Annual audited financial statements must be filed with the FSC;
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Only records of public companies are available to the public;
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Use of DTAs is possible;
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At least one Director at all times needs to be ordinarily resident in
Mauritius. Where the Company intends to apply for a Tax Residence
Certificate (issued by the Commissioner of Income Tax), at least two
Directors need to be present in Mauritius;
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Corporate Directors are not allowed;
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Bearer shares are not allowed;
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No minimum share capital (except for Insurance Companies, Fund
Managers etc);
Activities are governed by section 72 of the Financial Services Act 2007.
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Financial services (provided the relevant licence / authorisation / approval / registration is obtained).
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Non financial services.
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Activities include, without limitation, investment holding, consultancy services, employment services, logistics and marketing, aircraft leasing and financing, shipping and ship management, licensing and franchising inter alia.
Are There Any Limitations On A Category 1 Global Business
Company?
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A Category 1 Global Business Licensee may hold immovable property in
Mauritius if appropriate approval has been obtained from the Prime
Minister's Office;
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A Category 1 Global Business Licensee may not hold any share,
debenture, security or any interest in any company incorporated or
registered under the Companies Act 2001 except in any securities listed
on the Stock Exchange;
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A Category 1 Global Business Licensee may not have a MUR bank
account except for the purpose of its day to day transactions arising from
its daily operations in Mauritius.
What May a Category I Global Business Licensee Own and Not Own?
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A Category 1 Global Business Licensee may hold shares in another
Category 1 Global Business Licensee;
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A Category 1 Global Business Licensee having no Mauritian residents as
shareholders or beneficial owners may hold shares in a Category 2 Global
Business Licensee;
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A Category 1 Global Business Licensee may not hold shares in a
Management Company;
The determining criterion is the "ultimate purpose test". For example, in the case of an investment holding company, the ultimate investment objective is to invest outside Mauritius.
A GBC1 is still deemed to be conducting business outside Mauritius if it is conducting any other business or dealings with residents where in the opinion of the FSC such dealings are incidental to the qualifying ultimate purpose.
It is important to establish control and management from within Mauritius. The features listed hereunder contribute towards establishing control and management from within Mauritius.
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The presence of at least 2 directors, resident in Mauritius, of sufficient calibre to exercise independence of mind and judgement.
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The maintenance of principal bank account in Mauritius.
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The keeping of accounting records at its registered office in Mauritius
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The preparation of its statutory financial statements and the audit of such financial statements in Mauritius.
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Meetings of directors to include at least 2 directors from Mauritius.
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AGM to be held in Mauritius or to be chaired from Mauritius.
The Mauritius Revenue Authority may issue a tax residence certificate to the GBC1 following recommendation of the FSC. The criteria of ''control and management from within Mauritius'' must be fulfilled except that board meetings need not always take place in Mauritius in which case the board meetings need to be chaired from within Mauritius.
The effective corporate tax rate of GBC1 is 3%. The corporate income tax rate is 15%. However, GBC1 claim an automatic deemed foreign tax credit of 80%. Alternatively, GBC1 can claim credit for actual withholding taxes suffered in the source country, and, where the income consists of dividends and the GBC1 has a holding of at least 5%, credit for underlying taxes suffered on the corporate profits out of which the dividends have been paid.
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Dividends and capital gains are exempt from tax in the hands of shareholders.
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No inheritance tax or estate duties
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No stamp or registration duties
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No withholding tax on dividends distributed by any company to its shareholders
An annual meeting of shareholders must be held every year not later than 15 months after the previous meeting and not later than 6 months after the balance sheet date. It is preferred that the annual meeting is held in Mauritius. Alternatively, the telephone meeting should be initiated and chaired from Mauritius.
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It is preferred that board meetings are held in Mauritius. Telephone meetings are acceptable if they are chaired and initiated by a person in Mauritius.
