INTRODUCTION
Mauritius, located in the Indian Ocean approximately 1,200 miles from the southeast coast of Africa, is a democratic republic and has a population in excess of 1 million. Mauritius has, at different times prior to independence, been colonized by the English and French, and as such its legal system is a hybrid of both English and French law. The Mauritius government has made a substantial commitment to the development of the financial services sector.
LAW AND TAXATION
The Companies Act 2001, replaced both the companies Act 1984 and the International Companies Act 1994, allows for two categories of companies, the GBL2 and GBL1.
The Category 1 Global Business Licence (GBL1) may be used to access the extensive and growing network of international tax treaties which the Mauritius Government is continually developing. GBL1 companies are subject to taxation at a rate of 15% as a Tax Incentive Company. However, companies can structure their affairs to take advantage of a series of tax credits which may significantly reduce the effective rate of taxation, or may elect to pay at a higher rate to satisfy controlled foreign company legislation in the country of residence of the parent company.
The Category 2 Global Business Licence (GBL2) is similar in structure to an International Business Company (IBC). It is not subject to taxation in Mauritius except for an annual government fee USD 235 which is payable to the Financial Services Commission (FSC) on each 1st July and an annual registration fee of USD 65 which is payable to the Registrar of Companies (ROC) on 20th January every year.
Companies which fail to pay annual fees to the government and the officers of such companies are in default and could be subject to prosecution in Mauritius.
CORPORATE REQUIREMENTS
Chinese names are permitted and can be included on a company’s Certificate of Incorporation.
GBL1: The costs of establishing a GBL1 company are relatively high because of the additional compliance and residency requirements. A GBL1 company must have at least two local directors to access treaties and one shareholder. At present corporate directors are not permitted. A GBL1 company must also appoint a Mauritian resident as company secretary. Each year, the company must prepare audited accounts and file them within 6 months after the close of its financial year with the FSC. Non-compliance will result in a revocation of the GBL1 licence. GBL1 companies that wish to utilize Mauritius’ international tax treaties must demonstrate that management and control are exercised in Mauritius. Details of difrectors and members must be kept with the FSC and ROC.
GBL2: The GBL2 company is only required to have one director and one shareholder. While corporate directors are permitted. GBL2 companies are precluded from issuing bearer shares. Following the Finance Bill 2000 enacted in July 2000, details of members, directors and officers of GBL2 companies must be registered with the FSC and ROC but are not available for public inspection, this adds to administration costs. There are no requirements to file annual returns or audited accounts. It is not clear if books and statutory records should be kept in Mauritius Section 190 and the fourteenth schedule of the Act are contradictory.
GBL2: The GBL2 company is only required to have one director and one shareholder. While corporate directors are permitted. GBL2 companies are precluded from issuing bearer shares. Following the Finance Bill 2000 enacted in July 2000, details of members, directors and officers of GBL2 companies must be registered with the FSC and ROC but are not available for public inspection, this adds to administration costs. There are no requirements to file annual returns or audited accounts. It is not clear if books and statutory records should be kept in Mauritius Section 190 and the fourteenth schedule of the Act are contradictory.
Both GBL1 and GBL2 companies must have a Registered Office and Agent in Mauritius.
LOCAL INFRASTRUCTURE
All of the major international accounting firms are represented in Mauritius and there are an increasing number of international banks. There are, however, no established legal firms with all lawyers being sole practitioners. Communications infrastructure are excellent and there are direct flights to Mauritius from both Singapore and Hong Kong.
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“KanterAsia (堅得亞洲)” offers a series of “New Company Formation (Hong Kong & Offshore) Services”, viz,
1) Hong Kong business licence application
2) New company formation in Hong Kong
3) New company formation in British Virgin Islands
4) New company formation in Cayman Islands
5) New company formation in Samoa
6) New Company formation in Mauritius
7) New company formation in Singapore
8) Nominee shareholder & nominee director services
9) Assisting offshore company to open bank accounts in Hong Kong
10) Assisting Hong Kong incorporated company to open bank accounts in Hong Kong
11) Asset Management Company Registration
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