LGBS 15

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MANAGEMENT COMPANY

Management Companies are specially licensed by the Financial Services Commission to set up, manage and provide nominee and other services to a corporation (which carries on or intends to carry on any qualified global business and such class of corporation as may be prescribed) or act as corporate trustee or qualified trustee under the Trusts Act 2001.
 

As the Financial Services Commission requires that all applications for a Global Business licence be channeled through a Management Company, the latter has the responsibility of initial vetting of the client and needs to exercise due diligence.
 

Management Companies therefore act as intermediaries between clients and the Commission and they operate under the Guidance Notes for Management Companies issued by the Commission.
 

While performing their Customer Due Diligence (CDD) duties, they are under the obligation of collecting and verifying all necessary information about their clients and keeping this information for any request by the Commission.

Most of the Licensed Management Companies form part of reputable international consultancy firm’s network thereby providing high standard professional services to clients. Services provided by Management Companies are inter alia:

  • Company and trust formation and administration
  • Trusteeship services
  • Professional advice on company law, trusts and tax related issues
  • Provision of directors, secretary and nominee shareholders
  • Registered Agents for Category 2 Global Business Licensees
  • Registered Office for Category 1 and Category 2 Global Business Licensees
  • Preparation of incorporation and application documents for Global Business Licence.
  • Ensuring post-statutory compliance with company and tax laws (filing of changes on Directors, Shareholders, etc.).
  • Preparation of documents for applications for residence and work permits, visa, duty exemption, etc.
  • Maintenance of books and accounting records
  • Fund administration services such as
  • NAV calculation, preparation of quarterly reports, etc.

CAPITALISATION

 

A Management Company has to maintain a paid up and unimpaired stated capital and shareholder’s funds of at least Rs500,000 or its equivalent in any currency at such higher amount as may be prescribed by the Financial Services Commission.

GBC 1

GLOBAL BUSINESS CATEGORY 1

 

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Mauritius GBC1 Companies are resident in Mauritius and consequently subject to tax. However, they benefit from both tax credits and a longstop tax rate of 3%. Correctly structured and managed Mauritius GBC1 companies may access Mauritius' network of 33 tax treaties.

 

Neither capital gains nor withholding taxes are levied. Consequently, Mauritius GBC1 companies are used by tax practitioners and businesses to structure investments into Mauritius' treaty partners, which include China, India, Luxembourg & Thailand.

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PCC

PROTECTED CELL COMPANY

 

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The PCC is a special legal structure made up of cellular and non-cellular assets. It provides legal segregation of assets attributable to each cell of the company whether owned by individuals or body corporate.

 

The law allows PCCs to be created for asset holding, structured finance business, collective investment schemes & close ended funds, specialized collective investment schemes and close ended funds and insurance & captive insurance business.

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FUNDS

 

 

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Mauritius is being used extensively as an International Financial Centre by investors worldwide for the establishment of Funds investing in emerging markets. This is a direct result of the availability of fully-fledged Fund administration services and the recognition of Mauritius as a credible and reliable international financial services centre.

 

Funds are incorporated under the Companies Act 2001 of Mauritius and are licensed and regulated by the Financial Services Commission under the provisions of the Financial Services Act 2007 and Securities Act 2005.

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AUTHORISED COMPANY

 

 

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An Authorised Company is not considered as tax resident in Mauritius and as such, its income is not subject to tax in Mauritius, unless such income is derived from Mauritius.

 

An Authorised Company shall have at all times a registered agent in Mauritius which shall be a Management Company.

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TRUSTS

 

 

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The substantive law of Mauritius is derived from English & French sources and the principles of equity were introduced to and applied in Mauritius during the British rule (1810-1968).

 

The first Trust Act which was an updated and improved version of the English Trustee Act 1925 was enacted in 1989. In 1992, Parliament passed the Offshore Trusts Act to specifically provide a framework for the setting-up of offshore trusts.

 

In 2001, a new Trust Act was enacted which replaced the Trust Act 1989 and the Offshore Trust Act 1992. The Act brings consistency to the types of Trust vehicles that are available to residents and non-residents.

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FOUNDATIONS

 

 

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Foundation is broadly defined as a legal entity without members and with its own organisation, the ownership of which is to achieve a certain specific purpose by means of endowment made. It comes into existence when ownership of assets is transferred to the foundation by the Founder. A Foundation enjoys legal personality which fulfills similar functions as those of a trust, but with the administrative flexibility of a company.
 

A Foundation could also be defined as a legally and economically independent special-purpose fund which is formed as a legal entity through the unilateral declaration of the founder. The founder allocates the specifically designated foundation assets, stipulates the purpose of the foundation, entirely non-self-serving and specifically designated, and also stipulates the beneficiaries.

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