Setting Up a Fund or GBC in Mauritius: A Practical Guide
Mauritius is one of the leading jurisdictions for structuring investment into Africa and Asia, thanks to a credible regulator, an extensive treaty network and a competitive tax regime. If you are launching a fund or a holding structure, here is how the pieces fit together.
Choosing a vehicle
Most international structures use a Global Business Company (GBC), licensed by the Financial Services Commission and treated as Mauritius tax resident so it can access the treaty network. Funds are commonly set up as a Collective Investment Scheme (CIS) or Closed-End Fund, which can be open- or closed-ended and structured as a company, a protected cell company or a limited partnership. An Authorised Company suits purely foreign-managed holding structures.
Licensing and regulation
Fund vehicles and their managers are licensed by the Financial Services Commission. Expect requirements around the offering document, an administrator, a custodian, auditors and, for the manager, a CIS Manager licence. Timelines run from several weeks to a few months depending on the licence.
Tax and the treaty network
A GBC pays 15% corporate tax with an 80% partial exemption on qualifying income — an effective rate near 3% — and benefits from 45+ double tax treaties, historically valuable for India- and Africa-focused funds. There is no capital gains tax and no withholding tax on dividends to non-residents. See our corporate tax guide.
Substance is essential
To keep tax residence and treaty access, a GBC must have genuine substance in Mauritius: qualified directors, core income-generating activities managed from the island, employees and expenditure. We help structure this correctly with our advisers and management-company partners. Get in touch to scope your structure.
Why set up a fund in Mauritius?
Mauritius combines a credible regulator (the FSC), a 45+ country treaty network, an effective tax rate near 3% on qualifying income, no capital gains tax and no dividend withholding — making it a leading hub for funds investing into Africa and Asia.
How long does it take to set up a GBC or fund in Mauritius?
A Global Business Company typically takes a few weeks; a licensed fund and its manager can take from several weeks to a few months, depending on the licence, the offering document and the service providers involved.
What substance does a Mauritius GBC need?
To retain tax residence and treaty benefits, a GBC needs genuine substance: qualified resident directors, core income-generating activities managed in Mauritius, employees and real expenditure on the island.
Sources & further reading
Figures are summarised for general guidance and were correct at the time of writing; tax and immigration rules change, so we confirm the current position for your circumstances before you act.
More insights
Related reading
The 15% headline rate, the partial exemption that gives GBCs a ~3% effective rate, the CSR and CCR levies, and the substance rules behind them.
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