Jurisdictions · Mauritius
Mauritius fund administration for India- and Africa-focused funds
Mauritius is a treaty-network jurisdiction with a mature fund regime and a long history as a route into India and Africa. Fundtec supports the accounting, investor services and reporting behind Mauritius CIS and closed-end funds.
In one minute
Mauritius fund administration is the accounting, investor services and regulatory reporting for funds licensed by the Financial Services Commission (FSC) of Mauritius, including Expert Funds, Professional CIS, Specialised CIS, closed-end funds and Special Purpose Funds. Fundtec provides NAV calculation, capital activity processing, FATCA/CRS support and launch coordination through Unefund, working alongside the licensed Mauritius management company each fund must appoint.
Managers launching or administering a fund in this domicile who need its filings, functionaries and calendar handled correctly from day one.
A 30-minute scoping call, then a written plan: scope, the transition timeline and indicative pricing. No generic proposal.
Mauritius funds at a glance
- Regulator
- Financial Services Commission (FSC), Mauritius
- Core legislation
- Securities Act 2005; Securities (Collective Investment Schemes and Closed-end Funds) Regulations 2008; Financial Services Act 2007
- Main fund vehicles
- Company (including protected cell company), limited partnership, trust, variable capital company
- Typical investor type
- Expert and sophisticated investors; institutions and family offices investing into India, Africa and emerging markets
- Key filings
- Audited financial statements and annual returns to the FSC; tax returns to the Mauritius Revenue Authority; FATCA/CRS reporting; substance evidence for Global Business Licence holders
- Administrator requirement
- Funds generally appoint an FSC-licensed CIS manager and a custodian; administration may sit with a licensed administrator or the manager (confirm with counsel)
- Typical setup time
- Several weeks to a few months, depending on fund type and FSC review; Expert Funds and SPFs are usually faster than retail CIS
Why managers use Mauritius
Mauritius offers a common-law and civil-law hybrid legal system, an International Financial Centre with a deep bench of management companies, and a wide treaty network across Africa and Asia. Funds typically hold a Global Business Licence and must show substance in Mauritius, including local directors, a local bank account and administration performed on the island.
For two decades the jurisdiction was synonymous with foreign investment into India. That remains a significant part of the market, alongside pan-African private equity, venture capital and private credit funds that use Mauritius as a regional hub.
Mauritius CIS types: Expert Fund, Professional CIS and Specialised CIS
A collective investment scheme (CIS) in Mauritius is an open-ended fund. The Expert Fund is available only to expert investors, typically those making an initial investment of at least US$100,000, or sophisticated investors as defined in the regulations. It is exempt from many of the restrictions that apply to retail schemes, which makes it the usual choice for hedge-style and multi-asset strategies.
A Professional CIS is offered only to sophisticated investors or by way of private placement. A Specialised CIS invests in a defined asset class, such as real estate, derivatives or commodities, and is not tied to a particular investor category by statute. Retail CIS can be offered to the public and carry the heaviest investor-protection requirements.
Closed-end funds and Special Purpose Funds
A closed-end fund (CEF) does not offer investor redemptions and is the standard structure for private equity, infrastructure and venture strategies. It usually runs on capital calls and distributions under a distribution waterfall, with carried interest to the manager.
A Special Purpose Fund (SPF) is a lighter regime for funds with a specific purpose, such as a single-investment or co-investment vehicle, offered to a narrow investor group. SPFs are often used where the investor base is sophisticated and concentrated. Investor eligibility and permitted activity should be confirmed with Mauritius counsel for each case.
Mauritius fund types compared
| Fund type | Open or closed | Typical investors | Notes |
|---|---|---|---|
| Expert Fund | Open-ended | Expert investors, typically US$100,000 minimum, or sophisticated investors | Lighter restrictions than retail CIS; common for hedge-style strategies |
| Professional CIS | Open-ended | Sophisticated investors or private placement | Suits institutional and family office investors |
| Specialised CIS | Open-ended | No statutory investor category | Focused on a specific asset class such as real estate or derivatives |
| Retail CIS | Open-ended | The public | Full investor-protection requirements |
| Closed-end fund (CEF) | Closed-ended | Sophisticated and institutional investors | Standard for PE, VC and infrastructure |
| Special Purpose Fund (SPF) | Usually closed-ended | A narrow group of sophisticated investors | Single-purpose or co-investment vehicles |
Investing into India through Mauritius in 2026
The India–Mauritius Double Taxation Avoidance Agreement (DTAA) historically gave Mauritius funds a capital gains advantage on Indian shares. A 2016 protocol changed that: gains on shares acquired from 1 April 2017 became taxable in India, while earlier investments were grandfathered. Interest and other income streams continue to be governed by treaty rates and domestic rules.
In March 2024 the two countries signed a further protocol introducing a principal purpose test, which can deny treaty benefits where obtaining them was one of the principal purposes of an arrangement. At the date of this page, Mauritius has approved ratification, but the protocol takes effect only once both countries complete their domestic procedures. Managers should model returns with and without treaty benefits and take current tax advice. Mauritius still offers substance, an experienced service ecosystem and a familiar route for Foreign Portfolio Investor registration and direct investment into India; the case now rests on those factors more than on tax alone.
What a Mauritius fund needs before launch
- Choice of fund type (Expert Fund, Professional CIS, CEF or SPF) confirmed with counsel
- An FSC-licensed CIS manager and, where required, a custodian and licensed administrator
- Global Business Licence application and substance plan: resident directors, local bank account, records in Mauritius
- Offering document, constitutional documents and subscription or commitment agreements
- AML/CFT framework, including a money laundering reporting officer appointed through the licensed provider
- Tax analysis of the India or Africa investment route, including treaty assumptions
- An operating model for NAV or capital accounts, currency handling and investor reporting
How Fundtec supports a Mauritius fund
Launch coordination
Unefund coordinates structuring, fund-type selection, the licensed CIS manager, custodian and bank introductions. See Launch a Fund.
Operating model
We design the chart of accounts, capital activity process and multi-currency handling for INR, USD and other exposures.
Investor services
KYC, subscriptions, capital calls, distributions and investor statements, with FATCA and CRS data collection.
Fund accounting
NAV or capital account reporting, management fee and carried interest calculations, and financial statements for the auditor and FSC.
Ongoing administration
Operational support alongside the licensed Mauritius provider for the life of the fund. See Hire a Fund Administrator.
Questions
Common questions about Mauritius
Didn’t find your question? Put it to a specialist directly.
Ask a specialistFrequently asked questions
What is a Mauritius Expert Fund?
A Mauritius Expert Fund is an open-ended collective investment scheme licensed by the FSC and offered only to expert investors, typically those investing at least US$100,000, or to sophisticated investors. It is exempt from many retail-fund restrictions, which makes it a flexible option for hedge-style and multi-asset strategies seeking a regulated Mauritius vehicle.
What is the difference between a Mauritius CIS and a closed-end fund?
A CIS is open-ended, so investors can subscribe and redeem on dealing days at NAV. A closed-end fund does not offer redemptions; investors commit capital that is drawn over the investment period and returned through distributions. Private equity, venture and infrastructure strategies almost always use the closed-end structure.
Do Mauritius funds still get treaty benefits on Indian investments?
Partly. Since the 2016 protocol, gains on Indian shares acquired from April 2017 are taxable in India. A 2024 protocol adding a principal purpose test has been signed and approved for ratification by Mauritius, but it takes effect only after both countries complete domestic procedures. Treaty positions should be confirmed with tax advisers for each fund.
What substance does a Mauritius fund need?
A Mauritius fund holding a Global Business Licence is generally expected to have resident directors, a local bank account, its records kept in Mauritius and administration carried out there, usually through a licensed management company. Substance requirements vary with activity, so the licensed provider and counsel should confirm them at setup.
What is a Mauritius Special Purpose Fund used for?
A Special Purpose Fund is used for a specific, narrowly defined purpose, such as a single-asset investment, a co-investment alongside a main fund, or a vehicle for a small group of sophisticated investors. It carries lighter requirements than a general CIS. Eligibility and permitted activities should be confirmed with Mauritius counsel.
Can Fundtec administer a Mauritius fund on its own?
No. Fundtec is not licensed in Mauritius. Mauritius funds appoint an FSC-licensed management company and, where required, a licensed administrator and custodian. Fundtec provides fund accounting, investor services and reporting as the operational team, working alongside those licensed providers under a clearly documented division of responsibilities.
Which Mauritius structure suits an India-focused private equity fund?
Most India-focused private equity and venture funds in Mauritius use a closed-end fund, often structured as a company or limited partnership with a Global Business Licence, because investors commit capital that is drawn over time. Counsel should confirm the structure together with Indian foreign investment rules and current tax treaty advice.
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