Local incorporation required for pension fund management, unless if carried out by an authorized "life" insurance [branches of foreign insurance companies are permitted].
"TITLE III - MANAGEMENT AND CONTROL STRUCTURES OF PENSION FUNDS
CHAPTER I - PENSION FUND MANAGEMENT ENTITIES
SECTION I - General provisions
Article 35 (Management Entities)
1. Without prejudice to the provisions of no. 5 of article 39 of Law no. 4/2007, of 7 February, pension funds may be managed by one or more of the following management entities:
a) Companies incorporated exclusively for this purpose, under the terms of this Regulation, designated as management companies;
b) Insurers authorized to exercise, in the Republic of Mozambique, their activity in the “Life” branch.
[...]
SECTION II - Conditions of access and exercise of management companies
Article 41 (Constitution requirements)
1. Pension fund management companies must be incorporated as a public limited company and meet the following requirements:
a) Obey the criteria of opportunity and convenience, fundamentally related to the economic-financial interest or the market that the same constitution applies to the Republic of Mozambique.
b) Having as its exclusive object the management of pension funds;
c) Have a share capital of at least 3,750,000.00MT, except as provided for in the following paragraph;
d) Have a share capital of at least 1,250,000.00MT in the case of
 statutorily, the purpose of the company is to manage a single closed pension fund;
e) Adopt in the respective name the expression «Sociedade Gestora de Fundos de Pensões»;
f) Have the registered office and the main and effective administration in the Republic of Mozambique.
2. The subscribed share capital must, on the date of incorporation of the company, be fully paid up and represented by registered or registered bearer shares.[...]" (Decree No. 25/2009, of 17 August: REGULATION ON THE CONSTITUTION AND MANAGEMENT OF PENSION FUNDS IN SCOPE OF COMPLEMENTARY SOCIAL SECURITY [google translation])
Decree No. 25/2009, of 17 August: REGULATION ON THE CONSTITUTION AND MANAGEMENT OF PENSION FUNDS IN SCOPE OF COMPLEMENTARY SOCIAL SECURITY [google translation]
[<a href="https://issm.gov.mz/wp-content/uploads/2021/03/Decreto-n.-%c2%a6-25.2009-de-17-de-Agosto-1.pdf">Decree</a>]