Management Companies are classified as Financial Service Providers. Management Companies are specially licenced by the Financial Services Commission and they are primarily involved in the formation and administration of Global Business Companies conducting any Qualified Global Business from within the financial sector in Mauritius.

MCs once licenced may offer a range of services that include: processing applications for GBC1 and GBC2; providing company secretarial activities; preparing accounts; providing registered office facilities; acting as corporate trustees and providing resident directors. MCs may also establish Nominee Shareholding Companies*.

As at 30 December 2003, there were 80 MCs and 23 Corporate Trustees. Most licenced Management Companies are part of big international consulting firms’ networks and are thus reputed to provide high-standard professional services to clients. Necessary steps have been taken to ensure that a conducive environment for business development also entails responsibility on the part of professionals and operators in general. Therefore, while carrying out their due diligence exercise, Management Companies are expected to be vigilant about attempted money laundering and apply the “know-your-client” principle in the discharge of their functions.

When applications are vetted by the FSC, care is taken to ensure that sufficient information about the beneficial owner or promoter is available to the Management Companies so that there is sufficient confidence that the subsequent activities do not bring.

Setting up an MC

The basic requirements for setting up a Management Company are:

  • Submission of a completed application form as prescribed by the FSC directly to the FSC or through another MC.
  • A detailed business plan includes projected income for the next three years and areas of specialisation. 
  • A minimum paid-up capital of MUR 300,000.
  • The principal persons are fit and proper with sound professional and proper with sound professional and academic qualifications.
  • They have sufficient financial resources to operate and meet their expenses.
  • Suitable professional indemnity coverage.
  • The association of a credible international network through which clients will be referred.
  • The production of the latest brochure and annual reports of the parent company (if any).