On 28 May 2025, ENS, a strategic partner of the South African Chamber of Commerce Mauritius (SACC), hosted an engaging breakfast panel at Le Suffren Hotel & Marina. The event titled “Mauritius as a Hub for Africa-Focused Funds: Structuring, Tax, and Competition Law” convened industry leaders and experts, featuring panellists Alyssa De Luca Lahmidi (Investment Fund Expert, ENS), Davina Boodnah (Chartered Tax Adviser, ENS), and Sandya Booluck (Competition Law Expert, ENS), to explore why Mauritius continues to stand out as the preferred jurisdiction for structuring Africa-focused investment funds.
Warren Bacchus, Vice President of the South African Chamber of Commerce Mauritius, addressed the audience, extending a warm welcome and expressing appreciation to the ENS team. He highlighted the relevance of the topic, emphasizing the importance of effectively structuring Africa-focused investments and Mauritius’ continued role as a preferred jurisdiction in this space. Commending the depth of expertise brought by the panel, he noted that the discussion would be enriched by grounded, real-world perspectives. He also announced the Chamber’s new partnerships with fellow South African chambers in the UK, Singapore, and the United States- an initiative aimed at expanding the SACC network and creating more opportunities for members. “If you’re travelling in the coming weeks, now’s the perfect time to check our social media and newsletters to see where and when our international events are happening,” he concluded before handing over to the panel.
In her opening remarks, Nashenta Vuddamalay Zindel, Executive & Head of the Transactional Department at ENS, welcomed attendees, noting the strong turnout and continued support for what has now become an annual flagship event. Nashenta highlighted ENS’ deep-rooted pan-African presence with offices in South Africa, Ghana, Kenya, Uganda, Rwanda, Namibia and Mauritius, where the firm proudly celebrates a legacy of 205 years.
A distinguished all-female expert panel led the discussions:
Alyssa De Luca Lahmidi, Investment Fund Expert and Luxembourg-qualified lawyer, registered as a foreign lawyer in Mauritius introduced attendees to Mauritius’ Variable Capital Company (VCC), launched in 2022. Using a compelling case study, she illustrated how the VCC facilitates multi-strategy, multi-jurisdictional investments under one umbrella, allowing different sub-funds such as private equity, debt financing, real estate and ESG-focused investments to coexist efficiently within a single structure. Alyssa also emphasized Mauritius’ strategic geographic position and robust regulatory framework managed by the Financial Services Commission (FSC), making it a gateway for investors targeting African opportunities. She highlighted the potential synergy between Mauritius and Luxembourg structures, creating a powerful platform that leverages European investment while focusing on African markets.
Davina Boodnah, aChartered Tax Adviser and an executive at ENS, provided an in-depth explanation of Mauritius’ evolving role in the global tax landscape She emphasised that Mauritius should not be seen merely as a tax-attractive jurisdiction, but as a strategic platform, offering substance, professional expertise and regional relevance. . Davina detailed the specific tax regime applicable to investment funds, including the 80% partial exemption regime, resulting in effective tax rates of approximately 3% for qualifying income. She underscored Mauritius’ extensive network of 46 double taxation avoidance agreements (DTAs), which facilitate cross-border structuring and minimise the risk of double taxation by reducing dual tax exposure thereby enhancing investor confidence. Finally, she highlighted Mauritius’ alignment with stringent international regulatory benchmarks set by the OECD and FATF, reinforcing its position as a credible jurisdiction for African and global investment
Sandya Booluck, Competition Law Expert at ENS, underscored critical considerations often overlooked in fund structuring: competition law and merger control requirements. Drawing from her extensive eight-year tenure with the COMESA Competition Commission in Malawi, Sandya explained the nuanced concept of control in competition law, noting it extends beyond just shareholding to encompass the ability to influence strategic decisions. She highlighted the significant regulatory complexities and jurisdictional considerations when dealing with merger control filings in regional economic communities like COMESA and ECOWAS. Sandya also warned of substantial penalties: up to 10% of global turnover for merger notification breaches, known as “gun-jumping,” reinforcing the necessity of early and proactive engagement with competition law specialists to navigate these regulatory frameworks effectively.
The panelists also addressed the rising prominence of ESG (Environmental, Social, and Governance) considerations. Alyssa discussed the recently introduced ESG Disclosure and Reporting Guidelines by the FSC, emphasizing their market-driven approach and alignment with international best practices, thus reinforcing Mauritius’ commitment to sustainable investment. Fund managers were reminded of the critical registration deadline of 1 August 2025 to align with these new guidelines.
Closing the session, Alyssa reiterated ENS’ continued efforts to promote Mauritius internationally, including an upcoming roadshow in Europe, aimed at highlighting Mauritius as the premier fund structuring hub for European and international investors seeking impactful investment opportunities in Africa.
The event underscored Mauritius’ distinctive value proposition, combining regulatory stability, strategic geographic positioning, favourable tax regimes, rigorous competition law compliance, and a commitment to ESG principles- cementing its role as a reliable and strategic jurisdiction for Africa-focused funds. The South African Chamber of Commerce Mauritius continues to actively engage industry stakeholders through events like this, addressing critical business matters, fostering valuable connections, and consistently providing members with strategic insights and opportunities to enhance cross-border trade and investment.
