Authorised Company in Mauritius
Why setting up an Authorised Company in Mauritius
Incorporated under the Companies Act, the Authorised Company is a company that has its business activities and control & management outside of Mauritius. Therefore, An Authorised Company is not considered as tax resident in Mauritius.
Besides its strategic location in the Indian Ocean between Africa and Asia, which make Mauritius the preferred jurisdiction for investments into and from Africa, the country boasts a number of distinctive attributes:
- Most business-friendly country in Africa (World Bank’s Ease of Doing Business Index);
- Robust regulatory framework and good corporate governance (Ibrahim Index of African Governance – IIAG);
- Hybrid legal system (Common Law and French Civil Code);
- Social and political stability;
- Diversified economy and culture;
- Extensive bilateral and multilateral agreements with African countries (including in areas of taxation, trade and investment);
- Reliable banking system;
- Qualified and experienced workforce (English and French); and
- In addition to being considered as foreign for tax purposes in Mauritius, there is no foreign exchange controls, capital gains tax, nor withholding tax.
Strict ‘Anti-Money Laundering/Combating the Financing of Terrorism’ (AML/CFT) laws and the support to international initiatives such as OECD’s BEPS Action Plan and the Financial Action Task Force (FATF-GAFI), reflect the vision of the Mauritian government to promote the country as a transparent International Financial Centre, that does not only attract capital flows, but ensures the security of assets.
The Authorised Company cannot benefit from the country’s network of Double Taxation Avoidance Agreements.
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What kind of activities can Mauritius Authorised Companies carry out?
Conducting business principally outside of Mauritius, an Authorised Company is appropriate for activities such as:
- Investment holding;
- Property holding;
- International trade;
- Management and consultancy;
- IT Services;
- Shipping and ship Management; or
- One-off transaction using a Special Purpose Vehicle.
However, as outlined in the Fourth Schedule to the Financial Services Act 2007, an Authorised Company is not allowed to perform the following activities:
- financial services, including banking;
- holding, managing, or dealing with a Collective Investment Scheme (or Fund) as a professional administrator;
- providing registered office facilities, or nominee, directorship and secretarial services, or other services to corporations; or
- providing trusteeship services.
An Authorised Company is also prohibited to carry out any other activities that may damage the reputation of Mauritius as an International Financial Centre, as determined by the Mauritius Financial Services Commission, or contrary to public interest. It is registered under the Companies Act 2001 and licensed by the Mauritius Financial Services Commission (FSC). The law provides the latest rules and regulations in line with the international law to attract domestic and international investors.
What are the requirements for an Authorised Company incorporation in Mauritius?
To set up an Authorised Company in Mauritius, it is required that the company’s (other than a bank) majority of shares or voting rights, legal or beneficial interest are detained or controlled by a person or a group of people who are not citizens of Mauritius. An individual or group of individuals having voting rights, legal or beneficial interest and others, will not be considered if the latter is of Mauritian citizenship.
A company has its control & management in the Republic of Mauritius if it is the place where:
- the strategic decisions on the company’s core activities are taken in or from; and
- either a majority of the Board of Director’s meetings are held, or where the executive management of the company is regularly exercised.
If a company, incorporated in Mauritius, does not meet the above-mentioned conditions, it will be considered as non-resident and will not be subject to tax in Mauritius.
While having its control & management abroad, an Authorised Company is also required to appoint a registered agent in Mauritius (which shall be a Management Company such as Sunibel and that shall be specifically commissioned to act as your company’s registered agent permanently) that is responsible for the administration of the company. A Management Company’s duties towards these companies include:
- filing of return of income with the Mauritius Revenue Authority (MRA);
- filing of a financial summary with the FSC;
- filing of any document required under relevant Acts;
- safekeeping of records (board minutes and resolutions, transaction records and such other documents as required by the FSC); and
- undertaking measures to combat money laundering and terrorist financing, and any other related offences as specified by the FSC.
How Sunibel can accompany you
Duly licensed by the FSC, and having a strong and proven experience in the field, Sunibel provides a tailored end-to-end service including the setting up and administration of your offshore company in Mauritius. Our team of qualified professional teams provide you with a comprehensive set of serivces, while leveraging on our international and local market expertise as a member of Probus Pleion Group, to offer you a global solution for all your needs.
Through our company incorporation and management services for corporations, we can accompany you with the:
- Opening of bank account(s) with a local Mauritian bank;
- Application for incorporation of your entity in Mauritius;
- Provision of a Registered Office address and Registered Agent;
- Provision of corporate directors and acting as Company Secretary;
- Keeping of books, records, minutes at the Registered office;
- Filing of statutory documents with the local authorities;
- Maintaining Registers of Directors, Shareholders and Officers of the Company;
- Issue and transfer of shares;
- Ensure compliance with corporate legislation;
- Payment of annual licence fee and other relevant fees;
- Accounting and bookkeeping;
- Monitoring the accounts on regular basis on client request; and
- Preparation of financial statements and/or management account.
You want to set up your Authorised Company in Mauritius? Get in touch with us via the contact form below.
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