Corporate

“To provide professional service, you must possess a valuable quality which cannot be measured or bought, that is integrity and dedication”
What we offer

What We Offer

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,

  1. carry on business in Mauritius,
  2. deal with persons resident in Mauritius, and
  3. hold shares or other interests in a corporation which is resident in Mauritius.

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.


FUNDS

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:

  • Close-ended company having a fixed share capital, and
  •  Open-ended company having a variable share capital

We have a very professional and dedicated team to deliver within a reasonable time-frame at an affordable cost. Our services include:

  • The incorporation of GBC1 holding a licence issued by the Commission. The GBC1 will take advantage of the double taxation agreements, thus, a reduced rate of income tax;
  •  The setting up of open-ended and close-ended funds;
  • The opening of a custodian account;
  • The calculation of Net Asset Value (NAV);
  • The preparation of reports;
  • Regulatory compliance

ACCOUNTING SERVICES

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 :  

  • Preparation of financial statements in accordance with International Financial Reporting Standards 
  •  Preparation and filing of statutory accounts with regulatory bodies
  • Preparation of management accounts
  • Tax computation and filing of tax returns with the local tax authority
  • Assisting and liaising with auditors for the audit of the financial statements
  • Preparation of trust accounts   



FOUNDATION


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.

 

Advantages

 

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.

 

Taxation

 

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

2007.

 

Types and use of Foundation

 
Foundations may be used in cross-border structures that fall under two categories: charitable and non-charitable.

 
Charitable Foundations

 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.

Non-Charitable Foundations

 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:

 

  1. Asset Protection: An asset protection Foundation will allow the founder to protect and preserve his assets from future creditors by placing the property and/or into a foundation so that the founder no longer has ownership of the endowed property and such property is therefore not available for creditors.
  2.  Shari’a Compliance: Since Foundations (as compared to trusts) are better understood by investors from civil law jurisdictions, foundations can be very useful in Sharia compliant structures. A  Sharia qualified investment advisor is appointed as a member of the Council, the decision-making body of the Foundation.

  3. Asset Holding and Succession Planning: A Foundation holds a number of underlying companies which, in turn, own diverse assets. Ownership of these assets is no longer with the founder, and the foundation can last in perpetuity.

  4. Investment Structure: The ownership of the assets passes to the Foundation but the founder, as a member of the Council, retains a degree of control. An investment committee which reviews the investment policy of the structure may be set up and is supervised by the Council.