Overseas Family Office Licence

The Overseas Family Office (“OFO”) Licence has been introduced by the amended Financial Act 2007. It includes a Single Family Office (“SFO”) Licence and a Multiple Family Office (“MFO”) Licence. The goal is to help high net worth or ultra-high net worth families to structure their personal wealth to ensure asset management and protection through generations and provide them confidentiality and discretion.

Services
 

The classic vehicles to establish a family office are a trust, foundation or limited liability company. The holder of an OFO Licence is authorised to provide certain services to family clients including but not limited to:

  • Administration and management of investments, assets and/or estate(s);
  • Administration and management of concierge services;
  • Management of accounting and reporting;
  • Administration and management of philanthropic services;
  • Providing training and development to the incoming generations;
  • Administration and management of disaster recovery planning;
  • Administration of risk management;
  • Provision of administrative support;
  • Ensuring compliance with domestic and international legislations;
  • Establishing family governance, wealth strategies, family board(s) including family charter(s);
  • Providing tax advisory and compliance services;
  • Advising on wealth planning and protection; and
  • Any other activities as may be approved by the Financial Services Commission (“FSC”)

 

Incentives
  • Family members and dependents can apply for Work and Residence Permit in Mauritius
  • Eligibility to acquire immovable properties under designated schemes in Mauritius
  • To be able to hold international funds and assets
  • The Overseas Family Office can be more cost effective than utilising a range of external advisors
  • Corporate tax residency in Mauritius
  • 10 years holiday tax for income derived by the OFO
Administrative aspect

The holder of a family office licence is required to subscribe for insurance policies and to develop and adopt an integrated risk management system.

  • To have a physical office in Mauritius
  • The OFO may be wholly owned by family clients and exclusively controlled by family members or family entities
  • The OFO should appoint a senior management officer and a Money Laundering Reporting Officer along with an alternate
  • The SFO shall not engage in any financial activity requiring a licence under the relevant Acts unless the FSC grants a relevant financial services licence

  Single Family Office Multiple Family Office
Asset under management More than USD 5M More than USD 5M for each family
Minimum stated unimpaired capital USD 35 000 USD 70 000
Minimum number of employees resident in Mauritius

At least one professional

 

 At least three professionals
Structure A OFO is commonly organized in the form of limited liability company but according to its needs may be established in any legal form such as company limited by shares, a company limited by guarantee, a Trust, a Foundation, a LLP, a PCC or any other legal form approved by the FSC.

 

Statutory Fees

  Application Processing Fee to Financial Services Commission Annual OFO License Fees to Financial Services Commission
Single Family Office USD 2,500 USD 5,000
Multiple Family Office USD 5,000 USD 10,000