Zitadelle AG | Mauritius Fund Structuring Excellence

Discover Fund‑Forming Expertise in a Leading International Financial Centre

Zitadelle AG specializes in the end‑to‑end setup and administration of both open‑ended Collective Investment Schemes (CIS) and closed‑ended funds (CEFs) in Mauritius, leveraging the jurisdiction’s robust legal, regulatory, and tax‑efficient regime.

Why Mauritius is a Preferred Fund Jurisdiction

• Regulated under the Securities Act 2005, Financial Services Act 2007—all funds must be approved by the Financial Services Commission (FSC) and structured under the Companies Act 2001.

• Two main fund categories:

  • CIS (open‑ended): units redeemable at NAV upon request, risk‑diversified portfolios

  • Closed‑Ended Fund (CEF): fixed share capital, investors locked in until fund maturity.

• Variable Capital Company (VCC) structure (VCC Act 2022) enables multiple sub‑funds (open or closed‑ended) under one umbrella with full ring fencing.

• Special Purpose Fund (SPF) structure for tax‑exempt schemes and expert investor vehicles

Zitadelle AG Services Overview

• Structuring open‑ended CIS (unit trusts, open‑ended companies, professional, specialized, expert funds)

• Launching closed‑ended funds (private equity, real estate, fixed‑term structures)

• Establishing VCC and PCC umbrellas with sub‑fund segregation

• Preparation of Private Placement Memoranda or prospectuses tailored to investor types

• Handling FSC applications, company incorporation, licensing, and GBL approval

• Administrative infrastructure: local directors, company secretary, fund administrator, custodian, auditor, NAV calculation, investor registry—all based in Mauritius

Example Fund Structures Currently Operating from Mauritius

Here are real‑world examples of open‑ and closed‑ended funds domiciled in Mauritius:

• MCB Tracker Fund / MCB General Fund — Open‑ended mutual funds managed by MCB Investment Management, offering diversified exposure to Mauritian equity and bonds markets.

• Theseus Property Fund Limited — A PCC‑based property fund run under Belvedere Fund Manager Limited in Mauritius. Though currently suspended, it exemplifies CEF property fund structuring.

• Port Louis Fund (an index‑style fund offered locally) — reportedly delivers annualized returns of ca. 8% with a ~1.1% expense ratio.

These demonstrate Mauritius’s flexibility for retail/open funds and specialised closed structures, aligning with Zitadelle AG’s capabilities.

Zitadelle AG ensures full substance in Mauritius: local bank accounts, accounting, board meetings, and compliance—all critical for FSC approval and international credibility.

Frequently Asked Questions (FAQ)

Q1: What’s the difference between CIS and CEF?
A1: CIS (open‑ended) allow investors to request redemption of shares at NAV. CEFs issue fixed shares; investors cannot redeem before maturity or exit conditions.

Q2: Who regulates funds in Mauritius and what licence is needed?
A2: The Financial Services Commission (FSC) licenses all CIS and CEF structures. A Global Business Licence (GBL1) and this approval are required for funds targeting cross‑border investors.

Q3: What fund structures does Zitadelle offer?
A3: Zitadelle AG offers open‑ended CIS, closed‑ended funds, expert funds, specialized CIS, VCC umbrella structures, and PCC entities—tailored to investor type and asset strategy.

Q4: Are local directors and substance required?
A4: Yes—FSC mandates at least two resident directors, local company secretary, custodian, administrator, auditor, NAV calculations, and bank account in Mauritius.

Q5: What are the minimum investment thresholds?
A5:

• Retail CIS: no minimum specified by law; typical thresholds vary across funds.

• Expert CIS: minimum USD 100,000 per investor.

Q6: What tax efficiencies are available in Mauritius?
A6: Standard corporate tax is 15%, but 80% partial exemption applies on foreign‑source income (e.g. dividends/interests), yielding effective rates around 3%. No withholding or capital gains tax on non‑resident investors.

Q7: How do VCCs and PCCs differ, and when to use each?
A7:

• PCCs host multiple cells within one legal entity; each cell ring‑fences assets/liabilities.

• VCCs (newer structure) allow sub‑funds or SPVs under one umbrella, each can be CIS or CEF, with separate legal personality and operational efficiency. Ideal for multi‑strategy funds.

Why Choose Zitadelle AG for Mauritius Fund Setup?

• Integrated service: From structure design, licensing, documentation, to full local compliance and administration

• Regulatory expertise: Deep knowledge of FSC rules and efficient approvals

• Flexible solutions: Single‑ or multi‑sub‑fund VCCs, PCCs, open‑ended or closed‑ended options

• Cost‑efficient & tax optimized: Mauritius partial tax exemption, low operating costs, full legal protection

• Global investor access: GBL‑licensed vehicles that tap Mauritius’s network of bilateral treaties and credible jurisdiction

Summary

Zitadelle AG offers expert advisory and execution for launching open‑ended CIS or closed‑ended funds in Mauritius, leveraging the island’s modern regulatory framework, tax incentives, and newly available VCC umbrella structure. Whether targeting retail, professional, or expert investors,

Zitadelle provides tailored, compliant, and efficient fund structuring and administration services.