Corporate services

Corporate services

GBL  Company

View PDF

A company holding a Global Business License  (also commonly referred to as GBL) may be incorporated in Mauritius or be registered as a branch of a foreign company. A foreign company may be re-domiciled and continue as a Mauritian GBL if the foreign law so permits. A GBL demonstrating substance can benefit from Mauritian tax treaties. The main requirements are:

  • It must have a minimum of two resident directors capable of exercising independence of mind and judgement;
  • It must ensure that board meetings are held in Mauritius and demonstrate that central management and control is in Mauritius;
  • It must maintain proper accounting records, minutes and registers at the registered office or at such other place determined by the directors;
  • It must file audited financial statements must be filed with the Financial Services Commission within six months of its balance sheet date;
  • It must hold a bank account in Mauritius;

It must show local substance by having local corporate secretary and administrators, auditors, office and communication facilities.

Corporate services

Authorised Company

View PDF
An authorized company is a new category of company (intended to replace GBL2). A foreign-owned company is regarded as an “authorized company” where its business is conducted principally outside Mauritius or with such category of persons as may be specified in the FSC rules and its place of effective management (POEM) is outside of Mauritius. A company having its principle place of effective management outside Mauritius and meeting the following criteria shall mandatorily be required to seek authorisation from the FSC to be an Authorised Company (“AC”).
  1. Citizenship Test The majority of shares or voting rights or legal or beneficial interest in a resident corporation (other than a bank licensed by the Bank of Mauritius and such other corporation as may be specified in FSC rules) are held or controlled by a person who is not a citizen of Mauritius
  2. Conduct of Business Test The corporation proposes to conduct business principally outside Mauritius or with such category of persons as may be specified in FSC Rules
An AC must have at all times a registered agent in Mauritius which shall be a management company. Tax features Companies incorporated in Mauritius and having their place of effective management outside Mauritius shall be treated as non-resident. No tax shall be payable in Mauritius but they shall be required to submit a return of income to the MRA.

Corporate services

Trust

A Trust is an arrangement for the holding and administration of property under which property or legal rights are vested by the owner of the property (the Settlor) in a person or persons (the Trustees). The Trustees then hold the property for or on behalf of other persons (the Beneficiaries). A Trust is an obligation which binds the trustees to hold and deal with the trust assets for the benefit of the beneficiaries in accordance with the terms of the trust deed and the proper law of the trust. Under The Trusts Act 2001 of Mauritius, there are various types of trusts which can be set up such as discretionary, purpose and charitable trusts. The trust documents are not publicly available and confidentiality is key. Non-resident trusts are exempt from tax in Mauritius.

Corporate services

Foundation

The Foundation is a legal entity in its own right and can therefore own assets directly. A foundation is the dedication of property to an entity to be used for the benefit of people or for a specific purpose. A Foundation will not have legal personality unless it is registered and been issued with a certificate of registration by the Registrar of Companies which acts as the Registrar of Foundations (hereinafter the “Registrar”). A Foundation is managed by a Council which carries out the objectives and purposes of the Foundation. The Council must be comprised of at least one member ordinarily resident in Mauritius. A Foundation will be non-resident when the founder is a non-resident and all the beneficiaries appointed under the terms of a charter or a will are, throughout an income year, non-resident in Mauritius. A non-resident Foundation is exempt from taxation in Mauritius.

Copyright © 2016-2024 Labourdonnais Management

Webdesign and Development by DIGITAL SPACE