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Global Business Company II Incorporation in Mauritius

The incorporation of an offshore GBC II in Mauritius is an extremely profitable and promising idea if you take into account the financial sector and services for wealthy persons to protect/diversify assets. 

You have probably heard this statement many times, but rarely did it correspond to reality. Why are we so convinced that the incorporation of an offshore GBC II in Mauritius is a really profitable and relevant offer for an unlimited target audience?

Offshore registration in Mauritius

Mauritius – Favorable Location and Preferences for Offshore Business

Mauritius is a stable and time-proven jurisdiction whose economy is largely focused on the provision of financial services and the registration of offshore companies. A democratic system of government has been established in the country since it gained independence in 1968. 

Before that year, Mauritius was a colony of both France and Great Britain, and the population still speaks French and English fluently. The official language on the island is English, which eliminates many problems in terms of offshore business registration and operation.

A major role in the transformation of Mauritius into a popular offshore financial center was played by its favorable location, as well as an increase in the number of tax agreements with other countries (China, India, the United Arab Emirates, Sri Lanka, Cyprus, and others). 

The Mauritian authorities are endeavoring to keep the legislation up to date with the latest international requirements in the area of money laundering. Therefore, you will be somewhat protected from the claims of international financial regulators after you register an offshore Global Business Company II in the country.

Mauritius is located in the Indian Ocean, near the island of Madagascar, but it is much smaller – with an area of only 2,040 km² and a population of about 1.3 million people. However, this does not prevent the state from creating favorable conditions for foreign investment and actively developing the local economy. Registration of offshore companies is an important part of the budget, although traditional sectors of the economy (agricultural production, tourism, textile industry) are also actively developing.

In Mauritius, you can register a Global Business Company of two types – GBC I and GBC II. Offshore companies of GBC I type are taxed at a reduced rate and can be used to conduct business both within and outside Mauritius. GBC II companies are tax-exempt but cannot do business outside Mauritius, so they are most often chosen as the basis for offshore business.

GBC II in Mauritius is a reliable and time-tested instrument that is widely popular with international investors. Such a company is distinguished by a high speed of incorporation (up to a week) and wide opportunities for use in international business activities. 

This is the option we recommend to our readers who are looking for an opportunity to establish themselves in a suitable tax-free jurisdiction but do not want to fall under the pressure of FATCA, FATF, or KYC/AML.

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The Legal System in Mauritius

In the past, Mauritius was a colony of France and the United Kingdom, and this is the reason why it is one of the few countries where a hybrid legal system is in place. It is based on both French and English law. The jurisdiction took all the best from them and managed to develop a unique legislative framework that successfully copes with the challenges of the time.

Procedural law in both criminal and civil proceedings is predominantly English in character and continuity. Substantive law, in turn, is based more on the French Napoleonic Code. The Companies Act 2001 is based on English law. The Privy Council of England is the highest court of appeal.

An Offshore Global Business Company II in Mauritius

GBC II in Mauritius is a private company which a) does business with persons who are not residents of Mauritius b) makes settlements in foreign currency only (not in Mauritian rupees). If one of these conditions cannot be met, the registration of GBC II does not make sense and an offshore GBC I in Mauritius is more suitable for you, or you may as well think about choosing another jurisdiction.

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Free consultations of the International Wealth portal experts on the choice of an optimal jurisdiction:

CONSULTATIONS FROM THE EXPERTS OF THE INTERNATIONAL WEALTH PORTAL

An offshore GBC II in Mauritius is a flexible and efficient instrument that fits perfectly for private assets storage and management. Such a company is exempt from taxes on income earned outside Mauritius. In addition, GBC II in Mauritius maintains high standards of confidentiality. Therefore, you will be able to run your business without fear of claims from the Tax Service in your home jurisdiction.

The main advantages of an offshore GBC II in Mauritius:

  • No tax is levied on the payment of dividends, royalties and interest to non-resident shareholders.
  • There is no capital gains tax, land transfer tax, or stamp duty.
  • Global revenues of an offshore GBC II are not subject to taxation. But if you intend to register a company and further business, remember that GBC II cannot benefit from the provisions of double taxation treaties (it is considered a non-resident).
  • You can change the domicile.
  • There are no requirements for a secretarial position in an offshore company in Mauritius.
  • There are no restrictions on the minimum amount of paid-up capital.
  • There are no annual filing requirements.
  • The procedure of an offshore GBC II incorporation in Mauritius is very quick. This fact makes it possible to start a business as quickly as possible and with minimal additional costs.
  • One shareholder and one director are sufficient to register an offshore company (these functions can be performed by one person).
  • Information on beneficial owners, shareholders, directors and officers is not disclosed to the public.

The name of an offshore GBC II in Mauritius:

  • The name of GBC II must end with the following words or abbreviations: LTD, Limited, Corporation, Incorporated, Public Limited Company.
  • The following words in English or their translation into any other language cannot be included in the name of an offshore company: Authority, Bank, Chamber of Commerce, Chartered, Cooperative, Fund, Government, Insurance, Investment or Management Services, Mauritius, Municipal, National, Regional, Presidential, Republic or State.

The structure of an offshore GBC II in Mauritius:

  • GBC II in Mauritius must have a registration agent (resident in Mauritius), a registered office and a registered address in Mauritius. If these conditions are not met, the GBC II registration becomes invalid.
  • Shareholders. At least one shareholder (a natural person or a legal entity). An offshore company in Mauritius must establish and maintain a register of members, but this information is accessible to shareholders only. Public access to this information is prohibited.
  • Directors. An offshore GBC II must have at least one director (private person or legal entity, citizenship does not matter). A director may at the same time be a shareholder of the company. An offshore company must keep a register of directors, but only shareholders have access to this information. Public access to this information is prohibited.
  • Secretary. If one person holds the positions of a shareholder and a director of an offshore GBC II, a secretary is required.

Doing business by GBC II in Mauritius:

  • An offshore GBC II has the right to conduct business around the world.
  • The company’s business address may also be located anywhere in the world.
  • There are no requirements for GBC II regarding the place of meetings of directors, as well as at the place where the Book of Minutes is kept.
  • There are no requirements for a mandatory corporate seal for the offshore GBC II in Mauritius.
  • GBC II cannot carry on business connected with banking and/or financial services, collective investment funds, or other activities prohibited by the Mauritian authorities. Furthermore, GBC II cannot conduct business in the territory of Mauritius.
  • An offshore GBC II in Mauritius may issue shares with or without par value, as well as fractional shares. The par value of the shares may be set in more than one currency. For GBC II, preferred and registered shares are permitted in Mauritius, but bearer shares are prohibited.
  • Every year, an offshore GBC II of Mauritius has to update its registration and pay annual state contributions.

Accounting and audit for GBC II in Mauritius:

  • GBC II is required to maintain accounting records immediately after registration, but there is no obligation to file an annual return. However, a financial report (in the form of a balance sheet) must be prepared annually for a period not exceeding 18 months from the date of company registration/licensing. The business report of an offshore company must be submitted to the Mauritius Financial Services Commission (FSC) within 6 months of the balance sheet date.
  • If an offshore GBC II in Mauritius issues new shares, it must notify the FSC within 14 days of the date of issue.
  • Changes to the Register of Directors must be reported to the Mauritius Registrar of Companies within 28 days of the date of the change.
  • The information on beneficial owners must be provided by GBC II to the FSC before the company is established. Subsequently, the FSC must be notified of any changes in the composition of the beneficial owners within one month of the change.

The Cost of an Offshore GBC II Incorporation/Maintenance in Mauritius

The data that we provide below refers to a standard registration of an offshore company in Mauritius. If the business you are planning to conduct does not fit within the typical framework or its registration requires additional steps, the costs may increase. In this case, we will contact you immediately and discuss the options for further action.

Registration of an offshore GBC II in Mauritius costs 1700 USD and includes the following:

  • preliminary review and discussion of the structure of an offshore GBC II in Mauritius
  • reservation of the name for an offshore company
  • due diligence for shareholders, beneficial owners and directors
  • Standard Constitution (if any)
  • submission of all documents to the Mauritius Financial Services Commission (FSC), provision of any required clarifications regarding the structure of an offshore GBC II in Mauritius, and filing an application
  • filing an application with the Mauritius Registrar of Companies
  • processing of the application
  • other costs

The annual service fee for an offshore GBC II in Mauritius amounts to USD 1,000, and it includes:

  • registration agent and office
  • regulator’s charges

Additional services related to an offshore GBC II incorporation in Mauritius and business operations:

  • certification (apostille and notarization) – USD 250
  • courier delivery service – USD 75
  • services of a nominee director (including an apostilled power of attorney) – USD 200
  • services of a nominee shareholder – USD 150
  • issue of additional powers of attorney – USD 35
  • signing of documents by a nominee official – USD 15
  • preparation of standard minutes of meetings or resolutions – USD 25
  • Certificate of Good Standing – USD 125
  • Certificate of Incumbency – USD 125

The Procedure of an Offshore GBC II Incorporation in Mauritius

Standard steps required to incorporate an offshore GBC II in Mauritius:

  • Contact us for professional assistance by sending an e-mail at [email protected] (alternative communication channels).
  • Pay for professional assistance in the registration of GBC II in Mauritius by bank transfer, payment card, using WebMoney, PayPal, or Western Union systems (alternative payment methods).
  • Prepare the required package of documents to register an offshore company in Mauritius.

Documents for private persons:

  • an application containing detailed information on the desired name for your offshore company, type of business, details of directors and shareholders (their citizenship, country of residence, address, profession, etc.)
  • a CV in English signed by a specific person
  • a letter of recommendation from a bank that has known the customer for at least 2 years
  • a notarized copy of a foreign passport or another ID

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If the notary does not certify a copy of the foreign passport, order an English translation from a sworn translator and stitch it with a copy of the original (a page with a photo and signature), and then certify it with the notary!

  • proof of residential address (for example, a utility bill or bank statement)

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Mind that this document must be issued no earlier than 3 months before the application for registration, translated into English, certified by a notary. Make sure it contains information that clearly shows the address of the private person’s residence.

  • If the company founder is a legal entity, each beneficial owner, shareholder and director will have to provide the list of documents specified above, as well as a full package of corporate documents (translated into English and notarized).

The incorporation of an offshore GBC II in Mauritius takes about 5-7 business days after submission of all necessary documents.

Other services in Mauritius that we provide:

Please contact our specialists for more information and advice on setting up an offshore company in Mauritius!

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