or distribute securities on behalf of an issuer or a holder of securities, thus:
It is not permitted to underwrite or distribute securities on behalf of an issuer or a holder of securities.
An applicant is required to maintain a minimum unimpaired stated capital of MUR1 million (approx. USD 23,000), or foreign currency equivalent.
A licensee is also required to hold professional indemnity cover appropriate to the volume and risk profile of business undertaken. PI cover would normally cost approximately MUR100,000 (around USD 2,250) annually.
2. Investment Dealer (Broker)
– The holder of an Investment Dealer (Broker) licence is authorised to execute client orders, manage their portfolios and provide advice on securities transactions to them.
– An applicant must indicate clearly which of these activities it will engage in and elaborate how it proposes to undertake them.
– An applicant is required to maintain a minimum unimpaired stated capital of MUR700,000, or foreign currency equivalent.
– A licensee is also required to comply with the minimum competency standard requirements for its representatives and officers.
3. Investment Dealer (Discount Broker)
– The holder of an Investment Dealer (Discount Broker) licence is only authorised to execute orders for clients without giving advice.
– An applicant is required to maintain a minimum unimpaired stated capital of MUR600,000, or foreign currency equivalent.
– A licensee is also required to comply with the minimum competency standard requirements for its representatives and officers.
Investment Adviser Licence
The Mauritius Investment Adviser Licence is classified under one of three categories of “Securities or Capital Market Intermediary” as set out by the Securities Act 2005. This is overseen by the Financial Services Commission (FSC) under the Securities (Licensing) Rules 2007.
As stipulated in Section 30 of the Securities Act 2005, individuals who do not hold a valid licence are prohibited from:
Providing advice, guidance, or recommendations – whether personally, in written form, or through any other medium – regarding participation in securities transactions.
Managing, or claiming to manage, securities portfolios under any kind of mandate (discretionary or non-discretionary) without being licensed as an investment adviser or as a representative of a licensed investment adviser.
Types of Investment Adviser Licences
Investment Adviser (Unrestricted): This licence allows the holder to manage securities portfolios and offer advice on securities transactions, excluding corporate finance advisory services. A minimum capital of MUR 600,000 (about USD 13,600) or foreign currency equivalent must be maintained.
Investment Adviser (Restricted): Holders of this licence are permitted to provide advisory services on securities transactions, excluding corporate finance advisory. A minimum capital of MUR 500,000 or foreign currency equivalent is required.
Investment Adviser (Corporate Finance Advisory): This licence allows the holder to provide corporate finance advisory services related to securities, including compliance with listing requirements, fundraising through securities offerings, and corporate restructurings (e.g. mergers and acquisitions). A minimum capital of MUR 1 million or foreign currency equivalent is required.