MAURITIUS
- GLOBAL BUSINESS LICENSE CATEGORY 1
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Companies holding Category 1 Global Business License 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
GBL1 companies may access Mauritius' network of 28 tax treaties. Neither
capital gains nor withholding taxes are levied. Consequently, Mauritius
GBL1 companies are used by tax practitioners and businesses to structure
investments into Mauritius' treaty partners, which include 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.
Mauritius
GBL1 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 to Government Authorities.
Principal
Corporate Legislation
The Companies Act 2001. Financial Services Development Act 2001.
Type
of Law
Common Law.
Type
of Company for International Trade and Investment
Category 1 Global Business License
Procedure
to Incorporate
Once name approval has been obtained, three copies of the 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.
Restrictions
on Trading
Category 1 Global Business License can undertake banking or insurance
business or solicit funds from the public, if the relevant authorities
have licensed them.
Powers
of Company
A company incorporated in the Mauritius has the same powers as a natural
person.
Language
of Legislation and Corporate Documents
English and/or French.
Shelf
Companies Available
No.
Time
to Incorporate
3-5 weeks.
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.
Registered
Office
Required Yes, must be maintained in Mauritius, and must be maintained
at the office of a licensed management company.
Names
Requiring Consent or License
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, Société Anonyme, Société Anonyme à Responsabilité Limitée,
Sociedad Anónima, Berhad, Proprietary, Naamloze Vennootschap, Besloten
Vennootschap, Aktiengesellschaft or the relevant abbreviations.
Disclosure
of Beneficial Ownership to Government Authorities
Yes, not public.
Compliance
Authorized
and Issued Share Capital
The usual authorized share capital is US$ 1 million with all of the
shares having a par value. The minimum issued share capital is two shares
of par values.
Classes
of Shares Permitted
Registered shares, preference shares, redeemable shares and shares with
or without voting rights.
Taxation
Companies pay a fixed annual license fee of US$ 1,500 and a once-off
license application fee of US$ 500 to the Financial Services Commission.
On
incorporation, a once-off fee of US$ 200 is payable to the Registrar
of Companies. Thereafter a further US$395 is payable annually.
Companies
holding Category 1 Global Business License are resident in Mauritius
for tax purposes and are not subject to capital gains taxation and there
are no withholding taxes on the payment of dividends, interest or royalties
from Companies of the same status.
There are no stamp duties or capital taxes. They are liable to taxes
at a rate of 15%.
Double
Taxation Agreements
Mauritius has an extensive double tax treaty network which includes
treaties with the following countries: Belgium, Botswana, China, Croatia,
Cyprus, France, Germany, India, Italy, Kuwait, Luxembourg, Madagascar,
Malaysia, Mozambique, Namibia, Nepal, Oman, Pakistan, Rwanda, Singapore,
South Africa, Sri Lanka, Swaziland, Sweden, Thailand, Uganda, UK and
Zimbabwe.
License
Fees
US$ 1,500 to the FSC. US$ 395 to the Registrar of Companies.
Financial
Statement Requirements
Companies holding Category 1 Global Business License are required to
prepare audited financial statements, which must be filed with the Financial
Services Commission.
Directors
Companies holding Category 1 Global Business License require a minimum
of one Director who must be a natural person. Treaty access requires
a minimum of two local directors.
Company
Secretary
Companies holding Category 1 Global Business License require the appointment
of a qualified company secretary, who must be resident in Mauritius.
Shareholders
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.
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