Finance Focus

but it may however benefit form credit for taxes suffered at source where this can be evidenced. If taxes at source cannot be evidenced, a unilateral relief of 80% of the Mauritius tax charge is available under the Income Tax (Foreign Tax Credit) Regulation 1996, thus resulting in an effective tax rate of 3%.

There is no capital gain tax, and no withholding tax on payment, in Mauritius. The Company is required to file an annual tax return with the Commissioner of Income Tax within 6 months of its financial year end.

The Fund may also benefit from the advantages of double taxation treaties that Mauritius has signed with various countries. To date, Mauritius has over 30 double taxation agreements, including India, China, Pakistan, Singapore, and South Africa.

Limited Partnerships are tax transparent vehicle; therefore no tax is paid in Mauritius.

Financial Statements As per the Securities Act 2005, every fund is required to file with the FSC as soon as possible. Interim financial statements should be prepared in accordance with IFRS, but not later than 45 days after the closing date of the interim period. The financial statements prepared in accordance with IFRS and audited by an audit firm approved by the FSC must be filed not later than 90 days of its balance sheet date.

Supervision: The FSC may request other information in addition to the published reports and reporting requirements. It also has the right to inspect or to cause inspection of the books and records of the Fund.

Incorporation Procedures An application for a Category 1 Global Business Licence must be made through a licensed Management Company. The main documents that are required for incorporating a company are:

• Statutory documents required for the incorporation of the Category 1 Global Business Company

• Customer Due Diligence documents on the promoters / controlling shareholders of the Fund, Investment Adviser / Manager

• Personal Questionnaire Form in the name of the individual promoters and directors of the Fund

• Personal Questionnaire Form in the name of the individual promoters and directors of the Investment Manager / Adviser

• Set of constitutive documents of the scheme (i.e, Prospectus, Custodian Agreements, sub Custodian Agreement,

Investment

Management Agreement, Administration Agreement,

Investment Advisory

Agreement, Secretarial and Registrar Agreement, etc.) or main clauses of the agreements to be concluded with each functionaries.

• Certified copy of any licence / regulation held by foreign investment manager (if any) which enables it to offer its services to the Fund.

• Structure chart

The Fund is also required to obtain the appropriate authorisation under section 97 of the Securities Act and pay the relevant fees applicable.

Our Scope of Services We provide a one-stop shop service for the setting up and administration of offshore funds in Mauritius, for our international clients and our services include:

Our Duties and Responsibilities as the Mauritian Administrator on an on-going basis:

• Provision of office facilities for Registered Office and Board meetings;

• Providing two experienced local directors of appropriate calibre to exercise independence of mind and judgement;

• Keeping of statutory books and records to comply with Mauritian law and FSC’s requirements;

• Share registration (for Mauritian entity) to facilitate and record the issue and redemption of shares in the company;

• Company secretarial services including calling and co-coordinating of board meetings and minutes writing;

• Provision of accounting services, receipt of statements and monitoring of local bank

While every care has been taken in the preparation of this client information release to ensure its accuracy at the time of publication, CKLB accept no responsibility for any errors which, despite all precautions, may be found herein. Neither this client information release nor the information contained therein constitutes a contract or will form the basis of such. It is essential that, before proceeding, advice on individual / Corporate tax and estate planning is obtained in the client's country of residence and/or domicile.

account, clearing of local level expenses as appropriate, maintenance of copies of accounting records in accordance with Mauritius Company law;

• Preparing / causing NAV calculations to be prepared and signed-off;

• Ensure Compliance with local authorities and other overseas regulators (e.g. stock e changes where offshore funds shares are listed abroad);

• Subject to operational logistics, issuing instructions on investments on advice of the fund manager and monitoring of such;

• Co-coordinating bank transfers for investments and disinvestments;

• Liaising with the auditors and filing of audited financial statements with the FSC;

• Settling FSC's annual fees and ensuring that the Mauritian company is in good legal standing;

• Attending to local tax computation and filing of annual tax return with local authorities and attending to their related correspondence.

The CKLB Fund team comprises of qualified Fund Administrators with many years of Fund experience in various jurisdictions and as Fund Administrator, we provide tailor-made Fund services to the requirements of Promoters as far as we are able to do so and would be pleased to discuss this further.

We are pleased to assist with the initial Fund structuring and documentation through to the establishment and incorporation and on-going administration of the Fund.