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Mauritius
Mauritius is an island of 1,900 square kilometres, located in the Indian Ocean, approximately 2,000 kilometres off the South East Coast of Africa. The Republic of Mauritius is a member of the British Commonwealth with a population in the region of 1.2 million, and the official language is English, although French is widely spoken. Company law is based on the English legal system, and the local currency is the Mauritian Rupee.
After the changes brought about as a result of the Financial Services Development Act 2001 and the Companies Act 2001, any non-resident wishing to set up a company under the laws of Mauritius, which will not be active within the territory, will require a Global Business Licence.
There are two categories - a Category 1 licence must be obtained in order to conduct any regulated activities such as insurance or investment management. For non-regulated activities a Category 2 licence will be issued.
Only those companies holding a Category 1 licence may benefit from the 28 double tax treaties in place
Features of both types of company include:
A requirement for a registered office in Mauritius.
Minimum of one shareholder, corporate shareholders are permitted.
Shares with no par value are permitted.
The major differences are outlined below.
Category 1 Global Business Licence
- Tax resident - taxed at 15% (however credits will be allowed for taxes suffered at source where this can be proved). This allows the company to benefit from the many double tax treaties in place.
- A minimum of one director. Corporate directorship is not allowed.
- A resident secretary is required.
- An AGM is required as is the filing of annual audited accounts and tax returns.
- Work and residence permits for expatriate staff are allowed.
- Incorporation usually takes 3 - 4 weeks.
Category 2 Global Business Licence
- Tax exempt
- A minimum of one director, corporate directorship is permitted.
- No requirement for a resident secretary but a resident agent is required.
- An AGM is optional and there is no requirement for filing annual accounts or tax returns.
- Incorporation usually takes 2 - 3 days.