MAURITIUS Law and Practice Contributed by: Bhavna Ramsurun, Pinki Mahata, Lorna Senivassen and Shreya Mungur, BLC Robert & Associates
Prior to application, the applicant will need to reserve the proposed names of the entities with the Mauritius Registrar of Companies/Registrar of Limited Partnerships (the “Registrar”) and pay the relevant fee. If approved, the proposed name is valid for two months from the date of notice of reservation of the name. In relation to the setting-up of the fund in Mau - ritius, the application for registration is lodged with the Registrar, who will then notify the FSC of the application through the FSC One Platform (“FSC One”). Following receipt of this notifica - tion, the application for a GBL and authorisation to operate as a fund (open-ended or closed-end) will be lodged on the FSC One. The following documents need to be submitted for the registration and licensing of the fund: • a duly completed application form for the registration/incorporation and licence; • fund documents, as follows: (a) a constitution and the shareholders’ agreement (if adopted) for a company; (b) a limited partnership agreement for a limited partnership; (c) the trust deed for a trust; and (d) the subscription agreement, the invest - ment management agreement and any advisory agreement (drafts of the fund documents may be submitted, but the FSC expects these to be in near final form); • a draft offering memorandum or prospectus; • a consent form for initial shareholders and directors or partners; • KYC documentation on promoters and ben - eficial owners as well as proposed directors, general partners or trustees (as applicable); • certificates and confirmations required by law and the regulators;
• the appropriate government/licensing fees; and • any additional documents the FSC might require. The timeframe for the application for a fund authorisation is around 60 business days from the time the application is submitted to the authorities, assuming the application is com - plete and related queries are cleared on time. The following fees are payable to the FSC for the licensing process: • a registration fee for CISs (open-ended) and CEFs (for a single fund) of USD1,000 and an annual fee (payable in advance) of USD3,000; • a registration fee for CISs (open-ended) and CEFs that are structured as umbrella funds or PCCs and have more than one fund/cell of USD1,000 for the first fund/cell and USD300 for each additional fund/cell; • an annual fee of USD3,000 for the first fund/ cell and USD600 for each additional fund/cell; • a registration fee for CISs (open-ended) and CEFs that are structured as VCCs of USD1,000 for the first sub-fund and USD500 for each additional sub-fund or SPV; • an annual fee of USD3,000 for the VCC (inclu - sive of the first sub-fund), then USD1,000 each for the second to fifth sub-funds/SPVs, and USD1,950 for each additional sub-fund or SPV; • an annual fee of USD5,000 for a fund catego - rised as a special purpose fund or a REIT; and • for the GBL, a processing fee of USD500 and an annual fee of USD1,950. In addition to FSC fees, an incorporation fee of MUR3,000 and an annual fee of MUR9,000 are payable to the Registrar of Companies in the case of a company, and a registration fee of
379 CHAMBERS.COM
Powered by FlippingBook