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Mauritius GBC I Companies are resident in Mauritius and consequently subject to tax. However,
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GBC I
OVERVIEW
OVERVIEW
Mauritius GBC I Companies are resident in Mauritius and consequently subject to tax. However, they benefit from both tax credits and a longstop tax rate of 3%. Correctly structured and managed Mauritius GBC I companies may access Mauritius' network of 28 tax treaties. Neither capital gains nor withholding taxes are levied. Consequently, Mauritius GBC I companies are used by tax practitioners and businesses to structure investments into Mauritius' treaty partners, which include China, India, Luxembourg and Thailand.
Mauritius GBC I 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 three weeks to set up a Mauritius GBC I Company.
Mauritius GBC I 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 three weeks to set up a Mauritius GBC I Company.
Introduction
Mauritius is situated in the Indian Ocean approximately 800 km off the East Coast of Madagascar.
Population
The population of the Island is approximately 1,200,000 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, 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 tourism sectors. For most of the period, annual growth has been of the order of 5% to 6%. The government's development strategy centres on foreign investment. Mauritius has attracted more than 15,000 offshore entities, many aimed at commerce in India and South Africa, and investment in the banking sector alone has reached over US$ 1 billion. The economy grew by 8.9% in 2000 and the Gross National Income per capita at market prices reached 101,948 rupees. Unemployment rate for 2000 was estimated at about 8.0% while inflation stood at 4.2%.
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 is situated in the Indian Ocean approximately 800 km off the East Coast of Madagascar.
Population
The population of the Island is approximately 1,200,000 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, 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 tourism sectors. For most of the period, annual growth has been of the order of 5% to 6%. The government's development strategy centres on foreign investment. Mauritius has attracted more than 15,000 offshore entities, many aimed at commerce in India and South Africa, and investment in the banking sector alone has reached over US$ 1 billion. The economy grew by 8.9% in 2000 and the Gross National Income per capita at market prices reached 101,948 rupees. Unemployment rate for 2000 was estimated at about 8.0% while inflation stood at 4.2%.
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.
Principal Corporate Legislation
Procedure to Incorporate
Once name approval has been obtained, three copies of the Constitution are submitted, together with a notice of the First Directors, Secretary and location of the Registered Office, and consent forms signed by the Officers.
Restrictions on Trading
A licence is required to undertake banking or insurance business 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 or law firm.
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
Limited, Corporation, Incorporated, Public Limited Company, Société Anonyme, Société Anonyme à Responsabilité Limitée, Sociedad Anónima, Berhad, Proprietary, Naamloze Vennootschap, Besloten Vennootschap, Aktiengesellschaft or the relevant abbreviations.
Disclosure of Beneficial Ownership to Authorities
Yes, but not public.
- The Companies Act 2001.
- Financial Services Development Act 2001.
Procedure to Incorporate
Once name approval has been obtained, three copies of the Constitution are submitted, together with a notice of the First Directors, Secretary and location of the Registered Office, and consent forms signed by the Officers.
Restrictions on Trading
A licence is required to undertake banking or insurance business 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 or law firm.
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
Limited, Corporation, Incorporated, Public Limited Company, Société Anonyme, Société Anonyme à Responsabilité Limitée, Sociedad Anónima, Berhad, Proprietary, Naamloze Vennootschap, Besloten Vennootschap, Aktiengesellschaft or the relevant abbreviations.
Disclosure of Beneficial Ownership to Authorities
Yes, but not public.
Usual Capital
The usual authorised share capital is US$ 1 million with all of the shares having a par value. The minimum issued share capital is one share of 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$ 1,500 and a one-off licence application fee of US$ 500 to the Financial Services Commission. On incorporation a once-off fee of US$ 200 is payable to the Registrar of Companies. Thereafter a further US$ 200 is payable annually. 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. Companies holding Category 1 Global Business License 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, China, 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 Fees
US$ 1,500 to the FSC. - US$ 200 to the Registrar of Companies.
Financial Statement Requirements
Audited financial statements must be filed with the Financial Services Commission.
Directors
Companies holding Category 1 Global Business Licenses require a minimum of one Director who must be natural person. Treaty access requires a minimum of two local directors.
Company Secretary
A qualified resident company secretary must be appointed.
Shareholders
One.
The usual authorised share capital is US$ 1 million with all of the shares having a par value. The minimum issued share capital is one share of 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$ 1,500 and a one-off licence application fee of US$ 500 to the Financial Services Commission. On incorporation a once-off fee of US$ 200 is payable to the Registrar of Companies. Thereafter a further US$ 200 is payable annually. 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. Companies holding Category 1 Global Business License 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, China, 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 Fees
US$ 1,500 to the FSC. - US$ 200 to the Registrar of Companies.
Financial Statement Requirements
Audited financial statements must be filed with the Financial Services Commission.
Directors
Companies holding Category 1 Global Business Licenses require a minimum of one Director who must be natural person. Treaty access requires a minimum of two local directors.
Company Secretary
A qualified resident company secretary must be appointed.
Shareholders
One.
GBC II
A company holding a Category 2 Global Business License is often used for trading and investment. GBCII companies are not resident for tax purposes and do not have access to Mauritius' tax treaty network. Beneficial ownership is not disclosed to the authorities.
Introduction
Mauritius is situated in the Indian Ocean approximately 800 km off the East Coast of Madagascar.
Population
The population of the Island is approximately 1,200,000 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, 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 tourism sectors. For most of the period, annual growth has been of the order of 5% to 6%. The government's development strategy centres on foreign investment. Mauritius has attracted more than 15,000 offshore entities, many aimed at commerce in India and South Africa, and investment in the banking sector alone has reached over US$1 billion. The economy in 2000 grew by 8.9% and the Gross National Income per capita at market prices reached 101,948 rupees. Unemployment rate for 2000 is estimated at about 8.0% while inflation stood at 4.2%.
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.
Introduction
Mauritius is situated in the Indian Ocean approximately 800 km off the East Coast of Madagascar.
Population
The population of the Island is approximately 1,200,000 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, 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 tourism sectors. For most of the period, annual growth has been of the order of 5% to 6%. The government's development strategy centres on foreign investment. Mauritius has attracted more than 15,000 offshore entities, many aimed at commerce in India and South Africa, and investment in the banking sector alone has reached over US$1 billion. The economy in 2000 grew by 8.9% and the Gross National Income per capita at market prices reached 101,948 rupees. Unemployment rate for 2000 is estimated at about 8.0% while inflation stood at 4.2%.
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.
Principal Corporate Legislation
Type of Company for International Trade and Investment
A Company holding a Category 2 Global Business License which is similar to a British Virgin Island International Business Company and is non-resident for tax purposes.
Procedure to Incorporate
Submission of the Memorandum and Articles of Association and a Certificate from the Registered Agent confirming compliance with the requirements of the Ordinance. The application must be supported by a Legal Certificate issued by a local Lawyer certifying that local requirements have been complied with. Finally, directors and shareholders must execute consent forms and these must be filed with the Registrar of Companies.
Restrictions on Trading
Companies holding a Category 2 Global Business License cannot trade within the Republic 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
Yes.
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
Limited, Corporation, Incorporated, Public Limited Company, Société Anonyme, Société Anonyme à Responsabilité Limitée, Sociedad Anónima, Berhad, Proprietary, Naamloze Vennootschap, Besloten Vennootschap, Aktiengesellschaft or the relevant abbreviations.
Disclosure of Beneficial Ownership to Authorities
No.
- The Companies Act 2001.
- Financial Services Development Act 2001.
Type of Company for International Trade and Investment
A Company holding a Category 2 Global Business License which is similar to a British Virgin Island International Business Company and is non-resident for tax purposes.
Procedure to Incorporate
Submission of the Memorandum and Articles of Association and a Certificate from the Registered Agent confirming compliance with the requirements of the Ordinance. The application must be supported by a Legal Certificate issued by a local Lawyer certifying that local requirements have been complied with. Finally, directors and shareholders must execute consent forms and these must be filed with the Registrar of Companies.
Restrictions on Trading
Companies holding a Category 2 Global Business License cannot trade within the Republic 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
Yes.
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
Limited, Corporation, Incorporated, Public Limited Company, Société Anonyme, Société Anonyme à Responsabilité Limitée, Sociedad Anónima, Berhad, Proprietary, Naamloze Vennootschap, Besloten Vennootschap, Aktiengesellschaft or the relevant abbreviations.
Disclosure of Beneficial Ownership to Authorities
No.
Stated Share Capital
Stated Share Capital There is no limit to the number or value of shares that can be issued.
Classes of Shares Permitted
Registered shares, preference shares, redeemable shares and shares with or without voting rights.
Taxation
A Company holding a Category 2 Global Business License does not pay any tax on its world-wide profits to the Republic of Mauritius.
License Fees
US$ 135 per year to the FSC.
US$ 65 per year to the Registrar of Companies.
Financial Statement Requirements
Companies holding a Category 2 Global Business License are required to maintain financial statements to reflect their financial position with the Registered Agent but are not required to file accounts with the authorities.
Directors
Minimum one, who may be natural person or a body corporate.
Company Secretary
Optional.
Shareholders
The minimum number of shareholders is one.
Stated Share Capital There is no limit to the number or value of shares that can be issued.
Classes of Shares Permitted
Registered shares, preference shares, redeemable shares and shares with or without voting rights.
Taxation
A Company holding a Category 2 Global Business License does not pay any tax on its world-wide profits to the Republic of Mauritius.
License Fees
US$ 135 per year to the FSC.
US$ 65 per year to the Registrar of Companies.
Financial Statement Requirements
Companies holding a Category 2 Global Business License are required to maintain financial statements to reflect their financial position with the Registered Agent but are not required to file accounts with the authorities.
Directors
Minimum one, who may be natural person or a body corporate.
Company Secretary
Optional.
Shareholders
The minimum number of shareholders is one.
Mauritius GBC I Companies are resident in Mauritius and consequently subject to tax. However,
