Overview on Companies act in Mauritius

Mauritius law on companies states the Companies Act 2001. The corporate and business registration department, government office which is under the Ministry of Finance and Economic Development and registrar of Mauritius companies. The Financial Services Commission Mauritius is the regulatory body for the finance sector in the country and it must be approved for some kind of company like global business license companies.

The guide outlines are the important contents of global license limited liability companies. An important content for a specific kind of corporate vehicle is the tax and regulatory system that will be applied to both Mauritius and foreign country. It is imperative that proper legal and tax advice is sought in all relevant jurisdictions it is to specify the kind of corporate vehicle that will be suitable for the situation.

Types of companies which can be incorporated in Mauritius:

• Limited liability company
• Guarantee company
• Mixed liability company
• Unlimited liability company
• Foreign company and
• Limited life company

Annual requirements:

• Annual license fees
• Annual return
• Accounting records
• Financial statements
•  Audit
• Shareholders meeting
• Registers

Documentation for company formation:

·         All principal details such as name, address, nationality, residence of country, record of business record and passport copy. For a company owner, capital records and profile of the company is necessary to exhibit.

·         3 years financial plan forecast for GBL1 and brief business plan needs to be provided for GBL2

·         Reference letter from bank

·         Duly filled application along with signature

·         FSC application fee payment

GBL1 and GBL2 companies:

GBL 1&2 are 2 categories and 2 different types of companies. The following difference of the companies are as follows;

GLOBAL BUSINESS LICENSE COMPANY 1	GLOBAL BUSINESS LICENSE COMPANY 2
Corporate directors are not allowed	Corporate directors are allowed
According to the authorization of FSC, having a deal with residents is allowed	Dealing with residents is allowed
Depending on the company activity license is allowed	Strict conditions for licensing are applied here
Beneficial interest can be benefitted from Mauritian resident	Beneficial interest may not be benefitted by Mauritian resident
There should at least be minimum 2 shareholders in the company	There should at least be 1 non-resident director and permitted corporate directors.
There should be a registered office in the country	There should be a registered office in the country
In the company, annual meetings must be held for the shareholders	In the company, annual meetings must be held for the shareholders
Interest and royal payments to be paid by GBL1 companies which exempted by tax	Exception for Tax