Mauritius Company Formation
Mauritius Island a center of different cultures, is a peaceful land where the people living belongs to diverse cultures. The growth rate of Mauritius’s economy is increasing since 1991. Another positive aspect of Mauritius is its fast growth as a central point of offshore finance. Its stable political environment adds to its benefits. The Government of Mauritius is eager to strive on improving the economy’s monetary area. Many foreigners have moved towards Mauritius for making investments, more specifically in the area of Banking. There is a good network of telecommunications, as well as the island is quite accessible and means of transport within the region is outstanding.
There are quite similarities in IC and the standard form of IBC. IC gains more attraction as a corporate vehicle, because it is cheap and the regulations of the statute are quite little and lenient. It is also because the charges for government are minor. An IC belonging to Mauritius is free from taxation and any checks on currency/exchange control. However, no benefit can be taken by an IC from the agreements of dual-taxation that are agreed upon by Mauritius and several other countries. The ownership of an IC should lie in the hands of someone who is not a resident of Mauritius. Moreover, another restriction on an IC is to prevent conducting business with the local residents of Mauritius or in the local currency of Mauritius. Also, there is no permission given to an IC for keeping the ownership of a real estate in the island or keep any benefit in other corporate bodies except offshore companies. A more suitable usage of IC would be activities of shipping, given that such working takes place out of bounds of Mauritius. The shipping activities include only the registration of ships done within the Mauritius Flag. As far as the obligations on the kind of transactions being made by IC are concerned, it may include banking, business of insurance or reinsurance. Any offshore company is allowed to migrate out of Mauritius to any other jurisdiction.
Requirements for Incorporation
There are certain requirements to incorporate a company in Mauritius, details of which is given below:
There is a minimum requirement of one director and none of the appointed directors need to be the resident of Mauritius. Corporate directors are allowed to be appointed. There is neither the requirement to hold director’s meeting nor to maintain and keep public director’s register.
There is a minimum requirement of one secretary and none of the appointed secretaries need to be the resident of Mauritius. Corporate secretaries are allowed to be appointed. There is no requirement for the secretary to hold any professional qualification.
There is a minimum requirement of one shareholder in order to incorporate a company in Mauritius. Corporate shareholders are allowed to be appointed. There is neither the requirement to maintain and keep public shares register nor par value of shares are permitted. Authorised share capital is usually 100,000 shares with value of USD 1 each. It is not allowed to have bearer shares.
Please refer to fee schedule section for proper guidance on incorporation fee. Generally, incorporation fee includes:
Once incorporation is completed, you will receive:
It generally takes 1-2 weeks to incorporate a company in Mauritius.
Offshore Bank Account
For the offshore bank account please see our fee schedule section.
A registered agent for the company incorporation is required. There is no need to declare beneficial ownership of the shares to authorities, where all or some shareholders are nominees. In addition to this, annual return of the company is also required.