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FSC issues Circular letter (CL31215) – Standardization of procedures |
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The Financial Services Commission has issued a circular letter on 3 December 2015 (CL31215) regarding the standardisation of procedures for the following:
1. Request of “No Objection” letter from the FSC when a company proposes to be removed from register or be wound up under Insolvency Act.
2. Notification for change in structure
3. Notification of change in beneficial owner |
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Gratis Electronic visa granted to Mauritians travelling to India |
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Henceforth, Mauritian nationals wishing to travel to India may apply for an Electronic Tourist Visa (eTV) online (ww.indianvisaonline.gov.in) following a decision of the Indian Government to include Mauritius in the list of countries whose nationals are entitled to an eTV.
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Moody’s maintains Mauritius' Baa1 government bond rating |
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Moody’s Investors Service has affirmed Mauritius’ Baa1 government bond rating with a stable outlook based on two key rating factors:
(1) The resiliency and robustness of the Mauritian economy – Over the past 5 years, Mauritius has experienced an average economic growth of 3.6% and a substantial increase of 29% in per-capita GDP in purchasing power parity terms.
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Mauritius signs Double Taxation Avoidance Agreement (DTAA) with Morocco |
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| On 25 November 2015, Mauritius and Morocco signed a DTAA which will provide clarity on the taxing rights of both countries on all forms of income arising from their cross-border economic activities. The DTAA is also expected to deepen the economic and trade relations between the 2 countries.
The Moroccan ambassador, Mohammed Amar, also announced the imminent opening of an embassy of the Kingdom of Morocco in Mauritius. He further mentioned that the Moroccan government is considering the grant of an exemption of entry visas for Mauritian citizens travelling to Morocco.
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Amendments to the Investment Promotion Act (IPA) |
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| The following amendments were made in line with Section 28 of IPA (referred to as “Investment Promotion (Amendment of Schedule) Regulations 2015”):
1. The annual income for the self-employed category has been increased from MUR 600,000 to MUR 1,200,000 as from the third year of activity;
2. The monthly salary threshold for an occupation permit as Professional has been increased from MUR 45,000 to MUR 60,000 (for all applications submitted after 31 October 2015).
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India-Africa Forum Summit 2015 and opening of BOI office in New Delhi |
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| The Third Edition of the India-Africa Forum Summit was held in New Delhi, India, on the 26th – 29th October 2016 and regrouped the heads of state of around 54 African countries including Sir Aneerood Jugnauth, the prime minister of Mauritius.
The primary objective of this summit was to enhance economic ties and strategic partnership between Africa and India and also to explore new alleys of collaboration.
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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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