GLOBAL BUSINESS COMPANY - CATEGORY 1 ("GBC1")
A GBC1 is incorporated in accordance with the Companies Act 2001, holding a Category 1 Global Business Licence issued by the Mauritius Financial Services Commission. Such type of companies is tax resident in Mauritius (unlike GBC2), thus benefit from the double taxation avoidance treaty network. Although the corporate tax in Mauritius is 15%, a GBC1 is allowed to a tax credit equivalent to the higher of the actual foreign tax suffered (underlying tax) or 80% of the Mauritius tax on its foreign source income. With an applicable tax rate of 15%, combined with a foreign tax credit of 12% (80% x 15%) the effective tax rate for the GBC1 will be a maximum of 3%. There are no capital gains taxes, nor exchange control
Following the enactment of the Finance Act 2010, a GBL1 Company is allowed to,
The above is subject to the approval of the Authorities in Mauritius.
GLOBAL BUSINESS COMPANY - CATEGORY 2 ("GBC2")
A GBC2 is incorporated in accordance with the Companies Act 2001, holding a Category 2 Global Business Licence issued by the Mauritius Financial Services Commission. Such type of companies is not resident for tax purposes in Mauritius and is intended to carry on business outside Mauritius and may not carry on business in Mauritius.
This type of vehicle is very often used for investment and trading purposes.
We have the requisite knowledge and skills for the setting up of global funds, commonly referred to as investment companies in Mauritius. Such type of vehicles is licensed under a GBC1 and is regulated by the Mauritius Financial Services Commission. The purpose of the investment company is mainly to invest in securities.
There are two types of investment companies, namely:
We have a very professional and dedicated team to deliver within a reasonable time-frame at an affordable cost. Our services include:
Our accounting department provides professional accounting and bookkeeping services to our clients. Each accounting member is responsible for a portfolio of clients and ensure that the below accounting services are delivered :
We also have the expertise required for the setting and administration of Foundation.
In its broadest definition, a Foundation is a legal entity operating as its own organisation through a council but without members (shareholders). It must achieve a specific purpose by means of endowment made (usually by the Founder who endows assets to the Foundation).
A Foundation has the benefit of enjoying a "Legal Personality" which accomplishes similar functions as those of a Trust, but with the administrative suppleness of a Company.
A Foundation provides a legal and legitimate means to safeguard one's assets against personal liability, high taxes and the risk of seizure. It is an ideal vehicle used for succession planning and private wealth management. Foundations are very often used when structuring the ownership of family and corporate assets and may also be established for charitable purposes.
Every Foundation shall be liable to income taxes in Mauritius at the standard rate of 15% however, it shall be exempt from income taxes in Mauritius if the Founder is a non-resident of Mauritius or holds a GBC1 licence and all the beneficiaries appointed under the terms of the Charter or by Will are, throughout an income year, non-resident or hold a GBC1 licence under the Financial Services Act
Types and use of Foundation
Foundations may be used in cross-border structures that fall under two categories: charitable and non-charitable.
A charitable Foundation has as its exclusive purpose or object: (a) the relief of poverty, (b) the advancement of education, (c) the advancement of religion, (d) the protection of the environment, (e) the advancement of human rights and fundamental freedoms, or (f) any other purpose beneficial to the public in general.
A Foundation may engage in any lawful business, including asset or investment holding and trading. Foundations are commonly used by onshore clients and intermediaries based in civil law (including Islamic law) jurisdictions in the following structures: