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).
Licensees can manage securities based assets and non-securities based assets as follows:
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.
Applicable Due Diligence
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
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)
– 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.
– 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)
– 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.
Always at your kind disposal.
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