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| Legal entities |
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| Trusts - falling under Management companies and other Service Providers as per the FSC (www.gov.mu/portal/sites/ncb/fsc/download/trustsact2001.doc )
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| Bhufin is an approved Management company to provide Trust services, hence a registered corporate trustee.
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| Governing Legislation
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The Trusts Act 2001, which brings onshore and offshore Trusts together
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The Financial Services Act 2007
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| Know Your Client (KYC) procedures
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| As required by the FSC, Bhufin has an obligation to perform relevant KYC procedures, via a Due Diligence assessment of all our clients. This implies an obligation of collection and verification of all Client information that are readily available to the FSC.
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| Bhufin also endeavours to manage the Trusts only in the interest of the beneficiaries or in fulfillment of the purpose of the trust.
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| Creation
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Trusts may be created by resident and non-resident settlers.
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Bhufin acts as a managing trustee, managing the Trust property and exercises its powers and discretion under the Trust instrument, and is not vested with the Trust property.
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| Trust Formalities
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| Under the new Trust Act 2001, all Trusts must be made in writing.
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| Taxation
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| Trust income arising under Mauritius jurisdiction is taxable at 15%
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| Trust establishment and administration fees
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1st year : US$ 2000
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2nd year onwards : US$ 1500
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