Mauritius Authorised Company

Mauritius Authorised Company

SYNOPSIS

Mauritius is a sub-tropical volcanic island situated in the Indian Ocean, approximately 2400 kilometres off the South East Coast of Africa and covers an area of 1,865 square kilometres. The population of the island is approximately 1.1 million comprising of people of Indian, African, European and Chinese origin. Due to its past history as a colony of both France and Britain, this population is largely bilingual in English and French. The official language is English while “Creole” is widely spoken in the island.

The Republic of Mauritius is a Westminster style democracy headed by an appointed President. The President is the Head of State and Commander in Chief. The sixty members of Parliament are elected every five years by popular vote. Parliament is the legislative authority in Mauritius and is headed by the Prime Minister who is the Head of Government.

Mauritius is one of the few countries with a hybrid legal system based on English and French law. The procedural law both in criminal and civil litigation is mainly English whilst the substantial law is mainly based on the French Napoleonic code. The Company Law is modeled on the English law. The highest court of appeal is the Privy Council in England.

MAURITIUS AUTHORISED COMPANY

The GBC2 regime has been phased out and replaced by the “Authorised Company” regime. The following rules were issued by the FSC on 27 September 2018 and came into force 1st of October 2018.

A Mauritius Authorised Company applies where the majority of shares or voting rights or the legal or beneficial interest in a company incorporated under the Companies Act are held or controlled, as the case may be, by a person who is not a citizen of Mauritius and such company-

(a) Proposes to conduct or conducts business principally outside Mauritius; and

(b) Has its place of effective management outside Mauritius

Common uses of a Mauritius Authorised Company:

  • Suitable as vehicle for holding and managing private assets
  • Investment Holdings
  • Trading and consultancy activities
  • Ideal for one off projects

Mauritius Authorised Companies have the following characteristics:

  1. Shareholders:
    Mauritius Authorised Company must have a minimum of one shareholder who may be corporate or individual. Bearer shares are not permitted in a Mauritius Authorised Company. A Register of Members will need to be maintained by the Company but only shareholders have a right of inspection. No public access to this information is permitted. The Registrar will need to be notified of a new issue of shares within 14 days of the date of issue.
  2. Directors:
    A Mauritius Authorised Company shall have at least 1 director who need not be ordinarily resident in Mauritius. Furthermore, the director is not required to be a natural person, another corporate entity being permitted to take on the role of director. A Register of Directors has to be kept by the Company, to which only shareholders have a right of inspection. There is no public access to this information.
    Any change in the Register of Directors of a Mauritius Authorised Company must be notified to the Registrar of Companies within 28 days of the date of such change.
  3. Officers/Secretary:
    Mauritius Authorised Company must appoint a resident company secretary to facilitate signing obligations, this services is provided by the company’s registered agent.
  4. Restriction on name & activity:
    The following words cannot be used in a Mauritius Authorised Company may it be in English or any other language: Authority, Bank, Chamber of Commerce, Chartered, Cooperative, Fund, Government, Insurance, Investment or Management Services, Mauritius, Municipal, National, Regional, Presidential, Republic or State. Names should end with Limited or Corporation.
  5. Local Requirement:
    As a matter of local company law, the Mauritius Authorised Company MUST maintain a registered office address within Mauritius and must also appoint a Mauritian resident as a registered agent. We would generally provide these services as part of the domiciliary service fee.
  6. Mauritius Authorised Company Registration of Charge:
    Every Authorised Company shall within 28 days of the creation of any charge, file with the Registrar, a statement of the particulars of the charge.
  7. Timescale in Setting up a Mauritius Authorised Company:
    Incorporation can be achieved within 4-6 days. However it does take a few days for documents to arrive from Mauritius.
  8. Required Reporting of a Mauritius Authorised Company:
    Mauritius Authorised Companies are required to maintain financial statements to reflect their financial position. Annual Accounts must be filed with the authorities within six months of the balance sheet date.
  9. Taxation of a Mauritius Authorised Company:
    Mauritius Authorised Companies are tax exempt in Mauritius but annual return has to be filed with Mauritius Revenue Authority once in every year.
  10. Confidentiality:
    Mauritius Authorised Companies of Beneficial Ownership are not available to the public records.

11. Mauritius Authorised Companies Renewal:

Renewals for Mauritius Authorised Companies to be done before 30th of June irrespective of date of incorporation. In case of late renewal, government and service charges shall be applicable for late payment of it’s annual license.

Financial Summary of the Mauritius Authorised company along with the latest valid passport copy and recent utility bill for address proof of shareholder/director are required to be submitted at every renewal as a part of enhanced due diligence. If shareholder is a corporate entity, then latest certificate of incumbency and above stated docs of directors would be required.

12. Documents Required for a Mauritius Authorised Company Set Up:

KYC Documents for individual Director/Shareholder:

  1. Passport – original to be verified personally in our office, otherwise client can provide an original notarized copy of the passport
  2. Proof of address (in the form of utility bill, dated less than 3 months)
  3. Bank reference (dated less than 3 months with satisfactory record clearly mentioned and also the time period the client has been dealing with the bank: minimum of 2 yrs)
  4. Detailed CV
  5. Professional reference letter (can be issued by Lawyer or Certified Public Accountant)
  6. Dully filled FATCA Form
  7. Notarized US Declaration (if a US Person)

KYC for Corporate Director/Shareholder:

  1. Certificate of Incorporation
  2. Registered address and place of business
  3. Certificate of Current Standing if incorporated more than 1 year
  4. Register of Directors
  5. Register of Shareholders
  6. Memorandum & Articles of Association
  7. All documents of the corporate entity must be certified by a Lawyer or Certified Public Accountant

Incorporation of a Mauritius Authorised Company begins from USD 2,975

Global Business Services DMCC has helped many individuals and corporate entities to set up a Mauritius Authorised Company. Our Company acts as a one stop solution for Mauritius Authorised Company incorporation services.

If you are looking for Mauritius Authorised Company set up, please get in touch with us for professional assistance.

Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal, tax or other professional advice. We do not accept any responsibility, legal or otherwise, for any errors or omissions.

GBSOur Office
Organically grow the holistic world view of disruptive innovation via empowerment.
+971 4 4471803
OUR LOCATIONWhere to find us?
For company formation and company incorporation services please contact us at our mailing address:

Office No.12A-06,
13th floor HDS Tower,
Plot No. F2,
Jumeirah Lakes Towers,
Post Box 309074,
Dubai (U.A.E)

GET IN TOUCHGBS Social links
Taking seamless key performance indicators offline to maximise the long tail.
GBSOur Office
Organically grow the holistic world view of disruptive innovation via empowerment.
+971 4 4471803
OUR LOCATIONWhere to find us?
For company formation and company incorporation services please contact us at our mailing address:

Office No.12A-06,
13th floor HDS Tower,
Plot No. F2,
Jumeirah Lakes Towers,
Post Box 309074,
Dubai (U.A.E)

QUICK LINKSOur Services
GET IN TOUCHGBS Social links
Taking seamless key performance indicators offline to maximise the long tail.
AVANTAGEHeadquarters
Organically grow the holistic world view of disruptive innovation via empowerment.
OUR LOCATIONSWhere to find us?
GET IN TOUCHAvantage Social links
Taking seamless key performance indicators offline to maximise the long tail.
AVANTAGEHeadquarters
Organically grow the holistic world view of disruptive innovation via empowerment.
OUR LOCATIONSWhere to find us?
GET IN TOUCHAvantage Social links
Taking seamless key performance indicators offline to maximise the long tail.

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Copyright © 2020 Global Business Services.

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