General Conditions
- The investment of SEF starts from a minimum of Rs 500,000 and can go up to a maximum of Rs 25 Million;
- Promoter(s) must have at least 51% equity stake in his company. SEF can only contribute up to a maximum of 49% of total equity in the company;
- The company must be established in Mauritius and the shareholder carrying majority voting rights must be Mauritian National;
- All existing companies must submit audited accounts certified by an FRC registered professional;
- Business plan with full disclosure must be submitted and KYC requirements must be met;
- Companies requesting equity for restructuring to reduce gearing must have a sound plan to bring change in the business;
- Company has to be in good standing with MRA, NPF and other legal authorities;
- Existing companies must have a good business track record;
- Promoter must agree to sign a mandate to share information with banks – this is an arrangement whereby the client gives the SEF permission to request his/her bank for information;
- Promoter must be fully engaged and involved in his/her business;
- Promoter must display integrity in management of his/her enterprise and be willing to adopt good governance practices;
Other Conditions
- The redemption of Preference Shares is at a cumulative dividend of 8% p.a. or higher of Net Asset Value;
- In all cases, the SEF investment into the investee company will be for a limited period of up to seven years in some cases while generally limited to five years;
- Collateral/Personal Guarantee may be required in some cases. While SEF ensures that only feasible businesses are considered, the Board may require the Promoter to give a personal guarantee so as to ensure that the promoter is fully dedicated to his business
The following activities will not be considered
- Gambling Sector;
- Pure Trading Activities;
- Real Estate – construction for resale;
- Projects whereby exclusive request is for Working Capital – stocks, staff salaries, etc.;
- Unstructured organisations (Sole shareholder in different businesses);
- Nature of business / source of funds unclear;
- Excessive debts whereby, even with an injection from SEF, the company will not be able to recover within the following 2 years;
KYC Requirements (indicative and non-exhaustive – vary by project)
- Utility Bills of shareholders/promoters;
- Operational permits/licences;
- Incorporation Certificate copy;
- Location plan of project;
- Rent Book or Lease Agreement (if Company tenant);
- Company’s contact details (i.e. address & phone);
- Title deed of property and site plan of property;
- Evidence of source of funds;
- Company’s Bank name and Address;
- Audited Accounts for at least 1 year (for existing Companies);
- List of existing assets/equipment;
- Invoices/Receipts of effected payments and acquisitions of equipment;
- Fully detailed business plan with 5 years forecast including detailed cost plan;
- Breakdown of salaries and directors’ fees;
- Valuation reports of assets;
- Insurance cover for assets;
- Quotations of equipment/machineries and assets to be purchased;
- Marketing Plan;