General Information
Although known to Arab and
Malay sailors as early as the 10th century, Mauritius was first
explored by the Portuguese in 1505; it was subsequently held by the
Dutch, French, and British before independence was attained in 1968.
A stable democracy with regular free elections and a positive human
rights record, the country has attracted considerable foreign
investment and has earned one of Africa's highest per capita incomes.
Recent poor weather and declining sugar prices have slowed economic
growth, leading to some protests over standards of living in the
Creole community.
Mauritius is situated in the
Indian Ocean approximately 800 km off the East Coast of Madagascar.
The population of the Island is approximately 1,250,000 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.
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 every five years, reflecting the
country's firm commitment to a multi-party political system.
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. The currency is the Mauritian Rupee. There
are no exchange controls. The type of law is Common Law for corporate
matters.
Company Information
A Company for International
Trading 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.
It's often used for trading
and investment. GBCII companies are not resident for tax purposes and
do not have access to Mauritius' tax treaty network. Beneficial
ownership is not disclosed to the authorities.
The 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 must execute
consent forms and these must be filed with the Registrar of
Companies.
Companies holding a Category
2 Global Business License cannot trade within the Republic of
Mauritius. A company incorporated in the Republic of Mauritius has
the same powers as a natural person. The legislation is in English
and French whilst documentation may be expressed in any language but
must be accompanied by a certified English translation. Shelf
Companies are available.
There ara name restrictions
on 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. The permitted language of the name: Latin
and other alphabets.
The following names or their
derivatives require consent or a licence: 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.
The following suffixes 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. There is no
disclosure of beneficial ownership to authorities.
Compliance
The usual authorised share
capital is US$ 100.000 with all of the shares having a par value.
Classes of shares permitted are: registered shares, preference
shares, redeemable shares and shares with or without voting rights.
A Company holding a Category
2 Global Business License does not pay any tax on its world-wide
profits to the Republic of Mauritius authorities. Authorised capital:
up to US$ 100,000, licence fee US$ 135 per year to the FSC and US$ 65
per year to the Registrar of Companies.
Companies holding a Category
2 Global Business License are required to maintain financial
statements to reflect their financial position with the Registered
Agent but are not required to file accounts with the authorities.
Minimum one director must be appointed, who may be natural person or
a body corporate. Company Secretary may be appointed as an option.
The minimum number of shareholders is one.
