Global Business Corporation (GBC)
GLOBAL BUSINESS CORPORATION (GBC)
A GBC is allowed to be locally incorporated or be registered as a branch of a foreign company. The main activities of a GBC are effected outside Mauritius but the Company is also allowed to do business in Mauritius (incidental to other markets), deal with residents of Mauritius and hold shares or other interests in a Mauritius resident corporation under certain conditions.
A GBC is tax resident in Mauritius and therefore subject to tax. It is eligible to benefit from the network of Double Tax Treaties that Mauritius has ratified with a number of countries.
Authorised Company (AC)
An AC is a flexible business entity commonly used for holding and managing private assets, international investment holding, international trading and consultancy services and ideal for one-off projects.
AC are treated as non-resident for tax purposes in Mauritius, if it place of effective Management is outside Mauritius. AC does not have access to Mauritius’ tax treaty network.
Mauritius is being used extensively as an International Financial Centre by investors worldwide for the establishment of Funds investing in emerging markets. This is a direct result of the availability of fully-fledged Fund administration services and the recognition of Mauritius as a credible and reliable international financial services centre. Funds are incorporated under the Companies Act 2001 of Mauritius and are licensed and regulated by the Financial Services Commission under the provisions of the Financial Services Act 2007 and Securities Act 2005.
The MITCO team stands ready to guide you through the whole process of the fund structuring, administration and compliance such as:
- Advisory services including structuring of investment funds, preparation of application to Financial Services Commission [FSC] for the formation and licensing of collective investment schemes, hedge funds, private equity funds and property funds.
- Provision of statutory corporate services to funds including the provision of local directors and maintenance of share register.
- Transaction processing and administration including Net Asset Value calculation, accounting and annual reports.
Mauritius Trusts are governed by The Trusts Act 2001. A trust formed under this Act has the following features:
- It can be formed by a resident or non resident of Mauritius.
- There is no requirement to register the trust with any registrar.
- It is a very flexible vehicle and can be formed as a life interest trust, a discretionary trust, a purpose trust, a charitable trust, a protective trust or an asset protection trust.
- It may have a Protector and a purpose trust must have an Enforcer.
- It can have a managing trustee in Mauritius and a custodian trustee in another jurisdiction.
- The forced heirship rules of other states will not be enforced by Courts in Mauritius.
The Protected Cell Company
What is a Protected Cell Company?
A Protected Cell Company (”PCC”) is a single legal entity that can divide its assets between different cells within the company. When sub-divided, the assets of each cell are deemed to be entirely separate from each other and the creditors of a cell only have recourse against that particular cell. The Mauritius legislation in respect of PCCs is currently designed for the investment fund and insurance industries for the facilitation of so called “Umbrella Funds” and “Rent a Captive” operations.
The Mauritius legislation in respect of PCCs has been recently amended to widen the applications of PCCs in Mauritius.
The most popular type of offshore company in Seychelles is the International Business Company (IBC). The flexibility of the legislation allows an IBC incorporated in the Seychelles to operate with the minimum of formalities. It provides for a minimum of disclosure, meetings need not take place in Seychelles and details of shareholders and directors do not appear on any public record.
Furthermore, there are no exchange controls on IBCs and a Seychelles IBC is exempt from all forms of taxation. MITCO Ltd in the Seychelles may assist you in setting up a Seychelles IBC.
There is a wide range of jurisdictions which offer the benefits of using offshore entities which could provide them with tax planning and asset protection shelter for their business, but Seychelles is today one of the most competitive and fasting developing offshore jurisdictions in the world. The Seychelles IBC has emerged as a good alternative to International Business Companies established in popular jurisdictions like the British Virgin Islands. Seychelles offshore corporate law is hybrid, based on English Common Law and French Civil Law. Most offshore jurisdictions have Common Law, eg Anguilla, Barbados, Belize, British Virgin Islands, Brunei, Cyprus, Dominica, Gibraltar, Guernsey, Hong Kong, Ireland, Isle of Man, Jersey, Labuan, The Marshall Islands, Nevis, Singapore, St Vincent.
Seychelles CSL Company
A Seychelles CSL is a Seychelles domestic business company registered with Seychelles International Business Authority (SIBA) and issued with a Special License (CSL) governed by the Companies (Special License) Act 2003, and Companies Ordinance 1972.
A CSL must have a minimum of two shareholders (corporate or individual), a minimum of two directors who may be individuals of any nationality, with particulars of shareholders and directors filed with the Registrar. The Registered office, the Licensed Corporate Service Provider, and Company Secretary are required to be in Seychelles, as a CSL should be “effectively managed” in Seychelles.
A Company Special License is liable for 1.5% tax on its worldwide income but is entitled to enjoy the benefits of the Double Taxation Agreements that Seychelles have established with a number of countries.
A Domestic Company is registered with the Registrar of Companies (ROC) and governed under the Companies Act 2001.
A Domestic company can be set up for various activities including Trading, Investment Holding, and Consulting Services amongst others. The activities can be conducted with residents of Mauritius as well as with non-residents of Mauritius.
Where the Company is controlled by non-citizens of Mauritius and its main activities are conducted outside of Mauritius, it will have to apply for a Global Business Licence (GBL).
Since a Domestic Company is tax residence in Mauritius, it is eligible to benefit from the network of Double Tax Treaties that Mauritius has ratified with a number of countries.
The Mauritius Foundation is governed by the Foundations Act 2012 and is administered and regulated by the Registrar of Companies (ROC), described in the legislations as the Registrar of Foundations.
Key features of Mauritius Foundations:
A foundation is the dedication of property to an entity to be used for a specific purpose. To create a foundation, ownership of the relevant asset is transferred to the foundation by the founder(s) to achieve a specific purpose or purposes
MITCO Cote d'Ivoire
MITCO COTE D’IVOIRE provides support to new and existing clients willing to expand their business in Côte d’Ivoire as well as in other African countries and internationally via Mauritius.
Our Services include: