The Non-Citizens (Property Restriction) (Amendment) Act 2021 (the “Amendment Act”), legislated on 29th April 2021, brings in several changes to the Non-Citizens (Property Restriction) Act (the “Act”).
Stay tuned for our upcoming newsletter which covers the salient features of the Non-Citizens (Property Restriction) (Amendment) Act 2021.
The existing framework for Special Purpose Funds (SPF), which was first introduced in 2013, has undergone several changes following the legislation of the Financial Services (Special Purpose Fund) Rules 2021 (“the Rules”) on 6 March 2021. The Financial Services (Special Purpose Fund) (Amendment) Rules 2021 (hereinafter referred to as the “Amendment Rules”) was gazetted on 17 April 2021 and brings in the following changes to the Rules:
The scope has been widened to include any collective investment scheme or a closed-end fund authorised by the Financial Services Commission (FSC) under Section 97 of the Securities Act, meaning that a scheme licensed before the commencement of the Rules can apply for an authorisation to operate as SPF
It has been clarified that any scheme authorised to operate as a SPF shall pay to the Financial Services Commission (FSC) FSC such annual fees as may be specified in the FSC Rules and these amount to MUR. 200,000 (USD 5,000).
We have updated the newsletter that we issued previously on the SPF. You can access it here.
MRA: Online VAT registration on incorporation of a company
The Mauritius Revenue Authority (MRA) in collaboration with the Corporate and Business Registration Department (CBRD) has devised a simplified process for online VAT Registration of a company on incorporation.
FSC: Guidelines for the ‘Conversion’ or ‘Shift’ of defined benefit pension schemes to defined contribution pension schemes (the “Guidelines”)
The Guidelines issued by the Financial Services (FSC) on 23 April 2021, aims at providing a regulatory framework to any conversion or shift of defined benefit pension schemes to defined contribution pension schemes.
FSC: Issuers can submit audited financial statements in accordance with national accounting standards for listing and ongoing disclosures
In a circular issued by the Financial Services Commission (FSC) on 8 April 2021, issuers are informed that audited financial statements prepared in accordance with the issuer’s national accounting standards, in compliance with its local generally accepted accounting principles (‘local GAAP’), as applicable are now being accepted by the FSC.
Variable Capital Companies: a soon-to-be reality for the Mauritius IFC
The introduction of the Variable Capital Companies (VCC) in Mauritius formed part of the set of measures announced in the Budget Speech 2020–2021 in line with the recommendations of the 10-Year Blueprint for the Sector.
The creation of the Organisation for Economic Co-operation and Development International Network on Financial Education (OECD/INFE) platform stemmed from the need to promote financial literacy.
Global Mobility Report Q2 2021: Mauritius moves up two spots from last year’s ranking
Amid travel uncertainty and selective re-opening of borders, Henley set out to analyse current mobility patterns in its second quarterly Global Mobility Report.
Mauritius movie ‘Three Wise Men – Parallel Lives’ globally acclaimed
The Mauritius Film Industry has been thriving lately with the overseas success of Three Wise Men - Parallel Lives. The Mauritian movie directed by Sada Rajiah and Desire Prevost - and featuring a mainly local cast - has received acclaims from prestigious events such as L’Age d’Or International Art-house Film Festival and Oniros film awards.
The movie recounts the evolution of electricity through the story of three men born in different eras and sharing similar paths. Since its release in November 2020, Three Wise Men - Parallel Lives has been shortlisted for multiple categories from over 40 festival entries.
Mauritius serves as primary filming location for mythological web series ‘Ramyug’
Mauritius has been a long-time favourite destination among Indian film producers. Kunal Kohli, Indian filmmaker, predominantly known for his coming-of-age ventures has finally brought his much–anticipated revamped rendition of the timeless tale ‘Ramayana’ to the screen.
Creation of the Financial Services Reform Committee in Seychelles
The growing need to further develop and implement reforms in the Seychelles financial sector has prompted the creation of the Financial Services Reform Committee (the “Committee”).
Corruption Perceptions Index: Seychelles retains first position in Sub-Saharan Africa
The Corruption Perceptions Index (CPI) released by Berlin-based Transparency International, is a measure of the perception of corruption in the public sector.
Launch of the Collateral Database Registry in Seychelles
The Collateral Database Registry (CDR) was launched in Seychelles on 3 May 2021. It will be recalled that the CDR was initiated by the Central Bank of Seychelles, in collaboration with the Office of Registrar General and the assistance of the World Bank back in 2013.
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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.
