What Is Paid-In Capital In Excess Of Par Value-Common Stock Business in Mauritius – Setting Up and Relocating

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Business in Mauritius – Setting Up and Relocating

Doing business in Mauritius has never been so exciting and easy, and with the right tools and support, you can be well positioned to succeed.

Global business

Global Business Companies (GBC’s), a unique concept introduced by the Government of Mauritius in 1992, offers investors an efficient means of tax structuring and planning. GBC is governed by the Companies Act 2001 and the Financial Services Act 2007 and is regulated by the Financial Services Commission of Mauritius (FSC).

There are two types of GBC depending on the license category:

  1. Global Business License Category 1 (GBC1) – This company must be managed by a management company, eg for GMG through GMG Trust Ltd.
  2. Global Business License Category 2 (GBC2) – This company must be set up by a registered agent.

Global Business License Category 1 (GBC1)

GBC1 is a corporate entity used primarily to benefit from the network of double taxation agreements that Mauritius has entered into with a number of participating countries. GBC1 is resident for income tax purposes and, provided management and control are properly exercised in Mauritius, it can benefit from a network of double taxation treaties. In addition, no taxes are withheld on dividends, interest and royalties paid to any person, and there is no capital gains tax. GBC1 is a very useful corporate tool for international tax planning and structuring. Some key features:

  • Residents can access a network of double taxation agreements
  • An application for a license is considered within 2 weeks (provided that all necessary documents are submitted)
  • Beneficial owner information is disclosed by the FSC but not publicly available
  • Limited-life companies allowed; Protected Cell companies are also permitted to engage in certain global business activities (insurance and investment funds)
  • At least two resident directors
  • Audited accounts must be submitted to the FSC and the Mauritius Revenue Authority
  • Potential users of GBC1

GBC1 can be used for a wide range of business activities, including but not limited to investment holding, estate planning, trading, licensing and franchising, property ownership, financing, debt factoring, etc. In addition, GBC1 is allowed to carry out global business activities such as investment funds, captive insurance, international financial services, asset management, pension funds, and may be structured as a protected cell company.

Main features of GBC1

Privacy: Specific Privacy Provisions

Disclosure requirements: Information submitted to the Register of Companies and the FSC is not available to the public

Beneficial ownership: It is required to disclose to the authorities

Shareholders: Open to the authorities

Register of participants:Required, supported in Mauritius

A sole shareholder and director is allowed: yes

At least not. shares: one

Authorized capital: Not required

Bearer shares: Not allowed

Corporate income tax: Yes, subject to a rate of 15%, resulting in an effective tax rate of 3% after applying preferential foreign tax credits of up to 80%.

Double Taxation Agreement: Yes, you can access/benefit

At least not. Directors: One or two to qualify for contract benefits

Corporate Directors: Inadmissible

Council meetings: Must be held, conducted and recorded in Mauritius

Secretary: mandatory

Legal office: Must be located in Mauritius

Annual meeting: Mandatory, can be done by written permission for private companies

Verified accounts: mandatory

Annual income: Not required, but audited reports must be submitted to the FSC and the Tax Inspectorate

Company name: English or French or in combination with another language such as Chinese

Constitution: English or French or in combination with another language such as Chinese

Company name ending in BV, NV, SA, etc.: Allowed

Continuation from/to another jurisdiction or from/to GBC2:Migration is permissible

Global Business License Category 2 (GBC2)

The GBC2 is a flexible corporate vehicle with features similar to those of the popular British Virgin Island Business Company. GBC2 is exempt from corporate income tax and other taxes and duties in Mauritius. In addition, taxes are not withheld from dividends, interest and royalties paid to any person, and there is no capital gains tax. GBC2 is required at all times to have a registered office and a registered agent in Mauritius. GBC2 is unable to access the network of Double Taxation Agreements entered into by Mauritius.

Main characteristics:

  • Low cost of registration and fairly quick registration period
  • There are no minimum capital requirements
  • Shares may be issued with or without par value
  • Limited service life allowed
  • Corporate director is acceptable
  • No audit or annual return requirements
  • No access to double taxation agreements

Potential use

GBC2 can generally be used for a wide range of business activities other than banking; financial services; owning or otherwise connected with a collective investment fund or scheme as a professional functionary; provision of registered office, nominal or other services for corporations; as well as providing guardianship services as a business. In addition, GBC2 is a flexible and suitable means of storing and managing private assets such as property, trading, licensing, consulting, etc.

Proposed changes for GBC2 in the 2009-2010 budget

The 2009-2010 Budget proposed some changes to the disclosure requirements relating to Category 2 global business companies, such as:

  • Additional Information Relating to Beneficial Owners of Category 2 Global Business Companies;
  • A more detailed business plan; and
  • Filing of financial statements.

Main features of GBC2

Privacy:Specific Privacy Provisions

Disclosure requirements:Information filed with the Companies Registry and the Financial Services Commission is not available to the public

Beneficial ownership: Not reported to the authorities

Shareholders: Open to the authorities

Register of participants: Required, supported in Mauritius

A sole shareholder and director is allowed: yes

At least not. shares: one

Authorized capital: Not required

Bearer shares: Not allowed

Nominal shareholders: Allowed

Corporate income tax: Released

Double Taxation Agreement: Cannot be accessed or benefited from

At least not. Directors: one

Corporate Directors: Acceptable

Council meetings: Can be held anywhere

Secretary: Not Required / Optional

Legal office: Required in Mauritius

Registered Agent: Required in Mauritius

Annual meeting: Mandatory, can be done by written permission for private companies

Verified accounts:Not required

Annual income: Not required

Company name:English or French or in combination with another language such as Chinese

Constitution: English or French or in combination with another language such as Chinese

 

HOW TO MOVE IN MAURITIUS

Moving to another country has never been easier. A work permit and a residence permit are required to live and work in Mauritius, and there are currently three ways in which a person (and his/her dependents) can obtain a permit:

1 – IRS (Integrated Resort Scheme) – this leads to the immediate receipt of a residence permit. (See details below)

2 – Professional permission (“OP” – valid for three years)

3 – How Pensioner

2.1 – Professional Authorization

A professional work permit allows a foreigner to live and work in Mauritius and can be obtained as an investor, professional or self-employed person. The following conditions apply:

Investor

Three-year permian – The proposed annual turnover must exceed MUR 3 million.

Permanent – 10 years – Annual turnover for more than three consecutive years 15 million rubles.

Professional

Three years of permission — The basic monthly salary of a professional should exceed 30,000 MUR.

Permanent – 10 years — The basic monthly salary is calculated in excess 150,000 MUR per month for three consecutive years.

Self-employment

Three years of permission – The annual income from the proposed activity must exceed 600 thousand rupees.

Permanent – 10 years – Annual turnover of the business, which exceeds 3 million MUR for the first three years.

 

Having a permanent residence permit (valid for ten years) is advantageous as it allows one to purchase property on the island outside of the IRS schemes.

After submitting the necessary documents, work permits (which are valid for three years) are issued within three days.

2.2 – As a pensioner

This permit allows a pensionable non-citizen to reside in Mauritius, provided that the person commits to remit at least US$40,000 to Mauritius annually. This permit is only valid for three years, but this person can also apply for a permanent permit (valid for 10 years) if the aforementioned funds are transferred regularly.

2.3 – Citizenship

Obtaining a permanent residence permit does not automatically lead to citizenship. Only the Prime Minister can grant citizenship, and an application can be made after five years.

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