Mauritius: Types of Company
GBC1 (Offshore) Company
In terms of the Financial Services Development Act 2001, a GBC1 is defined as a company engaged in qualified global business and which is carried on from within Mauritius with persons all of whom are resident outside Mauritius and where business is conducted in a currency other than the Mauritian Rupee. A GBC1 may be locally incorporated or may be registered as a branch of a foreign company. The business of an GBC1 Company must be conducted in foreign currency other than for day-to-day transactions; and GBC1 companies must not do business in Mauritius, other than to take professional advice, employ local labour, and to rent property.
A GBC1 Company is treated as resident, and has access to Mauritius' double tax treaties, subject to possession of a Tax Residency Certificate. See Offshore Legal and Tax Regimes for further details of the taxation regime for offshore companies. They pay a relatively high annual registration fee. Annual accounts must be filed, but the GBC1 company is exempted from the need to file an annual return.
GBC1 companies are suited to public financial operations such as fund management; for holding private assets, a GBC2 (International) Company or an Offshore Trust (see below) is more suitable.
By the end of 2009, 75% of all GBC1 companies were operating in the field of investment holding. Other activities of GBC1 companies included: Collectives Investment Schemes, Financial Business Activities, Trading, Consultancy, Closed-ended Funds, ICT and Intellectual Property.