General Aspects on Mauritius
Located in the Indian Ocean, Mauritius is a former British colony. It achieve its independence in 1968 and joined the Commonwealth.
It established itself as a modern
Offshore Financial Center, with the Companies Act 2001. The 2 main
classifications of the offshore companies are: Global Business Company
(Category 1) and Global Business Company Category 2, which is very much
alike to the BVI IBCs.
Mauritius Global Business
Category 1 (GBC1)
A GBC 1 is ruled by the Companies Act 2001, and its regulated by the Mauritius Financial Services Commission. It can benefit from the Double Taxation Agreement Network where Mauritius is a member, if it chooses to be qualified as a tax “resident”, which offers excellent opportunities for international tax planning. A GBC 1 has no minimum capital requirement. It can carry out any kind of global business activity, according to the Second Schedule of the FSD Act 2001. One of the common reasons for its incorporation is to structure investments and projects with China and India, two of its tax avoidance partners. Mauritius is partner in Double Taxation Agreements with approximately 30 countries, including: India, China, Thailand, Singapore, Belgium, Germany, France, United Kingdom, etc.
Important Aspects of GBC1
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It can be public or private
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It may be limited by shares, unlimited or a limited life company
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Mauritian tax on offshore profits is 15% but with planning can be reduced to 3% - through the DTA Network
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Two directors required, and both of them need to be residents for the company to be considered as resident, no corporate directors are allowed
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Only one shareholder required, resident or non-resident and can be a legal person
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Shareholders and directors can be nominee
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A resident secretary and local office are required
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Shares can be held on behalf of the beneficial owner
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Annual audited accounts must be filed with the FSC
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Meetings must be in Mauritius
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The identity of the beneficial owner is only disclosed to the authorities, no public records on beneficial owner, directors, shareholders or company annual return
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The interest paid on bank deposits are tax free, as well as GBC 1 paid dividends and royalties paid to non-residents
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GBC 1 can employ expatriate staff
