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Mauritius Asset Management Licenses

$36,500
About License

The Financial Service Act 2007 is the main legal framework governing the provisions and setting the parameters within which an Asset Management License can operate. Application for the license is granted pursuant to Section 16 of the above-mentioned Act subject to the approval of the Financial Services Commission (FSC).

Jurisdictional Advantages

– Low corporate tax of just 3% for your company
– Quick approval & application process
– 100% White Listed internationally and 100% Western standard in the legal framework
– Guaranteed full bank account openings with multi-currency accounts (suitable also for customers third party funding) via a roubust banking presence of several major banks
– Part of the Southern African Development Community (SADC), the Common Market for Eastern & Southern Africa (COMESA), the Indian Ocean Rim Association for Regional Cooperation (IOR-ARC), the ESAAMLG for KYC/AML purposes- Partnerships with overseas brokers, fund managers, hedge funds, liquidity providers, introducing brokers could be smoothly facilitated

Permitted Activities

Licensees can manage securities based assets and non-securities based assets as follows:

– Shares or stocks in the share capital of either a Mauritius or overseas company (as long as they are not falling under the high-risk category)
– Debentures, debenture stock, loan stock, bonds, convertible bonds or other similar instruments
– Rights warrants, options or interests in respect of securities mentioned in paragraphs (1) & (2)
– Treasury bills, loan stock, bonds and other instruments issued, guaranteed by the Mauritius Government or the government of an overeas country, a local or public authority, etc
– Shares in, securities of, or rights to participate in a collective investment scheme
– Depository receipts
– Derivatives (options, futures, forwards, etc) on securities or commodities
 

Paid-In Share Capital

The capital requirement is between nil and up to US$30,000 maximum, depending on the license’s detailed activities and their risk factor (to be determined by the FSC on a case-by-case basis), and should be fully payable.

Directors and Shareholders

We need at least one (1) shareholder (natural person or body corporate, 100% foreign ownership is permitted)

We need at least four (4) directors (it is mandatory that at least two local directors must be included in the company’s Board of Directors). On top, may be appointed as many as you wish from your side (overseas natural persons or bodies corporate) that should be recognized fit & proper to conduct the assets management business.

(*) If bodies corporate (either as Shareholders, Directors or both) we need also Certificates of Incorporation; M&A; corporate registries; good standing certificates (if companies are older than 1 year); applicable due diligence (same as above) for the persons controlling these companies (to the ultimate UBO or UBOs).

Applicable Due Diligence

Passport copies (not older than 3 months) which must be certified by a notary; proof of address (not older than 3 months) which must be certified by a notary; original Bank Reference Letter; CV of the principals behind the company; academic & professional certificates (translated in English or French, certified by a notary); proof of source of funds (through a bank statement showing at least US$50,000 of balance).
 

Accounting, MLRO, auditing, insurance, etc

Accounting & auditing needs to be conducted locally (once per year) by an appointed CPA in Mauritius, and all records to be maintained always in Mauritius, at the company’s premises.

MLRO (a.k.a. Money Laundering Reporting Officer) needs to be a local Compliance Officer overseeing the licensee’s affairs and its compliance procedure for onboarding clients, conducting operations, etc

The licensee is also requested to have a Professional Indemnity cover that varies with the volume of activities and risk of its business (an insurance quote must be submitted along with the application for approval by the FSA.

Banking

Bank Accounts may be provided at Afrasia Bank, Commercial Bank of Mauritius, Bank One Mauritius, etc. (our advice is for at least two accounts i.e. one clients’ account for inward/outward payments from/to clients and another account for general corporate purposes i.e. salaries, software, royalties, general expenses, etc)

Tax Treatment

Licensed GBC1 benefits from a deemed tax credit so that it will end up paying a maximum effective tax rate of 3% on its tradable profits; no capital gains tax, no withholding tax on dividends, capital gains interests, and royalties; as soon as a GBC1 is qualified as tax resident in Mauritius, it will benefit from the tax treaties.
 
Fees

– Professional fees: Preparation and filing of all necessary paperwork to register the company, name reservation, provision of Constitution, receipt of Certificate of Incorporation, Global Business License, Assets Management Services License, first Board Minutes, Share Certificates, setup fees for the domestic company, provision of Registered Office & Company Secretary in Mauritius, provision of two resident directors, fees payable to the Financial Services Commission (FSC) for GBL1 License, obtention of the Assets Management Services License, Registrar of Companies License Fee, Tax Residency Certificate (TRC) in Mauritius, opening of two Bank Accounts in Mauritius (clients’ account & general purposes account) etc.

US$34,500.00

– Ongoing Administrative Fees:

(a) Fully serviced office in Mauritius to qualify the applicant for the licenses (cost to be determined, at least US$1,000 per month)

(b) Appointment of Money Laundering Reporting Officer (MLRO) to qualify the applicant for the licenses (cost to be determined, at least US$1,000 per month)
 

– Annual Renewal from 2nd Year Onwards:

Registered Office, Company Secretary, two resident Directors, GBL1 License’s fees to the FSC, IDL License’s fees to the FSC, fees to the Registrar of Companies, preparation of financial statements and filing of Tax Returns.

US$22,500.00

In the above context, please also check our https://gmcswedishtrusts.com, which might be a very good option for you also.

Always at your kind disposal.

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