Variable Capital Company (VCC)
Mauritius's most modern and flexible fund vehicle, enabling multiple sub-funds under a single umbrella with varying capital structures and complete asset segregation.
The Variable Capital Company (VCC) was introduced under the Variable Capital Companies Act 2022 and represents the most sophisticated and flexible fund structure available in Mauritius. The VCC allows a single umbrella entity to establish multiple sub-funds, each with its own assets, liabilities, investors, and investment strategies — while benefiting from a shared governance framework. The VCC is particularly well-suited to ESG-aligned fund platforms, impact investment vehicles, and managers seeking operational efficiency across multiple strategies.
Sub-Fund Structure
Each VCC sub-fund operates as a legally distinct investment pool with its own assets, liabilities, and investor base. Sub-funds are completely insulated from each other — the failure of one sub-fund cannot affect the assets of another.
Variable Capital
The defining feature of the VCC is its variable capital structure. Unlike a conventional company, a VCC can issue and redeem shares freely without the formalities of capital reduction, making it ideal for open-ended fund structures.
Umbrella Efficiency
By operating multiple strategies under a single umbrella, VCC managers benefit from consolidated governance, reduced regulatory fees, shared service agreements, and a unified regulatory relationship with the FSC.
ESG & Impact Applications
The VCC's sub-fund architecture is ideally suited to impact investment platforms where different environmental, social, or thematic mandates can be managed as distinct sub-funds under a single impact investment brand.
Tax Treatment
A VCC may obtain a Global Business Licence, entitling it to the same tax treatment as a GBC — including the partial exemption regime and access to Mauritius's DTA network for qualifying income.
Governance
The VCC is governed by a board of directors at the umbrella level. Sub-fund-specific advisory committees or investment managers can be appointed contractually for each sub-fund strategy.
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Our team will guide you through every step — from initial structuring advice through to incorporation, licensing, and ongoing administration.