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GBC2 allowed to invest in securities listed on licensed exchanges
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| Category 2 Global Business Companies (GBC 2s) are now allowed to invest in securities listed on a securities exchange licensed under the Securities Act 2005 following the enactment of the Finance Act 2016. For the purpose of opening securities account and investing in listed securities, GBC 2s may now enter into a business relationship with licensed investment dealers.
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Further to the enactment of the Finance (Miscellaneous Provisions) Act 2016, the Financial Services Commission is now granting various licences.
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Amendments to the Property Development Scheme
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The Investment Promotion (Property Development Scheme) Regulations 2015 have been amended following the measures laid out in the 2016/2017 budget speech, as follows:
(i) the maximum size limit of 50 arpents has been removed
(ii) the requirement to sell at least 25% of residential units to Mauritian buyers has been removed
(iii) the current maximum permissible land size for a villa has been reviewed from half an arpent (approx. 2110 m2) to 1.25 arpent (approx. 5276 m2).
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Amendments to the Film Rebate Scheme
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The Investment Promotion (Film Rebate Scheme) Regulations 2013 (the “Regulations”) was amended following the measures proposed in the 2016/2017 budget speech, as follows:
1. A Film Rebate Committee (the “Committee”) will be set up to assess the economic benefit of a film production, set out the relevant requirements and determine whether a film production company meets the relevant requirements;
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Ease of doing business – Mauritius 1st in Africa
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| The World Bank issued its flagship report on the ease of doing business (the “Report”) on 25th October 2016 according to which Mauritius, placed at the 49th position globally, provides the most business-friendly ecosystem in Africa for entrepreneurs to start, operate and expand their business. |
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Mo Ibrahim Index 2016 – Mauritius retains top spot |
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The 10th edition of the 2016 Ibrahim Index of African Governance (IIAG 2016) was launched on 3rd October 2016 according to which Mauritius remains the highest scoring country in overall governance in Africa since the past decade.
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Global Competitiveness Index: Mauritius still occupying the pole position in Africa |
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| Mauritius ranks 1st in Africa in the Global Competitiveness Index 2016–2017 (GCI) published by The World Economic Forum on 28th September 2016. Globally, Mauritius has moved up a notch compared to last year and is now placed at the 45th position.
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World Economic Freedom 2016: Mauritius 1st in Africa
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The Fraser Institute issued its annual Economic Freedom of the World (EFW) report on the 15th September 2016, according to which Mauritius is reported to be the freest economy in Africa. On the overall ranking, Mauritius has climbed up a spot compared to last year’s report and now ranks 5th alongside Canada, Georgia, Ireland and United Arab Emirates.
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Exchange of information on tax matters: New agreement between Mauritius and Republic of Korea
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| An agreement between the Mauritius and the Republic of Korea on the exchange of information relating to tax matters (the “Agreement”), was signed by both countries on the 11th August 2016. Same has come into effect in Mauritius on the 15th September 2016.
The Agreement was made in accordance with the OECD’s guidelines and principles to promote co-operation in tax matters and follows a series of similar agreements that Mauritius has concluded with other countries. Indubitably, this is a testimony of Mauritius’ unfaltering commitment to minimize/eradicate tax malpractices.
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New launch: Bank of China (Mauritius)
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In our previous newsletters, we informed our readers of a banking licence that was granted by the Bank of Mauritius to the Bank of China (BoC).
The BoC has now established a branch in Port Louis, the capital of Mauritius, and the grand opening ceremony was held on 27th September 2016. The BoC is the first Chinese bank to operate in the Indian Ocean and aims to grow into a strategic platform for African businesses of the BoC Group. It will also handle businesses between China and Mauritius.
In addition to being listed in Fortune Global 500 for 27 consecutive years, the BoC ranks 4th in The Banker’s Top 1000 World Banks 2015.
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The Mauritius Freeport Zone lauded by the fDI Magazine
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| In the October/November 2016 fDI Magazine supplement, Mauritius was acclaimed for the various facilities that it has put at the disposal of foreign investors, its excellent infrastructure and strategic location as well as its affiliations to pertinent trade blocks such as the COMESA and the SADC which facilitate trade with other member countries.
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New MoUs signed by Mauritius
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| In a bid to enhance joint co-operation through investment and trade, the Mauritius Board of Investment signed 2 agreements with the Swaziland Investment Promotion Authority and the East Africa Trade and Investment Hub at the Africa Partnership Conference 2016 held on the 21st and 22nd September 2016.
The event brought together representatives of investment promotion agencies and industry representatives from Mauritius and Africa to discuss the opportunities and challenges of driving growth in Africa through greater collaboration on investment promotion.
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The FSC released its 2015 annual report on 22nd September 2016. The report provides an interesting read about the performance of the organization in 2015 and also delivers an insight into the Mauritian finance and global business sector.
Click here to assess to full annual report.
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Smart City: BOI issues Certificates |
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| The Mon Trésor Smart City project, developed by Omnicane Ltd, is the first project to be issued with a Smart City Certificate by the BOI, under section 18 of the Investment Promotion Act and regulation 9 (5) of the Investment Promotion (Smart City Scheme) Regulation 2015. Omnicane will kick-start the smart city development with the construction of its headquarters and a business gateway that will offer office space and business facilities.
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Mauritius aims to facilitate movement of its business persons and professionals in Africa |
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In line with the Africa Strategy, Mauritius has signed a Memorandum of Understanding (MoU) for the facilitation of movement of business persons and professionals among the Accelerated Program for Economic Integration (APEI) member countries.
Inter-alia, the MoU provides for Business Permits or short-term flexible Employment Permits with multiple entries to enable business persons and professionals to undertake a wide range of business activities.
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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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