MAURITIUS Global Business Company Category 1 ("GBC I" / "GBL I")

Mauritius GBC1s are companies incorporated under the Companies Act 2001 and licensed by the Mauritius Financial Services Commission. They are resident in for Mauritius for taxation purposes and have access to Mauritius' extensive double taxation avoidance treaty network provided they hold a Tax residence Certificate issued by the Mauritius Revenue Authority. In order to obtain the GBC1 Licence (GBL1) from the Mauritius Financial Services Commission it will have to satisfy the following factors:

• Shall have or has at least 2 directors, resident in Mauritius;


• Shall maintain or maintains at all times its principal bank account in Mauritius;


• Shall keep and maintain or keeps and maintains, at all times, its accounting records at its registered office in Mauritius;


• Prepare or proposes to prepare its statutory financial statements and causes or proposes to have such financial statements to be audited in Mauritius;


• Provides for all meetings of directors to include at least 2 directors from Mauritius.

Although subject to Mauritian tax, they benefit from tax credits and a low tax rate (see below). GBC1 companies have commonly been used by foreign business to structure investments and projects with Mauritian double tax avoidance treaty partners, including India, China, Italy, Luxembourg, Thailand, Rwanda, South Africa, etc

Fiscal advantages

• Mauritius taxation on foreign income: taxed at 15% less a generous deemed foreign tax credit of 12% or 15% less actual foreign tax paid
• Mauritian capital gains tax or withholding tax: no
• Minimum annual Mauritius Government License fee (aggregate): US$ 2000
• Registrar of Companies annual fee: USD200

Other Incentives For A GBCI

• No capital gains tax
• Royalties ,interests and service fees payable to foreign affiliates are allowed as expenses provided they are reasonable and correspond to actual expenses incurred
• Interests paid on deposits in Banks are tax exempt
• Dividends paid by a GBC1 are tax exempt
• Royalties paid to non-residents are exempt
• No stamp duties ,registration duties or levies
• Duty concessions on office equipment ,furniture and motor vehicles

GENERAL
	Type of the company		GBCI
	Common law or civil law		Common Law
	Readymade company available		Yes
	Non-English company allowed		Yes
	Legislations		Mauritius Companies Act 2001 and the Financial Services Act 2007
DIRECTORS
	Minimum number of Directors		2 required for access to Mauritius tax avoidance treaties
	Corporate directors permissible		No
	Local director requirement		2 required for access to Mauritius tax treaties
	Publicly accessible records of directors		No
	Location of directors meetings		In Mauritius for tax treaty access
SHAREHOLDERS (MEMBERS)
	Minimum number of shareholders		1
	Corporate shareholders permissible		Yes
	Local shareholder requirement		No
	Location of shareholders meetings		By proxy permitted
	Publicly accessible records of shareholders		No
BENEFICIAL OWNERS
	Publicly accessible records of beneficial owners		No
	Shares may be held by a nominee on behalf of beneficial owner client		Yes
COMPANY SECRETARY
	Appointment of Mauritian resident (qualified) Company Secretary		Yes
SHARE CAPITAL
	Standard currency		USD, GBP or EURO
	Permitted currencies		any (except Mauritian Rupees)
	Registered shares		Bearer shares not permitted
ACCOUNTS AND RETURNS
	Requirement to file annual Accounts		Yes ,within 6 months of financial year end
	Audit requirement		Yes
	Publicly accessible Accounts		No
	Requirement to file annual company return		No
	Requirement to file income tax return		Yes
OTHER
	Migration/redomiciliation of companies to or from Mauritius		Yes
	Double taxation treaty access		Mauritius has an extensive double taxation avoidance treaty network with more than 30 countries
	Requirement		registered office and licensed Secretary / Registered Agent in Mauritius
	Trading restrictions		if duly licensed by the Mauritian authorities, a GBC1 may carry on the business of banking, insurance, reinsurance, fund administration, etc
	A GBC1 has the same powers as a natural person, including the right to sue and be sued. It is a separate legal entity with limited liability and has perpetual existence
	Name restrictions: it is prohibited (or requires requisite licence) for a GBC1 name to contain words such as “Bank”, “Trust”, “Building Society”, “Insurance” or which suggest the patronage of any Government. It is prohibited to use a name already in use.
	Language of GBC1 name: while normally in English or French, a GBC1 name can be in any language, but must be accompanied by an approved translation in English.

The above information is for guidance only and therefore the material contained herein should not be regarded, viewed or considered as an advice. You should contact your tax or professional adviser/s for appropriate detailed professional advice. We accept no liability for the accuracy of the information contained herein, nor any loss arising from reliance on it.

If you require a GBC1 company, please call our Expert Team who can assist you with your requirements. You are invited to call us at (230) 245 6703. You may send your enquiries by email: contact@premier.mu or by fax at (230) 245 6704.