Register company in Mauritius

Register company in Mauritius

The process to register a company in Mauritius is hassle-free if you know how to go about it. Tetra Consultants can assist you with Mauritius company registration so that you can focus your time and energy on your business. You can depend on our team of experts to provide you with a smooth experience in setting up your new company with the Registrar of companies. We will ensure that your firm will be operational within the required time frame. Our service package includes:

• Planning and Strategy
• Mauritius company formation with Companies and Business Registration Integrated System (CBRIS)
• Company secretary and registered local address
• Passive nominee director service
• Opening of a corporate bank account

Contact us to find out more about how to set up a company in Mauritius. Our team of experts will revert within the next 24 hours.

Timeline to register Mauritius company

• Tetra Consultants will complete the process to register company in Mauritius within approximately 2 weeks after receiving the due diligence document of the directors and shareholders.

• Thereafter within 4 weeks after registering the company, we will open a corporate bank account for your business.

• All in all, our international clients can expect to start operating within 6 weeks upon engaging Tetra Consultants.

How do I register a Mauritius company?

Choosing a suitable business entity

• Before we begin the incorporation process, Tetra Consultants will first understand your business needs and activities. We will conduct a Mauritius business entity search to find the most suitable one for your business before making a recommendation. In the next section, you will find some of these entities and their requirements.

Reservation of business name

• We will first check the availability of your preferred business name and reserve it with the registrar of Companies.

Meet the requirements

• You will be required to send us the following documents needed for incorporation of company, so that we can start the registration process:

• • Personal information of the various stakeholders.

• • Bank statements, company’s financial statements, and more.

• • Certificate of Incorporation.

• • Constitution of the company.

• • Proof of registered office address.

• If the original documents cannot be submitted, the copies must be notarised.

Registration Process

• Our legal team will prepare all the required documents, including the incorporation forms.

• Our team will then complete foreign company registration in Mauritius on your behalf without the need for you to travel.

• Once registration is completed, we will send you all the documents including the certificate of incorporation, Articles of Association, and Business registration card to your preferred address.

• If required, we will secure additional licenses after the company incorporation.

Opening a Bank Account

• Tetra Consultants will open a corporate bank account with an international reputable bank of Mauritius, by leveraging on our banking network.

Compliant with the laws

• After the incorporation process is completed, our team will ensure that you are compliant with the local laws.

Types of offshore companies in Mauritius

Prior to the Mauritius company formation, you must first understand the various forms of business entities available in Mauritius. Some of the offshore entities include Global Business Corporation and Mauritius Authorized Company.

Global Business Corporation (GBC)

• If you are looking to set up a new company in Mauritius to conduct financial services business, Tetra Consultants will recommend our international clients to incorporate a Global Business Corporation (GBC) in Mauritius. Such an entity is licensed by the Financial Services Commission (FSC) and is regulated under the Companies Act 2001 and Financial Services Development Act 2001.

• Before 2018, firms could apply to be GBC 1 and GBC 2 companies where the first category company is considered to be a resident company which is suited for financial services and must pay a tax whereas the second category company is considered to be a non-resident company which is suited for trading and holding and does not have to pay tax in Mauritius.

• Thereafter, our team will assist to apply for FSC financial licenses such as Funds, Investment Dealer, Investment Advisor, Fund Manager, Payment Services Provider or Insurance Broker with the relevant company registration authority in Mauritius.

• GBC companies are incorporated under the Mauritius Companies Act 2001 as amended and licensed by the Mauritius Financial Services Commission (FSC). This business entity is tax-resident in Mauritius and is required to apply for Tax Residence Certificate. By attaining the Tax Residence Certificate, Mauritius GBC can enjoy Double Taxation Avoidance Agreements with 50 other countries.

• GBC 1 and GBC 2 companies are no longer available.

• To secure a GBC license, our international clients are required to prove that the company has economic substance in Mauritius. Some of the substance requirements include:

• • Two local resident directors.

• • One shareholder.

• • Corporate bank account in Mauritius.

• • Accounting records are to be kept in Mauritius.

• • Annual financial statements to be audited in Mauritius.

• • Have a minimum level of expenditure locally.

• • Minimum paid-up capital depending on business activity.

• For GBCs that meet the above-mentioned economic substance requirements, the company will be entitled to an 80% tax exemption regime on the following income:

• • Foreign dividend.

• • Foreign-sourced interest income.

• • Profit attributable to a permanent establishment of a resident company in a foreign country.

• • Foreign-sourced income derived by a Collective Investment Scheme (CIS), Closed-End Funds, CIS Manager, CIS administrator, investment advisor, or asset manager licensed or approved by the Mauritius FSC.

• • Income derived by companies engaged in leasing of aircraft or ship.

Mauritius Authorized Company (MAC)

• If you are looking to conduct business activities such as international trade, investment holding, intellectual property ownership, and non-financial services, Tetra Consultants will recommend you incorporate a Mauritius Authorized Company (MAC). Such an entity is regulated under the Financial Services Act 2007.

• Some of the requirements include:

• • One director, no need for a local.

• • One shareholder.

• • One registered local resident agent.

• • Must file financial summary with the FSC and annual tax return with the MRA.

• Business must be conducted principally outside of Mauritius and the management team must be located outside of Mauritius.

• As MAC is deemed as a non-resident company, it is exempted from corporate tax, capital gain tax, and withholding tax in Mauritius. The company is only required to file an annual return to Mauritius Revenue Authority within 6 months before the end of its financial year. The company is also required to file a financial summary with FSC. Additionally, the records of such a company are not accessible to the public.

Types of onshore companies in Mauritius

Prior to registering a company in Mauritius, Tetra Consultants will understand your business needs and activities before recommending the most suitable entity for your business. There are multiple forms of onshore companies available in the country- Limited Liability Company, Free Zone company, Representative Office, and more. There are some business entities set up for specific purposes- Holding Companies, Invoicing companies, and more.

Mauritius Limited Liability Company (LLC)

• If you are looking to set up a local business in Mauritius and carry out business activities with the locals, an LLC may be a better option.

• Some of the requirements include:

• • One shareholder.

• • One local resident director.

• Such a company is easy to set up and must be registered with the Registrar of companies under the Companies Act 2001. Additionally, the company must apply for a business license from the respective authorities to conduct business.

Mauritius Free Zone Company

• If you are looking to set up a trading company to access a cost-effective logistics platform, Tetra Consultants would advise you to register a Free Zone company. This is because of the duty-free and VAT exemptions given on goods imported to the Mauritian port.

• In order to be eligible, such a company must export 95% of its goods to international markets, with approximately 80% going to the African market. The remaining 5% can be sold locally and will be subjected to the tax levied by the government.

• Additionally, the company must apply for a Freeport operator’s license to set up a company in any Free Zone.

Mauritius Branch Office

• If you are looking to penetrate the Mauritian market, you can set up a branch office. The activities that can be conducted through such an office will be determined by the activities of the parent company.

• Some of the requirements include:

• • One local resident representative.

• • Registered office address.

• • Licenses, as required by your business.

Since it is a resident company, Mauritius Branch Office will be subjected to a corporate tax rate of 15%.

Advantages of setting up a company in Mauritius

Mauritius is a popular jurisdiction for overseas investors due to multiple tax benefits and openness towards financial services businesses. In fact, in Mauritius, your non-resident company can enjoy exemption from corporate tax, capital gain tax, and withholding tax. Moreover, international clients are allowed to set up funds, investment dealer companies, fund management companies, payment service providers, or insurance brokers. Registering a company in Mauritius provides extensive confidentiality for the beneficial owners as company registers are not available for public inspection. Additionally, the political and business environment of the country is equally important. We have conducted a Pestel Analysis to understand the same. This will ensure that you can conduct your business safely and legally while striving to achieve your business objectives.

Political

• With a democratic government, Mauritius has a relatively stable and prosperous political environment.

• According to Transparency International’s Corruption Perceptions Index, Mauritius scores 51 out of 100. Despite this, with a free press and an improving legal system, the institutions in Mauritius are gradually becoming corruption-free.

Economic

• According to the World Bank’s Doing Business Report, Mauritius has a rank of 13 worldwide, for ease of doing business.

• Before the Covid-19 pandemic, Mauritius had a stable growth rate of 3.8% before plummeting. However, the economy will revert in 2021 and is forecasted to reach a growth rate of 5.2%, according to the International Monetary Fund.

• Mauritius has signed the Double Taxation Agreements with over 50 countries.

• In Mauritius, there are no publicly accessible records for the Ultimate Beneficial Owners (UBOs).

• Presently, bearer shares are not allowed in Mauritius; however, nominee shareholdings are permitted.

Social

• The country has a pool of skilled professionals with a high literacy rate.

• The country is also making progress with social equality and poverty reduction faced by the public by investing in education and training.

• Mauritius is part of many regional organizations such as the African Union, Multilateral Investment Guarantee Agency, and COMESA.

Technological

• Mauritius is gradually becoming a global technological hub. This is because many international companies in the ICT industry are being attracted to the multiple benefits offered by the government.

• A ‘Fintech and Innovation- Driven Financial Services Regulatory Committee was set up in Mauritius in 2018. The focus of this committee is to develop the FinTech industry in the country by improving the regulatory environment. It was the first jurisdiction in the world to recognise Digital assets as an asset class.

Environmental

• The Mauritian government has invested in multiple projects for the protection and management of the environment in the country. These include an Integrated Water Resource Management Plan, an efficient waste collection programme, and more.

• Moreover, the Environmental Law and Prosecution Division of the government has passed environment-friendly legislation to reduce pollution and prevent climate change.

Legal

• Mauritius has an efficient and strong legal system that is based on both French civil law and British common law.

• Mauritius has business-friendly policies and cost-effective jurisdictions, thus serving as a benefit to set up an offshore company.

• The Mauritian government has authorized several conventions and agreements to better protect Industrial Property rights to cater to foreign investors.

Accounting and tax considerations

• The Mauritian government levies a corporate income tax rate of 15%. Companies set up in Mauritius can enjoy either 80% tax exemption or 100% tax exemption, depending on the business entity and availability of economic substance.

• Dividends paid by a Mauritius-resident company is exempt from income tax. However, foreign dividends are taxable.

• Companies are required to pay their taxes on a quarterly basis and must balance their tax payable within six months prior to the year-end.

• Companies are required to file annual tax returns and in case of delay, they are subjected to a fee.

• Moreover, companies must be audited by the Mauritius Institute of Professional Accountants (MIPA), as per the FRA 2004. They must submit the Audited Financial Statement to FSC within six months prior to the year-end.

Contact us to find out more about how to register a company in Mauritius. Our team of experts will revert within the next 24 hours.

FAQs

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