Types of Company Any company formed or registered in Mauritius which proposes to conduct business outside Mauritius will be deemed to be conducting global business in Mauritius and may, accordingly, apply to the Financial Services Commission for a Category 1 or a Category 2 Global Business Licence.
An important factor in deciding to use a particular type of corporate vehicle is the tax and regulatory treatment that will be applied to the company both in Mauritius and any foreign country.
This document is not intended as taxation or legal advice and this document should not replace professional tax or legal advice tailored to your circumstances. Mauritius has maintained its membership to the Commonwealth after its accession to the status of republic.
It was amended in and Mauritius became a republic within the Commonwealth in Oak Trust Group has produced this as a general summary based on publicly available information.
Must have a registered agent in Mauritius, which must be a management company. Dealings with residents not allowed. Must report stated capital, which is the total of the nominal value of any par shares and any premium paid in relation to those shares.
A GBL2 company is tax exempt in Mauritius and is typically used where no tax treaty benefits are sought. A GBL2 company is required to maintain financial statements to reflect its financial position and retain these with the registered agent, but is not required to file the financial statements with the FSC note a financial summary needs to be submitted.
To print this article, all you need is to be registered on Mondaq. The Constitution, a version of the Westminster export model, was originally monarchical. To begin with, the constitution acts rather as guideline, or framework, which stipulates what the government the executive is allowed to do and what not, most of the time concerning the rights and freedom of the citizens of Mauritius.
Licensing conditions depend on activity. Dealings with residents permissible subject to prior authorisation of the FSC. Must hold an annual meeting of shareholders. It is imperative that appropriate legal and tax advice is sought in all relevant jurisdictions to determine the type of corporate vehicle that will be best suited to your circumstances.
To file financial summary within 6 months of financial year end. Submission of audited financial statements required within 6 months of year end 3 months for those holding certain types of financial services activity licence.
When somebody refers to "laws", this is what they means most of the time. Foreign company; and Limited life company. In the past ten years, the legal framework of Mauritius has seen dramatic changes as far as commercial legislation is concerned. Historically, Mauritius basically remained an uninhabited island until the 17th century when it was colonised firstly by the Dutch, then by the French and then subsequently by the British.
Subsequent amendments need to be notified to the FSC. Not resident for tax purposes and therefore cannot claim double taxation relief under the double taxation treaties in force in Mauritius. The Corporate and Business Registration Department, a government office which falls under the control of the Ministry of Finance and Economic Development, is registrar for Mauritius companies.
No statutory requirement to have a secretary in Mauritius or otherwise.
Formation of Companies Following the company name reservation with the Registrar of Companies and the payment of a fee for this, the following documents need to be submitted to the FSC: Whilst the substantive laws, e.Mauritius has a ‘hybrid’ legal system; combining both the civil and common law practices.
Its legal system is governed by principles derived both from the French Code Napoleon and the British common law. Case law is a major source of law in Mauritius and in many cases it creates binding precedent; which is law that must be followed in subsequent similar cases.
Case law is often referred to as common law. Generally speaking, common law is a type of legal system where legislation is continually evolving. The law and legal system of Mauritius are an unusual hybrid and a remarkable instance of comparative law in action.
As a consequence of its history, as an overseas possession of France from to and as a British colony from until it achieved independence within the Commonwealth inits law and legal system reflect the. Jul 06, · Mauritius' statute law on companies is contained in the Companies Act The Corporate and Business Registration Department, a government office which falls under the control of the Ministry of Finance and Economic Development, is registrar for Mauritius companies.
Mauritius has a hybrid legal system and its banking legal regime imports concepts both from the common law and civil law.
Some of the common law inspired legislation in force the Banking Act, the Bank of Mauritius Act, the Borrower Protection Act and the Financial Intelligence and Anti Money Laundering Act (FIAMLA).
This Guide to Law Online Mauritius contains a selection of Mauritian legal, juridical, and governmental sources accessible through the Internet. Links provide access to primary documents, legal commentary, and general government information about specific jurisdictions and topics.Download