 | Mauritius is an independent country within the British Commonwealth, located in the Indian Ocean. The population is approximately 1.2 million, with the main ethic origins being European, Indian, African and Chinese. | Mauritius has successful textiles and agriculture industries, as well as significant tourism, offshore / financial and industrial sectors.
Mauritius GBC 1 companies
Mauritius GBC1s are companies incorporated under the Companies Act 2001 (which hold a category 1 Global Business Licence). GBC1 companies (unlike GBC2 companies) are resident in Mauritius for taxation purposes and have access to Mauritius' extensive double taxation avoidance treaty network. Although subject to Mauritian tax, they benefit from tax credits and a low tax rate (see below). GBC1 companies have commonly been used by foreign business to structure investments and projects with Mauritian double tax avoidance treaty partners, including India, China, Luxembourg and Thailand.
FEATURES & BENEFITS OF MAURITIUS GBC 1 companies
Fiscal advantages
- Mauritius taxation on foreign income: 15% (but may be reduced to effective rate of 3% where tax credits apply)
- Mauritian capital gains tax or withholding tax: no
- Minimum annual Mauritius Government License fee (aggregate): US$ 1700
Directors
- Minimum number of directors: 1 (but 2 required for access to Mauritius tax avoidance treaties)
- Corporate directors permissible: yes
- Local director requirement: yes (2 required for access to Mauritius tax treaties)
- Publicly accessible records of directors: no
- Location of directors meetings: anywhere, but in Mauritius for tax treaty access)
Shareholder (Members)
- Minimum number of shareholders: 1
- Corporate shareholders permissible: yes
- Local shareholder requirement: no
- Location of shareholders meetings: Mauritius - by proxy permitted
- Publicly accessible records of shareholders: no
Beneficial owners (clients)
- Publicly accessible records of beneficial owners: no (though note that registered shareholders details are accessible)
- Shares may be held by a nominee on behalf of beneficial owner client
Company Secretary
- Appointment of Mauritian resident (qualified) Company Secretary: yes
Share Capital
- Standard Authorised Share Capital: Normally US$1,000,000, this being the maximum for the minimum annual Government licence fees (US$1700)
- Standard currency: USD
- Permitted currencies: any (except Mauritian Rupees)
- Registered shares (Bearer shares not permitted)
Accounts and returns
- Requirement to file annual Accounts: yes
- Audit requirement: yes
- Publicly accessible Accounts: no
- Requirement to file annual company return: yes
Other
- Migration/redomiciliation of companies to or from Mauritius: yes
- Double taxation treaty access: yes - Mauritius has an extensive double taxation avoidance treaty network, including with Belgium, China, Cyprus, France, Germany, India, Indonesia, Italy, Luxembourg, Malaysia, Singapore, South Africa, Sri Lanka. Sweden, Thailand, UK, etc
- Requirement: registered office and licensed Secretary / Registered Agent in Mauritius
- Trading restrictions: if duly licenced by the Mauritian authorities, a GBC1 may carry on the business of banking, insurance, reinsurance, fund administration, solicitation of funds from the public, etc.
- A GBC1 has the same powers as a natural person, including the right to sue and be sued. It is a separate legal entity with limited liability and has perpetual existence.
- Name restrictions: it is prohibited (or requires requisite licence) for a GBC1 name to contain words such as "Bank", "Trust", "Building Society", "Insurance" or which suggest the patronage of any Government. It is prohibited to use a name already in use.
- Language of GBC1 name: while normally in English or French, a GBC1 name can be in any language, but must be accompanied by an approved translation in English.
- Mandatory suffix to denote limited liability: including "Limited", "Corporation", "Incorporated", "Société Anonyme" or their abbreviations, etc.
- A GBC1 is a Mauritius resident for taxation purposes
| | Mauritius GBC 2 "offshore" companies
Mauritius GBC2s are companies incorporated under the Companies Act 2001 (which hold a category 2 Global Business Licence). GBC2 companies are designed for use outside of Mauritius and may not carry on business in Mauritius (subject to a number of statutory exceptions). GBC2s are commonly used for:
- the holding / ownership of investments and assets, such as real estate or shares or other property
- commercial transactions and international trading operations
- asset protection vehicles
- consultancy and personal service companies
Fiscal advantages
- Mauritius taxation on foreign income: No
- Mauritius stamp duty on transfer of GBC2 shares: No
- Minimum annual Mauritius Government License fee (aggregate): US$ 200
Directors
- Minimum number of directors: 1
- Corporate directors permissible: yes
- Local director requirement: no
- Publicly accessible records of directors: no
- Location of directors meetings: anywhere
Shareholder (members)
- Minimum number of shareholders: 1
- Corporate shareholders permissible: yes
- Local shareholder requirement: no
- Location of shareholders meetings: anywhere
- Publicly accessible records of shareholders: no
Beneficial owners (clients)
- Publicly accessible records of beneficial owners: no
- Shares may be held by a nominee on behalf of beneficial owner client
Company Secretary
- Appointment of Company Secretary requirement: optional
Share Capital
- Standard Authorised Share Capital: Normally US$100,000, this being the maximum for the minimum annual Government licence fees (US$200)
- Standard Minimum Paid up Capital: US$1
- Standard currency: USD
- Permitted currencies: any (except Mauritian Rupees)
- Registered shares (Bearer shares no longer permitted)
Accounts and returns
- Requirement to file annual Accounts: no
- Audit requirement: no
- Publicly accessible Accounts: no
- Requirement to file annual company return: no
Other
- Migration/redomiciliation of companies to or from Mauritius: yes
- Double taxation treaty access: no
- Confidentiality: no publicly accessible records of directors or shareholders or beneficial owners / clients; and use of nominees permitted
- Time for us to incorporate new GBC2: approx. 4 days (plus allow time for courier delivery)
- Requirement: registered office and licensed Registered Agent in Mauritius
- Trading restrictions: cannot carry on business in Mauritius (though it can maintain records and a bank account in Mauritius and engage local advisors, etc). A Mauritius GBC2 is prohibited from carrying on the business of banking, insurance, reinsurance, trust administration, etc.
- A GBC2 has the same powers as a natural person, including the right to sue and be sued. It is a separate legal entity with limited liability and has perpetual existence.
- Name restrictions: it is prohibited (or requires consent) for a GBC2 name to contain words such as "Bank", "Trust", "Building Society", "Cooperative", "Insurance" or which suggest the patronage of any Government. It is prohibited to use a name already in use.
- Language of GBC2 name: while normally in English or French, a GBC2 name can be in any language, but must be accompanied by an approved translation in English.
- Mandatory suffix to denote limited liability: including "Limited", "Corporation", "Incorporated", "Société Anonyme" or their abbreviations, etc.
- A GBC2 is not a Mauritius resident for taxation purposes
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