Local incorporation is required for managing collective investment schemes
"[...] PART VIII – COLLECTIVE INVESTMENT SCHEMES 
Sub-Part A – Authorisation and Licensing
98. CIS managers
(1) No person shall act as a CIS manager for a collective investment scheme or hold himself out to act as a CIS manager for a collective investment scheme unless the person holds and is complying with the conditions of a CIS
manager licence.
(2) The Commission shall not grant a CIS manager licence to an applicant unless—
(a) the applicant is a body corporate;[...]
101. Recognition of foreign schemes
(1) The Commission may, on application, recognise a collective investment scheme established in a foreign country whose securities are marketed to retail investors in or from Mauritius
[...]
10. Conditions for authorisation
(1) The Commission may authorise a collective investment scheme under section 97(5) of the Act where-
(a) the scheme is established or incorporated under the laws of Mauritius;[...]" (SECURITIES ACT No 22 of 2005 — 28 September 2007, as amended)
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"PART III
LICENSING, AUTHORISATION AND APPROVAL
SUB-PART A
"[...]2. Interpretation[...]
“CIS manager” means the board of the collective investment scheme when that scheme is constituted as a company or the CIS manager if that particular function has been delegated to the CIS manager by the board.
[...]
LICENSING - CIS MANAGERS AND CUSTODIANS
6. CIS manager
(1) A CIS manager holding a licence issued by the Commission shall be a body corporate which -
(a) shall be incorporated or registered and have its place of business in Mauritius;
(b) is engaged solely in the business of management of collective investment schemes or in private pension schemes under the Private Pension Schemes Act 2012, unless otherwise authorised under regulation 32(1).[...]
(3) Notwithstanding paragraphs (1) and (2), a Global scheme may appoint and retain a CIS manager established in a foreign jurisdiction subject to the approval of the Commission.[...]" (Securities (Collective Investment Schemes and Closed-end Funds) Regulations 2008, as amended)
SECURITIES ACT No 22 of 2005 — 28 September 2007 Amended 20/11 (cio 16/7/11); 38/11; 15/12 (cio 1/11/12); 27/12 (cio 22/12/12); 18/16 (cio 7/9/16); 10/17 (cio 24/7/17); 11/18 (cio 9/8/18); 13/19 (cio 25/7/19); 7/2020 (cio 7/8/2020); 9/2021 (cio 31/7/2021)
Securities (Collective Investment Schemes and Closed-end Funds) Regulations 2008, as amended
[<a href="https://www.fscmauritius.org/media/67412/securities-act-2005pdf.pdf">Act</a>],[<a href="https://www.fscmauritius.org/media/2169/securities__collective_investment_schemes_and_closed-end_funds__regulations_2008.pdf">Rule</a>]