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New Rules for Authorised Companies and New Substance Requirements for Global Business Companies
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As mentioned in our Newsletter on the Finance Act 2018, with the enactment of the Financial (Miscellaneous Provisions) Act 2018 (the “Finance Act 2018”), the Financial Services Commission (FSC) will no longer issue Category 1 Global Business Licence (“GBL1”) as from 1st January 2019, and there will be only one type of Global Business Licence issued by the FSC, which will be known as the Global Business Licence (“GBL”).
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OECD: Mauritius Tax regimes NOT harmful
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On 15th November 2018, the Organisation for Economic Co-operation and Development (OECD) has, released its progress report on the Peer Review Results on Preferential Regimes which included 53 Jurisdictions.
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Mauritius Residence Schemes: Not harmful to the integrity of the CRS according to OECD |
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The OECD, which had initially included Mauritius in the list of CRS-committed countries that offer Residence and citizenship by investment (CBI/ RBI) schemes that could potentially be detrimental to the integrity of the Common Reporting Standards (CRS), has on 22nd October overturned its previous assessment and has removed Mauritius from the list.
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ITL voted Best Fund Administrator: Investment Funds of the Year 2018
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ITL is pleased to announce that it has been awarded the Best Fund Administrator: Investment Funds of the year 2018 by Africa Global Funds (AGF) magazine.
This award is a recognition of ITL’s innovation and excellence in the level of service delivered to its clients operating in the alternative investment industry.
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Ease of Doing Business 2019: Mauritius again 1st in Africa and joins the Top 20 worldwide
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| The World Bank ranks Mauritius 1st in Africa and 20th worldwide in its ‘Doing Business Report 2019’, which was released on 31st October 2018. The report assessed a total of 190 countries in the world, of which the top three countries are New Zealand, followed by Singapore and Hong Kong. |
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The 2018 Ibrahim Index of Africa Governance: Mauritius tops the list |
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This year again, Mauritius ranks first in Africa in the Ibrahim Index of Africa Governance, which was published by the Mo Ibrahim Foundation on 29th October 2018. A total of 54 African countries took part in the index.
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Fraser Institute’s 2018 Economic Freedom of the World Report: Mauritius ranks 1st in Africa, 8th worldwide |
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he 2018 Economic Freedom of the World Report recently published by the Fraser Institute ranks Mauritius 1st in Sub Saharan Africa and 8th worldwide. A total of 162 countries participated.
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Bank of Mauritius wins Capital Finance International’s Best Central Bank Governance 2018 |
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The Bank of Mauritius (BoM) has, once again this year, been conferred the ‘Best Central Bank Governance – Indian Ocean’ award by the London- based Capital Finance International (CFI) magazine.
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The Monetary Policy Committee of the Bank of Mauritius keeps the Key Repo Rate unchanged |
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At its meeting on 9th November 2018, the Monetary Policy Committee (MPC) of the Bank of Mauritius (Bank) decided to keep the Key Repo Rate (KRR) unchanged at 3.50 per cent per annum.
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Morocco’s Banque Centrale Populaire (BCP) sets its presence in Mauritius, through the acquisition of Banque des Mascareignes |
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The Banque Centrale Populaire (BCP) of Morocco released a Communique on 16th October 2018 announcing the finalization of its acquisition of Banque des Mascareignes in Mauritius from Banque Populaire et Caisse D’épargne (BPCE), after receiving the necessary regulatory approvals.
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Stock Exchange of Mauritius launches the Africa Board |
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On 19th October 2018, the Stock Exchange of Mauritius (SEM) launched an Africa Board which has as purpose to showcase SEM’s listed issuers and products that have an Africa-centric orientation.
According to the SEM, the objective of setting up the Africa Board is to reinforce the Mauritius as a financial services hub for Africa. It aims at encouraging potential African issuers, GBC companies targeting Africa, Exchange-traded funds holding African underlying investments, issuers of Africa depositary receipts and of African debt products to raise capital and list on SEM’s cost effective and multi-currency platform. The SEM targets to have 25% of capitalization originating from Africa by 2023.
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First blockchain securities exchange in Mauritius is launched by MINDEX, GMEX Group and HYBSE |
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On 6th November 2018, the HYBSE – a revolutionary blockchain exchange platform – was launched by a Mauritius –based joint venture between MINDEX Holdings Limited (MINDEX), GMEX Group Limited (GMEX) and Hybrid Stock Exchange Corporation Limited (HYBSE).
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MAURITIUS CINEMA INDUSTRY |
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The second edition of the Mauritius Cinema Week was successfully held from 18th – 21st October 2018.
With the aim to promote the Mauritian Film Industry, the Mauritius Cinema Week is an annual event branded as ‘East meets West’ with this year’s focus on the business opportunities in the sector.
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ITL Data Protection compliance programme - Reminder
As you are aware, we hold your contact details on our database and have been sending you regular newsletters and updates about the latest developments in the Mauritius financial landscape and other areas of interest.
Following recent changes in the EU General Data Protection Regulation (GDPR) and the Mauritius Data Protection Act 2017, we now require your consent to hold your personal data. Please click here to confirm that you still want to hear from us and get the latest news about the Mauritius International Financial Centre.
Should you wish to opt out of our future e-mail communications, please click here to stop receiving correspondence from ITL. Alternatively, you may use the unsubscribe button at the bottom of all our communications or send us an e-mail at unews@intercontinentaltrust.com
Data security and protection is of prime importance to us and we invite you to read our privacy policy which provides information about how we manage and process your personal information.
We are only a phone call or an e-mail away. If you have any comments, questions or concerns about any of the information in our policy, or any issues relating to the processing of personal data by ITL, please contact your regular contact person at ITL or write to us on mauritius@intercontinentaltrust.com |
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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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