The African island is emerging as one of the most progressive economies in the region. And the stable economy and business-friendly legislation have resulted in attracting businesses from all over the globe to set up in Mauritius. TBI Mauritius can assist you in company formation in Mauritius and guide you all along the way from business registration, explaining the different type of offshore companies in Mauritius, buying and setting up your workspace to hiring talented professionals and meeting the legalities with robustness and accuracy.
Types of Offshore Companies in Mauritius
How do offshore companies work in Mauritius? Since the start of 2019, the old GBC 1 and 2 are no longer available and there remain 3 different companies in Mauritius. Those GBC 1 and 2s that existed before 16th October 2017 will be grandfathered for some time yet, but one must look carefully at the new options as they are not identical. Of the two existing offshore companies in Mauritius, there is now only one Global Business Licence, similar to the old GBC 1, but with different substance requirements and different tax consequences. The other offshore company is the authorised company. This is not resident in Mauritius for tax purposes, and therefore cannot utilize many of the benefits of using Mauritius such as the Double Taxation Treaties and the IPPAs. Please see the blog for further information on the different companies in Mauritius. Still available as before is the Mauritian domestic company. Quick to set up, cheap to run, but not appropriate for how most people use Mauritius for their business. Key considerations of which companies in Mauritius to use are where it will be managed from, where the clients are, and the purpose of Mauritius in the structure. For the GBC, there will need to be two resident directors in Mauritius, for a domestic company one resident director, and for an authorised company, there should be no resident directors in Mauritius. If it is offshore companies in Mauritius that you want, we can assist.
Mauritian Business Licences and Company Formation in Mauritius
There are a significant number of licences available in Mauritius. We go through them in more detail on our blog. Rather than list them all, we mention a few popular ones that our clients have been applying for recently. These licences, if relevant would be in addition to the Global Business Licence (GBL) which the company will hold. There is a Payment Service Provider Licences, although in Mauritius it is called the Payment Intermediary Service Licence (PIS). Other popular licences are the Investment Dealer Licence, with or without underwriting. Two licences that are often applied for together are the Investment Advisor Licence and the Insurance Broker Licence. There are CIS Licences with all fund types available. There is a strong focus on funds investing in Africa at the moment. The main licence geared towards Fintech is the Regulatory Sandbox Licence (RSL). There are large tax incentives to be undertaking innovative Fintech business in Mauritius.
Management Companies in Mauritius
Whichever company formation in Mauritius you need, you will likely require a management company. The purpose of an offshore management company is for company formation, to provide a company secretary, a registered office, directors and various complains elements for your companies in Mauritius. One is needed for most licences and only for a domestic company can this be done by other parties. We are not a management company but work with the clients to make sure the right management company is selected for the type of licence and structure that is required. There is a list of management companies on the FSC website, but there is no other useful information allowing you to make an informed choice as to which management company is the most appropriate or reliable. Choosing Mauritius as a destination for your next business venture or opening an offshore company is beneficial for the following reasons:
- Ranked 1stin Africa for almost all rankings and indices including, World Bank Doing Business, Global Competitiveness Index, and the Mo Ibrahim Index of African Governance
- Business-friendly legislation
- A well-governed country with an independent judiciary
- Multi-lingual workforce
- Low corporate tax rates
- No exchange Controls
- No tax on dividends
- Economic stability and prosperity
- Business-friendly trade agreement laws such as Double Taxation Agreements and Investment Promotion and Protection Agreements enabling easy access to investment in Africa
- Good business ethics
- High Competition and growth opportunities
- Strong infrastructure
- Flourishing Real Estate
Business Registration Mauritius
We can provide all the assistance you need to set up your business in Mauritius in accordance with the Business Registration Act so that you can focus on your prime goals and let us handle the rest. The primary focus will be to understand exactly what is needed, including the type of company and the type of licence as well as all the legalities. We work with management companies and law firms to ensure that the necessary expertise is in place for your business, and its setup. Starting a business in Mauritius is not difficult but one needs to know where to look and who to trust.
How to register a Company in Mauritius
For domestic companies, one needs to work with the Registrar of Companies, and for a Global Business Company or any company that provides financial services, this will need to be dealt with by the Financial Services Commission. Our team of highly skilled lawyers and business experts will help you prepare a road map for your business and ensure that all the legalities and standard procedures involved are well-handled with the assistance of high-quality lawyers and law firms that we work with. Business Registration in Mauritius is something that does not need to be too difficult if you work with the right team. Starting a business in Mauritius is not difficult but one needs to know where to look and who to trust.
While setting up your company in Mauritius, you will need to fulfil the following:
- If you want to apply for a global business license, or another financial licence in Mauritius, you will need to satisfy the Financial Services Commission FSC that you have the necessary expertise to undertake such operations. We work with all of the most reliable management companies, enabling you to have maximum chance of succeeding with your applications.
- Our experienced consultants will brief you in detail regarding Mauritius, the advantages of obtaining a global business license or setting up an authorised company, as well as the eligibility criteria for obtaining the licenses. We will act as an intermediary between you, the Management Companies and the FSC as you go through the initial stages of setting up a business here.
- While applying for the global business license in Mauritius, you will need to carefully consider the substance requirements concerning local directors, registered offices and the various AMLR requirements. TBI can assist with finding the requisite qualified professionals for your particular business to obtain any business permits and trading licences. Business Registration in Mauritius and opening a bank account here can almost always be completed without the client coming to Mauritius.
- As you reach the end of the process, TBI can assist with finding you offices, staff, accommodation to live, permits for those moving to Mauritius and any element of the relocation. We will help you get in touch with the best commercial real estate agents and make sure that you find a perfect locality for your company, and perhaps your dream villa on a beach. We can deal with the Economic Development Board, assisting you with your occupation permit and residence permit.
- We also offer assistance in the setting up office equipment/ phone lines/ internet/ electricity or any other necessities needed to initiate your business. While setting up your business, we will make sure that your relocation process is smooth and seamless and provide you with everything you need.
Why choose TBI Mauritius?
Please get in touch to find out more.