Fund Services — Mauritius

Fund Structuring in Mauritius

Mauritius offers a flexible, FSC-regulated framework for establishing investment funds — from lightly regulated Expert Funds to fully authorised CIS vehicles. We assist fund managers in selecting the right structure and navigating the licensing process.

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Mauritius has developed a well-respected fund structuring environment, with a regulatory framework administered by the Financial Services Commission (FSC) that caters to a wide range of investment strategies, investor types and target markets. Whether the objective is a private equity fund targeting African assets, a real estate fund, a hedge fund or a multi-manager CIS, Mauritius offers appropriate legal forms and regulatory pathways. The choice of structure — Expert Fund, Authorised Fund, Specialised CIS, or Global Scheme — depends on the investor profile, minimum investment amounts, marketing strategy and desired regulatory burden. We provide end-to-end structuring support, from initial strategy to FSC licensing and operational launch.

Mauritius Fund Structures

Expert Fund

The Expert Fund is the most commonly used vehicle for institutional and sophisticated investor-focused strategies. It is available only to 'expert investors' (individuals or entities with a minimum initial investment of USD 100,000 or equivalent). Expert Funds require FSC notification rather than full authorisation, benefit from a lighter regulatory touch, and can be structured as open or closed-ended vehicles. Launch is typically achievable within four to eight weeks.

Authorised Collective Investment Scheme (CIS)

A fully FSC-authorised CIS is required where the fund will be publicly offered or marketed to retail investors. Authorised CIS vehicles face more stringent requirements including mandatory external management, independent custodian, and full prospectus disclosure. They are structured as either open-ended (with redemption rights) or closed-ended (listed or unlisted).

Specialised Collective Investment Scheme (SCIS)

The SCIS is designed for sophisticated investment strategies including property, infrastructure, private equity and real estate. It requires FSC authorisation and must comply with the FSC's CIS (Specialised) Rules, but benefits from greater flexibility in structuring and leverage compared to a standard Authorised CIS.

Global Scheme

A Global Scheme is a foreign fund that obtains a certificate from the FSC to be promoted or offered in Mauritius. This is the appropriate pathway for foreign managers wishing to access Mauritius-domiciled investors without establishing a new Mauritius fund vehicle.

Limited Partnership (LP)

Mauritius introduced modern Limited Partnership legislation under the Limited Partnerships Act 2011. LPs are commonly used as fund vehicles for private equity and venture capital strategies, offering the familiar LP/GP structure known to international institutional investors and providing favourable pass-through tax treatment.

Variable Capital Company (VCC)

The Variable Capital Company (VCC) structure, modelled on Singapore's VCC, allows multiple sub-funds to be housed within a single legal entity with segregated assets and liabilities, separate financial statements for each sub-fund, and umbrella-level governance. It is well-suited to multi-strategy or multi-manager platforms.

Fund Structuring and Launch Process

Strategy and Structure Assessment

We assess the investment strategy, target investors, target markets, AUM target and timeline, and recommend the most appropriate Mauritius fund vehicle, legal form and regulatory pathway.

Service Provider Assembly

We assist in assembling the full service provider team — fund manager/GP, custodian, auditor, legal counsel, fund administrator and prime broker (if applicable) — and coordinate the appointment and mandate documentation for each.

Constitutional Document Drafting

We coordinate the drafting of the fund's constitutive documents — offering document/prospectus, articles of association or limited partnership agreement, subscription documents and investment management agreement — with specialist fund legal counsel.

FSC Application

We prepare and submit the FSC licence or notification application, including all required supporting documents, business plan, service provider confirmations, fit and proper documentation for key persons, and the completed FSC forms.

FSC Review and Approval

The FSC reviews the application and may raise queries or request additional information. We manage this dialogue and work with the manager's legal team to address any FSC requirements. Expert Fund notifications are typically processed in two to four weeks; full CIS authorisations take eight to sixteen weeks.

Operational Launch

Following FSC approval, we manage the operational launch — company registration with the Registrar of Companies, bank account opening, administration system setup, investor onboarding infrastructure and first close coordination.

Key Requirements for FSC Fund Licencing

Licensed fund manager (Mauritius CIS Manager licence or equivalently regulated foreign manager)
Independent custodian appointed for Authorised CIS and SCIS structures
Licensed fund administrator appointed
Approved auditor from FSC's list of approved auditors
Fit and proper documentation for key persons (CEO, CIO, directors)
Offering document or prospectus reviewed by FSC-approved legal counsel
Anti-money laundering (AML) programme in place
Minimum USD 100,000 initial investment per investor for Expert Funds
Mauritius-registered office and at least one Mauritius-resident director

Frequently asked questions

How long does it take to launch a Mauritius fund?

An Expert Fund can be launched in four to eight weeks from submission of a complete notification to the FSC. A fully authorised CIS typically takes twelve to sixteen weeks. A Limited Partnership structure can often be established more quickly. Timeline depends heavily on the quality and completeness of the initial filing.

Can a foreign fund manager manage a Mauritius fund?

Yes. A foreign fund manager can manage a Mauritius fund provided it is appropriately regulated in its home jurisdiction and is accepted by the FSC as the investment manager. However, the fund itself must have a Mauritius-based management company or appointed representative and must demonstrate adequate local governance.

Is a Mauritius fund subject to tax?

Authorised and Expert Funds are generally exempt from Mauritius income tax on income and gains arising to the fund. Individual investors' tax treatment depends on their own jurisdiction. The fund vehicle itself typically qualifies for full or substantial tax exemption under the FSC's CIS rules.

Can a Mauritius LP be used for a PE fund targeting African assets?

Yes. The Mauritius Limited Partnership is widely used for private equity funds targeting African markets, benefiting from Mauritius's treaty network, tax efficiency, and the GP/LP structure familiar to institutional LPs. The GP is typically a Mauritius company holding the CIS Manager licence.

What is the difference between an Expert Fund and an Authorised Fund?

An Expert Fund is lightly regulated, limited to expert investors (minimum USD 100,000), requires only FSC notification (not full authorisation), and has no mandatory prospectus format or external manager requirements. An Authorised Fund can be marketed to retail investors, requires full FSC authorisation, a prospectus, an independent custodian and licensed management.

The information on this page is provided for general guidance only and does not constitute legal, tax or regulatory advice. Always seek professional advice specific to your situation.