Depending on your requirements, setting up a Mauritius Special Purpose Fund can either be done through an open-ended fund (CIS) or a closed ended fund (CEF), the main difference being the frequency at which the fund plans to redeem the investments.

 

On an indicative basis, we have displayed below OCI’s fee schedule for the setting up of an SPF through a CIS and our fact sheet on CIS and CEF.

 

Services that OCI Can supply or arrange (and costs thereof) in relation to a Special Purpose Fund in Mauritius are detailed below.

 

Services to the Fund	Services to the CIS Manager
KYC Review and Set-up of a GBC structured as a Special Purpose Fund.	Establishment of the CIS Manager
Registered Office Address	Registered Office Address
Company Secretarial Services	Company Secretarial Services
Directorship services	Directorship services
Preparation of Annual Financial Statements	Preparation of Annual Financial Statements
Monthly NAV calculation	Provision of Money Laundering Reporting Officer
Provision of Money Laundering Reporting Officer	Provision of Compliance Officer
Provision of Compliance Officer	Tax and Statutory Filings
Tax and Statutory Filings	FATCA/CRS
FATCA/CRS

 

 

Introduction

This letter specifies the services we are to deliver as your service provider for the subject of this engagement, the team we have assigned to the Engagement, how you will remunerate us and other terms of business governing our relationship.

 

We kindly request you to read this letter carefully and confirm your agreement with its terms by signing and returning to us the enclosed duplicate.

 

1. 1.     Mauritius GBC structured as a Special Purpose Fund

 

1. A.   Set-Up Fee:

Particulars			USD
Professional Fees (one-off fee) Review of due diligence documents, preliminary review and application for name reservation; Preparation and submission of all necessary paperworks to register the Company and application of Licences, provision of Constitution & Legal Certificates, receipt of Certificate of Incorporation and Licences, first Board Minutes, issue of first Share Certificates, FATCA and CRS classification.		15,000
Opening of first bank account in Mauritius		2,700
Government Fees:
ROC Processing Fee		350
Annual Fee payable to FSC- GBC Licence		1,950
Annual Fee payable to FSC – Fund licence		3,000
FSC Processing Fee – GBC Licence		500
MRA fee for the First time application of Tax Residency Certificate (“TRC”)		500
Total :		20,300
Legal Fees
The above excludes Legal Fees if required (in the range USD 10,000-15,000)

 

1. B.    Annual Administration Fees

 

Particulars	USD Annual
Provision for a Registered Office & Registered Agent	1,300
Provision for Company Secretary	1,300
Annual Responsibility fee for 2 Resident Directors	7,000
Provision for Money Laundering Reporting officer (MLRO)	3,000
Provision of a Compliance Officer	3,000
Review and Compliance Fees	700
Administrative Services (ensuring that the Fund complies with the licence conditions and Mauritius laws, Preparation of minutes of meetings, convening Board meetings, maintaining registers, etc)	4,000
Government Fees
Preparation of Tax Return	1,350
Tax Residence Certificate  payable to MRA	750
Annual Fee payable to the FSC – GBC	1,950
Annual Fee payable to the FSC – Fund Licence	3,000
Annual Fee payable to ROC	275
Accounting and Other Fees
Retainer for preparation of annual accounts under IFRSMaintaining Accounting Records and Liaising with Auditors Calculation and Sign-off of NAV	10,000
Professional fees for due diligence on investors	USD 100 per investor

 

 

 

 

1. 2.     Mauritius GBC – CIS Manager

 

 

1. Incorporation Fee:

Particulars			USD
Professional Fees (one-off fee) Review of due diligence documents, preliminary review and application for name reservation; Preparation and submission of all necessary paperworks to register the Company and application of Licences, provision of Constitution & Legal Certificates, receipt of Certificate of Incorporation and Licences, first Board Minutes, issue of first Share Certificates, FATCA and CRS classification.		4,000
Opening of first bank account		1,350
Government Fees:
ROC Processing Fee		350
Annual Fee payable to FSC- GBC Licence		1,950
Annual Fee payable to FSC – Fund licence		3,000
FSC Processing Fee – GBC Licence		500
MRA fee for the First time application of Tax Residency Certificate (“TRC”)		500
Total :		5,300
Optional
The above excludes Legal Fees if required

 

1. Annual Administration Fees

 

Particulars	USDAnnual
Provision for a Registered Office & Registered Agent	1,300
Provision for Company Secretary	1,300
Annual Responsibility fee for 2 Resident Directors	7,000
Provision for Money Laundering Reporting officer (MLRO)	3,000
Provision of a Compliance Officer	3,000
Review and Compliance Fees	750
Administrative Services (ensuring that the Fund complies with the licence conditions and Mauritius laws, Preparation of minutes of meetings, convening Board meetings, maintaining registers, etc)	4,000
Preparation of Tax Return	1,350
Renewal of Tax Residence Certificate	750
Annual Fee payable to the FSC – GBC	1,950
Annual Fee payable to ROC	350
Accounting & Investor Due Diligence Services
Retainer for preparation of annual accounts under IFRSMaintaining Accounting Records and Liaising with Auditors	USD 7,000

 

 

OTHER SERVICES	USD
Provision of Fully Serviced Office Space	1,200 monthly
Annual Fee : Provision of a nominee shareholder pp	2,000
Annual Fee : Provision of a nominee director pp	2,000
Notarization and Apostilation – Per set of document	330
Certificate of Good Standing	300
Certificate of Incumbency	200
Renewal of TRC	750
Bank Account opening outside of Mauritius	Price on Application
Power of Attorney	200/hr
Change of Director	200/hr

 

3.     Mauritius GBC structured as a Special Purpose Fund Set-Up Fee: Particulars USD
Professional Fees (one-off fee) Review of due diligence documents, preliminary review and application for name reservation; Preparation and submission of all necessary paperworks to register the Company and application of Licences, provision of Constitution & Legal Certificates, receipt of Certificate of Incorporation and Licences, first Board Minutes, issue of first Share Certificates, FATCA and CRS classification.		15,000
Opening of first bank account in Mauritius		3,000
Government Fees:
ROC Processing Fee		350
Annual Fee payable to FSC- GBC Licence		1,950
Annual Fee payable to FSC – Fund licence		3,000
FSC Processing Fee – GBC Licence		500
MRA fee for the First time application of Tax Residency Certificate (“TRC”)		500
Total :		20,300
Legal Fees
The above excludes Legal Fees if required (in the range USD 10,000-15,000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1. Annual Administration Fees

 

Particulars	USD Annual
Provision for a Registered Office & Registered Agent	1,300
Provision for Company Secretary	1,300
Annual Responsibility fee for 2 Resident Directors	7,000
Provision for Money Laundering Reporting officer (MLRO)	3,000
Provision of a Compliance Officer	3,000
Review and Compliance Fees	750
Administrative Services (ensuring that the Fund complies with the licence conditions and Mauritius laws, Preparation of minutes of meetings, convening Board meetings, maintaining registers, etc)	,000
Government Fees
Preparation of Tax Return	1,000
Tax Residence Certificate  payable to MRA	500
Annual Fee payable to the FSC – GBC	1,950
Annual Fee payable to the FSC – Fund Licence	3,000
Annual Fee payable to ROC	275
Accounting and Other Fees
Retainer for preparation of annual accounts under IFRSMaintaining Accounting Records and Liaising with Auditors Calculation and Sign-off of NAV	10,000
Professional fees for due diligence on investors	USD 135 per investor

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1. 4.     Mauritius GBC – CIS Manager

 

 

1. G.   Incorporation Fee:

Particulars			USD
Professional Fees (one-off fee) Review of due diligence documents, preliminary review and application for name reservation; Preparation and submission of all necessary paperworks to register the Company and application of Licences, provision of Constitution & Legal Certificates, receipt of Certificate of Incorporation and Licences, first Board Minutes, issue of first Share Certificates, FATCA and CRS classification.		4,000
Opening of first bank account		1,350
Government Fees:
ROC Processing Fee		350
Annual Fee payable to FSC- GBC Licence		1,950
Annual Fee payable to FSC – Fund licence		3,000
FSC Processing Fee – GBC Licence		500
MRA fee for the First time application of Tax Residency Certificate (“TRC”)		500
Total :		5,300
Optional
The above excludes Legal Fees if required

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1. H.   Annual Administration Fees

 

Particulars	USDAnnual
Provision for a Registered Office & Registered Agent	1,300
Provision for Company Secretary	1,300
Annual Responsibility fee for 2 Resident Directors	7,000
Provision for Money Laundering Reporting officer (MLRO)	3,000
Provision of a Compliance Officer	3,000
Review and Compliance Fees	750
Administrative Services (ensuring that the Fund complies with the licence conditions and Mauritius laws, Preparation of minutes of meetings, convening Board meetings, maintaining registers, etc)	4,000
Preparation of Tax Return	1,350
Renewal of Tax Residence Certificate	750
Annual Fee payable to the FSC – GBC	1,950
Annual Fee payable to ROC	350
Accounting & Investor Due Diligence Services
Retainer for preparation of annual accounts under IFRSMaintaining Accounting Records and Liaising with Auditors	USD 7,000

 

 

OTHER SERVICES	USD
Provision of Fully Serviced Office Space	1,200 monthly
Annual Fee : Provision of a nominee shareholder pp	2000
Annual Fee : Provision of a nominee director pp	2000
Notarization and Apostilation – Per set of document	330
Certificate of Good Standing	260
Certificate of Incumbency	200
Renewal of TRC	750
Bank Account opening outside of Mauritius	Price on Application
Power of Attorney	200/hr
Change of Director	200/hr
Share Transfer	200/hr
Increase of Share Capital	200/hr
Standard charge in respect of disbursements	130
Amendment of memorandum of association	200/hr
Change of Company Name	400
Miscellaneous non-standard work in relation to company management to be carried out by a qualified member of staff as and when specifically requested by client (perusal, preparation, modification and issue of legal and commercial documents, correspondence, responses to third-party inquiries, and similar)	200/hr

 

   

Notes on our fees:

 

1. All fees will be subject annually to an indexation of 2%
2. All fees and hourly rates are exclusive of VAT and disbursements
3. FSC fee is payable in advance on incorporation on a pro-rata basis up to 30 June; For subsequent years, the annual licence fee is payable annually at latest by 30 June. In the event of late payment, a penalty will be chargeable by the FSC and thereafter the licence shall lapse and no other business can be transacted by the entity.
4. The ROC annual fee is payable by 10 January of each year.
5. The retainer covers the appointment of a Company Secretary; Any other administrative services will be charged on a time-spent basis.
6. Wherever retainer is mentioned in this proposal, it covers the minimum charge for the applicable service. Depending on the complexity and volume of transactions, additional charges may be claimed on an agreed time-spent basis.
7. Any other administrative work or professional services not specified above shall be charged on an agreed time-spent basis.
8. Fee schedules do not include external Auditors fees which vary depending on choice of auditor.
9. Fee schedules do not include legal costs (when required)
10. Local Director Fees should be added to fees should Directors Services be retained.

Customer Due Diligence Checklist

List A – Documents required for an individual

 

1. A certified true copy of the individual’s current valid passport, driving licence or national identity card. The document must be pre-signed and should bear a (clear) photograph of the person.
2. A recent original or certified true copy of the individual’s utility bill (dated not less than three months), bank or credit card statement or an original bank reference confirming his/her current  residential address. Note that “P.O. Box” addresses are not accepted.
3. An original bank reference from a recognised banking institution bank which has known the person for at least the last two years, confirming that the bank account of the individual is currently in good standing.
4. Individual Questionnaire including declaration of source of funds (template to be provided by OCI upon signature of the fee proposal).
5. FSC Personal Questionnaire
6. Evidence of source of funds.
7. Detailed CV.
8. Signed FATCA/CRS Declaration form.

 

Enhanced Due Diligence measures

 

1. Signed declaration of source wealth.

2. Evidence of the source of wealth (i.e.; bank statements for the last 6 months).

 

List B- Documents required for a Company

 

1. Certified true copy of the Certificate Incorporation or Registration and certified true copy of the Company’s licence (where the latter is a regulated entity).
2. Original Certificate of Good Standing.
3. Certified true copy of the constitution or Memorandum and Article of Association of the Company.
4. Details of the registered office and place of business.
5. Copy of latest audited accounts or original signed Corporate Profile (template to be provided by OCI upon signature of the fee proposal).
6. Certified true copy of the register of directors
7. A certified true copy of at least two directors’ current valid passport, driving licence or national identity card. The document must be pre-signed and should bear a (clear) photograph of the person.

A recent original or certified true copy of the two directors’ utility bill (dated not less than three months), bank or credit card statement or original bank reference confirming his/her current residential address. Note that “P.O. Box” addresses are not accepted.

1. Certified true copy of the register of shareholders.
2. Complete set of due diligence documents (as per List A/B/C/D/E/F) on controlling shareholders of the Company.
3. Original or certified true copy of due diligence documents on the senior managing official of the Company.
4. Certified board resolution confirming the person authorized to act on behalf of the Company as well as a certified true copy of the proof of identification and proof of address (as listed in section A (1) and A (2)) of the authorised person.
5. Signed declaration source of funds (template to be provided by Redbird upon signature of the fee proposal) and evidence of source of funds.
6. Signed FATCA/CRS Declaration form.

Enhanced Due Diligence measures

 

1. Signed declaration of the source of fund and source of wealth of the Ultimate beneficial owner (“UBO”) together with the relevant evidences.
2. Bank Reference Letter of the UBO.

 

* The senior managing official will need to be identified by OCI in the event that the natural person who ultimately has controlling ownership interest in the Company cannot be identified.

 

List C- Documents required for a Trust

 

1. Certified true copy of the extract of the trust deed.
2. Certificate of registration, where applicable.
3. Details of registered office and place of business of the trustee.
4. Complete set of due diligence documents (as per List A/B/C/D/E/F) on principals of the trust (Trustees, Beneficiaries, Settlors, Protectors, Enforcers).
5. Original or certified true copy of due diligence documents on the senior managing official of the Trust.
6. Signed declaration of source of funds for Settlors/Contributor (template to be provided by OCI upon signature of the fee proposal) and evidence of source of funds.
7. Signed FATCA/CRS Declaration form.

 

List D- Documents required for a Partnership

 

1. Certified true copy of the partnership deed and certificate of registration (if registered).
2. Copy of the latest report and accounts.
3. Complete set of due diligence documents (as per List A/B/C/D/E/F) on the General Partners and the Limited Partners.
4. Original Certificate of Authority (signed by the General Partners) confirming the person authorized to act on behalf of the Partnership as well as a certified true copy of the proof of identification and proof of address (as listed in section A (1) and A (2)) of the authorised person.
5. Signed declaration of source of funds (template to be provided by OCI upon signature of the fee proposal) and evidence of source of funds.
6. Signed FATCA/CRS Declaration form.

 

 

List E- Documents required for a Société

 

1. Certified true copy of acte de société including profile of the Société.
2. Original Certificate of Good Standing.
3. Complete set of due diligence documents (as per List A/B/C/D/E/F) on the Principals, Administrators Gérants f the Société.
4. Original or certified true copy of due diligence documents on the senior managing official of the Société*
5. Original Certificate of Authority (signed by the Administrators or Gérants) confirming the person authorized to act on behalf of the Société as well as a certified true copy of the proof of identification and proof of address (as listed in section A (1) and A (2)) of the authorised person.
6. Signed declaration of source of funds (template to be provided by OCI upon signature of the fee proposal) and evidence of source of funds.
7. Signed FATCA/CRS Declaration form.

 

Enhanced Due Diligence measures

 

1. Signed declaration of the source of fund and source of wealth of the UBO together with the relevant evidences.
2. Bank Reference Letter of the UBO.

 

List F- Documents required for a Foundation

 

1. Certified true copy of the Foundation Charter and certified true copy of the Certificate of Registration (if registered).
2. Copy of the latest report and accounts of the Foundation.
3. Complete set of due diligence documents (as per List A/B/C/D/E/F) on the Founder, members of the Council and beneficiaries of the Foundation.
4. Original or certified true copy of due diligence documents on the senior managing official of the Foundation
5. Signed declaration of source of funds (template to be provided by OCI upon signature of the fee proposal) and evidence of source of funds.
6. Signed FATCA/CRS Declaration form.

 

Enhanced Due Diligence measures

 

1. Signed declaration of the source of fund and source of wealth of the UBO together with the relevant evidences.
2. Bank Reference Letter of the UBO.

 

REDUCED OR SIMPLIFIED CDD

 

Regulated financial services business based in Mauritius or in an equivalent jurisdiction (i.e. subject to the supervision of a public authority)

 

1. Proof of existence.

2. Regulated status.

3. Signed FATCA/CRS Declaration form.

 

Public companies listed on Recognised Stock / Investment Exchanges.

 

1. Proof of existence.

2. Proof of listing status.

3. Copy of latest annual report and account.

4. Original Certificate of Authority (signed by the directors) confirming the person authorized to act on behalf of the Public Company as well as a certified true copy of the proof of identification and proof of address (as listed in section A (1) and A (2)) of the authorised person.

5. Signed FATCA/CRS Decdaration form.

 

Government administrations or enterprises and statutory body

 

1. Certified copy of the Charter or Constitutive Document or Enactment which established the body.
2. Original Certificate of Authority (signed by the directors) confirming the person authorized to act on behalf of the Public Company as well as a certified true copy of the proof of identification and proof of address (as listed in section A (1) and A (2)) of the authorised person.

 

Note: Enhanced due diligence measures may be carried out by OCI on politically exposed persons (PEPS), non-face-to face business relationships, NCCT and non-equivalent jurisdictions, where adverse information is obtained, etc. In these circumstances, OCI reserves the right to request further information and documents, irrespective of percentage shareholding.

Note: Certification can be done either by a lawyer, notary, banker, or an accountant holding a recognised professional qualification; a serving police or customs officer; a member of the judiciary; a senior civil servant; an employee of an embassy or consulate of the country of issue of identity documentation.

 

Would you like to know more? Then please Contact Us:

 

www.offshoreincorporate.com

 

info@offshorecompaniesinternational.com

 

ocil@protonmail.com

 

oci@tutanota.com

 

oci@safe-mail.net

 

ociceo@hushmail.com

 

DISCLAIMER: OCI is a Company/Trust/LLC/LP/Foundation Formation Agency. We are not tax advisers or legal advisers. You are advised to seek local legal/tax/financial advice in regards to your local reporting/tax requirements before committing to set up or use an Offshore Company or other entity.