The growth of the Fund Industry internationally is attributable to various factors: first and foremost, user-friendly regulations; low tax regimes; as well as access to a country's network of double taxation agreements. Mauritius has gained significant recognition as a credible and reliable jurisdiction with an ideal platform for international investors to invest in other countries. As an example: funds, which are centrally managed in Mauritius, are liable to tax at a rate of 15%; however, this can be reduced to 3% upon application of the foreign tax credit; additionally, they can benefit from the advantages of the Double Tax Agreements “DTAs”. Furthermore, there is no withholding tax on dividends, capital gains, and interest.

Our fund services

Turnstone provides comprehensive fund administration services including licensing, compliance, accounting, reporting, and investor services. Our fund team in Mauritius is well versed in the regulatory and operational requirements for the setting up of both traditional and alternative investment fund structures. Depending on your needs we tailor our solutions to your fund’s operational requirements — no matter how complex or sophisticated. We are familiar with property, hedge, private equity, commodity and mutual funds and have further the expertise in umbrella and master feeder fund structures and have listed funds on the Mauritius Stock Exchange. Our fund accountants have the culture of providing seamless service to our clients especially in terms of portfolio evaluation services, reconciliations to custodian records, calculation of management and performance fees and monitoring of the margin accounts for derivative trading.  We naturally assist also in the co-ordination and preparation of statutory audited financial statements. We also provide a complete set of shareholder services where we maintain investor capital accounts, carry out due diligence on investors and communicate with investors with notices, contract notes, NAV statements, statement of holdings, facts sheets, newsletters etc. For global funds and funds of funds, we offer completely outsourced solutions which combine fund administration, banking, financing, trade execution & custody, compliance services and fund accounting.

Fund structuring and pre-launch services

During the set-up phase of a fund, our operational and legal staff provides advice on the choice of fund structure and domicile. All documentation is reviewed and comments are provided thereon to the investment manager and legal counsel, prime broker, custodians and auditors, as appropriate. We administer the fund strictly in accordance with the prospectus and provide advice from a procedural and operational perspective.

Corporate services

• Set-up and incorporation of Fund and Investment Management Company  (GBL1)

• Facilitate the opening and monitoring of bank accounts

• Provide domicile/registered office, company secretary

• Provide directorship for the GBL1 Company

• Ensure that the companies remain in good standing

Fund administration services

• Maintain official books and records

• Process trade-related transactions and corporate actions

• Process capital activities (commitments, capital calls,  distributions, drawdowns & transfers)

• Process subscriptions, redemptions, transfers and switches

Fund accounting services

• Computation of fees and accruals (including management fee and carried interest)

• Trades, positions and cash reconciliations

• Capital account maintenance

• Independent and timely calculation of net asset value on a daily, weekly, monthly or quarterly basis.

• Financial reporting in accordance with IFRS/GAAP requirements

• Maintenance of full multi-currency accounting records

• Assistance in the audit process and in the preparation of:

• Interim and annual financial statements

• K1 tax reporting

• PFIC reports

• Maintenance of tax compliance

Investor services

• The investor services team is the primary point of contact for fund investors and is responsible for:

• Maintenance of all investor records

• Communication services with investors and the Fund’s functionaries, including due diligence questionnaires

• Reporting and communication services including dissemination of Notices, Contract Notes, NAV and Holdings Statements, Facts Sheets, Newsletters

• Performance of anti-money laundering/investor identification checks

Turnstone Group ring-fences all activities surrounding fund administration through Keystone Fund Services ('Keystone'), a member company of the Turnstone Group, representing its specialised fund services arm.

In Mauritius, Keystone has been granted a fully-fledged Management Licence by the Financial Services Commission to operate as a fund administrator in line with the Securities Act 2005 and the CIS Regulations 2008. Keystone currently comprises of two major divisions namely the Alternative Investments Division and the Private Equity Division.  For further information please contact us at mauritius@keystone-fundservices.com or funds@turnstone-group.com