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