Jurisdictions

International Trade, Investment & Tax Planning
Mauritius

Why Incorporate in Mauritius?

Situated in the Indian Ocean, approximately 800km off the East Coast of Madagascar, Mauritius is a political and financially stable and mature democracy which has actively sought and welcomed foreign investors and business for many decades. The banking, communications, financial and professional infrastructure is adept at meeting the demands of international business and tax practitioners.

Key Benefits

  • Well regulated and sophisticated jurisdiction
  • Excellent infrastructure, communications and banking facilities
  • Modern corporate legislation
  • Expanding network of double tax treaties benefiting those who wish to utilise Mauritius companies for international investment
  • The Mauritius Registry offers total confidentiality and does not permit access to company information held on file via company searches
  • The country has attracted more than 9,000 offshore entities, many aimed at commerce in India and South Africa
  • Investment in the banking sector has reached over USD 1 billion
  • English is the official language of business but French and Creole are widely spoken
General Information
Population

The population of the Island is approximately 1,250,000 made up principally by people of European, African, Indian and Chinese origin. Mauritius takes pride in the fact that these different cultures co-exist in peace and succeed in creating a cultural entity that is distinctly Mauritian.

Political Structure

The British ruled Mauritius for 158 years until 12 March 1968 when it became an independent country within the Commonwealth. The Republic of Mauritius is a Westminster style democracy. The President is the Head of State and Commander in Chief. Full executive power rests with the Prime Minister who is Head of Government. The Members of Parliament are elected every five years by popular vote and a number of political parties contest the elections every five years, reflecting the country’s firm commitment to a multi-party political system.

Economy

Since independence in 1968, Mauritius has developed from a low income, agriculturally based economy to a middle-income diversified economy with growing industrial, financial, and tourist sectors. For most of the period, annual growth has been of the order of 5% to 6%.

Language

English is the official language. However, the Mauritian population is largely bilingual, being equally fluent in English and French. Creole is also spoken and understood
by everyone.

Currency

Mauritian Rupee

Exchange Control

None

Type of Law

Common Law for corporate matters.

Mauritius Company Information

Mauritius Global Business Licence (GBC) Companies

Mauritius Global Business Licence (GBC) Companies are resident in Mauritius and consequently subject to tax. However, they benefit from a partial tax exemption where foreign dividend income, foreign interest income are taxed at 3%. Correctly structured and managed Mauritius GBC companies may access Mauritius’ network of over 40 double tax avoidance treaties. Neither capital gains nor withholding taxes are levied. Consequently, Mauritius GBC companies are used by tax practitioners and businesses to structure investments into Mauritius’ treaty partners, which include South Africa, Namibia, Mozambique, Kenya, India and many more.

Read more about Mauritius Global Business Licence (GBC) Companies

Key Benefits & Overview

  • Global Business Licence (GBC) – are tax resident and are therefore subject to 15% income but with partial exemption on:
    • Foreign source dividend, provided the dividend has not been allowed as a deduction in the source country and the company satisfies the conditions relating to the substance of its activities as prescribed;
    • Foreign source interest, provided the company satisfies the conditions relating to the substance of its activities prescribed;
    • Profit attributable to a permanent establishment which a resident company has in a foreign country;
    • Overseas income derived by a collective investment scheme (CIS), closed end fund, CIS manager, CIS administrator, investment adviser or asset manager, provided the company satisfies the conditions relating to the substance of its activities as prescribed; and
    • Overseas income derived by a company engaged in ship and aircraft leasing provided the company satisfies such conditions as may be prescribed relating to the substance of its activities.
  • If they are correctly structured and managed, Mauritius GBC companies may access Mauritius’ wide tax treaty network.
  • Neither capital gains nor withholding taxes are levied.
  • Consequently, Mauritius GBC companies are used by tax practitioners and businesses to structure investments into Mauritius’ treaty partners, which include
    China, India, Indonesia, Luxembourg and Thailand.

Mauritius GBC Companies are governed by The Companies Act, 2001 and regulated by the Mauritius Financial Services Commission. They are subject to compliance and reporting regimes similar to those of Hong Kong or UK companies.

All companies seeking to benefit from this status are granted licenses on a case by case basis by the regulatory authorities in Mauritius.
This procedure demands the submission of a detailed business plan and disclosure of beneficial ownership.
Normally it takes about 3-4 weeks to set up a Mauritius GBC I Company.


Key Corporate Features

General
Type of Company GBC
Type of Law Hybrid
Shelf company availability No
Our time to establish a new company 4 Weeks
Minimum government fees (excluding taxation) US$1,750 to FSC and US$325 to ROC
Corporate Taxation Varies from 0% to 15%
Double Taxation Treaty Access Yes
Share Capital or Equivalent
Standard currency US$
Permitted currencies Any except Rs.
Minimum paid up US$1
Directors
Minimum number Two
Local required 2 required
Publicly accessible records No
Location of meetings Anywhere, but include at least 2 directors from Mauritius
Shareholders
Minimum number One
Publicly accessible records no
Location of meetings Mauritius – by proxy
Company Secretary
Required Yes
Local or qualified Local and qualified
Accounts
Requirements to prepare Yes
Audit requirements Yes
Requirements to file accounts Yes
Publicly accessible accounts No
Recurring Government Costs
Minimum Annual Tax / Licence Fee US$1,750
Annual Return Filing Fee US$220
Other
Requirement to file annual return No
Change in domicile permitted Yes

Mauritius GBC Company Information

Principal Corporate Legislation

The Companies Act 2001.
Financial Services Act 2007.
Finance Act 2018

A Global Business Licence(GBC) company is resident for tax purposes and can access Mauritius’ network of double tax treaties, provided that it is correctly structured and that the seat of management and control is in Mauritius.

Procedure to Incorporate

Once name approval has been obtained, three copies of the Constitution (Memorandum and Articles of Association) are submitted, together with a notice of the First Directors, Secretary and location of the Registered Office, and consent forms signed by the Officers and a Legal Certificate issued by a law practitioner in Mauritius.

Restrictions on Trading

A licence is required to undertake banking or insurance business, any financial services or solicit funds from the public.

Powers of Company

A company incorporated in the Republic of Mauritius has the same powers as a natural person.

Language of Legislation and Corporate Documents

The legislation is in English and French whilst documentation may be expressed in any language but must be accompanied by a certified English translation.

Registered Office Required

Yes, must be maintained in Mauritius at the address of a licensed management company.

Shelf Companies Available

No.

Time to Incorporate

Three to four weeks.

Name Restrictions

Any name that is identical or similar to an existing company or any name that suggests the patronage of the President or the Government of Mauritius.

Language of Name

English or French.

Names Requiring Consent or a Licence

The following names or their derivatives: assurance, bank, building society, Chamber of Commerce, chartered, co-operative, government, imperial, insurance, municipal, royal, state or trust or any name which in the opinion of the Registrar suggests the patronage of the President or the Government of Mauritius.

Suffixes to Denote Limited Liability

A suffix is not mandatory in Mauritius.

Disclosure of Beneficial Ownership to Authorities

Yes, not public.


Mauritius GBC Compliance

Stated Capital

The usual authorised share capital is US$ 100,000 with all of the shares having a par value.

Classes of Shares Permitted

Registered shares, preference shares, redeemable shares and shares with or without voting rights.

Taxation

Companies pay a fixed annual licence fee of US$ 1,750 and a one-off non-refundable licence application fee of US$ 500 to the Financial Services Commission. On incorporation a one-off fee of US$ 325 is payable to the Registrar of Companies for private companies. Thereafter a further US$ 325 is payable annually for private companies. Companies are resident in Mauritius for tax purposes. There is no capital gains taxation in Mauritius and there are no withholding taxes on the payment of dividends, interest or royalties from Companies. There are no stamp duties or capital taxes. Global Business Licence (GBC) companies are liable to taxes at a rate of 15%.

Double Taxation Agreements

Mauritius has an extensive double tax treaty network which includes treaties with the following countries: Belgium, Botswana, Croatia, Cyprus, France, Germany, India, Italy, Kuwait, Luxembourg, Madagascar, Malaysia, Mozambique, Namibia, Nepal, Oman, Pakistan, Rwanda, Singapore, South Africa, Sri Lanka, Swaziland, Sweden, Thailand, Uganda, UK and Zimbabwe.

Licence Fee

US$ 1,750 to the FSC.
Registrar of Companies charge approximately:

  • US$325 Private Limited Company
Financial Statements Required

Audited financial statements must be filed with the Financial Services Commission.

Directors

Global Business Licence (GBC) companies require a minimum of two Directors who must be natural persons resident in Mauritius.

Company Secretary

A qualified resident company secretary must be appointed.

Shareholders

Global Business Licence (GBC) companies require a minimum of one shareholder and the same rule applies if the company is to be a wholly owned subsidiary. The Financial Services Act requires a GBC to be administered at all times by a Management Company licensed by the Financial Services Commission and in determining whether a GBC should be granted or renewed, the FSC takes into account whether the company will be managed and controlled in Mauritius. In doing so, the FSC may consider, inter,alia, whether the GBC:

  • will have or has at least 2 directors of sufficient calibre to exercise independence of mind and judgement, resident in Mauritius;
  • will maintain or maintains at all times its principal bank account in Mauritius;
  • will keep and maintain or keeps and maintains. at all times, its accounting records at its registered office in Mauritius;
  • will prepare or proposes to prepare its statutory financial statements and causes or proposes to have such financial statements to be audited in Mauritius;
  • provides for meetings of directors to include at least 2 directors from Mauritius.
  • employ, either directly or indirectly, a reasonable number of suitably qualified persons to carry out the core activities; and
  • have a minimum level of expenditure, which is proportionate to its level of activities.

Mauritius Authorised Companies (AC)

Mauritius Authorised Companies are tax exempt, flexible business entities that are regularly utilised for international investment holding, international property holding, international trade, international management and consultancy.

An Authorised Company (AC) is not resident for tax purposes and do not have access to Mauritius’ tax treaty network. Beneficial ownership is disclosed to the authorities. The place of effective management must be outside of Mauritius, the activity of the company must be conducted principally outside of Mauritius and must be controlled by a majority of shareholders with beneficial interest being individuals who are not citizens of Mauritius.

Read more about Mauritius Authorised Companies (AC)

Key Corporate Features

General
Type of Company Authorised Company (AC)
Type of Law Hybrid
Shelf company availability No
Our time to establish a new company 3-5 Days
Minimum government fees (excluding taxation) US$350 to FSC US$100 to ROC
Taxation on Foreign Income Nil
Double Taxation Treaty Access No
Share Capital or Equivalent
Standard currency US$
Permitted currencies Any except Rs.
Minimum paid up US$1
Directors or Managers
Minimum number One
Local required No
Publicly accessible records No
Location of meetings Outside of Mauritius
Members
Minimum number One
Publicly accessible records No
Location of meetings Outside of Mauritius
Company Secretary
Required Optional
Local or qualified No
Accounts
Requirements to prepare Yes
Audit requirements No
Requirements to file accounts Yes
Publicly accessible accounts No
Other
Requirement to file Annual Return Yes
Change in domicile permitted Yes

Mauritius Authorised Company Information

Principal Corporate Legislation
  • The Companies Act 2001
  • Financial Services Act 2007
  • Financial Act 2018
Restrictions on Trading

Cannot trade within the Republic of Mauritius with the majority of the shareholders being non-citizen and the place of effective management is outside of Mauritius.

Powers of Company

A company incorporated in the Republic of Mauritius has the same powers as a natural person.

Language of Legislation and Corporate Documents

The legislation is in English; the documentation may be expressed in any language but must be accompanied by a certified English translation.

Shelf Companies Available

No.

Name Restrictions

Any name that is identical or similar to an existing company or any name that suggests the patronage of the President or the Government of Mauritius.

Language of Name

English or French.

Suffixes to Denote Limited Liability

A suffix is not required for a Mauritius Authorised Company

Disclosure of Beneficial Ownership to Authorities

Yes


Mauritius Authorised Company Compliance

Share Capital

The usual authorised share capital is US$100,000 with all of the shares having a par value.

Classes of Shares Permitted

Registered shares, preference shares, redeemable shares and shares with or without voting rights.

Taxation

An Authorised Company (AC) does not pay any tax on its world-wide profits to the Republic of Mauritius.

Licence Fees

A fee of US$ 150 on incorporation as license processing fees. First Annual License Fees for the period from the date of incorporation until the following 30th June is US$ 75 per month.
Thereafter an Annual License Fee of US$ 350 to the FSC payable by the 30th of June of every year together with US$100 to the Registrar of Companies.

Financial Statements Required

An Authorised Company (AC) Companies is required to maintain financial statements to reflect their financial position with the Registered Agent and with the authorities. Annual return (return of income) must be filed with the Mauritius Revenue Authority (MRA) within 6 months of its balance sheet date.

Directors

Minimum one, who may be natural person or a body corporate.

Company Secretary

Optional.

Shareholders

The minimum number of shareholders is one.

Services Offered

  • Expertise with regards to the incorporation, management and application of Mauritius GBC I companies and Authorised Companies (AC)
  • Day-to-day company administration including opening and operating bank accounts, issuing invoices, VAT management, accounting and bookkeeping services
  • Company secretarial services
  • Provision of professional directors and nominee shareholders
  • Independent audit services
  • Registered office and virtual office services
  • Access to Mauritius offshore banking units
  • Mauritius yacht and ship registration

Incorporate in Mauritius

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