An assets management firm offering its services outside Mauritius, with mainly non-Mauritian citizens as shareholders must be established as a Global Business Corporation (GBC) and seek authorisation from the FSC to trade under an assets management licence.
Once established, the GBC holding the asset management licence will manage the assets of high net worth individuals and families by trading globally in equities, securities, OTC products and property acquisitions.
Due diligence documents are required on all controlling persons and officers. Controlling persons are defined as natural persons who exercise control over an entity.
Detailed business plan including the business objective, strategy, activity, organisation structure, area of operation, client(s) profile, mode of financing, 3 years financial forecast (profit & loss, balance sheet and cash flow statement) and other information relevant to the activity to be conducted.
Details of the arrangements for day-to-day administration and management. Manual of internal control, code of ethics, procedures, material contracts and agreements and measures in place with regards to infrastructure, security and safety of securities/assets.
A quote from a Mauritius insurance company for a professional indemnity (PI) insurance cover is submitted during the application process. A copy of the PI cover and the insurance policies have to be submitted to the FSC within one month from the date the licence has been issued.
Assistance and guidance is provided by [MC name] with existing manuals and procedures that can be amended to accommodate your business activity.
Incorporating a GBC holding an asset management licence starts with the KYC and due diligence procedures while simultaneously drafting the constitutive documents. A legal counsel in Mauritius then vets the documents and issues the legal certificates to confirm that the documents are in confirmity with the laws of Mauritius. The application is then submitted to the authorities and a pre-approval for opening the bank account is concurrently sought from the bank. We follow up with the authorities until the licence is received. The first board meeting is held to ratify the licensing conditions and address initial operation’s needs.
The timeline for incorporating and licensing the assets management corporation takes between 3 and 4 weeks from the time all due diligence documents are received. It covers the 2 weeks taken by the FSC to assess the application.
We wish to thank Blue Azurite for the strong support they have provided during our application process.
Very focused and responsive. The team at Blue Azurite made sure we were guided as per our business model. We were amazed by the level of professionalism and we are to looking forward to working with the team for many years to come.