Mauritius is known as one of the best African countries for banking and business opportunities, it has been ranked for three consecutive years as the first country by the World Bank Doing Business Report for ease of doing business in Africa. The reason lies in the exponential growth of the economy, no foreign exchange control and the facilities provided when it comes to setting up an offshore company there for doing business outside of Mauritius.
Several big and small companies establish offshore companies in Mauritius to invest or hold assets in different projects around the world and utilize their offshore bank account set up in Mauritius to transfer their funds worldwide without any foreign exchange control constraint.
The country has formed a coalition system based on the resident and foreign companies established there. Those working are termed as GBC1 or Global Business Category 1 companies. The companies that are non-resident are termed as GBC2 or Global Business Companies Category 2. The Mauritius GBC2 companies mostly focus on investment holding and ownership of different real estate assets, non-financial trading, international transactions and similar other activities.
The Mauritius GBC2 companies can also have several benefits and incentives while working. These benefits and incentives include:
- Fiscal advantages including no stamp duty on transfer of shares, low government license fee, and no taxation on income that comes from foreign countries
- Shareholder benefits including one minimum number of shareholders, no requirement for a local shareholder, shareholders can meet anywhere depending on the situation of the business, records of shareholders cannot be publicly accessed.
- Share capital benefits including US$1 standard paid up capital, United States Dollars, Great Britain Pounds and Euro as standard currency, authorized shares excluding bearer shares, issuance of shares without any limitation.
- Directors’ benefits include one minimum number of directors, no need for a local director, the public cannot access directors’ record, and directors can meet anywhere based on the nature and sensitivity of the business.
Fees for setting up a Mauritius GBC2 plus your first year annual registered agent and registered office address should be between US$1000 and US$2000. Fees are payable upfront to the Offshore Management Company in Mauritius for processing your application, acting as your registered agent and providing its registered address to your GBC2.
There is no need for any individual or employee to be physically present to set up a GBC2 as it is compulsory to appoint an Offshore Management Company to register any type of offshore company in Mauritius.