MOBAA requires first of all that the Managers and Investment Advisers of the proposed offshore fund be registered with the investment authorities of their jurisdiction.
The following information has to be supplied to MOBAA in support of an application:
1. Information Memorandum on the Fund.
2. Memorandum and Articles of Association.
3. Management Agreement with Mauritius Management Company.
4. Mauritian Custodian Agreement. The custodian is usually a bank operating offshore in Mauritius.
5. Secretary and Registrar Agreement
The above agreements should cover the following information :
The following which is usually covered in the information memorandum :
Track record of the :
- fund structure
- fund objectives
- target market and investors
- investment plans giving details of investments
- promoter
- fund manager
- investment adviser
- custodian
- administrator
Safeguards incorporated for the protection of the investor.
Full compliance with the laws and regulations in the countries where the fund is to be marketed.
The following information may be set out in the offering Memorandum :
- Type of fund and legal status
- Investment policy (by subfund if an umbrella fund structure is used)
- Borrowing policies
- Net asset value calculation
- Conditions for issuance and redemption of shares, including the rights attached, and frequency
- Tax status
Name of
- custodian bank
- independent auditor
- investment adviser
- investment manager
- administrator / registrar
- directors
Once the company has been incorporated a Tax Residence Certificate has to be applied for. To obtain such a certificate it is necessary to show that the company will be managed in Mauritius. The requirements are as follows:
1. Two directors must be resident in Mauritius
2. A Qualified Secretary must be resident in Mauritius
3. A bank account is maintained in Mauritius with an offshore bank
4. The investment funds are made via the Mauritius bank account
5. Board meetings are initiated and chaired in Mauritius
6. The NAV calculations are made in Mauritius
International Management (Mauritius) Ltd (IMM) taking into consideration the requirements of the clients and those of the regulations provides the following services:
1. Review of the documents which have to be submitted in support of your application. IMM can draft the documents for the clients' review.
2. Apply for approval of the name chosen for the fund.
3. Prepare and submit an application on behalf of the clients for approval of the fund.
4. Incorporate the company.
5. Provide a registered office which would be at the address of our company.
6. Provide two directors and a qualified secretary resident in Mauritius.
7. Open a bank account on behalf of the company.
8. Provide local signatories to the bank account.
9. Prepare quarterly accounts and NAV calculations.
10. Provide services as administrator and registrar.
IMM would normally nominate one of the Senior Managers of the company to be the contact person who would interact with the Manager of the fund. Liaisons on a day to day basis with clients are possible by fax and/or E-mail.
The content of this article is intended to provide general information on the subject matter. It is therefore not a substitute for specialist advice.
