Global Business Licence Company - Category 2

The Category 2 Global Business Company (GBC2) income is exempted from all taxation. It is therefore ideal for investors who require a flexible, simple, tax free, low cost and confidential corporate vehicle to trade, hold assets and investments, collect commissions or royalties, purchase property and provide international consultancy services.

It is resident for tax purposes in Mauritius but, its income is exempt from all taxes in Mauritius. As it is a tax exempt company, it is specifically excluded from the tax treaty benefits and protections. Also, it cannot operate in the Freeport and cannot apply for work and residence permits for its Directors or management.

A GBC 2 keeps broadly similar features of the former International Company (also known as IBC in the Carribean) but with more attractive features.

Some of the main features of a GBC 2 are as follows:

  1. Taxation
    A GBC 2 is exempt from all forms of taxation, stamp duty and estate duty.
    Complete freedom from exchange controls.

  2. Capital Requirements
    There is no minimum or maximum capital requirement for a GBC 2.

  3. Directors and Shareholders
    One Director and one shareholder allowed and body corporate can act as Director or shareholder.

  4. Classes of shares
    Par value and no par value shares allowed but bearer shares are not permissible.

  5. Filing Requirements

    • An annual financial summary within 6 months of the Balance Sheet date ;

    • Details of the Beneficial and Ultimate Beneficial Owner(s);

    • Detailed Business Plan of the Company; and

    • Register of Directors and Members.

    With effect from 2009 following the promulgation of new regulations, a GBC 2 is now required to file the following with the Financial Services Commission:

    The above information and documents filed with the Financial Services Commission are not available for public inspection.

  6. Secretary
    There is no requirement to have a company secretary. If appointed, it can be an individual or a body corporate.

  7. Confidentiality
    There is a specific provision under the Financial Services Act 2007 relating to confidentiality (Section 83 of the Financial Services Act). Any Disclosure of confidential information without appropriate permission by any official of the Financial Services Commission on the GBC 2 is an offence punishable by imprisonment and fine.

    It may be stressed that any information on the GBC 2 can only be disclosed upon a Supreme Court order following submission of proof of drug trafficking, arms dealing and money laundering.

  8. Registered Office & Registered Agent
    A GBC 2 must have at all times in Mauritius a Registered Office & a Resident Agent, duly licensed by the Financial Services Commission. MITCO is licensed to provide the services of Registered Office & Resident Agent to the GBC 2 and can also act as its Company Secretary.

    Pursuant to s190 of Companies Act 2001, all company records must be kept at the registered office or such other places as the Directors may determine with prior notice to the Registrar of Companies.

    Under s29 of the Financial Services Act 2007, all ‘Customer Due Dilligence’ / ‘Customer Identification’ documents must be kept at the registered office / with the registered agent. These are not filed with the authorities until requested by the latter.