Mauritius GBC

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.