About Services Enterprise Solutions Financial Services Private Clients Fintech Solutions Islamic Finance Desk Insights Case Studies Contact

Financial Services Entities

An Open-Ended Fund Structure for Ongoing Subscriptions and Redemptions

We structure and licence Collective Investment Schemes under the Securities Act 2005, matched to the right category, retail, professional, specialised, or expert, for your investor base.

Overview

Overview

A Collective Investment Scheme (CIS) is an open-ended fund that can issue and redeem shares on an ongoing basis as investors enter and exit, structured and regulated under the Securities Act 2005 and the Securities (Collective Investment Schemes and Closed-End Funds) Regulations 2008.

We advise on which CIS category fits the investor base, retail, professional, specialised, expert fund, or special purpose fund, structure the scheme's constitutive documents, and manage the FSC licence application. A CIS must be managed by a licensed investment manager, a foreign regulated manager, or operate as a self-managed scheme.

5 Categories
CIS Regimes Available
Retail, Professional, Specialised, Expert Fund, and Special Purpose Fund, each suited to a different investor base.
USD 100,000
Typical Minimum Subscription
For Expert Funds and Special Purpose Funds, restricted to sophisticated or professional investors.
Open-Ended
Ongoing Subscriptions & Redemptions
Shares can be issued and redeemed as investors enter and exit, unlike a fixed-term closed-end fund.

What We Provide

Key Features

CIS Category Advisory
Advising on whether a retail, professional, specialised, expert fund, or special purpose fund structure fits the investor base.
FSC Licence Application
Preparing and submitting the CIS licence application, including the offering document and constitutive documents.
Manager Structuring
Advising on appointing a licensed CIS Manager, a foreign regulated manager, or structuring the scheme as self-managed.
Independent Administration
Coordinating the independent fund administrator required for NAV calculation and regulatory filings.
Subscription & Redemption Mechanics
Structuring the scheme's dealing terms, pricing, and investor entry and exit procedures.
Ongoing Regulatory Support
Advising on FSC reporting and compliance obligations once the scheme is operating.

Process

How It Works

01
Investor Base & Category Assessment
Understanding the investor base to confirm which CIS category fits.
02
Structuring Proposal
Confirming the scheme's structure, dealing terms, and management arrangement.
03
Documentation Preparation
Drafting the offering document and constitutive documents.
04
FSC Licence Application
Submitting the application and managing regulator queries through to approval.
05
Service Provider Appointment
Appointing the fund administrator, auditor, and custodian required for launch.
06
Licensing & Launch
Finalising the licence and opening the scheme to subscriptions.

Practical Considerations

Requirements & Timeline

Regulatory Requirements

  • FSC licensing under the Securities Act 2005 and the Securities (Collective Investment Schemes and Closed-End Funds) Regulations 2008
  • A licensed CIS Manager, a foreign regulated manager, or a self-managed structure
  • An independent fund administrator, separate from the investment manager, for NAV calculation and regulatory filings
  • Minimum subscription of USD 100,000 for Expert Funds and Special Purpose Funds; other categories vary by regime

Indicative Timeline

  • Category & Structuring Assessment: 1–2 weeks
  • Documentation Preparation: 3–6 weeks
  • FSC Licence Application: 8–16 weeks, depending on category
  • Launch & Service Provider Onboarding: 2–4 weeks

Common Questions

Frequently Asked Questions

A retail CIS is fully regulated and can be marketed to the public in Mauritius, largely for locally-marketed funds. A professional CIS offers shares only to sophisticated investors, or as a private placement, under lighter regulatory conditions.
Yes, a CIS must be managed by a licensed investment manager, either a Mauritius CIS Manager or a foreign regulated manager, or it can be structured as a self-managed scheme.
An Expert Fund is available only to expert investors, with a minimum initial investment of USD 100,000. A Special Purpose Fund is a tax-exempt structure limited to 50 investors, also with a minimum subscription of USD 100,000.
A CIS is open-ended, meaning it can issue and redeem shares on an ongoing basis as investors enter and exit. A Closed-End Fund is fixed-term and fixed-capital, typically used for private equity or real estate strategies.
No, the FSC requires independent fund administration, separate from the investment manager, to handle NAV calculation and regulatory filings.

Continue Exploring

Related Services

CIS Manager
The licensed entity that manages a CIS's day-to-day operation.
Learn More about CIS Manager →
Closed-End Funds & Variable Capital Company
Alternative fund vehicles for fixed-term or umbrella structures.
Learn More about Closed-End Funds & Variable Capital Company →
Fund Administration & Accounting
NAV calculation, fund accounting, and reporting once the scheme is operating.
Learn More about Fund Administration & Accounting →

Launch Your Scheme

We structure and licence Collective Investment Schemes matched to the right category for your investor base.

Speak with a Specialist