A scheme or arrangement made or offered by an entity under which the contributions, or payments made by the investors, are pooled and utilized with a view to receive profits, income, produce or property, and is managed on behalf of the investors.
The Financial Services Commission generally wishes to satisfy itself that, as far as possible, substance and central administration is in Mauritius. To this end, the fund must have a local administrator, a local custodian, and a local auditor. The requirement that central administration is situated in Mauritius implies that:
The above does not exclude the possibility of the fund obtaining assistance for the management of its assets from an investment adviser established overseas, nor does it prevent management decisions in relation to investment and disinvestment being executed overseas. Also the requirement for the location of the issuance and redemption of shares in Mauritius does not preclude foreign intermediaries from participating in the placing and redemption operations as distributors or nominees. The Commission insists on the independence of the manager, the trustee and the custodian.
In appropriate circumstances, it is also possible to establish a management or advisory company in the sector to take advantage of the beneficial tax regime.