Fund administration services

Fund administration services are offered by third-party administrators to fund managers like hedge funds, private equity and venture capital firms, and asset managers. They form part of the overall end-to-end Fund Services, which include fund accounting, financial reporting (including investor reporting), investor services, compliance, regulatory filings, and back office tasks.

Fund administration has become crucial in investment management due to growing regulatory complexity, transparency, accountability, and operational efficiency requirements. As industry specialists, we ensure good governance across jurisdictions and throughout a fund’s lifecycle.

Our range of fund administration services allows fund managers to focus on performance and strategic goals. As an independent provider, our skilled professionals, coupled with our technology platform, allow us to deliver accurate and timely fund solutions to help fund managers streamline their operations and achieve their objectives.

Fund structuring, tax advisory and fund administration services

Depending on the legal, regulatory and tax requirements, we guide you in selecting the most appropriate investment fund structure. Both open-ended and closed-end funds are set up as Global Business Companies (GBC) in Mauritius.  As part of our tax advisory services, we advise you on corporate tax planning so that you can benefit from a structure that will enhance and optimise your operations on the long-term.

Fund formation: assistance in the preparation and review of the constitutive documents

Our team collaborates with fund managers to meet all regulatory requirements and follow screening processes thoroughly. We assist in preparing constitutive documents, including the memorandum and articles of association, offering memorandum, share subscription agreement, and board resolutions. We also accompany in preparing service provider agreements, such as the investment management/advisory agreement(s), the administration agreement, brokerage agreement(s).

We provide support through each stage of the fund’s life-cycle, from fund formation to closing. Our fund administration services also includes guidance relating to regulatory compliance. We work diligently to address each client’s specific needs while following industry best practices.

Assistance in closing(s) of the fund

As a crucial component of global fund administration offering, the assistance in closing(s) of the fund is an essential undertaking that requires expertise and precision. The accounting professional plays a significant role across this process by ensuring that all  records are up-to-date and accurate as per relevant accounting standards.

Additionally, our fund administration services includes administrative functions such as calculating the final Net Asset Value (NAV), preparing financial statements, and distributing assets to investors. These tasks require meticulous attention to detail and adherence to regulatory guidelines, and this is where we help investment managers in their various closing(s). We at Sunibel, ensure that all closings are in line with fund documents and statutory requirements of the law and licensing conditions.

Liaising with regulators and authorities to ensure compliance

We communicate with regulators and authorities to register the fund and apply for respective licences with the Financial Services Commission (if structure is set up in Mauritius).

To successfully navigate the regulatory landscape, we consider the following:

1.  Understanding the specific requirements for fund registration and licensing.
2.  Maintaining open lines of communication with regulators and authorities to ensure compliance with evolving regulations.
3.  Partnering with a third party solution provider that has expertise in navigating regulatory issues.

By taking these steps, we effectively assist fund managers by taking care of the compliance obligations, so that they can focus on their core strategies.

Due Diligence on potential investors

As the adage goes, “an ounce of prevention is worth a pound of cure”, and this certainly applies to Due Diligence on potential investors. It is the process of researching, analysing, and verifying the background, reputation, financial stability, and legal standing of each potential investor before engaging in any investment or financial transaction with them.

Knowing their customers is crucial for entrepreneurs and companies seeking capital, helping them to mitigate risks, prevent fraud, and ensure a strong and mutually beneficial relationship. We provide access to our expert knowledge and resources to ensure that all necessary checks are carried out prior to the onboarding of investors.

Provision of experienced resident directors and bank signatories

The provision of experienced resident directors and bank signatories is a key component of our fund administration services. These individuals are responsible for overseeing the administration function and ensuring that operations run smoothly. The fund requires at least two Mauritian resident directors with appropriate experience to exercise their role independently.

Our experienced resident directors and bank signatories, accompanied by a strong administrative team, work closely with clients to understand their specific requirements to provide bespoke fund solutions.

Accounts opening with banks, brokers and custodians

When it comes to end-to-end fund administration services, opening accounts with banks, brokers, and custodians is primordial. This is why we ensure that all necessary documentation is in place before proceeding. Furthermore, fund managers should be aware of all regulations that may apply to specific types of accounts or transactions.

Management of bank account and payment services

Opening of bank accounts, managing accounts, making payments to suppliers, shareholders, etc. and assist with the challenges and risks associated with these accounts.

Transfer agency and registrar solution

This step consist of dealing with transactions, maintaining the register and keeping up-to-date investor data. We comply with Anti-Money Laundering / Combating the Financing of Terrorism (AML/CFT) regulations and follow rigorous procedures to ensure the integrity of the register is maintained at all times.

The following are some of the key functions performed by transfer agency and registrar services:

• Maintaining accurate records of shareholders
• Dealing with transactions on behalf of shareholders
• Handling communication with shareholders

Processing of capital calls and distribution

The processing of capital calls and distribution is an integral part of fund administration services. These services involve the timely and accurate computation, notification, and collection of capital calls from investors, calculation, approval, and disbursement of distributions to them. We calculate and generate all capital calls, equalisation and distribution notices. We keep all investor information (financial and non-financial) secure within our register.

Corporate governance advice

An essential aspect of any business, governance involves the processes and structures that are put in place to ensure that the fund is being managed ethically, responsibly, and with integrity. We help you to adjust your corporate governance for it to be more efficient.

Adding value to your processes, it contributes to obtaining a long-term competitive edge through better strategic decisions. These policies help to ensure that the system operates efficiently and effectively while minimizing risks.

Handling investments and/or divestment

We assist during the acquisition of new investments as well as the divestment of existing ones. This can include due diligence, structuring advice and contract assistance. We also ensure fluent repatriation of funds.

Expenses cap monitoring

It is frequent to see a fund manager voluntarily place expense limits. Adding an expense limit can increase the attractiveness of a fund because investors know the maximum percentage they may be charged.

Apply for and renewal of the tax residence certificate with the MRA

Our fund administration services include liaising with local tax authorities for the application and renewal of your Tax Residence Certificate.

Sunibel: your trusted fund administration services provider

Fund administration services constitutes an important element in the successful structuring, setting up and operation of any fund. Accompanied by seasoned professionals makes it easy for fund managers to manage complex procedures, navigate regulatory requirements and address tax issues.

With years of experience in the industry, we, at Sunibel, understand that every fund has unique needs and goals, while it needs to ensure compliance with applicable laws and regulations

As your trusted fund administration services provider, we help you navigate the complexities of this industry so you can focus on your core business.