News

  1. 17/09/2018

    ProContact was one of the first call centres to set up in Mauritius in 2001. 17 years later, ProContact has reinvented itself and remains one of the main references in the sector and one of the latest "contact" centres (because the business is no longer limited to phone calls) to offer general services for big groups as well as for Small and Medium Enterprises (SMEs). ProContact is also an ideal incubator for entrepreneurs wishing to set up their operations in Mauritius.

    What is a call center?

  2. 17/09/2018

    This year marks MITCO’s 25th anniversary. On this occasion, we have invited our Executive Director, Mr. Amal Autar to share with us his experience at MITCO and his views on the company’s successful expansion over the last 25 years as well as the future plans. 

  3. 17/09/2018

    In an era where banking secrecy is ending and where there is greater international exchange of information and transparency in tax matters between countries, it has become increasingly difficult for businesses and individuals to avoid paying taxes. Considering same, the Government of Kenya declared a Tax Amnesty program for repatriation of assets and income owned by Kenya residents abroad in the Finance Act (2016). The Tax Amnesty is offered to individuals, Corporates and Trusts who are Kenyan residents for taxation purposes.

    What is a Tax Amnesty?

  4. 17/09/2018

    MITCO understands that the business landscape is changing and the digital world is expanding at a phenomenal rate and any organisation must keep pace with this ever-changing marketing environment to position itself vis à vis its competitors.  Having this constant mindset of developing new services to offer a unique point of contact to our clients, MITCO has a dedicated team which shall provide digital marketing assistance.

    OUR SERVICES

    1. Social Media Marketing and Advertising

  5. 17/09/2018

    We have reproduced a communiqué issued by The Economic Development Board of Mauritius (EDB) on the amendments to the Freeport Act.

    To transform the Freeport into an internationally trusted platform, the Freeport regime has been aligned with the OCED, EU and WTO requirements.

    1. Freeport Developers and Freeport Operators are hereby informed that with the coming into operation of the Finance (Miscellaneous Provisions) Act 2018, the following amendments have been bought to the Freeport Act:

  6. 07/09/2018

    Dear Partners and clients,

    Welcome to the second edition of our Investors’ Corner!

    The MITCO’s Investors’ Corner is a quarterly Newsletter providing insight and used as a communication tool to inform you of different investment opportunities available at a given time in Mauritius and/ or internationally.

  7. 03/09/2018

    Please find MITCO Corporate Brochure containing information about the services offered by MITCO.

    Click here for the Corporate Brochure (English version) :

    /sites/default/files/pictures/MITCO_Brochure-EN-2017.pdf

    Cliquez ici pour la brochure (version française) :

    /sites/default/files/pictures/FR_MITCO_Brochure.pdf

  8. 14/08/2018

    Mr Timothy Webb and Mrs. Corinne Webb were like many tourists that visit our island. During their initial trip, they have enjoyed Anahita the Resort and the island so much that they have decided to invest their time and funds in a special project within Anahita the Resort. They have successfully combined holidays with creativity and project planning over a span of four years.

    We have asked Mr. and Mrs. Webb to share their experience with us.

  9. 10/08/2018

    The Finance (Miscellaneous Provisions) Bill 2018 (the “Bill”) was presented in the Parliament with a view to making amendments to relevant legislations for the adoption of the measures announced by the Honourable Minister of Finance in his budget speech. The Bill is yet to be published in the official gazette before it is enacted.

    Whilst there are changes in the Bill which require additional clarification from the Mauritian Authorities, we provide you with a summary of the main measures pertaining to the global business sector.

    GLOBAL BUSINESS SECTOR

  10. 10/08/2018

    In line with CIEL’s sustainability strategy, MITCO celebrated its Environmental & Sustainability Week from the 9th to the 13th of July, around 5 pillars - Business Ethics, Labour Practices; Environmental Responsibility; Stakeholder Engagement and Satisfaction; Sustainable Design, Planning and Procurement. The activities and initiatives included:

  11. 18/07/2018

    MITCO Group has taken the first step towards its commitment to the environment, coinciding same with its 25th Anniversary this year.

    With the help of staffs and the expertise and guidance of the Forestry Service of the Ministry of Agro-Industry and Food Security, 25 trees have been planted at La Citadelle, Port Louis (Capital of Mauritius)

    La Citadelle also known as Fort Adelaide has been built between 1834 and 1840 and has fulfilled the strategic purpose of guarding harbor against enemy attacks and fires that broke in the city.

  12. 12/07/2018

    At MITCO Group, not only do we provide advisory services and set up companies, but we also adapt our services to cater to the specific needs of your business and assist you in achieving your business goals.

    We thus offer a wide spectrum of services to our clients from business set up, administration & accounting services, residence & work permits to business center and payroll services.

    The wide range of services we provide, allow our clients to focus entirely on their core business activity.

  13. 12/07/2018

    In this new era of digital marketing and data-rich business environment, personal data protection plays an important role. In this respect, the Data Protection Act 2017 (The “Act”) which came into force since 15th January 2018 replaces the DPA 2004 which no longer fitted. The Act seeks to bring Mauritius data protection framework in line with same principles of GDPR.

  14. 12/07/2018

    This year, with an economic freedom score of 75.1, Mauritius has been ranked 21st among 128 countries worldwide and 1st among 47 countries in Sub-Saharan Africa. Mauritius logged a 0.4 increase in its overall score, with improvements in scores for the government integrity and property rights indicators.

    The Index of Economic Freedom is an annual ranking created by The Heritage Foundation and The Wall Street Journal in 1995 to measure the degree of economic freedom in the world.

  15. 12/07/2018

    With the call-to-action of CIEL Group to “Go Beyond, a Sustainability Governance Structure was established within the CIEL Group, in view of fostering compliance, risk and opportunities management across all entities. This structure allows for the integration of relevant, state-of-the-art sustainable practices across CIEL Group’s value chain.

  16. 12/07/2018

    As part of the 50th anniversary of the Independence of Mauritius, CIEL Group and its clusters (including MITCO Group) has launched a campaign called “BouzeMoris” aimed at promoting positive behaviors or actions that every citizen can adopt to make Mauritius move forward.

  17. 25/06/2018

    The Freeport regime will be amended as follows:

  18. 25/06/2018

    For enhancing the demand for Mauritian products, the Government is embarking in setting up Special Economic Zones (SEZ) in key African countries, such as Senegal, Ghana, Ivory Coast and Madagascar. In that respect, the agreement for the continental Free Trade Agreement (FTA) in Africa is being finalized.

    In pursuance of the Africa Strategy, Government is:

  19. 25/06/2018

    Mauritian Citizenship and Passport:

    In an aim for ‘Further Opening up our Economy and Country’, The Budget Speech has included the following new schemes:

    The Economic development Board (“EDB”) will manage two new schemes which will enable High Net Worth foreign individuals, who satisfy defined criteria and after due diligence to obtain Mauritian Citizenship or Mauritian Passport.

    The criteria are:

    1. Mauritian Citizenship

    The first scheme will offer foreigners the opportunity to obtain Mauritian citizenship provided they

  20. 22/06/2018

    Attracting and creating opportunities for private investment

    • The Government will set up a Mauritius Artificial Intelligence Council (MAIC) for the development of Artificial Intelligence.
    • The Government will also set up a Steering Committee to ensure greater coherence in the digitization of public sector services and the monitoring of its implementation in a timely manner.

    Measures to support the Fintech sector

  21. 22/06/2018

    CORPORATE TAX

    For Domestic Companies

    As from 1 January 2019, all companies in Mauritius except banks will benefit from the partial exemption regime of 80% on the specified income.

    Corporate Social Responsibility (“CSR”)

  22. 22/06/2018

    The Single Licensing Agency

    The ‘’E-Licensing Project and transformational initiatives to enhance business environment” has been initiated to address key constraints to business facilitation due to heavy regulatory frameworks and institutional bureaucracy. The four main components of the project are namely: E-licensing Platform; Business Process Re-Engineering exercise; Regulatory Review; and Change Management Programme.

  23. 22/06/2018

    Category 1 Global Business Licence (GBC 1)

    The GBL 1 shall henceforth be renamed as Global Business Licence. Global Business Companies will be required to comply with enhanced substance conditions.

    Category 2 Global Business Licence (GBC 2)

    The Financial Services Commission (“FSC”) will cease to issue GBC 2 licences as from January 2019 while the current regime will continue to apply until 30 June 2021 for companies which have been issued a licence prior to 16 October 2017.

    Foreign-owned entities

  24. 15/05/2018

    The Mauritius Freeport [governed by the Freeport Act 2004] was established in 1992 with the main objective of diversifying the economic base of Mauritius through the development of a competitive logistics and distribution platform for regional and international trade.

    What is a Freeport Company?

    A company wishes to operate in the Freeport Zone must be registered under the Companies Act 2001, with the Registrar of Companies (“ROC”) as a Mauritius Domestic Company and must apply for a Freeport Licence with The Economic Development Board (“EDB”).

  25. 15/05/2018

    Labour Day in Mauritius

    Like many countries in the world, the Labour Day is celebrated on the 1st May in Mauritius as well and this year marks the 80th anniversary of the annual labour day commemoration in our country. It is on the 1st May 1950 that the Labour Day was declared an office public holiday in Mauritius.

  26. 15/05/2018

    MITCO is a subsidiary of CIEL Finance Ltd which forms part of CIEL Limited, company listed on the Stock Exchange of Mauritius. CIEL Limited is a leading diversified investment group in Mauritius, operating five business clusters, spread across Mauritius, Africa and Asia:

  27. 15/05/2018

    Employee involvement promotes strong corporate culture within organisations. At MITCO, staffs are actively engaged by dedicating their time on a voluntary basis. Thus, the following committees have been set up for specific objectives:

  28. 15/05/2018

    Mauritius has built a solid reputation of being a jurisdiction of substance internationally. Supported by its legislative framework and financial services infrastructure, Mauritius offers an ideal platform for investments around the globe with a focus on Africa and Asia. From modest beginnings in the early 1990's, the global business sector is now home to some 900 global funds from around the world.

  29. 16/04/2018

    Nous remercions, Monsieur et Madame Besse d’avoir accepter de partager avec nous leur experience /We thanks Mr and Mrs Besse which accepted to share with us their experience.

    Monsieur et Madame Besse, qu’est qui vous a poussé à quitter la France pour venir vous installer à l’île Maurice? / Mr. and Mrs. Besse, what has inspired you to leave France to settle in Mauritius?

  30. 16/04/2018

    The Ivory Coast suffered a tumultuous decade up to 2011; gripped by political turmoil and an intermittent civil war, the country's infrastructure and economy deteriorated. However, since 2011, the Ivory Coast has become one of Africa's economic success stories.

    Despite ongoing political uncertainty and an aging power infrastructure, the Government of the Ivory Coast wishes to establish the Ivory Coast as a middle-income country, extend access to power to the entire population and become the leading energy market in sub-Saharan Africa.

  31. 13/04/2018

    Easter in Mauritius

    On the 01st of April, the Christian community worldwide celebrated Easter. Easter is the religious celebration of the resurrection of Jesus Christ from the tomb on the third day after his crucifixion. Easter is not a one day celebration. The annual period of Christian observance, called Lent, precedes Easter. Lent is a season of prayer and fasting whereby Catholics are required to abstain from eating meat on Fridays in honor of the Passion of Jesus on Good Friday.

  32. 13/04/2018

    We have invited Mrs. Johanne Hague, Partner at Juristconsult Chambers to share with us her general views on the Common Reporting Standard.

    The Common Reporting Standard (“CRS”) is already live in some countries and the countdown has begun towards the first exchange of information between Mauritius and other countries around the world.

  33. 13/04/2018

    In order to harmonize the various available routes for foreign portfolio investment in India, the Indian securities market regulator i.e. Securities Exchange Board of India (“SEBI”) has introduced a new class of foreign investors in India known as the Foreign Portfolio Investors (“FPIs”) with the aim to simplify the overall operation foreign portfolio investments in India.

    Foreign Portfolio Investment refers to investment in financial assets such as stocks or bonds in a foreign country.

  34. 13/04/2018

    In the venture of invigorating food processing activities, Mauritius has introduced the Registration Certificate (Food Processing) which aims at enhancing the value chain through the cultivation and importation of agricultural products to be used as raw materials for processing into intermediate and finished products as well as to encourage re-export activities.

    The following are qualifying criteria for the Registration Certificate:

  35. 20/03/2018

    Ugadi is a festival celebrated as the New Year by Telugu people all over the world. Each Ugadi year has a specific name in the ‘Panchangam’, which is the astronomical calendar, based on astrological influences. The calendar includes 60-year names and every 60 years, one name cycle completes, and the names repeat in the next cycle. For example, the Telugu name for the year 2018 is ‘Vilambi’, which will repeat in 2078. 

  36. 20/03/2018

    Nous remercions, Monsieur Cedric Thomsen qui a accepté de nous parler de Boogie Events/We thank Mr. Cedric Thomsen who accepted to provide us information on Boogie Events

    Parlez-nous des activités de Boogie Events Ltd ?

  37. 20/03/2018

    According to the Census on Foreign Liabilities and Assets of Indian Direct Investment Companies 2016-2017 released by the Reserve Bank of India (RBI), Mauritius was the largest source of Foreign Direct Investment (FDI) in India with 21.8 share at market value, followed by the United States, United Kingdom, Singapore and Japan.

    This census yields comprehensive information on the market value of foreign liabilities and assets of Indian companies arising on account of FDI, Overseas Direct Investment (ODI) and other investments.

  38. 20/03/2018

    National Code of Corporate Governance

    The National Committee on Corporate Governance has in accordance with section 65(c) of the Financial Reporting Act 2004 issued the Second Edition of the National Code of Corporate Governance (the ‘Code’).

    Consequently, the Financial Services Commission (the ‘FSC’) has issued a Circular Letter on the Code to inform licensee of their obligations with respect to the new code which is applicable as from the reporting year (financial period) ended 30 June 2018.

  39. 19/03/2018

    Financial Technology better known as 'fintech' is the new technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. The application of fintech covers a wide range of sub-industries from crowdfunding, lending, payments, data collection, and investment management to digital currency.

    Fintech puts technology at the heart of financial services offering a change in the way in which companies interact with their customers. In addition, this proliferation of fintech makes financial markets and systems more efficient.

  40. 16/03/2018

    Amal AUTAR, the Executive Director of MITCO Group had been invited in his capacity as Chairman of the Mauritius branch of the Society of Trusts and Estate Practitioners (STEP) to write an article on the ‘Mauritius as a Trust and Estate Planning jurisdiction’.

  41. 16/03/2018

    “Motherland” the national anthem of Mauritius was played this 12th March 2018 at the Champ de Mars racecourse, where the Mauritius Flag was first raised in 1968, to celebrate the Golden Jubilee of Mauritius and 26 years as a Republic of the island. The Mauritius anthem briefly describes the luscious landscape of the country and also mentions the qualities of its people: peace, justice and liberty.

    The development of the Mauritius Financial sector

  42. 09/02/2018

    The two forthcoming celebrations are the Maha Shivratree and Chinese Spring Festival.

    Chinese Spring Festival

    The Chinese New Year marks the beginning of a new lunar according to the traditional Chinese calendar. Each year is represented by a zodiac animal on the lunar-solar Chinese calendar and the Chinese community welcome 2018 as the Year of the Dog.

  43. 09/02/2018

    A Foundation is a separate legal entity without shareholders and members but have beneficiaries. A Foundation can be considered as a medley between a trust and a corporate entity. A Foundation is generally established to reflect the wishes of a Founder(s), who may be an individual or a legal entity. In a Foundation, it is the Council who manage the day to day affairs of the property of the foundation.

  44. 09/02/2018

    The Common Reporting Standard (CRS) has been developed by the Organisation for Economic Co-Operation and Development (OECD). As at 15 January 2018, 98 countries have signed the Multilateral Competent Authority Agreement to implement the CRS. You may access the current list of countries on the following website:

    http://www.oecd.org/tax/automatic-exchange/international-framework-for-the-crs/

    Mauritius has implemented CRS as from 1st January 2017. 

  45. 09/02/2018

    As from 1st January 2018, all legal entities which engage in certain financial transactions and listed financial instruments such as shares, bonds, warrants, amongst others, must apply for a Legal Entity Identifier (LEI) code, which is a requirement by the European MiFID II directive.

  46. 09/02/2018

    According to the Economist Intelligence Unit Democracy index 2017 (The “Index”), Mauritius occupied the first position in Africa with an overall score of 8.22 and is ranked 16th out of the 167 countries worldwide. Mauritius is considered as the only “fully free” democracy in Africa.

  47. 16/01/2018

    On 8th December 2017, CIEL Group unveiled, in the presence of representatives of the five clusters of the group, namely, CIEL Hotels & Resorts, CIEL Agro & Property, CIEL Textile, CIEL Finance and CIEL Healthcare, its new Purpose Statement “For a World we can all feel proud of” and Values “People at Heart - Excellence at Core - Ethical & Sustainable”.

  48. 16/01/2018

    The Mauritian are descendants of European (mostly French), the Franco-Mauritians; African slaves and creoles, the Afro-Mauritians; Chinese traders, the Sino-Mauritian; Indian laborers, the Indo-Mauritius and this diversify culture is an example of successful cultural integration.  As our country is celebrating its 50th anniversary post-independence this year, it is a good year for us to talk on the different celebrations in Mauritius. 

    The two forthcoming celebrations are the Thaipoosam Cavadee and Abolition of Slavery.

  49. 16/01/2018

    For South Africa

    At the end of December 2017, Cyril Ramaphosa was elected as the new Leader of the African National Congress (ANC) party for the next five years. Jacob Zuma, the previous leader of ANC, who is currently the President of South Africa is being called to step down. This important political development will definitely have a bearing on the next Presidential election in South Africa which is due in 2019.

  50. 16/01/2018

    As per the report published by the Bank of Mauritius (BOM) on the 30th December 2017, the Gross FDI flows in Mauritius have been estimated at MUR 12,330 million for the first three quarters of 2017 compared to MUR 10,592 million for the corresponding period in year 2016 representing an increase of approximately 16%.

  51. 11/12/2017

    The Board of Investment (BOI) of Mauritius organised a high-level investment promotion mission led by the Prime Minister of Mauritius in Côte d'Ivoire, to tap investment opportunities in Western Africa.

    MITCO represented by Wendy Kong (Head of Business Development) and Franck Gosse (Country Representative of Côte d'Ivoire) also formed part of the Mauritian delegation.

  52. 11/12/2017

    Matthieu parlez-nous de votre projet 'emediaplace' / Matthieu could you please tell us how did you come up with this project and brief us of what ‘emediaplace’ is about?

    Début 2016, je me suis rendu compte qu’il n’existait pas de kiosque de journaux numériques dans l’Océan Indien. Cela existe ailleurs dans le monde, mais pour en bénéficier, il est nécessaire de disposer de moyens de paiements en Euros/Dollars, ce qui n’est pas accessible à tout le monde.

  53. 11/12/2017

    Mauritius is continuing its path in collaborating with international markets, recently with Russia and China. This will emphasize fostering and strengthening economic cooperation and diplomatic ties for greater prosperity between the countries.

    Consolidating Business and Investment ties between Mauritius and Russia

  54. 11/12/2017

    Mauritius retains its first position in overall governance in Africa according to the Mo Ibrahim Index of African Governance (IIAG) 2017. Mauritius has again achieved the highest overall score out of a total of 53 African countries. The Index assesses four categories of governance, namely:

  55. 21/11/2017

    The Association of Trust and Management Companies ("ATMC"), which is the flagship representative body of the Mauritian global business industry, organizes its Sports Day on Saturday 11 November.

  56. 20/11/2017

    Basically, a Family Office provides the necessary skill, guidance and management of a family’s wealth to build a structure which can help protect that  inheritance and pass it smoothly across generations. There are many reasons to set up a family office but the core one is the wish to facilitate the inter-generation transfer of wealth and reduce intra-family disputes.

  57. 20/11/2017

    The Overseas Family Office (“OFO”) was announced in the Mauritius Budget 2016/2017. The Scheme aims at the enhancement of our position as a wealth management destination via management  of assets of High Net Worth Individuals (“HNWI”) and families in Mauritius.

    The Financial Services Commission issues two sets of licenses: the single OFO & the multiple OFO. The OFO is required to actively manage a prescribed minimum investible and liquid wealth base of USD 5 Million.

  58. 20/11/2017

    Mauritius has been ranked 25th out of 190 countries by the World Bank’s Doing Business Report 2018 ( “The Report”). The Country has thus made a significant leap from the 49th position last year to 25th this year. This 2.09 increase in score implies that since last year, the country has improved its business regulations and is narrowing the gap with the global regulatory frontier.

    The Doing Business Report 2018 has reported improvements in ranking in 8 out of 10 indicators namely

  59. 20/11/2017

    Ally has joined the MITCO Group on the 1st July 2017 as the Head of Sales. He recently tied up with Alteo Properties and spoke at a few events held in China and Hong Kong. Ally was also a keynote speaker at the Campden Wealth Asia Pacific Family Office Conference, held on 25th & 26th of October 2017 in Hong Kong. We have invited Ally to share the key queries and his experience at the Conference.

  60. 13/11/2017

    In the wake of the release the so-called ‘Paradise Papers’ by the International Consortium of Investigative Journalists (The “ICIJ”) whereby unfounded allegations were levelled against Mauritius, the Prime Minister of the Republic of Mauritius has issued an official statement on the 9th November 2017.

  61. 09/10/2017

    The main economic sectors in Mauritius are tourism, finance, agriculture and information and communication technology. The Mauritian Government is putting lots of efforts to modernize these markets and is also adopting a new approach for the development of new sectors.

    MAURITIUS POSITIONING AS A FINTECH HUB

  62. 09/10/2017

    The Investment Promotion Act has been amended to introduce a new category of Occupation Permit: - The Innovator Occupation Permit (The “Innovator OP”).

    The Innovator OP has been designed for the non-citizens who wish to invest in Mauritius and conduct Research and Development projects in innovative sectors.

  63. 09/10/2017

    Mauritius continues to carry on its path in the international arena to improve our Financial Services sector.

    MAURITIUS AMONG THE LEADERS IN THE GLOBAL FINANCIAL CENTRES IN AFRICA

    In the 22nd edition of the Global Financial Centres Index released in September 2017, Mauritius gains two places by positioning itself at the 69th place globally out of 92 internationals financial centres. Mauritius establishes itself among the leaders in Africa.

  64. 09/10/2017

    MITCO in collaboration with Alteo Properties Ltd, a company which is in the real estate and hospitality sector in Mauritius, is participating to the Asia Pacific Family Office Conference (The “Conference”) which shall be held on 25 & 26 October 2017 at Shangri-La Island Hotel, Hong-Kong.

     The Conference is organised by Campden Wealth and has been designed for the ultra-high net worth families that manage family offices or those who intend to set up such structures.