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Mauritius Global Business Corporation

SYNOPSIS

Mauritius is a sub-tropical volcanic island situated in the Indian Ocean, 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 1.2 million comprised of people of Indian, African, European and Chinese origin. Due to its past history as a colony of both France and Britain, the population is largely bilingual in English and French. The official language is English but “Creole” is widely spoken in the island.

The Republic of Mauritius is a Westminster style democracy headed by an appointed President who is the Head of State. 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 modelled on the English and New Zealand law. The highest court of appeal is the Privy Council in England.

MAURITIUS GLOBAL BUSINESS CORPORATION

Mauritius Global Business Corporation are incorporated under the Mauritius Companies Act 2001, as amended and licensed by the Mauritius Financial Services Commission (“FSC”). They are resident in Mauritius for taxation purposes and have access to the extensive double taxation avoidance treaty network, provided they hold a Tax Residence Certificate issued by the Mauritius Revenue Authority. It replaces the previous regime GBC1.

A Mauritius Global Business Corporation applies where the majority of shares or voting rights or the legal or beneficial interest in a resident corporation, are held or controlled, as the case may be, by a person who is not a citizen of Mauritius and such corporation proposes to conduct or conducts business principally outside Mauritius.

Mauritius Global Business Corporation must have the following characteristics:

  1. Shareholders:
    The Mauritius Global Business Corporation can be wholly owned by 1 shareholder. Bearer shares are not allowed. Details of the shareholders must be reported to the Companies Registry and to the Financial Services Commission. Only shareholders have a right of inspection. Please note that references, details on the track record and passport copy of the beneficial owners must be given to the Financial Services Commission. Where the beneficial owners are body corporates, latest audited accounts and corporate profile must be submitted to the Financial Services Commission.
  2. Directors:
    The Mauritius Global Business Corporation shall have at least two directors who shall be ordinarily resident in Mauritius. Corporate directors are not permitted in a Mauritius Global Business Corporation. A director is required to give his consent to act as director by filing form 7 with the Registrar of Companies. The Registrar shall be notified within 28 days of any change in Directors.
  3. Officers/Secretary:
    A qualified resident company secretary must be appointed when setting up a Mauritius Global Business Corporation
  4. Restriction on name & activity:
    The following words cannot be used in Mauritius Global Business Corporation 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:
    In order to issue a Mauritius Global Business Corporation License, the Mauritius FSC considers whether the company has substance in Mauritius through its management and control. The following substance requirements are considered:
    The Mauritius Global Business Corporation shall maintain at all times its principal bank account in Mauritius;

    • The Mauritius Global Business Corporation shall maintain at all times its principal bank account in Mauritius;
    • The Mauritius Global Business Corporation shall keep and maintain, at all times, its accounting records at its registered office in Mauritius;
    • The Mauritius Global Business Corporation shall prepare its statutory financial statements and causes such financial statements to be audited in Mauritius;
    • The Mauritius Global Business Corporation must carry out its core income generating activities in or from Mauritius by:
      1. employing, either directly or indirectly, a reasonable number of suitably qualified persons to carry out the core activities. This is covered by one or more dedicated corporate administrators to administer the company; and
      2. having a minimum level of expenditure, which is proportionate to its level of activities*. The expenditure includes the local government fees, professional fees to the Management Companies, auditor’s fees, fees of the administrators, etc.

*Indicative minimum annual expenditure in Mauritius

CATEGORY SUB-CATEGORY MINIMUM ANNUAL EXPENDITURE (USD)
Non- Financial Investment Holding (excluding IP rights) 12,000
Non-Investment Holding 15,000

6. Timescale in Setting Up a Mauritius Global Business Corporation

Subject to name approval a Mauritius Global Business Corporation can be incorporated within 2-3 weeks. Ready Made companies are not available because of the need to report the details of the beneficial owners to the Financial Services Commission.

7. Annual Reporting:

A Mauritius Global Business Corporation must file audited accounts within 6 months of the close of its financial year. Non-compliance may result in revocation of the global business licence. A Mauritius Global Business Corporation may prepare its financial statements in accordance with the International Accounting Standards or with any other internationally accepted accounting standards.

8. Taxation of a Mauritius Global Business Corporation :

As from January 2019, the deemed Foreign Tax Credit regime available to GBC1 companies has been abolished.

There is an introduction of an 80% exemption regime on the following income, subject to meeting the above pre-defined substance requirements.

  • Foreign dividend, subject to amount not allowed as deduction in source country
  • Foreign source interest income
  • Profit attributable to a permanent establishment of a resident company in a foreign country
  • Foreign source income derived by a Collective Investment Scheme (“CIS”), Closed End Funds, CIS Manager, CIS administrator, investment adviser or asset manager licensed or approved by the FSC
  • Income derived by companies engaged in ship and aircraft leasing

9. Mauritius Global Business Corporation’s Confidentiality :

Beneficial ownership of a Mauritius Global Business Corporation is not available on public record.

10. Mauritius Global Business Corporation Renewal :

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

11. Required Documents in Setting Up a Mauritius Global Business Corporation:

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

All documents of the corporate entity must be certified by a Lawyer or Certified Public Accountant

Incorporation of a Mauritius Global Business Corporation begins from USD 8,555

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

If you are looking for Mauritius Global Business Corporation 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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