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:
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.
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.
Mauritius Authorised Company must appoint a resident company secretary to facilitate signing obligations, this services is provided by the company’s registered agent.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
Mauritius Authorised Companies of Beneficial Ownership are not available to the public records.