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Mauritius: Offshore Business Sectors

Introduction

In 2001, under the Financial Services Development Act 2001, the government established a Financial Services Commission (FSC) and an Advisory Council. The FSC monitor the country's stock exchange, offshore business activities and the insurance industry. It also supervises non-regulated or partly-regulated non-banking activities such as fund management, pension schemes and management, collective investment schemes, investment advisory services and leasing.

The Advisory Council helps guide the development of financial services in the country and acts as an information centre to keep the industry in touch with the latest international trends.

Due to its network of double tax treaties with most of the significant economies in its region, and above all with India, Mauritius is often chosen as a base by firms needing to set up an offshore holding or investment company, or trading subsidiary.

In August 2007, the Mauritius National Assembly adopted three financial services bills, establishing the independence of the Financial Services Commission and liberalizing the international 'global business companies' regime.

Introducing the Bills to Parliament, the Deputy Prime Minister and Minister of Finance and Economic Development, Mr Rama Sithanen said: “in line with our philosophy to simplify processes and procedures, to remove hurdles to investment, to facilitate delivery of services, and to achieve international standards in every activity so as to be globally competitive, we are improving and modernising the legal framework that govern the non-bank financial services sector.”

The Financial Services Bill replaces the Financial Services Development Act 2001 and provides a common framework for licensing and supervision of all financial services other than banking and for the global business sector.

In August 2013, the total number of Global Business Companies stood at 26,096.

This section of the Lowtax.Net site describes the most important types of offshore business activity carried out from Mauritius.

 

 

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