The offshore industry has got a drastic impact on the minds of business investors around the globe. Mauritius has been a great business destination with a solid reputation and has proved to be a reliable destination.
From stable governance to transparency in the business incorporation proceedings, Mauritius has been an excellent tax-haven jurisdiction for business owners and investors.
Right from multinational company owners to investors who are looking forward to safeguarding their financial assets, prefer to proceed ahead with Mauritius as an ultimate offshore option.
If you are looking to set up an offshore company in Mauritius, this guide is a must for you.
Mauritius as a Tax-Haven
Mauritius offers several tax incentives as an offshore jurisdiction to offshore investing.
This includes an open economy, favourable tax laws, and a modern banking system in a rich tropical environment.
Mauritius has one of the most stable economies. It is said to have one of the most open and financially sound economies in the sub-Sahara region of Africa.
Mauritius is an active member of several international organizations, including the International Monetary Fund, the World Bank, and the World Trade Organization. It also has strong economic ties with its African neighbours, the European Union, China, and India.
Offshore Companies in Mauritius
Just like the other popular offshore jurisdictions, the tax-haven jurisdiction, too, offer different business structures that can be considered while proceeding for offshore company formation in Mauritius. However, most business investors and businessman prefer the following two choices:
- Set up a Global Business Company (GBC1)
- Set up an Authorized Company (GBC2)
A global business company is a tax resident company, and the authorised company is a classic offshore company. A tax benefit company can benefit from an 80% exemption of corporate income tax.
When it comes to funding management, the business investors have got two types of investments, namely:
- Collective investment scheme
- Private equity scheme
Uses of a Mauritius Offshore Company
An offshore company incorporated in Mauritius can be utilized for a different purpose that includes:
- Consultancy business
- International trading
- Holding company
- Asset and financial management
- E-commerce business
- Real estate business
Benefits of Offshore Companies in Mauritius
Incorporating an offshore company in Mauritius has turned out to be a beneficial move for the business investors for the following reasons.
- Mauritius is one of those countries that have the lowest tax platforms in the world. Both the corporate and individual income taxes here are at 15%.
- Offshore businesses located in Mauritius are exempt from Mauritian taxes that do not do business with Mauritians nor use Mauritian currency Investors can rely on Mauritius for asset protection.
- The Mauritius offshore jurisdiction is on a par with Panama, Liechtenstein, Jersey, and similar offshore jurisdictions as being a good place to do business.
- Mauritius enjoys preferential access to developed and emerging markets, including the US.
- Foreign nationals who have stayed in Mauritius for a minimum of 3 years and are earning a salary above a certain minimum can obtain permanent residency. This is required as a permanent resident can only purchase property on the island.
- The growth outlook for the country is broadly positive. The monetary and exchange rate policies are also appropriate, and even the net international reserves are seen to be adequate.
- High-level privacy protection made possible by the way that a company's shareholding structure can be defined.
- The democratically elected government of Mauritius has enjoyed stability since the country's independence.
- There are many opportunities to access Mauritius offshore banks and offshore bank accounts that can be paired with a Mauritius company. You can open an offshore bank remotely without the need to physically visiting the bank.
- The WHO has ranked the air quality index of Mauritius as the 2nd best on the planet.
Pre-Requisites for Offshore Company Formation in Mauritius
Any investor has to make sure that the following parameters are met before starting an offshore company in Mauritius, which includes:
- Company Director
- Company Shareholder
- Paid-up Capital
- Company Secretary
- Essential Company Documents that include:
- Application for incorporation of the company.
- Photocopy of the national Id card for a citizen
- Photocopy of passbook
- Public Utility Bill
- Consent to act as Shareholder
- Consent to act as Director
- Statement of Non-disqualification to Act as Director
- Consent to act as Secretary
How to Start an Offshore Company in Mauritius?
To incorporate an offshore business in Mauritius, one has to go through the following steps:
1.Get in touch with an expert
Any business incorporation has to undergo the legal formalities that are to be cleared in an error-free way.
As a foreigner, it is a hassle to understand the complete process and comply accordingly. One of the easiest and smartest way to save time and clear the proceedings at ease to hire an offshore business consultant.
2.Understand the complete process
After selecting your business advisor, make sure to enter into a discussion to understand the complete process.
Entering into a discussion will help you to understand the process at ease and also becomes easy for the advisor to understand the business needs.
3.Gather the Name Approval
Deciding the trade name turns out to be an essential task that has to be taken accordingly. While deciding the company name, make sure that the selected company name doesn’t match with the existing competitors in the market.
The name approval takes only one day. Once the company's name is approved, and the signed documents are being submitted, you can normally register the Mauritius Offshore Company.
4.Submit the company essentials
The third move is to submit the complete papers mentioned in the previous section. Additionally, if there exist any other requirements, it is to be met accordingly.
- Certified copy of passport
- Original or certified copy proof of address (utility bill of gas, electricity, or water), the issue date must be less than three months ago
- Original personal bank reference letter mentioning good standing of the account since at least 2 years
- Original bank statement for a personal account from the last 3 month indicating the client’s address
- Signed business plan
- Curriculum vitae
5.Obtain the approvals
The submitted papers undergo the company verification process of the respected government authorities.
In case the approval gets denied, cross-check with your business advisor to rectify the errors.
6.Acquire the registration certificate
An application must be made and given to the Registrar of Companies to obtain a Business Registration Certificate before starting a business. The certificate is normally given once the offshore company has been incorporated.
7.Open an offshore bank account
The final move is to open an offshore bank account essential to carry out the business transactions at ease.
Opening an offshore bank account is essential because it provides numerous benefits to business advisors. To know more, here’s a guide on the Advantages of Offshore Banking, a must-read for business investors planning to invest in the offshore business.
We hope that by now, you have got a complete idea of the complete process that needs to undergo when it comes to offshore company incorporation in Mauritius.
To initiate the next steps, it is recommended to proceed ahead under an offshore expert's guidance.
At Business Setup Worldwide, we take care of the company incorporation proceedings at ease and assist our clients to incorporate their onshore and offshore business across the globe.
Our business advisors are well-versed with the complete proceedings and can assist you accordingly.
For more information, contact our experts today-we’d be glad to assist!