An Asset Management Company is regulated by the Mauritius Financial Services Commission (“FSC”). The Asset Manager Company can manage securities (Please see below for Securities definition) and non-securities assets which can be tangible or non-tangible. Up to now, there are no restrictions on the type of assets which can be managed unless the assets fall under the high-risk category.

In order to apply for an Asset Manager license, the applicant should also apply for a Global Business Company (“GBC”) license.

Taxation aspect

> GBC are tax resident in Mauritius.
> Net Corporate tax of 3% subject to satisfying the substance criteria
> No withholding tax on payment of dividends
> No stamp duties or capital taxes
> No inheritance tax
> GBC benefits from the Double Taxation Agreement
> Administration & Compliance aspect
> Managed and controlled from Mauritius
> Two local directors and a qualified secretary resident in Mauritius
> Board meetings are chaired from Mauritius
> Appointment of MLRO, DMLRO and Compliance Officer
> Professional indemnity insurance cover

Administration & Compliance aspect

> Managed and controlled from Mauritius
> Two local directors and a qualified secretary resident in Mauritius
> Board meetings are chaired from Mauritius
> Appointment of MLRO, DMLRO and Compliance Officer
> Professional indemnity insurance cover

Capital requirement

> Depending on the business model and the products the applicant is going to trade as Asset Manager, the securities deposit will be considered on a case-by-case check.

Statutory Fees

> Processing Fee to FSC: USD 1,000
> Annual Fee to FSC: USD 1,900

Securities

For reference, under the Laws of Mauritius, the definition of “Securities” is as follows:

> Shares or stocks in the share capital of a company, whether incorporated in Mauritius or elsewhere, other than a collective investment scheme
> Debentures, debenture stock, loan stock, bonds, convertible bonds or other similar instruments
> Rights warrants, options or interests in respect of securities mentioned in paragraphs (1) and (2)
> Treasury bills, loan stock, bonds and other instruments creating or acknowledging indebtedness and issued by or on behalf of or guaranteed by the Government of the Republic of Mauritius or the government of another country, a local authority or public authority, as may be prescribed
> shares in, securities of, or rights to participate in, a collective investment scheme
> depository receipts or similar instruments;
> options, futures, forwards and other derivatives whether on securities or commodities;
> any other transferable securities, interests or assets as may be approved by the Commission; For the management of any other type of asset, the FSC will consider on a case-to-case basis