Company Formation Survey 2008


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		1. Company law	The Companies Act 2001.
		2. Types of company:
		(a) type of company preferred for international transactions:	Company with a Category 1 Global Business Licence which can access tax treaties. Company with a Category 2 Global Business Licence which is tax exempt.
		(b) shareless companies:	Only companies limited by guarantee are allowed.
		3. Capital requirements:	No minimum capital requirement. Companies Act 2001 does not require that all shares have par value. Fractional shares are permitted.
		4. Costs to incorporate, excluding government fees:	To incorporate a company with a Category 1 Global Business Licence - USD3,000. To incorporate a company with a Category 2 Global Business Licence - USD500.
		5. Fees paid to authorities to incorporate:	Fees paid to the authorities for a GBL1 company: USD2,100. Fees paid for a GBL2 company: USD200.
		6. Annual fees paid to authorities:	Annual Fees paid to the authorities for a Category 1 Global Business Licence - USD1,750. Annual Fees paid to the authorities for Category 2 Global Business Licence - USD200.
		7. Taxation rates applied to companies generally:	Corporate tax rate – 22.5% (As per the Finance Act 2007).
		(a) the taxation of companies in 2 (a)	A company with a Category 1 Global Business Licence is taxed at the rate of 15% on its income, with a deemed tax credit of 80% on foreign source income making an effective rate of 3%. A company with a Category 2 Global Business Licence is tax exempt.
		8. Method of incorporation:	By submission of application to incorporate together with constitution of company to Registrar of Companies. A parallel application has to be made to Financial Services Commission for a Global Business Licence.
		9. Who may incorporate - specify what, if any, local representatives/ professionals required?	All applications for Global Business Licences are channelled through management companies licensed by Financial Services Commission.
		(a) are ready made companies available?	Shelf companies are not available.
		10. Length of time to incorporate:	A company with a Category 1 Global Business Licence takes 7-10 working days. A company with a Category 2 Global Business Licence takes 2 working days.
		11. Minimum members:	One.
		12. Registered office:	A registered office is a statutory requirement.
		(a)Can the registered office be a bank/ lawyer/ accountant's office (brass plate)?	Yes.
		13. Directors and secretary:	A company with a Category 1 Global Business Licence must have at least one director, who should be an individual, ordinarily resident in Mauritius. A company with a Category 2 Global Business Licence must have at least one director, who can be a corporate or an individual and need not be resident in Mauritius.
		(a) Must a director/ secretary be resident?	A company with a Category 2 Global Business Licence need not have a secretary. If the company wishes to appoint a secretary, the secretary needs to be qualified.
		(b) Are Corporate Directors allowed?
		14. Appointee directors/ secretary possible?	The Mauritius management company will usually provide two resident directors and act as secretary.
		15. Amount of fees payable to appointee directors/ secretary:	For a company with a Category 1 Global Business Licence USD3,000 annually. For a company with a Category 2 Global Business Licence - within the range of USD350 to USD750.
		16. Meetings:	Meetings can be held anywhere, but for companies with a Category 1 Global Business Licence wishing to demonstrate tax residence, board meetings should be held in Mauritius with telephonic participation by directors outside Mauritius. Meetings can be held by means of audio or audio and visual communications.
		17. Annual return:	No annual returns need to be filed for a company holding a Global Business Licence.
		(a) Must financial statements of a company be audited?	The financial statements of a company holding a Category 1 Global Business Licence must be audited.
		18. Is disclosure of profits required by filing balance sheets with annual returns?	The audited financial statements for a company holding a Category 1 Global Business Licence are required to be filed with the Financial Services Commission within six months of the financial year end and are submitted together with a tax return to the Mauritius Revenue Authority.
		19. Are there any exchange control or other financial restraints imposed upon a company?	No.
		20. Companies formed in the last year:	Companies holding a Category 1 Global Business Licence – 1,337 (as at 30 November 2007). Companies holding a Category 2 Global Business Licence – 2,237 (as at 30 November 2007).
		21. Number of companies on the company register altogether:	34,090 (as at 30 November 2007).
		22. How, if any, is migration into and out of the jurisdiction achieved?	A foreign company can be continued in Mauritius but de-registration or discontinuance is required in the country of original incorporation.
		23. Is migration out of your country provided for?	Yes, provided that migration into the host country is allowed.
		24. Any amendments to company law over the last 12 months:	The Securities Act 2005 which was passed by the National Assembly on the 25 March 2005 and which replaces the public offering provisions of the Companies Act 1984 and provides for regulation of Collective Investment Schemes came into force on 28 September 2007. The Financial Services Act 2007 which repealed The Financial Services Development Act 2001 also came into force on 28 September 2007.
		25. Anticipated amendments to company law over the next 12 months:	On this basis no major amendments to company law are foreseen over the next 12 months.
S I T E M A P BACK TO TOP			Compiled by Suzanne Gujadhur-Bell, International Proximity.