Funds in Mauritius

Mauritius has positioned itself as a leading jurisdiction for fund structuring and investment vehicles, particularly for Africa- and Asia-focused strategies. The jurisdiction offers flexible, tax-efficient, and internationally compliant fund regimes that are attractive to fund managers, institutional investors, family offices, and HNWIs.

Legal Framework
Funds in Mauritius are primarily regulated under the Securities Act 2005, the Financial Services Act 2007, and relevant FSC Rules, Regulations and Guidelines. The Financial Services Commission (FSC) is the regulatory authority overseeing Collective Investment Schemes (CIS) and Closed-End Funds (CEF).

Why set up a Fund in Mauritius?

Access

Strategic access to Africa and Asia

Financial Efficiency

Cost-effective fund administration

Legal

Robust legal system based on English and French law

Regulatory Framework

secure and transparent investment environment under the FSC, ensuring compliance with international standards

Network

Strong network of service providers and fund administrators

Transparency

Reputation as a well-regulated and transparent financial centre

Fund vehicles that can be set up in Mauritius

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Collective Investment Schemes (CIS)

Open-ended Pooled investment vehicles regulated by the FSC, allowing investors to collectively invest in a diversified portfolio of securities, professionally managed with options for retail, institutional, expert or sophisticated investors.

CIS may apply for the following authorisations:

Retail Schemes: Funds intended for investments by retail investors locally in Mauritius, with more regulatory reporting obligations.
Global Schemes: Funds intended for investments by retail investors outside of Mauritius, with more regulatory reporting obligations.
Expert Funds: Funds exclusively for expert investors, i.e. investors who can make a minimum initial investment of USD 100,000 or sophisticated investors, designed for sophisticated strategies such as hedge funds or private equity, with lighter regulatory oversight in Mauritius.
Specialised CIS: Funds which invest in specific assets classes which are high risk or illiquid such as real estate, derivatives, commodities or any other products authorised by the FSC.
Professional CIS: Restricted to professional / sophisticated investors like banks and institutions, these funds enjoy simplified compliance requirements while offering access to complex or bespoke investment opportunities not open to the general public.
Special Purpose Funds (SPFs): Customised funds established for specific objectives like co-investments or feeder structures, exempted from certain CIS rules, offering flexibility and strategic structuring advantages subject to FSC approval.

Closed-End Funds

Fixed capital investment funds with a limited number of shares, typically listed or privately placed, offering long-term exposure to specific asset classes with no obligation for daily redemptions by investors.

CEF may apply for the following authorisations:

Professional CIS: Restricted to professional / sophisticated investors like banks and institutions, these funds enjoy simplified compliance requirements while offering access to complex or bespoke investment opportunities not open to the general public.

Special Purpose Funds (SPFs): Customised funds established for specific objectives like co-investments or feeder structures, exempted from certain CIS rules, offering flexibility and strategic structuring advantages subject to FSC approval.

Both CIS and CEF may be licensed as:

Single Fund – Only one participating share class
Having more than 1 Fund – Possibility to create several participating share classes (or ‘sub-funds’), however, without ring-fencing of assets among the share classes
Protected Cell Company – Possibility to create more than 1 Cell, with ring-fencing of assess among the Cells

Fund setup requirements in Mauritius

To establish a fund in Mauritius, the structure typically requires:

A Fund Manager / CIS Manager licensed by the FSC; or it may apply to the FSC to be self-managed
A Fund Administrator / CIS Administrator
A Custodian
A Local Auditor
A Board of Directors, with at least 2 Mauritian resident directors (for tax residency)
A Registered Agent (if the fund is set up as an Authorised Company)

Tax residency and advantages of Funds in Mauritius

If a Fund holds a Global Business Licence (GBL) and is managed and controlled from Mauritius, hence, it can benefit from:

A 15% corporate tax, with partial exemption of 80% on foreign-source income (effective tax rate of 3%), subject to certain requirements
Access to an extensive network of Double Taxation Avoidance Agreements (DTAA)
No capital gains tax
No withholding tax on dividends, interest, and royalties (subject to conditions)
Full foreign exchange control liberalization

To qualify as tax resident in Mauritius, the Fund must:

Have its Control & Management in Mauritius
Have at least two resident directors
Maintain a principal bank account in Mauritius
Keep accounting records in Mauritius
File audited financial statements with the FSC

Reasons to set up a Fund in Mauritius

Strategic access to Africa and Asia
Cost-effective fund administration
Robust legal system based on English and French law
Reputation as a well-regulated and transparent financial centre
Secure and transparent investment environment under the FSC, ensuring compliance with international standards
Strong network of service providers and fund administrators

Ongoing obligations for a Fund in Mauritius

Submit annual audited financial statements to the FSC
Maintain compliance with AML/CFT regulations
Keep accounting records and file tax returns
Ensure proper disclosures and investor reporting
Renew FSC licences and GBL annually

FAQs about Funds in Mauritius?

What types of funds can be set up in Mauritius?

There are 2 main types of Funds that can be set up in Mauritius - Collective Investment Schemes (CIS) [which are open-ended] and, Closed-End Funds.

Who regulates funds in Mauritius?

The Financial Services Commission (FSC) is the regulatory body that licenses and oversees all fund structures under the Securities Act 2005 and related rules and regulations.

What is a Closed-End Fund (CEF)?

A fixed capital investment funds with a limited number of shares, typically listed or privately placed, offering long-term exposure to specific asset classes with no obligation for daily redemptions by investors.

What is a Collective Investment Scheme (CIS)?

A CIS is an open-ended fund structure that pools capital from multiple investors to invest in a portfolio of assets. It may be managed by a licensed fund manager or be self-managed.

What is the minimum investment required for an Expert Fund?

Expert Funds are limited to investors who can make a minimum initial investment of USD 100,000; or sophisticated investors; and are considered suitable for private equity, venture capital, or hedge fund strategies.

What are the tax benefits of setting up a fund in Mauritius?

Funds with a Global Business Licence (GBL) benefit from an effective corporate tax rate of 3%, no capital gains tax, and access to Double Taxation Avoidance Agreements (DTAAs) with multiple countries.

Can a fund in Mauritius be fully foreign-owned?

Yes. Funds can be 100% foreign-owned, and Mauritius encourages foreign investment by offering a stable legal environment and investor-friendly regulations.

What is required for a fund to be tax resident in Mauritius?

To be tax resident, the fund must have its Control & Management in Mauritius, two local directors, a Mauritian bank account, local financial statements, and file tax returns in Mauritius.

Are there any restrictions on the type of assets a fund can invest in?

Mauritian funds can invest in a wide range of asset classes, including equities, fixed income, real estate, private equity, and alternative investments, depending on the fund’s structure and strategy.

What is a Special Purpose Fund (SPF)?

An SPF is a flexible investment vehicle used for specific objectives like co-investment structures or feeder funds, and may benefit from regulatory exemptions upon FSC approval.

How long does it take to set up a fund in Mauritius?

Typically, it takes 4 to 8 weeks to set up a fund, including licensing, legal documentation, and regulatory approvals, depending on the fund type and structure.

How Renesis Financial Services helps with Funds in Mauritius

At Renesis Financial Services, we offer end-to-end solutions for setting up and managing fund structures in Mauritius. Whether you are an asset manager, family office, or institutional investor, our experienced team ensures regulatory compliance, operational efficiency, and strategic fund structuring.

Our Services Include:

1. Advisory on Fund Structuring
We assess your investment goals and recommend the most suitable fund vehicle—whether it's a CIS, Expert Fund, Professional CIS, or SPF—while optimizing for tax efficiency and compliance.

2. Licensing & Regulatory Approvals
We handle all application processes with the Financial Services Commission (FSC), including the drafting and submission of required documents for fund, CIS manager, and Global Business Licence (GBL) approval.

3. Incorporation & Setup
We take care of the legal incorporation of the fund entity, appoint resident directors, open local bank accounts, and coordinate with auditors, administrators, and custodians.

4. Compliance & Reporting
We manage your fund’s statutory filings, FATCA/CRS compliance, and ensure ongoing adherence to FSC regulations, AML/CFT laws, and global tax reporting standards.

5. Corporate & Administrative Support
From company secretarial services to board meeting coordination, we provide full back-office support to allow fund managers to focus on core investment activities.

6. Cross-border Structuring & DTAA Optimisation
We help international clients leverage Mauritius’ extensive double tax treaty network to structure cross-border investments in a tax-efficient and compliant manner.

7. Post-launch Assistance
After launch, we remain a close partner—supporting investor onboarding, NAV reporting coordination, and changes to fund structure or strategy as required.