| Type of entity |
Category One GlobalBusiness (GBL 1) |
Category Two Global Business (GBL 2) |
| Company law |
Mauritius Companies Act 2001
Similarity with UK and New Zealand Company laws |
|
| Type of activities |
Qualified Global Business, being, aircraft financing and leasing, asset management, consultancy services, employment services,
financial services, funds management, information and communication technology services, insurance, licensing and franchising,
investment holding, logistics and marketing, operational headquarters, pension funds,
shipping and ship management, and trading |
Any activity, except banking, insurance or financial services related activities |
| Can seek benefits of treaty |
Yes |
No |
| Currency |
Any, except Mauritius Rupee |
|
| Registered office |
In Mauritius |
|
| Formation |
|
|
| Time to establish |
5 to 10 business days 10 to 15 business days for an investment fund |
48 hours |
| KYC required |
2 |
|
| COMPANY SECRETARY |
| Company Secretary |
Qualified Secretary Required |
|
| Local Requirements |
Yes on registered owners, beneficial owners, directors, account signatories |
|
| Business plan must be provided |
Yes |
Yes, but not submitted to Authorities |
| Nominee shareholder and professional directors can be used to expedite formation |
Yes |
|
| Tax |
| Corporate income tax |
Headline tax rate is 15%; But maximum effective rate is 3% 15% on chargeable income less foreign tax credit; if proof of foreign taxes cannot be provided, claim is allowed for a deemed tax credit of 80% of Mauritius tax payable. Consequently the maximum effective rate is 3% Credit for foreign underlying taxes may be claimed with respect to dividend income received from holdings exceeding 5% and normally eliminates all residual |
Nil corporate income tax in Mauritius |
| Capital gains |
Tax exempt income in Mauritius |
|
| Tax sparing relief |
Allowable under domestic law |
|
| Inheritance tax |
Nil |
|
| Can seek benefits of treaty |
Yes |
No |
| Tax return filing |
If financial year end is 30 June, then deadline is the next 31 January For any other financial year end date, deadline is the following 30 September |
Not applicable |
| Withholding tax on distributions to shareholders |
Nil |
|
| Stamp duty / capital duty |
Nil, unless company holds (with special permission) immoveable property in Mauritius |
Nill |
| General minimum conditions for grant of Tax residence certificate |
Central management and control in Mauritius (see �Directors� below) Bank account in Mauritius Accounting records kept in Mauritius |
Not applicable |
| Share Capital / Shareholders |
| Permitted capital |
Any amount; Non Mauritius Rupee denominated
|
|
| Type of shares |
Shares can be of par value or no par value Shares may be redeemable, non-voting or confer preferential, special or limited rights to income, capital or voting as specified in the constitution (by-laws) |
|
| Distributions subject to solvency test |
Yes Simplified solvency test applies generally to Investment Companies/Collective Investment Schemes
|
Yes |
| Bearer shares |
Not allowed |
|
| Residency of shareholders |
Generally from any country except Mauritius
|
|
| Minimum number of shareholders |
One |
|
| Meetings |
At any place inside and outside Mauritius Annual meeting within 6 months of financial year end |
|
| Directors |
| Local resident Director |
Local resident Director |
Minimum: Nil But preferably at least 2 in Mauritius to avoid tax residency elsewhere |
| Board meetings |
Anywhere but for tax residency purposes: held and chaired in Mauritius Telephonic meetings allowed |
Anywhere but preferably held and chaired in Mauritius to avoid tax residency elsewhere |
| ssasas |
sasas |
sasas |
| Preparation of accounts |
Yes
|
Yes, but need not be prepared in Mauritius |
| Accounting standards |
The norm is IAS/IFRS Also acceptable: US, UK and South African GAAPs For other GAAPS, specific prior approval must be sought from FSC
|
Full flexibility as to choice of accounting standards |
| Audit statutorily required |
Audit statutorily required
|
|
| Local auditor statutorily required |
Yes
|
No |
| Filing of financial statements with Authorities |
Yes within 6 months of year end
|
|
| Pubic access to financial statements |
No
|
|
| ssasas |
sasas |
sasas |
| Notify Authorities for each share allotment |
Generally: Yes Open ended entities: No
|
No |
| Nominee shareholder can be used |
Yes
|
|
| Beneficial ownership disclosed to Authorities |
Yes, to the FSC Global Funds: Only identity of fund manager/promoter disclosed to the FSC; However the FSC may request for information on investors, if necessary (in practice the FSC will do so only if there is reason to suspect the investor) Information confidentially kept
|
No |
| Exchange of information |
No disclosure shall be made by the FSC to any court, tribunal, committee of enquiry or other authority in Mauritius or elsewhere except on a court order made only if the court is satisfied that the confidential information is bona fide required for the purpose of any enquiry or trial into, or relating to, the trafficking of narcotics, drugs, arms trafficking or money laundering The powers of the FSC to transmit information have been extended to include disclosure to foreign supervisory agencies – applies only with respect to financial services providers only and not to private holdings / special purpose vehicles Mauritius has in place a network of Double Taxation Agreements and hence the Mauritius Revenue Authority is allowed to obtain and exchange information under the relevant provisions of these treaties
|
|
| Others |
|
|
Migration in
allowed |
Yes
|
|
Migration out
allowed |
Yes
|
|
Conversion from
GBL 1 to GBL 2 and
vice versa |
allowed
|
|
