Mauritius

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Mauritius aims to become a premier investment platform located midway between Africa and Asia. In recent years, the country’s economic diplomacy has sought to create and strengthen partnerships with emerging countries (India, Turkey, Asia, etc.), while also offering technical aid to several African countries.

Mauritius aims to become a premier investment platform located midway between Africa and Asia. In recent years, the country’s economic diplomacy has sought to create and strengthen partnerships with emerging countries (India, Turkey, Asia, etc.), while also offering technical aid to several African countries.

Mauritius has set a modern legislation and adopts international best practice in corporate governance. Mauritius has gained international recognition as well-regulated financial center (World Bank rated Mauritius first in Africa for its ease of doing business, economic freedom and good governance).

Investors may use the Mauritius Global Business sector, formerly known as Mauritius Offshore Business sector, as a platform for investing in other countries or conduct international business while using Mauritius entities with specific licences. For example investment Holding Companies return can bee free of tax

  • Population: 1.26 milj. (2014)
  • Form of government: Parliamentary republic
  • Official languages: French, English, Mauritian Creole
  • Currency: Mauritian Rupee (MCR)
  • Country code: +230
  • Time zone: UTC +4, Daylight saving time UTC +4
  • Life expectancy: 75.17 years
  • GDP (PPP): $23.322 (2015)
  • GDP (PPP)/per capita: $17.716 (2015)
  • Public debt: 36.4% GDP
  • Unemployment: 7.8%
  • Average salary: €700/month
  • Economy: Agriculture and primary production 20 %,Retail and travel 50%,Financial services 22%

 


Advantages

  • One of the best offshore countries. Not “Black listed”
  • High privacy
  • Official languages English or French
  • Tax treaties with 38 countries; Including United Kingdom, Sweden, Germany, France, Belgium, India and Singapore

Disadvantages

  • Remote location
  • Small home market

Setting up a business in Mauritius

Who can start a new business in Mauritius:

  • Any person or legal entity who can provide documentation required by the law for incorporation

Who can own property or shares of Mauritian company:

  • Any legal entity (Companies, private individuals, trust or fund)

Who can act as a director or member of the board:

  • CAT 2  company (offshore company); Any person or legal entity who can provide documentation required by the law.
  • Local CAT 1 Permanent resident of Mauritius

Business entities in Mauritius

  • Limited liability company (CAT 1 ja CAT 2)
  • Partnership
  • Joint Venture
  • Trust
  • Sole Proprietorship

Requirements to incorporate in Mauritius

Opening bank account:

  • Incorporation documents and articles of association (Certificated in Mauritius)
  • Registration certificate (Certificated in Mauritius)
  • Board of directors meeting minutes
  • Proof of identity, address and skills of signatories
  • List of shareholders and directors (Certificated in Mauritius)
  • Certificate of Good Standing (if company is older than 1 year)

Public register of shareholders and directors:

  • Directors: No
  • Owners: No

Allowed trades:

  • CAT 2:  All the legal trades that doesn´t require permit (Not allowed to sell services within Mauritius)
  • CAT 1: All the legal trades that doesn´t require permit

Accounting and reporting regulations:

  • CAT 2 -company must store it´s accounting material in registered address
  • Mauritian companies must file accounts
  • CAT 2 – company do not have to file accounts in Mauritius
  • CAT 2 – company do not to be audited
  • CAT- company must renew it´s registration yearly, report it´s registered address and notify authorities about location of accounting material

How funds can be withdrawn from company

  • Company may transfer money to another company based on sales of services and goods.
  • Company can lend money to another company and / or person given that loan agreement with minimum interest and payment terms have been made. Owners cannot owe money for the company in the end of the book year.
  • Company can pay dividends from it´s own capital to shareholders after end of the book year
  • Company can pay salary to it´s employees given it has registered in the Tax Administration´s employer register. Employer is obliged to pay tax withheld at source from all wages paid to employees, along with making employer´s social security contributions.
  • Company can pay tax free allowance, such as kilometer allowance for using they own car, per diem and meal money, to owners in order to cover their temporary business travel expenses as defined in the official Decision of the Tax Administration on Allowances for Travel Expenses
  • Company can pay meeting allowances for its directors, members of the board and owners
  • Profits may be transferred (if certain requirements are met) between group companies through group contribution system
  • Company can invest in shares, funds or real property.

Can you transfer Mauritius CAT2 company to another jurisdiction?

  • Yes given that another jurisdiction approves the transfer

How to terminate business in Mauritius?

  • Company may be sold
  • Skipping renewal of company yearly registration (CAT2)
  • Filing bankruptcy
  • Company liquidation

The World Bank “Ease of doing business ranking”: Mauritius

Overall rank:rank 32 (-1 since 2014)
- Starting a business:rank29 (Average processing time 6 days)
- Dealing with construction permits:rank 35 (Average processing time 156 days)
- Getting electricity:rank 41 (Average installation time 81 days)
- Registering property:rank 99 (Average processing time 14 days)
- Getting credit:rank 42
- Protecting minority Investors:rank 29
- Paying taxes:rank 13 (Average company tax from profits 22.4%,average time used for taxation 155 hours year)
- Trading across borders:rank 66
- Enforcing contract:rank 27 (average 519 days,Average cost from standing amount 25%)
- Resolving Insolvency:rank 39 (Average time processing bankcruptcy: 1.7 years)

New businesses registered in 2012: 4633

Freedom Index

Overall rank: 24 (65/100 points)
- Property:65/100 points
- Taxes:92/100 points
- Speech:94/100 points
- Government:82/100 points
- Guns:30/100 points
- Drugs:20/100 points
- Corruption:52/100 points
- Inflation:77/100 points
- Business:74/100 points

Corporate taxation in Mauritius

Taxable income CAT 2: 0%, CAT 1: 15%
Taxation of dividends
VAT registration CAT 2: Not possible, CAT 1: Possible
Rates 15%
Withholding tax (general)0%
- Dividends0%
- Royalties0%
- Interest0%
- Technical services0%
Transfer tax0%
Capital gains taxTreated as an normal income. Taxable only on dividents
Real property tax0%
Social security-
Capital duty0%
Stamp duty0%
Car tax-
Tax treatiesno tax treaties
CFC (Controlled Foreign Company)ruleNo

Tax treaties (Only for CAT 1 companies): Barbados, Belgium, Botswana, Croatia, Cyprus, Dem. Rep of Sri Lanka, France, Germany, India, Italy, Kuwait, Lesotho, Luxembourg, Madagascar, Malaysia, Mozambique, Namibia, Nepal, Oman, Pakistan, People’s Republic of Bangladesh, Seychelles, Singapore, South Africa, State of Qatar, Swaziland, Sweden, Thailand, Tunisia, Uganda, United Arab Emirates, United Kingdom, Zimbabwe, Zambia

Pending ratification: Congo, Egypt, Nigeria, Russia, Ghana, Gabon ja Monaco

Services for corporations interested in Mauritius

  • Consultation and advisory (business, tax, legal) services before incorporation / during your business operations in Mauritius
  • Assistance in incorporation process: Tailor made company formation or shelf companies available
  • Administration services available for new companies incorporated through Novasigma

For corporations operating in Mauritius

  • Banking and financial solutions for a Mauritius company
  • Accounting and Audit services for a Mauritius company
  • Legal services for a Mauritius company

For individuals and families interested in Mauritius

  • Consultation and advisory (tax, legal) services before re-located to Mauritius
  • Assistance in immigration process when moving to Mauritius (residency permanent, work permit, tax residency)
  • Incorporation and administration services for your privately held Mauritius holding company

For individuals and families who hold the Mauritius residency

  • Banking services in Mauritius for private persons
  • Local and international accounting services for Mauritius tax residents
  • Local and international legal services for Mauritius residents

News and business opportunities in Mauritius

  • Mauritius Novasigma
    Mauritius: The tropical paradise with a flourishing economy
  • Here are the best countries to start or expand your business in Africa

Interested in Mauritius? Please leave us a message and we will get back to you shortly.

In cases KYC or/and Due Diligence process required Novasigma requires a personal meeting with all its new clients before proceeding any assignment

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