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Forming an employee benefits trust in Mauritius

Asked in Offshore (General) for Mauritius

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We are an authorised financial services provider in South Africa. We are desirous of establishing a savings scheme housed in a trust structure in Mauritius, with the administration of the scheme also being conducted in Mauritius. The intention for establishing the scheme is to allow for multi-national companies, and it`s employees, to contribute to the scheme for the benefit of the employees who are based in various countries throughout the world.

We would be grateful if you would advise on the following:

1. Is it possible for us to establish such a scheme in Mauritius?;
2. Should 1 above be answered in the affirmative, what are the formalities that would be required to set up such a scheme (legislative and licensing requirements)?
3. Would such a scheme require a Global Business License?
 
Mauritius Employees Financial services South Africa Licensing Services Africa
 
Posted by Lowtax user on Jan 21, 2013 at 09:44
 

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Dear Sir,
I take note of your queries.
I shall answer same stepwise:

1. Yes, it is possible for you to establish this scheme in Mauritius. There are numerous scheme like this that have been established here. A large South African firm has done the same thing here.
2. The formalities and licensing requirements are somewhat straightforward, and as such I would be glad to discuss these with you.
3. Given that the employees are based in South Africa, and from a tax perspective, a Global Business Category One license would suit your requirements.
Should you have any additional queries, do not hesitate to contact me by email "p.adnauth@sinewsglobal.com" or by phone on (+230) 768 8924. My skype ID is "pravesh.adnauth"

I look forward to discussing your requirements at your earliest convenience.

Pravesh Adnauth
Compliance and Business Development Officer
Sinews Global Ltd
 
Posted by Lowtax User on Jan 22, 2013 at 11:36
 

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The formalities and licensing requirements are somewhat straightforward, and are as follows:

1. CDD of the company and company track record in respect of the activity that you wish to conduct.
2. CDD on at least 2 directors of the company
3. Resolution (shareholder resolution) in respect of approving the set up & from the multinational companies approving the creation of the trust
4. A business plan ( we should discuss same prior to submission to the regulatory authority)
5. A draft deeds of trust
6. An indication of the profile of the multinational companies (financial information...)
7. The structure that you would wish to adopt
8. CDD on your pension funds administrator who would be responsible for managing the pension scheme (should meet the fit and proper criteria)
9. Amount to be contributed and the period over which the contributions would be credited into the accounts of the proposed pension company
10. Confirmations (This will be asked by the regulatory authorities. We would send you same)

Kindly note that the above is the basics that is required.

I trust that you find the above requirements in order.

Feel free to contact us.

Best Regards,

Pravesh Adnauth
(p.adnauth@sinewsglobal.com)
 
Posted by Lowtax User on Jan 29, 2013 at 05:46
 

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