News snippets from the Global Business Industry and others
Global Business & Financial Services
FSC: Financial Services (Crowdfunding) Rules 2021
In line with its strategy to sustain the growth of the FinTech ecosystem in Mauritius, the Financial Services Commission (FSC) has introduced the Financial Services (Crowdfunding) Rules 2021. In a bid to cater for this new licence, the following rules have also been introduced and amended respectively.
The use of technology in the financial services sector has been on the rise and in a bid to accommodate this global phenomenon, the Financial Services Commission (FSC) launched the FSC One Platform on 12 August 2021 in the presence of eminent political figures as well as key industry players. The event was also virtually attended by more than 250 participants.
On 9 August 2021, the Financial Services Commission (FSC) released a communique to inform its stakeholders of the recently signed cooperation agreement with the “Autorité de Régulation et de Contrôle des Assurances” of the Democratic Republic of Congo (ARCA).
We communicated in one of our past publications the decision of the Financial Action Task Force (FATF) to carry out an on-site visit to Mauritius further to the country having substantially completed its action plan at technical level. The purpose of the visit will be to assess the implemented measures outlined in the Progress Report submitted by the country in April 2021.
Further to a meeting held by the Monetary Policy Committee (MPC) on 4 August 2021, the Bank of Mauritius (BoM) has announced that it is keeping the Key Repo Rate (KRR) unchanged at 1.85% per annum.
Mauritius admitted to GFXC’s Global Index of Public Registers
On 15 July 2021, the Public Register for banks licensed in Mauritius by the Bank of Mauritius (BOM) was admitted to the Global Index of Public Registers. The Public Register is hosted by the Mauritius Bankers Association Limited (MBA) and provides a record of local market participants who have shown their commitment to adopting the good practices set forth in the FX Global Code. Being only the 17th country to be admitted to the Global Index of Public Registers, Mauritius consolidates its position as a solid and transparent jurisdiction adhering to the best banking practices and principles.
Global Mobility Report Q3 2021: Mauritius maintains favourable position in Africa and Worldwide
International travel is finally picking up after having faced a sustained and lengthy slump due to the Covid-19 pandemic. In its latest Global Mobility Report, Henley & Partners provides exclusive insight into what is to be expected of this steady recovery.
Nomad Beach Index 2021: Mauritius takes the 8th spot
Hong Kong-based consulting firm, Nomad Capitalist, has recently come out with its 2021 Nomad Beach Index (the “Report”). The Report sets out to rank the best beaches in the world, on the basis of not just beauty but also on how well-suited they are for globally mobile investors and entrepreneurs especially in an era where digital nomads are no longer confined to their desks and are able to work from anywhere in the world.
Mauritius lifts travel ban for South Africa and Brazil
Ahead of the full reopening of borders on 1 October 2021, the government has taken the decision to lift the longstanding travel ban for the following categories of travelers:
1. Passengers from South Africa and Brazil; and
2. Passengers who have transited through these countries 15 days before entering Mauritius.
This decision came into effect as from 9 September 2021.
Easing of travel protocols for vaccinated travelers as from 1 September 2021
Starting as from 15 July 2021, Mauritius has begun welcoming travelers back for resort tourism as part of its two-phased reopening strategy. The national vaccination campaign set forth by the local government has garnered major success so far; indeed, more than 65% of the population has received their first dose of vaccine and over 55% has been fully vaccinated. As such, the Mauritian government has taken the decision to ease out travel protocols as follows:..
On 6 August 2021, the Seychelles Ministry of Finance, Economic Planning and Trade announced that a tax exemption will be applied to private pension benefits.
Seychelles reopens its shores to cruise ships in November 2021
After a hiatus of nearly 18 months due to the Covid-19 pandemic, Seychelles is set to welcome back its first cruise ship on 14 November 2021. The decision to resume cruise ships arrival came about following joint efforts from the Health authority, the Tourism department and the Port authority to instate new procedures for safe operations. Initially, Seychelles will only be welcoming smaller vessels with a maximum of 300 passengers.
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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.
