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Mauritius


Mauritius

MAURITIUS

HISTORY AND POLITICAL STRUCTURE

The Republic of Mauritius is an island nation off the southeast coast of the African continent in the southwest Indian Ocean, about 900 kilometers east of Madagascar. In addition to the island of Mauritius, the Republic includes the islands of Cargados Carajos, Rodrigues and the Agalega Islands.

After a brief Dutch settlement, French immigrants who came in 1715 named the island Ξle de France and established the first road and harbor infrastructure, as well as the sugar industry. Blacks from Africa and Madagascar came as slaves to work in the sugarcane fields of the Island. The British took control during the Napoleonic Wars and Mauritius became independent from the UK in 1968.

Indian immigration, which followed the abolition of slavery in 1835, rapidly changed the fabric of Mauritian society, and
the country flourished with the increased cultivation of sugarcane. The opening of the Suez Canal in 1869 heralded
the decline of Mauritius as a port of call for ships rounding the southern tip of Africa, bound for South and East Asia.

Mauritius’s area is 2040 km2 with Port Louis the capital. It is a parliamentary republic and is a member of the Southern African Development Community, the Common Market for Eastern and Southern Africa, the African Union, La Francophonie and the Commonwealth of Nations.

The Republic of Mauritius has a Parliamentary democracy within the British Commonwealth. The Government is elected on a five-year basis. In international affairs, Mauritius is part of the Indian Ocean Commission, the Southern African Development Community and the Commonwealth of Nations and La Francophonie.

In 2009 the Mauritius’ government earned the highest rank for “participation and human rights” and “sustainable economic opportunity” based in the Ibrahim Index of African Governance. In addition, Mauritius came second in “rule of law”, and fourth in terms of “human development”.

The main languages spoken in Mauritius are Mauritian Creole, French and English. English is the only official language.
In the Parliament the official language is English but any member of the National Assembly can still address the chair in
French. Rodriguan Creole and Mauritian Bhojpuri are minority languages and, in the case of Rodriguan creole, spoken
in certain parts of the country only. The population of the island is composed of people of Indian, African, Chinese and
French ancestries.

ECONOMY

Since independence in 1968 from the UK, Mauritius has developed from a low-income, agriculturally based economy to a middle income diversified economy with growing industrial, financial, and tourist sectors. Nowadays, Mauritius has an upper middle income economy.

The Mauritius was considered to be a monocrop economy depending mainly on sugar but this has changed. The economy is mainly dependent on sugarcane plantations, tourism, textiles, and services, but other sectors such as seafood processing, information technology and medical tourism are rapidly developing as well. Sugar cane is grown on about 90% of the cultivated land area and accounts for 25% of export earnings.

The country is equipped with a highly skilled labour force and a very good infrastructure thereby attracting Foreign Direct Investment. As a result the standard of living has gone up. By the end of 2002, the number of companies registered in the offshore sector reached 20,111.

Another important factor concerning the economy is the Mauritius Freeport, the customs duty-free zone in the port and airport, aims at transforming Mauritius into a major regional distribution, transshipment, and marketing center. The Freeport zone provides facilities for warehousing, transshipment operations and minor processing, simple assembly, and repackaging.

Mauritius is a country that has successfully achieved economic and human developmen twhile approaching economic liberalisation, whereby poorer sections of society have participated in its economic growth.

WHY CHOOSE MAURITIUS WHEN STARTING A BUSINESS?

Companies in Mauritius were formed under the Companies Act 1984, which was modelled on the English Companies Act 1948 in 2001. The new Companies Act 2001 replaced most of the Companies Act of 1984, other than sections dealing with insolvency and public companies, which remained in force until new legislation was brought forward in separate bills in 2004.

The incorporation and management of Offshore Companies and International Companies, which were previously constituted under the separate International Business Companies Act 1994, have been brought under the Companies Act 2001, and the two types of company are now known as Global Business Company 1 (GBC1) and Global Business Company 2 (GBC2).

Mauritius offshore company formation has a series of unique advantages offered by a GBC2 to many people, which is worth the commitment and time investment to set up an offshore company structure in Mauritius.

Due to the fact that Mauritius has double taxation treaties with many countries, those who wish to invest in any one of those countries can make use of a GBC2 through which to invest and then remit all investment profits made back to Mauritius and legally avoid at least the majority of withholding tax.

 

Advantages of the Jurisdiction of Mauritius

 

•   anonymity

•   nominee services through lawyers

•   highest level of privacy protection

•   limited liability without any paid up capital requirement

•   egal tax exemption

•   no taxation on any kind of income

•   no accounting requirements

•   no reporting requirements

•   no accountants costs

•   no auditing

•   no requirements on profession or financial standing

•   business can be conducted internationally

•   company formation procedure in Mauritius typically takes 1 week

Placing an order for the formation of a Category 2 Global Business Company

When placing an order for a company the first thing that occurs is the name reservation. Following the name reserva-
tion with the Registrar of Companies, application documents including a brief business plan are submitted to the FSC.
Upon meeting all licensing conditions, the Registrar of Companies proceeds with the incorporation of the company.
The incorporation and licensing generally takes 24 hours upon receipt of required information and instructions.

 

Requirements for the Registration of a GBC (2)

 

•   Director: The GBC 2 must have at least one director, which can either be an individual or a corporation. Directors
      can be of any nationality or residence.

•   Company Secretary: It is optional to have a company secretary. A secretary is required where the director and the
      shareholder is the same person. The secretary must be a different person.

•   Shareholders: A minimum of one shareholder is required, who may be an individual or a corporate body.

•   Shares: are not allowed to be issued in Bearer form. Registered shares and a variety of shares such as preferred,
      redeemable, and fractional are allowed.

•   Capital: No minimum capital is required. Shares may be issued with or without par value and in any currency as
      permitted by the Memorandum of Association and Articles of Association.

•   Name of the company: Mauritius GBC names must end with Limited, Corporation, Incorporated, Public Limited
     
Company, societe Anonyme, societe Anonyme a Responsabilite Limitee, Sociedad Anonima, Berhad, and Proprie-
     
tary, Naamloze Vennootschap, Besloten Vennootschap, Aktiengesellschaft or the relevant abbreviations to denote
     
Limited Liability. The following names to be used, require licensing: The following names or their derivatives: as-
      surance, bank, building society, Chamber of Commerce, chartered, co-operative, government, imperial, insurance,
     
municipal, royal, state or trust and any name which in the opinion of the Registrar suggests the patronage of the
      President or the Government of Mauritius are generally prohibited.

 

Required Documents to register the company:

 

•   The full name and address of each applicant

•   The present full name, any former name and the usual residential address of every director and any secretary of
      the company

•   Particulars of any business occupation and directorships of any public company or subsidiary of a public company
      held by each director. Should the proposed director be director of several subsidies of a single group, it shall suffice
      to state the name of the holding company with the addition of the word `group`

•   Whether the company is limited or unlimited

•   That the company is a private company, should that be the case

•   The registered office of the company

•   In the case of a one person company, the name of the person nominated by the proposed director to act as sec-
      retary who will call a meeting of heirs in the event of death of the sole director

•   That the information provided in the application is true and correct

 

Corporate documents of the Company

 

•   Original Certificate of Incorporation

•   Original Global Business Licence Category 2

•   Constitution

   Share Certificate

•   Original Appointment of first Directors by Subscribers of the Constitution of the Company

•   Original Minutes of the Board Meeting

 

•   Apostille Bound Set of:

 

- Original Certificate of Incorporation

- Original Global Business Licence Category 2
- Constitution

- Share Certificate

- Register of Members/ Directors/ Officers

 

Extra Documents:

 

•   Guarantee of Non-trading

•   Declaration of Trust

•   Nominee Directors Declaration

•   Memorandum of Sole Director

•   Affidavit

•   Company Seal

 

*   Power of Attorney will be given when we act as Nominee

Company formation in Mauritius is an excellent solution for international entrepreneurs as it offers a wide range of taxing benefits. Mauritius is a well-established offshore jurisdiction with a stable government and robust economy so it could be said that it is an excellent choice to begin a new business.

 

GENERAL OVERVIEW

Location

Indian Ocean.

Time zone

GMT + 4 hours during summer time; GMT + 5 hours during winter.

Population

1,275,323.

Capital

Port Louis.

Airport(s)

SSR International Airport.

Language

English, French, Hindi, Urdu, Chinese, Creole.

Currency

Mauritian Rupees (Rs).

Political system

Democratic, based on British Parliamentary System.

International dialling code

+230.

Legal system

Hybrid, mix of common law and civil law, based on English and French laws.

Centre’s expertise

Financial services, Tourism, Agriculture and Textile, Sugar.

TAX

Personal income tax

15%.

Corporate income tax

15% with foreign tax credit for GBL1 companies and no tax for GBL2 companies.

Exchange restrictions

No.

Tax treaties

Yes, with 36 countries.

SHARE CAPITAL

Permitted currencies

Any currency.

Minimum authorised capital

No authorised capital, but stated capital.

Minimum share issue

One share.

TYPE OF ENTITY

Shelf companies

GBL2 companies only.

Timescale for new entities

7-15 days.

Incorporation fees

€150 for GBL2 companies only, €500 for GBL1 companies.

Annual fees

€250 for GBL2 companies only, €1,500 for GBL1 companies.

DIRECTORS

Minimum number

One, two for GBL1 companies.

Residency requirements

GBL1 companies only, for tax residency purposes.

Corporate directors

Yes, only for GBL2.

Meetings/frequency

Yes, for GBL1 companies/ GBL2 - not specified.

SHAREHOLDERS

Disclosure

Yes.

Bearer shares

No.

Minimum number

One.

Public share registry

No for GBL1 and GBL2 companies.

Meetings / frequency

Yes, for GBL1 companies/ at least once per year.

ACCOUNTS

Annual return

Yes, for GBL1 companies only.

Audit requirements

Yes, for GBL1 companies only.

OTHER

Registered office

Yes.

Domicile issues

No.

Company naming restrictions

Yes, very few.

Tradition

Our solid roots are the foundation of our strenght and qualities