Population

The population of the island is approximately 1,200,000 people, made up principally by people of European, African, Indian and Chinese descent. Mauritius is proud of the fact that these different cultures co-exist in peace and succeed in creating a cultural entity that is clearly Mauritian.

Political Structure

The British ruled Mauritius for 158 years until March 12, 1968, when it became an independent country within the Commonwealth. The Republic of Mauritius is a Westminster style democracy. The President is Head of State and Commander in Chief. Full executive power rests with the Prime Minister, who is head of government. Members of Parliament are elected every five years by a popular vote and a number of political parties contest the elections every five years, reflecting the country's firm commitment to a multiparty political system.

Economy

Since independence in 1968, Mauritius has developed from a low income, agricultural area economy to a middle-income diversified economy with growing industrial, financial, and tourist sectors. For most of the period, an annual growth was in the order of 5% to 6%.

The Government's development strategy centers on foreign investment. Mauritius has attracted more than 15,000 offshore entities, many aimed at commerce in India and South Africa, and investment in the banking sector alone has reached over U.S. $ 1 billion.

The economy grew by 8.9% in 2000, and gross national income per capita at market prices reached 101,948 rupees. Unemployment for 2000 is estimated at around 8.0% while inflation was at 4.2%.

Language

English is the official language. However, the Mauritius population are largely bilingual, being fluent in English and French. Creole is also spoken and understood by all.

Currency

Mauritius Rupee.

Exchange Control

None.

Type of Law

Common Law for corporate matters.

 Principal Corporate Legislation

The Companies Act 2001.
Financial Services Act 2007.

A Company holding a Category 1 Global Business License is resident for tax purposes and can access Mauritius' network of double tax treaties, provided it is properly structured, and that the seat of governance is in Mauritius.

Procedure to incorporate

Once the name approval has been obtained, three copies of the Constitution (Memorandum and Articles of Association) are submitted, together with a statement of the first Board of Directors, Secretary and location of its headquarters, and consent forms signed by the officers.

Restrictions on trading

A license is required to carry out banking or insurance or collect money from the public.

Powers of Company

A company registered in the Republic of Mauritius has the same authority as an individual.

Language of laws and Corporate Documents

Legislation is in English and French while the documentation may be expressed in any language but must be accompanied by a certified translation into English.

Registered Office Required

Yes, should be maintained in Mauritius at the address of a licensed management company or law firm.

Shelf Companies Available

No.

Time to incorporate

Three to four weeks.

Name Restrictions

Any name that is identical or similar to an existing company or a name that the patronage of the President or the Government of Mauritius suggests.

Language of Names

English or French.

Names requiring consent or a license

The following names or their derivatives: Assurance, bank, building society, Chamber of Commerce, chartered, co-operative, government, imperial, insurance, municipal, royal, state or trust, or a name which the Registrar suggests protection of the President or the Government of Mauritius.

Suffixes to indicate limited liability

Limited, Corporation, Incorporated, Public Limited Company, Société Anonyme, Société Anonyme à Responsabilité Limitée, Sociedad Anónima, Berhad, Proprietary, Naamloze Vennootschap, Besloten Vennootschap, Aktiengesellschaft or the relevant abbreviations.

Disclosure of Beneficial Ownership to Authorities

Yes, not public.

Stated Capital

The stated capital consists of the total amount received and receivable by the Company with respect to the issuance of shares or calls therewith.

Classes Allowed

Registered shares, preference shares, redeemable shares are and shares with or without voting rights.

Taxation

Companies pay a fixed annual license fee of U.S. $1,500 and one-time non-refundable license fee of U.S. $500 on the Financial Services Commission. On incorporation a one-off fee of U.S. $250 is payable to the Registrar of Companies. Then an additional U.S. $250 paid annually. Companies that are resident in Mauritius for tax purposes. There are no gains tax in Mauritius and there is no withholding tax on dividend, interest or royalties from companies. There is no stamp or capital taxes. Companies holding a Category 1 Global Business License are liable to tax at a rate of 15%.

Tax Situation

1. Provided that the company holds a Category 1 Global Business License owns at least 5% of an underlying company, the credit available for foreign tax on the income of which the dividend was paid ("underlying foreign tax credit").

2. If a company not resident in Mauritius, which pays a dividend, has itself received a dividend from another company not resident in Mauritius (a "secondary dividend") which they own, either directly or indirectly at least 5% of the share, the dividend will be allowed as a foreign tax credit and an underlying foreign tax credit will also be available.

3.Mauritius has no thin capitalization rules.

4. Interest and royalties paid by companies that a Category 1 Global Business License are fully tax deductible in Mauritius.

5. Tax sparing credits are available - Under this scheme, the effective tax rate in Mauritius can be reduced as a long stop provision exists whereby companies holding Category 1 Global Business Licence may choose not to provide written documentation to the Commissioners showing the quantity of foreign tax charged and enjoy deemed taxation at 80% of the normal rate of 15%, for example: 12%. Thus, the use of this long stop provision in isolation reduce the effective tax rate in Mauritius from 15% to 3%.

Double Taxation Agreements

Mauritius has a wide network of double tax treaties which include agreements with the following countries: Belgium, Botswana, China, Croatia, Cyprus, France, Germany, India, Italy, Kuwait, Luxembourg, Madagascar, Malaysia, Mozambique, Namibia, Nepal, Oman, Pakistan, Rwanda, Singapore, South Africa, Sri Lanka, Swaziland, Sweden, Thailand, Uganda, United Kingdom and Zimbabwe.

License Fees

U.S. $ 1,500 to the FSC.
U.S. $ 250 to the Registrar of Companies.

Financial Statement Requirements

Audited financial statements must be received by the Financial Services Commission.

Directors

Companies holding Category 1 Global Business Licenses require a minimum of two resident directors and they must be natural persons. Treaty access requires a minimum of two local directors.

Company Secretary

A qualified resident company secretary must be appointed.

How can I get more information on company formation in Mauritius?

Please contact us if you wish to open a company in Mauritius and we will be pleased to discuss your Mauritius company formation matters in greater detail.

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