Every investment from Mauritius into an Indian company must follow the FDI Policy and the Non-Debt Instruments Rules 2019: permitted sector and route, fair value pricing, receipt through banking channels, allotment within 60 days, Form FC-GPR within 30 days of allotment, and the annual FLA return by 15 July. Transfers between Mauritian and Indian holders are reported on Form FC-TRS within 60 days. Beneficial ownership is reviewed for Press Note 3. Missed filings are regularised by late fees or compounding.
- Document route
- Mauritian notary or authority, then apostille
- Time difference
- IST is 1.5 hours ahead (no daylight saving)
- Law
- FEMA 1999 and NDI Rules 2019
- New shares
- FC-GPR within 30 days of allotment
FDI & FEMA Compliance from Mauritius: how it works
For new investments, we confirm the route, check beneficial ownership above the Mauritius entity, coordinate valuation, prepare resolutions and file the FIRMS forms. For funds, we distinguish FDI, FPI and FVCI routes, each with different rules. For existing companies, we conduct FEMA health checks: allotment timelines, pricing, filings, downstream investment and any conversion of instruments.
Where gaps exist, we prepare late submission fee filings or compounding applications to the RBI. Watch for older investments made when rules were different; they may still need clean-up before a transaction or exit. Also watch indirect foreign investment, where an Indian company owned or controlled by a Mauritius investor invests in another Indian company, as sectoral caps apply downstream.
What clients in Mauritius should know
- Press Note 3 applies where any beneficial owner of the Mauritius investor is from a country sharing a land border with India; government approval is then required.
- FEMA compliance is checked by buyers and investors during due diligence; unresolved breaches can delay or reduce a sale.
- Repatriation of sale proceeds and dividends to Mauritius is permitted once tax and filings are complete.
Step by step from Mauritius
Video consultation
A call at a time that suits Mauritius, after we have read your documents.
Documents signed in Mauritius
Mauritian notary or authority, then apostille
Work in India
Our team files, appears and follows up in India, and shares scans of everything filed.
Result and handover
Certified copies and originals are couriered to you in Mauritius where needed.
The full guide
This page covers what changes when you are in Mauritius. For the law, the documents and the step-by-step procedure, read our main page on FDI & FEMA Compliance, or see all services for clients in Mauritius and the Doing Business in India practice area.
Questions from clients in Mauritius
Our Mauritius fund invested years ago and some filings were missed. What now?
We review the history and regularise it through late submission fees where available or through compounding with the RBI.
Do FPI investments need FC-GPR?
No. FPI investments in listed securities follow SEBI and FPI rules, while FDI investments are reported on FIRMS.
Is the FLA return needed every year?
Yes, by 15 July, for every Indian company with foreign investment.