An investment fund is commonly structured as public company and licensed as a category 1 Global Business Licence Company (GBC1). An investment company can either be:

  1. Close-ended: this would be a company with a fixed share capital. The investors do not have the right to call for their shares to be redeemed at the net asset value by the company.
  2. Open-ended: this type of fund has a variable share capital and investors are allowed to redeem their net asset value at pre-determined times
  3. Private equity: this fund invests in shares or stakes of private companies. It is not allowed to invest in public companies or securities.
  4. Mutual Fund: it invests in units of funds which is already investing in portfolio companies.

It is important to note all the above can be structured as multiple compartment fund also known as “umbrella fund” creating separate sub-funds under a single legal entity each with its’ own investment policy, target distribution market an investor profile.

The registration of this kind of CIS has a processing fee of MUR 25,000 and an annual fee of MUR 75,000. The Application form is to be signed by each promoter, office or controller. Legal documents to accompany the application form include:


If CIS is an Individual

If the CIS is structure as a Company

If the CIS is structured as a Trust

If  CIS is structured as a Limited Partnership

If CIS is structured as a Foundation If CIS forms part of a Master feeder If CIS is a Multi-class Share Structure

CV details

Copy of constitution dated signed accompanied by a legal certificate and certified copy of Certificate of Incorporation

Certified copy of the Trust Deed. Name of the Trust, its date and place of registration

Certified copy of the Limited Partnership Agreement

Certified copy of the Charter Full Customer Due Diligence on the Master/Feeder fund. An indication of the number of sub-funds/share classes to be set up initially

Valid passport copy

Certified copied of statutory documents lodged with the registrar of companies with respect to the incorporation of the CIS

Details of the trustees to include submission of full Customer Due Diligence (CDD) on settlor/contributor trustee and beneficiaries or confirmation from the management company.

Details of the General partner to include full Customer Due Diligence

Details of Council Members Offer document of the feeder fund disclosing to investors that their investment will be routed through a Master fund Details on the first sub-funds/share-class to be created

Proof of address e.g. a recent utility bill

List of controlling shareholders and directors

Details of the settlor including submission of full Customer Due Diligence

Latest audited financial statements of the Limited Partnership and it’s General Partner

Details of the founder accompanied by Customer Due Diligence An indication of the percentage corpus of the feeder fund that will be invested in the Master Fund Confirmation that no sub-fund/share-class will be created unless prior approval of the Commission is secured.

Recent Bank reference

Latest audited financial statements or Corporate Profile

Corporate profile if latest audited accounts are not available.