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Mauritius GBC 1 Companies are resident in Mauritius and consequently subject to tax. However, they benefit from both tax credits and a longstop tax rate of 3%. Correctly structured and managed Mauritius GBC 1 companies may access Mauritius' network of 37 tax treaties. Neither capital gains nor withholding taxes are levied. Consequently, Mauritius GBC I companies are used by tax practitioners and businesses to structure investments into Mauritius' treaty partners, which include China, India, Luxembourg and Thailand.
Mauritius GBC 1 Companies are governed by The Companies Act, 2001 and regulated by the Mauritius Financial Services Commission. They are subject to compliance and reporting regimes similar to those of Hong Kong or UK companies.
All companies seeking to benefit from this status are granted licenses on a case by case basis by the regulatory authorities in Mauritius. This procedure demands the submission of a detailed business plan and disclosure of beneficial ownership.
Normally it takes about 3-4 weeks to set up a Mauritius GBC 1 Company.
Mauritius is situated in the Indian Ocean approximately 800 km off the East Coast of Madagascar.
The population of the Island is approximately 1,200,000 made up principally by people of European, African, Indian and Chinese origin. Mauritius takes pride in the fact that these different cultures co-exist in peace and succeed in creating a cultural entity that is distinctly Mauritian.
The British ruled Mauritius for 158 years until 12 March 1968 when it became an independent country within the Commonwealth. The Republic of Mauritius is a Westminster style democracy. The President is the Head of State and Commander in Chief. Full executive power rests with the Prime Minister who is Head of Government. The Members of Parliament are elected every five years by popular vote and a number of political parties contest the elections every five years, reflecting the country's firm commitment to a multi-party political system.
Since independence in 1968, Mauritius has developed from a low income, agriculturally based economy to a middle-income diversified economy with growing industrial, financial, and tourist sectors. For most of the period, annual growth has been of the order of 5% to 6%.
The government's development strategy centres on foreign investment. Mauritius has attracted more than 15,000 offshore entities, many aimed at commerce in India and South Africa, and investment in the banking sector alone has reached over US$ 1 billion.
English is the official language. However, the Mauritian population is largely bilingual, being equally fluent in English and French. Creole is also spoken and understood by everyone.
Common Law for corporate matters.
The Companies Act 2001.
Financial Services Act 2007.
A Company holding a Category 1 Global Business License is resident for tax purposes and can access Mauritius' network of double tax treaties, provided that it is correctly structured and that the seat of management and control is in Mauritius.
Once name approval has been obtained, three copies of the Constitution (Memorandum and Articles of Association) are submitted, together with a notice of the First Directors, Secretary and location of the Registered Office, and consent forms signed by the Officers.
A licence is required to undertake banking or insurance business or solicit funds from the public.
A company incorporated in the Republic of Mauritius has the same powers as a natural person.
The legislation is in English and French whilst documentation may be expressed in any language but must be accompanied by a certified English translation.
Yes, must be maintained in Mauritius at the address of a licensed management company or law firm.
Three to four weeks.
Any name that is identical or similar to an existing company or any name that suggests the patronage of the President or the Government of Mauritius.
English or French.
The following names or their derivatives: assurance, bank, building society, Chamber of Commerce, chartered, co-operative, government, imperial, insurance, municipal, royal, state or trust or any name which in the opinion of the Registrar suggests the patronage of the President or the Government of Mauritius.
Limited, Corporation, Incorporated, Public Limited Company, Société Anonyme, Société Anonyme à Responsabilité Limitée, Sociedad Anónima, Berhad, Proprietary, Naamloze Vennootschap, Besloten Vennootschap, Aktiengesellschaft or the relevant abbreviations.
Yes, not public.
The Stated Capital comprises the total amount received and receivable by the company with respect to the issue of shares or calls therewith.
Registered shares, preference shares, redeemable shares and shares with or without voting rights.
Companies pay a fixed annual licence fee of US$ 1,750 and a one-off non-refundable licence application fee of US$ 500 to the Financial Services Commission. On incorporation a one-off fee of US$ 350 is payable to the Registrar of Companies for private companies. Thereafter a further US$ 350 is payable annually for private companies. Companies are resident in Mauritius for tax purposes. There is no capital gains taxation in Mauritius and there are no withholding taxes on the payment of dividends, interest or royalties from Companies. There are no stamp duties or capital taxes. Companies holding Category 1 Global Business License are liable to taxes at a rate of 15%.
Mauritius has an extensive double tax treaty network which includes treaties with the following countries: Belgium, Botswana, China, Croatia, Cyprus, France, Germany, India, Italy, Kuwait, Luxembourg, Madagascar, Malaysia, Mozambique, Namibia, Nepal, Oman, Pakistan, Rwanda, Singapore, South Africa, Sri Lanka, Swaziland, Sweden, Thailand, Uganda, UK and Zimbabwe.
US$ 1,750 to the FSC.
Registrar of Companies charge approximately:
Audited financial statements must be filed with the Financial Services Commission.
Companies holding Category 1 Global Business Licenses require a minimum of two Directors who must be natural persons resident in Mauritius.
A qualified resident company secretary must be appointed.
Companies holding Category 1 Global Business License require a minimum of one shareholder and the same rule applies if the company is to be a wholly owned subsidiary. The Financial Services Act requires a GBC I to be administered at all times by a Management Company licensed by the Financial Services Commission and in determining whether a GBL1 should be granted or renewed, the FSC takes into account whether the company will be managed and controlled in Mauritius. In doing so, the FSC may consider, inter,alia, whether the GBC 1:
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