The regulatory body on non-bank financial services and global business is Financial Services Commission (FSC) which is mandated to license, regulate, monitor and supervise the conduct of business activities in financial services, securities, insurance and private pension schemes.
The assets management company will have to keep and maintain its principal bank account in Mauritius and will also be required to maintain its accounting records at its registered office in Mauritius. The processing fee for this license is USD 500 and the annual fee is USD 5000. The management company is to submit:
- a detailed business Plan,
- the business objective, strategy activity, organisation structure, area of operation, client(s) profile, mode of financing,
- 3-year financial forecast (Balance Sheet, Profit & Loss and Cash Flow Statement),
- Professional Indemnity Insurance Cover,
- Manual of internal control as well as compliance procedures,
- Details of the arrangements for day-to-day administration and management especially IT infrastructure,
- Latest Annual Return and Audited Financial Statements, as available,
- Curriculum Vitae for senior officials and Personal Questionnaire Form of Directors, CEO, Compliance Officer and Money Laundering Reporting Officer.
The services provided by the Management Company will include:
- Company and trust formation and administration,
- Trusteeship services,
- Provision of directors, secretary and nominee shareholders,
- Registered Agents for Category 2 Global Business Licensees,
- Registered Office for Category 1 and Category 2 Global Business Licensees,
- Preparation of incorporation and application documents for Global Business Licence,
- Ensuring post-statutory compliance with company and tax laws (filing of changes on Directors, Shareholders),
- Maintenance of books and accounting records and,
- Fund administration services such as NAV calculation, preparation of quarterly reports.