DMSL

A company holding a Global Business Licence Category 1 (commonly referred to as GBC) may either be locally incorporated or be registered as a branch of a foreign company. A foreign company may be re-domiciled and continue as a Mauritian GBC 1 if the foreign law so permits. A GBC can conduct both financial services and non-financial services. A specific licence is required for different types of “financial services” and “financial services business”. A GBC 1Licence is necessary where the company intends to access Mauritius”s network of tax treaties. A company holding a GBC 1licence is subject to Mauritian corporate income tax at the rate of 15% which is mitigated by the Foreign Tax Credit of 80%, making the effective tax rate of 3%.

An Authorised Company (AC) is a company where the majority of shares or voting rights or the legal or beneficial interest in a company incorporated under the Companies Act are held or controlled, as the case may be, by a person who is not a citizen of Mauritius.

An AC shall hold a licence issued by the Financial Services Commission, the regulator in Mauritius.                                         

The following conditions shall be met to be categorised as an AC:

• proposes to conduct or conducts business principally outside Mauritius (under certain activities)
• has its place of effective management outside Mauritius
• an application for an authorisation shall be made through a Management Company
• It should be administered by a Management Company
• It should have a registered agent in Mauritius which shall be a Management Company

ACs are used for investment holding purposes including Special Purpose Vehicles (“SPV”),international trading,real estate, international management and consultancy, holding of non-financial assets and ship & aircraft leasing. An AC is treated as a non-resident for tax purposes in Mauritius and is required to file a return of income to the Mauritius Revenue Authority within 6 months of its year end.