• Mauritius GBC1 Company

  • GENERAL

    Legal Framework

    The Mauritius GBC1 is set up under the Companies Act 2001 and licensed under the Financial Services Act 2007.

    Special Characteristics

    A Mauritius GBC1 is prohibited from:

    • having transactions with Mauritian residents or in Mauritian currency; and
    • having Mauritian resident shareholders.

    A Mauritius GBC1 is considered as a Mauritius tax resident company (and therefore have access to the double tax treaties of Mauritius) if its management and control is exercised from Mauritius.

    The Mauritian Financial Services Commission has recently issued additional substance requirements for Mauritius GBC1 companies which will be effective as of 1 January 2015.

    → Mauritius GBC1 companies new substance requirements

  • SHAREHOLDERS

    Liability of Shareholders

    The liability of the shareholders of a Mauritius GBC1 is limited up to the unpaid amount of the shares they hold.

    Minimum Number of Shareholders

    The minimum number of shareholders of a Mauritius GBC1 is 1 and the maximum is unlimited.

    Restriction on Nationality/Residency of Shareholders

    The shareholders should not be residents of Mauritius.

    Corporate Shareholders

    The shareholders of a Mauritius GBC1 can be individuals and/or legal persons.

    Nominee Shareholders

    The use of nominee shareholders is allowed.

  • DIRECTORS

    Minimum Number of Directors

    The minimum number of directors of a Mauritius GBC1 is 1.

    Restriction on Nationality/Residency of Directors

    There is no restriction on the nationality or residency of the directors. However, majority of Mauritius resident directors is needed in case of foreign directors in order to obtain license of GBC1 (through management and control in Mauritius).

    Corporate Directors

    Corporate directors are not allowed.

  • SHAREHOLDER MEETINGS

    Shareholder Meetings

    Every company in Mauritius should hold an annual meeting of its shareholders.

    The first annual shareholder meeting should be held not later than 18 months from incorporation.

    Annual shareholder meetings should be held not later than 6 months after the balance sheet date of the company and not later than 15 months after the previous annual meeting.

    Annual meetings can be held anywhere in the world.

  • CAPITAL

    Minimum Capital Requirement

    The minimum capital requirement for a Mauritius GBC1 is US$1.

    Currency of Capital

    The share capital can be denominated in any currency, except MURs.

    Non-par Value and Bearer Shares

    Non-par value shares are allowed.

    Bearer shares are not allowed.

    Capital Duty

    There is no capital duty on the issuance of shares of a Mauritius GBC1.

  • REGISTERED OFFICE

    Registered Office

    A Mauritius GBC1 should have its registered office in Mauritius (in order for the GBC1 status to hold through management and control in Mauritius).

    Company Secretary / Registered Agent

    A Mauritius GBC1 should have a company secretary. The company secretary can be a physical or legal person, though needs to be licensed.

    Every Mauritius GBC1 should have a Resident Agent in Mauritius and needs to be licensed.

  • FOREIGN INVESTORS

    Restrictions on Foreign Investors

    There are no restrictions on foreign investors investing in a Mauritius GBC1.

  • FORMATION

    Time Needed for Incorporation

    It usually takes between 15 - 20 days to register a Mauritius GBC1.

    Shelf companies are not available due to beneficial ownership disclosure.

  • CONFIDENTIALITY

    Beneficial Owners

    The details of the beneficial owner are disclosed to the service provider and to the Authorities but are not available on public record.

    Registered Shareholders

    The details of registered shareholders are not available on public record.

    Directors

    The details of directors are not available on public record.

    Financial Statements

    The accounts are not publicly accessible.

  • FILING REGUIREMENTS

    Filing with the Registrar of Companies

    A Mauritius GBC1 is required to file an annual return with its audited financial statements within 6 months from the year end.

    Filing with the Tax Authorities

    A Mauritius GBC1 needs to file a tax return within 6 months from its accounting year-end.

  • RECORDS

    Accounting Records

    A Mauritius GBC1 should maintain accounting records in Mauritius (for GBC1 status to hold). These records can be maintained in any currency.

    Financial Statements

    A Mauritius GBC1 should prepare annual financial statements under IFRS which need to be filed with the Financial Services Commission.

    In accordance with IFRS, holding companies are required to prepare consolidated audited financial statements on an annual basis. However, consolidation is not required if the company is an intermediary holding company and a holding company further up the structure prepares consolidated financial statements under approved accounting standards.

  • AUDIT

    Audit Requirement

    Annual financial statements of Mauritius GBC1s should be audited.