News

  1. 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:

  2. 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.

  3. 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”).

  4. 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.

  5. 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:

  6. 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?

  7. 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.

  8. 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:

  9. 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.

  10. 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.

  11. 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.

  12. 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.

  13. 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.

  14. 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. 

  15. 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 ?

  16. 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.

  17. 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

  18. 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’.

  19. 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.

  20. 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.

  21. 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.

  22. 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.

  23. 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. 

  24. 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%.

  25. 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”.

  26. 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.

  27. 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.

  28. 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.

  29. 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.

  30. 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

  31. 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:

  32. 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.

  33. 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.

  34. 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.

  35. 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.

  36. 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

  37. 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.

  38. 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. 

  39. 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

  40. 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.

  41. 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.