| | Financial Services (Global Business Corporations) Rules 2019 |
| As mentioned in past issues of our newsletters and in line with Section 71(1) of the Financial Services Act, a resident corporation¹ shall apply for a Global Business Licence (GBL) from the Financial Services Commission (FSC) where:- the majority of its shares / voting rights / the legal / beneficial interest are held or controlled, as the case may be, by a non-citizen of Mauritius; and
- such corporation proposes to conduct or conducts business principally outside Mauritius or with such category of persons as may be specified in the FSC Rules².
The FSC has now issued the Financial Services (Global Business Corporations) Rules 2019 (hereinafter referred to as the “Rules”) to clarify on the types of resident corporations that shall not be required to apply for a GBL.
The Rules come into operation as from 1 January 2019.
The following resident corporations are not required to apply for a GBL:
- Corporations incorporated before 31 December 2018 not holding GBL1 or GBL2;
- Corporations incorporated after 31 December 2018 having investors or proposed investors that include Development Financial Institutions (DFIs), multilateral agencies and sovereign funds. An approval must be sought from the FSC through an application³ to be submitted in the name of the corporation;
- Trusts established in Mauritius and governed by the laws of Mauritius
- Foundations established in Mauritius and governed by the laws of Mauritius.
What has changed?
Until 31 December 2018, non-citizens could establish domestic companies (i.e. companies not holding GBL1 or GBL2) even if their activities were mostly outside of Mauritius. However, it has now been clarified that any non-citizens wishing to set up a corporation in Mauritius to conduct business principally outside of Mauritius should apply for a GBL or an Authorised Company licence except for the above categories.
Non-citizens can still set up domestic companies should they intend to do most or all of their business in Mauritius.
Notes: ¹ Resident Corporation is defined as a company incorporated or registered under the Companies Act, a société or partnership registered in Mauritius, a trust or any other body of persons established under the laws of Mauritius
² According to the Rules, the category of persons include:
- A holder of GBL
- An Authorised Company
- A holder of a GBL1 or GBL issued on or before 16 October 201
³ Application must be accompanied by a processing fee of USD 500 payable to the FSC
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| | DISCLAIMER The information in this e-newsletter was prepared by Intercontinental Trust Limited to provide potential clients with a broad overview of the opportunities available in Mauritius. While all reasonable care has been taken in the preparation of this e-newsletter, Intercontinental Trust Limited accepts no responsibility for any errors it may contain, whether caused by negligence or otherwise, or for any loss, however caused, sustained by any person that relies on it. Readers are advised to consult with appropriate, qualified professional advisors before taking action. Intercontinental Trust Limited will be pleased to discuss any specific issues.
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