Mauritius Offshore Company
The islands nation of The Republic of Mauritius, simple called Mauritius, sits just off the coast of the great African continent. In 1992 Mauritius first offshore legislation was passed and since it offshore services sector is promoting offshore business. The Mauritius Offshore Business Auctvtes Authority (MOBAA) is active in restructuring the offshore regimes in Mauritius pushing for progressive and modern legislation for offshore products.
The offshore companies available in Mauritius are more formally known as the Global Business Company Category 1 (GBC1, offshore) and the Global Business Company category 2 (GBC2, international). Elsewhere offshore companies are either called Exempt Companies, Non Resident Corporations, offshore companies or international business companies. And although both categories of Mauritius companies have the same functions, the GBC1 has the benefit of Double tax treaties whilst the GBC2 has no double tax treaties applied. GBC1 Companies are resident companies and has access to Mauritius’ double tax treaties, subject to possession of a Tax Residency Certificate.
The offshore company designated GBC1 is a company engaged in eligible international business and its owner are all non residents. Business under this Mauritius offshore company can only be conducted in currencies other than the Mauritian Rupee. A GBC1 can be a locally incorporated standalone company or can be a branch of a foreign company. GBC1 offshore companies cannot do any business in Mauritius, other than to take professional advice, employ local labor, and to rent property.
The key document for incorporating an offshore company in Mauritius, the Mauritius GBC 1 is the memorandum of Association on which the following information must be noted:
The names and addresses of the offshore company incorporators
The names and addresses of the proposed directors
- The names and addresses for each shareholder of the Mauritius
- The name and address of the company secretary
- The authorized share capital for the company
- The currency in which the authorized share capital will be issued
- The number of shares to be issued
- The classes of shares the company propose to issue
- The address of the registered office of the corporation
- State if the company intends to be a limited or unlimited company or a private company
- The by- laws of the Mauritius Company
Formation and incorporation of a Mauritius Global Business Company Category 1 needs two (2) directors and one (1) shareholder. The directors of this type of Mauritius offshore company must be residents of the tax haven and must be natural persons. Corporate directors are not permitted for GBC-1 offshore companies. A company secretary must be appointed.
This type of Mauritius offshore company can be incorporated with preference , redeemable and registered shares. GBC-1 companies must file Annual accounts, but are exempted from the need to file an annual return. GBC 1 Companies must show Limited Liability by adding one of the following words or its abbreviation to the name of the offshore company: Limited, Incorporated, Sociedad Anonima, Société Anonyme à Responsabilité Limitée, Besloten Vennootschap among others.
Unlike typical havens for offshore company launching, comparable to Dominica company formation, the incorporation process for a GBC 1 is lengthy and may take up to four (4) weeks to complete.
The Global Business Company Category 2 (GBC2) is the equivalent of International Business companies of other offshore jurisdictions. Regulation and Incorporation of the international Global Business Company Category 2 (GBC2) is similar to that of the GBC 1. All offshore companies in Mauritius must use an agent for incorporation and registration.