• It has been pleasure to be associated with VA Global Business for over 5 years.  Efficient and cost effective service has been their hallmark and we wish them all the very best for a great success ahead.    
    Author : Vipul R Kothari - Director
    Global Business Services JLT.
  • We find VA Global Business Limited helpful in meeting our requirement. People are always co-operative and understandable to our needs. In offshore busines environment it is always advisable to choose professional service from people with high integrity and good professional conduct and there is no doubt that VA Global Business Limited meets the requirements.  
    Author : Director
    Gagan Corporation Ltd
  • We have been a client of VA Global Business Limited for the incorporation and secretarial services of a Mauritius Offshore company since May 2006 and have been fully satisfied by the quality of their services. Incorporation was pretty straightforward with clear instructions for setting up the company as well as an off-shore bank account. They have proved to be trustworthy and responded swiftly to ...
    Author : Director
    Business Development Services Ltd
  • As a growing advisory firm in the region our company has been well served by VA Global Business since 2009. They have consistently provided sound advice in setting up business structures tailored to the needs of our company and assisting various ongoing administrative matters. Some of the activities that we have relied on VA Global to carry out for us include company registration, administration a...
    Author : Managing Director
    slEconomics Africa
  • VA Global was able to provide a step by step clear process for setting up the relevant structures in Mauritius, saving us days of research. All correspondence via e-mail and phone was professional with timely attention to all queries. Doing business across borders is only a success when there is a trusted partner on the other side
    Author : Director
    Twiga Limited
  • VA Global Ltd has been a great help to our business. They have consistently replied to any questions and queries we have had in a timely manner and have enabled our business to transition smoothly through a recent restructuring. We look forward to continuing to work with them in the future, and would recommend them to anyone who needs the administrative services that they are able to provide.
    Author : Director
    Amistad Ltd
  • We are in our fifth year of working with VA Global. Their standards of service are very high. We find them efficient, reliable and very accessible. VA Global offers you a personalised service par excellence!
    Author : Director
    Spectramax Ltd
  • Just a quick note to say thank you very much for an incredible working partnership. I must say I came along with the usual reservation that you have about whether the whole process of registering an offshore company (legal procedures, bank account opening...) will be smooth and rapid but you positively surprised me! As a private consultant, finding ways to save money for my clients is a priority a...
    Author : Lily Johns
    Private Consultant
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GBC 1 with Special Licenses

Global Business Company – Category 1 (GBC 1) with specialized licenses

Mauritius Global Funds

The sole business of a Mauritius Global Fund is the collective investment of funds in a portfolio of securities so as to spread the risk of the investment, the holder of the securities must be able to gain from the results of the investment minus any commission or fees due. A fund can either be a close-ended fund where the share capital is fixed or an open-ended fund where the share capital may be varied. Global Fund (Investment Fund) companies in Mauritius are usually established as GBC1 companies and are then regulated in their function as an investment business by the 2005 Securities Act. The FSC must give approval for the company to be licensed as an investment company, for this approval to be given the central administration of the company must be based in Mauritius. The company must have a local administrator, a local independent custodian and a local auditor. The accounts must be kept and accounting documents available in Mauritius, the principle office must be kept in Mauritius, the issue and redemption of shares must be carried out in Mauritius and the NAV calculation must also be carried out in Mauritius. Additionally, the FSC must satisfy itself of the funds structure and objectives, the track record and credentials of the promoters, the investors and markets targeted, types of investment the fund will be dealing in, the track record of the investment manager, independent custodian and the administrator.

The Protected Cell Company (PCC)

Mauritius approved the Protected Cell Company Act 1999 (amended 2000) and came into force in January 2000. The PCC allows companies with a Category 1 Global business License to create ‘cells’ for the purpose of segregating and protecting assets of one cell against failure of another cell. The principle legal characteristic is that the portion of capital designated to a specific cell is neither liable for the general obligations, commitments or liabilities of the corporation nor for the specific liabilities of the other cells. This allows additional opportunities, flexibility and security for international investment structuring especially for an entity with various investment portfolios where each has its own investment strategy and risk profile. Ordinary shares are issued to control the core, these include voting shares. Cellular shares are issued relating to individual cells, these shares have no voting rights, The connection between the named cellular shares and cells to which they are related is set out in the Memorandum and Articles of Association of the PCC. The PCC will have a board of directors. Separate accounting must be conducted for each cell. VA Global Business Limited can discuss the benefits of a Protected Cell Company for your individual requirements, set up the structure for you and deal with all ongoing statutory requirements.

Captive Insurance Business

Established as a risk management technique, Captive insurance companies are companies established with the sole purpose of insuring the risk emanating from their parent group. A Captive Insurance company must be a Category 1 Global Business License company (GBC1) licensed by the Financial services commission. A license is then required to conduct the captive business, The captive insurance company will need to appoint a licensed management company and a representative accountable to the commission. VGB can arrange all of this for you. To gain the license the FSC will need to see audited financial statements, a certificate of margin of solvency, a certificate of liquidity ratio, an actuarial valuation of adequacy of premiums and loss reserves for long term business, a declaration from the principle representative as to the accuracy of accounts. The incorporation procedure requires an application to the commission and a certificate from a law practitioner in Mauritius to say that the company complies with the laws of Mauritius.

Investment Adviser/Dealer License

The Investment Adviser and Dealer licenses as issued by the Financial Services Commission in Mauritius are getting increasing popularity among many of the Brokerage Houses worldwide. Application for Investment Adviser/Dealer license must be made under a Category 1 Global Business Company and license is granted subject to the approval of the Financial Services Commission. The Securities Act 2005 coupled with the the Securities (licensing) Rules 2007 remain the main legal framework governing the provisions and setting the parameters within which a GBC 1 with an Investment Adviser/Dealer license can operate. There are different categories of Investment Adviser/Dealer license and Securities (licensing) Rules 2007 clearly set out the activities authorized to be carried out under each category:

Type of License

Authorised to

Investment Dealer
(Full Service)
Can be with or without underwriting

Act as an intermediary in the execution of securities transactions for clients;
Trade in securities as principal with the intention of reselling these securities to the public;
Underwrite or distribute securities on behalf of an issuer or a holder of securities;
Give investment advice which is ancillary to the normal course of his business activities; and
Manage portfolios of clients

Investment Dealer
(Broker)

Execute orders for clients;
Manage portfolios of clients; and
Give advice on securities transactions to clients

Investment Dealer
(Discount Broker)

Execute orders for clients without giving advice
 

Investment Dealer
(Commodity Derivatives Segment)

Act as broker in Commodity Derivatives only
 

Investment Dealer
(Currency Derivatives Segment)

Act as broker in Currency Derivatives only
 

Investment Adviser
(Unrestricted)

Manage, under a mandate, portfolios of securities; and
Give advice on securities transactions through printed materials or any other means

Investment adviser
(Restricted)

Give advice on securities transactions through printed materials or any other means
 

Payment Intermediary Services

The Payment Intermediary Services License is of interest to those who wish to operate as an online Payment Service Provider (PSP). The PSP business model is becoming more of a norm in the current business environment to address the ever-increasing need of both online shoppers and online sellers to do business via the internet. The Payment Intermediary Services License can only be applied for under a Category 1 Global Business Company and needs the approval of the Financial Services Commission for a GBC 1 to obtain such a special license. One of the licensing conditions is that the company must maintain an unimpaired capital of at least MUR 500,000 or its equivalent. With a Payment Intermediary Services License, the GBC 1 can offer merchant online services for accepting electronic payments by a variety of payment methods including credit card, bank-based payments such as direct debit, bank transfer, and real-time transfer based on online banking. The main customer base is often composed of online merchant sellers.

Other Specialised Licenses

With its aim to promote the development and efficiency of the financial institutions and capital markets in Mauritius, the Financial Services Commission is constantly reviewing the activities authorized for a Global Business Company and the related licenses so as to better meet the current market requirements of the global business partners. Over the years, the Financial Services Commission in Mauritius has developed a comprehensive array of specialized Global Business Licenses, more specifically for those operating as a Category 1 Global Business Company. Excluding the above, to mention a few of the popular licenses:

  • Assets Management
  • Distribution of Financial Products
  • Pension Fund Administrators
  • Treasury Management
  • Custodian Services
  • Credit Finance
  • Factoring
  • Leasing
  • Credit Rating Agencies
  • Other Financial Business Activity