Features of Mauritius Offshore Compamny (GBC2)
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GENERAL |
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Type of Company |
GBCII |
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Political Stability |
Good |
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Common or Civil Law |
Hybrid |
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Disclosure of Beneficial Owner |
No |
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Migration of Domicile Permitted |
Yes |
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Tax on Offshore Profits |
Nil |
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Language of Name |
Latin Alphabet |
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CORPORATE REQUIREMENTS
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Minimum Number of Shareholders |
One |
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Minimum Number of Directors |
One |
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Bearer Shares Allowed |
Yes |
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Corporate Directors Permitted |
Yes |
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Company Secretary Required |
No |
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Standard Authorised Share Capital |
Unlimited |
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LOCAL REQUIREMENTS
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Registered Office/Agent |
Yes |
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Company Secretary |
No |
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Local Directors |
No |
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Local Meetings |
No |
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Government Register of Directors |
No |
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Government Register of Shareholders |
No |
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ANNUAL REQUIREMENTS
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Annual Return |
No |
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Submit Accounts |
Yes |
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RECURRING GOVERNMENT COSTS |
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Minimum Annual Tax/Licence Fee |
US$135 to FSC US$65 to ROC |
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Annual Return Filing Fee |
N/A |
General Information
Mauritius is situated in the Indian Ocean approximately 800 km off the East Coast of Madagascar.
Population
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.
Political Structure
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, reflecting the country’s firm commitment to a multi-party political system.
Economy
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 tourism 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.
The economy in 2000 grew by 8.9% and the Gross National Income per capita at market prices reached 101,948 rupees. Unemployment rate for 2000 is estimated at about 8.0% while inflation stood at 4.2%.
Language
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.
Currency
Mauritian Rupee.
Exchange Control
None.
Type of Law
Common Law for corporate matters.
Principal Corporate Legislation
The Companies Act 2001.
Financial Services Act 2007.
Company Information
Type of Company for International Trade and Investment?
A Company holding a Category 2 Global Business License which is similar to a British Virgin Island International Business Company and is non-resident for tax purposes.
Procedure to Incorporate
Submission of the Memorandum and Articles of Association and a Certificate from the Registered Agent confirming compliance with the requirements of the Ordinance. The application must be supported by a Legal Certificate issued by a local Lawyer certifying that local requirements have been complied with. Finally, directors and shareholders must execute consent forms and these must be filed with the Registrar of Companies.
Restrictions on Trading
Companies holding a Category 2 Global Business License cannot trade within the Republic of Mauritius.
Powers of Company
A company incorporated in the Republic of Mauritius has the same powers as a natural person.
Language of Legislation and Corporate Documents
The legislation is in English; the documentation may be expressed in any language but must be accompanied by a certified English translation.
Shelf Companies Available
Yes.
Name Restrictions
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.
Language of Name
English or French.
Names Requiring Consent or a Licence
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.
Suffixes to Denote Limited Liability
Limited, Corporation, Incorporated, Public Limited Company, Sociét?Anonyme, Sociét?Anonyme ?Responsabilit?Limitée, Sociedad Anónima, Berhad, Proprietary, Naamloze Vennootschap, Besloten Vennootschap, Aktiengesellschaft or the relevant abbreviations.
Disclosure of Beneficial Ownership to Authorities
No.
Compliance Stated Share Capital
There is no limit to the number or value of shares that can be issued.
Classes of Shares Permitted
Registered shares, preference shares, redeemable shares and shares with or without voting rights.
Taxation
A Company holding a Category 2 Global Business License does not pay any tax on its worldwide profits to the Republic of Mauritius authorities.
Licence Fees
US$ 135 per year to FSC.
US$ 65 per year to the Registrar of Companies.
Financial Statement Requirements
Companies holding a Category 2 Global Business License are required to maintain financial statements to reflect their financial position but are not required to file accounts with the authorities.
Directors
Minimum one, who may be natural person or a body corporate.
Company Secretary
Optional.
Shareholders
The minimum number of shareholders is one.
For further information or assistance, please call us:
Hong Kong Office: +852 2341 1444
Singapore Office: +65 6295 2884
Shenzhen Office: +86 755 8268 4480
Shanghai Office: +86 21 6439 4114
Beijing Office: +86 10 6874 8420
or send email to enquiries@bycpa.com.
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