About Mauritius Asset Management Licenses

WHY TO SETUP AN ASSET MANAGEMENT COMPANY IN MAURITIUS AND THE ADVANTAGES OF THE COUNTRY.

Mauritius is a flourishing offshore financial center; its formation market has become one of the fastest growing company registries in the world due to its efficiency, innovation and its broad range of offshore services.

No other offshore jurisdiction can look back on annual growth rates between 5-8% per year like Mauritius.

Offer your customers first-class Asset Management services and charge maintenance fees, annual fees, profit share etc. Do it offshore in a regulated environment where it‘s easy but trusted. Mauritius is THE jurisdiction for it.

Investors and businesses are flocking to Mauritius, taking advantage of its low cost, strict confidentiality laws and flexible incorporation regulations making the formation process simple and efficient.

If you are looking for a jurisdiction with robust privacy regulations and tax-free opportunities in a supportive offshore environment, Mauritius may be the perfect choice for your next offshore company formation.The advantages of Mauritius are outstanding:

•Dynamic economy
•Vibrant economy expected to grow around 4.5 % per year
•Services industry currently accounts for 75% of GDP
•Financial services sector expected to grow at 6% per year
•Use of the country as a platform for business between Asia and Africa
•No exchange control
•Mauritius is part of the Southern African Development Community (SADC), the Common Market for Eastern and Southern Africa (COMESA) and the Indian Ocean Rim Association for Regional Cooperation (IOR-ARC).
•Mauritius benefits from the presence of major international audit firms, including the Big Four
•Non-resident in Mauritius for tax purposes and is therefore tax-exempt in a democratic, safe and enjoyable place to conduct business
•Stable democratic political system and sustained economic growth
•Developed infrastructure, high-tech ICT connections
•Daily airline link to Europe, India, Far East, South and East Africa
•Ideal time zone. Mauritius being +4 hours GMT, communication can be made with Asia and the Pacific in the morning, Europe in the early afternoon and the United States in the late afternoon.
•Large pool of qualified lawyers and accountants, university graduates and other professionals. Accountants are mostly trained in the U.K., whilst most Mauritian barristers have been called to the Bar both in the U.K. and in Mauritius
•Confidentiality of information
•Abundant pool of highly skilled persons
•OECD White List jurisdiction which has never been on the Financial Action Task Force (FATF) list of uncooperative jurisdictions
•Competitive professional service costs
•Mauritius is a signatory to a number of regional and international agreements
•Confidentiality is guaranteed by law in respect of all information submitted to the Financial Services Company and to the Registrar of Companies
•Banks licensed in Mauritius include some of the major names in international banking like HSBC, Barclays, Afrasia, Standard Chartered
•Mauritius has concluded Investment Promotion and Protection Agreements with a number of its tax treaty partners

PERMITTED ACTIVITIES FOR A MAURITIUS ASSET MANAGEMENT COMPANY

Indeed, the FSC Mauritius does not have a complete legal framework for Assets Managers. Indeed the FSC has confirmed that an Asset Manager can manage "securities" and also "non-securities" assets as long as the assets they are managing do not fall into the high-risk categories. So far, there are no restrictions on the type of assets to be managed; they can be tangible assets like property, financial assets and also non-tangible assets and for reference purposes, the definition of "securities" is as follows:

(a) Shares or stocks in the share capital of a company, whether incorporated in Mauritius or elsewhere, other than a collective investment scheme;
(b) Debentures, debenture stock, loan stock, bonds, convertible bonds or other similar instruments;
(c) Rights warrants, options or interests in respect of securities mentioned in paragraphs (a) and (b);
(d) 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;
(e) Shares in, securities of, or rights to participate in, a collective investment scheme;
(f) Depository receipts or similar instruments;
(g) Options, futures, forwards and other derivatives whether on securities or commodities;
(h) 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.

KYC DOCUMENTS FOR THE DIRECTOR/SHAREHOLDER OF A MAURITIUS ASSET MANAGEMENT COMPANY

The regulator requires the following documents as per 10/11/2017:

- Identity of the natural person: National Identity card / Current Notarized valid passport

- Original Bank Reference Letter in English including name, address of the applicant (Originally from bank, signed and stamped) mandatory for all applications and an essential requirement also to open the bank accounts in Mauritius

- Original Criminal Record / Police Clearance Certificate (if not in English issued, then certified translated into English)

- Curriculum Vitae

- FATCA and CRS forms (forms will be provided pre-filled and ready for signature)

- Official Application docs (forms will be provided pre-filled and ready for signature). Requirements can change anytime.To make sure that you fulfill all current requirements we are going to check back with the Financial Services Commission on the day of application and communicate with you, so we can save time and additional paperwork and efforts by checking on a case by case basis what the current KYC requirements on the day of application are. This service is included in our pricing.

- The capital requirement for this license in Mauritius is between Nil and up to US$30.000 maximum, depending on the Asset Manager's detailed activities and their risk factor (it will be considered by the regulator on a case by case basis).

- Depending on the customers' documents delivery, usually, we don't need more than 8-10 weeks after order's start to receive the licenses for our customers - depending on the customer, the regulator and eventual public and bank holidays.

KYC DOCUMENTS FOR A MAURITIUS ASSET MANAGEMENT COMPANY

- We provide duly dated and signed Application Forms

- Prescribed Processing and/or Annual Fee(s) i.e. your future fee structure and general basic info about the core business and core
business activities you are going to undertake as Asset Manager (should be in accordance with the Permitted Activities)

- Details of any other license(s) or registration(s) which the Applicant holds - if applicable

- We assist, based on the information you provide, in the procurement of the Business Plan including (i) – Introduction and Background; (ii) – Business objective, strategy, and proposed activity; (iii) – Organisation Chart; (iv) – Target market(s) and client(s) profile; (v) – Mode(s) of financing; (vi) – Three years Financial Forecasts (Balance Sheet, Profit and Loss Account, and Cash Flow Statement); and (vii) – Any other relevant information.

- CV of all senior officers, and Personal Questionnaire Form(s) for Directors, Managing Director/CEO, Compliance Officer, MLRO and Deputy MLRO (as applicable)

- We provide confirmation that the Applicant shall implement a manual of internal controls and compliance procedures, once it is licensed

- We provide certified true copy of the Certificate of Registration/Incorporation, Constitution/M&A (if any), Trust Deed, and/or other statutory documents submitted/required for the registration/incorporation of the Applicant

- We assist in the procurement of professional indemnity insurance cover (costs for Indemnity coverage will apply extra depending on the covered limit)

- Copy of material contract(s)/agreement(s) to be entered between the Applicant and other party/functionary - like with banks, other
asset managers, liquidity providers, brokers for shares dealing etc.

- We assist in the measures to be put in place with regards to infrastructure, security, and safety of securities/assets

- We assist in the arrangements to ensure confidentiality, security, and reliability of client(s) information

- Copy of any promotional material(s) to be used in connection with the proposed business of the Applicant

- We assist in order the Applicant to confirm that it will keep an effective complaints' handling process in the course of conduct of its business

- The applicant should submit evidence of the source of Capital/Funds to the contributed to (account statement)

- If required the directors, shareholders, and officers of the Applicant may need to submit a morality certificate

APPLICABLE COSTS, FEES & CHARGES

i. Set-up Fees

- All administration fees including company formation, licensing, documentation and liaison with the authorities etc

- Support regulatory fees with FSC & ROC

- FATCA fess

ii. Annual Fees (for the 1st year and onwards)

- Administration fees & local Director (maximum two)

- Registered Office & Resident/Registered Agent

- Accounting & Annual Financial Statements, Taxation etc

- Ongoing Compliance to satisfy regulator & Due Diligence check of customers

- Ongoing FATCA Reporting

- Regulatory fee (FSC, ROC)

iii. Securities deposit, capital requirement, paid-in capital (one-time payment) depending on the asset management activities and their risk factor (on a case-by-case basis by the FSC)

BANK ACCOUNT PACKAGE

- Corporate Payment Provider Account in Europe

We implement a corporate account in the European Union for you. Your customers can pay their contributions directly to this account without additional charges. The account is based in a SEPA country (Czech Republic). The fees are low. There is no account maintenance fee, the transfers cost between €8.00 within the EU and approximately €30.00 per transfer to worldwide accounts. This account will be in order to receive commissions or invoice related payments - also from customers. In addition to the wire function also Sofortbanking and Bitcoin interfaces are included."

- Full Bank Account in Mauritius in your company's name as Asset Manager (Third Party funding is also allowed)

We implement a corporate bank account in Mauritius with one of the biggest Commercial banks there (Barclays, Afrasia etc). The account fees are US$50.00 per month. The account comes with online banking and debit card. The account holder is your Mauritius company. Easy fundable via SWIFT. In addition, a debit card (VISA or MasterCard) can be applied.