The incorporation of an offshore company in Mauritius (GBC I/II) to conduct international business was previously an element of the “gold standard”. The conditions created in the jurisdiction made it an almost non-alternative option if businesses were interested in overall characteristics rather than individual advantages isolated from the business context.
However, hard times came for the offshore business several years ago. The world suddenly focused on deoffshorization and the fight against tax planning, and opportunities to keep anonymity were dwindling with each year. The incorporation of offshore companies used to be a simple and hassle-free business, but now it turned into a quest with many unknown parameters.
But there is something in this world that doesn’t change. Mauritius has become one of the few centers of stability in the offshore business world. Incorporation of an offshore company (GBC I/II) remains very affordable here (look at the cost of the service and see for yourself), and business-friendly laws, loyal tax legislation and limited formalities are still there to enjoy. Doesn’t that sound tempting?
If you have forgotten about all the advantages of Mauritius or are not sure that this jurisdiction may well become a gateway to the big world for you and your business, we will tell (or remind!) you about why registration of an offshore company (GBC I/II) in Mauritius remains a “gold standard” of offshore business.
Mauritius – History and Present Day
The choice of offshore jurisdictions for international business is now formally quite large, but there are not so many profitable offers. The option to register an offshore company (GBC I/II) in Mauritius has existed since it gained independence in 1968.
The country boasts a stable political system, and the sector of financial services for offshore companies is proven by time and highly reliable. Present-day Mauritius is a country that has a strategic location and forms a bridge between Africa and Asia.
Mauritius can offer businesses modern and highly flexible corporate legislation. The island state managed to find a balance between the interests of offshore businesses, the needs of business people, and the latest developments aimed at combating the tax base erosion and deducing beneficial owners/shareholders from the shadow.
The main privileges of Mauritius include:
- development of higher value products in the offshore business
- continuous expansion of a network of double taxation treaties (over 35 countries)
- membership in the OECD white list. This means that the registration of an offshore company (GBC I/II) in Mauritius and the start of a real business will not lead to a conflict with the Tax Service in the jurisdiction of your tax residence.
- an expanding list of financial and offshore products
- an increasing list of international banks operating in Mauritius or opening accounts for offshore businesses based in Mauritius
Free consultations on bank accounts with experts of the International Wealth portal:
Global Business Company (GBC I) in Mauritius
The offshore business in Mauritius is based not on the typical IBC (International Business Company) but on a legal form focused on a tandem with existing double taxation treaties. The Global Business Company I (GBC I) focuses on tax preferences, international business, and legal (!) options for tax optimization. In other words, the incorporation of an offshore company in Mauritius in the Global Business Company I (GBC I) format is a fundamentally different level of offshore business which is legal, effective, promising, and quite affordable.
Offshore Global Business Companies I are taxed at a reduced rate and can be used to conduct business both in Mauritius and abroad. GBC I is not restricted in the choice of the business area and can engage in non-banking financial services, management funds, insurance, administration of international/head offices, or international treasury activities. Offshore GBCs I are also used to obtain financial licenses (third-party asset management, brokerage licenses).
Basic characteristics of an offshore GBC I in Mauritius:
- The tax rate on the company’s income is 15%. However, GBCs I may qualify for a tax credit of up to 80%, which reduces the real rate to 3%.
- You can change the place of the offshore GBC I incorporation.
- The minimum number of local directors is two. These persons must be private persons only (not legal entities).
- Meetings of the board of directors of the offshore GBC I must take place in Mauritius.
- GBC I must have a registered office and a corporate secretary in Mauritius.
- The offshore GBC I must submit annual audited financial statements to the Financial Services Commission within 6 months before the end of the financial year. Compliance with international accounting standards is mandatory.
- The annual meeting must be held not later than 15 months after the previous meeting and not earlier than 6 months after the date of the balance sheet submission.
- The annual tax return of the Global Business Company I must be filed with the Mauritius Revenue Authority.
- GBC I must keep various records including minutes of all directors and meetings of shareholders or resolutions, accounting records, register of shareholders, register of directors, and others.
- Offshore GBC I profits and reporting (recorded in the company register) are not publicly available.
- There are no requirements for the minimum paid-up capital.
GBC I Business Privileges:
- The offshore GBC I in Mauritius guarantees complete confidentiality for the beneficial owners of companies, directors, or shareholders. Company documentation is not publicly available and is hidden from the public.
- Global Business Company I is subject to a minimum income tax rate of 3%.
- As soon as GBC I in Mauritius acquires a resident’s status, it is free to enjoy all the privileges of double taxation treaties. At the same time, GBC I is exempt from capital gains tax. There is also no dividend tax, and interest and royalties are subject to reduced rates.
Additional conditions:
- The name of the offshore company must end with LTD, LIMITED, CORPORATION, INCORPORATED, PUBLIC LIMITED COMPANY.
- You can freely use the services of nominee shareholders and directors.
- The minimum number of shareholders is one (private person/legal entity).
- The minimum number of directors is two (only private persons who are residents of Mauritius).
- There is no currency control.
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on which jurisdiction is best for your business, preferred tax regime, company structure.
Global Business Company (GBC II) in Mauritius
An offshore GBC II is a private legal entity that conducts business on two conditions: a) activities with persons who are non-residents of Mauritius b) the offshore company runs a business in foreign currency. The Global Business Company II provides greater flexibility and is a suitable instrument to own, store and manage private assets.
Such an offshore company is not subject to any taxes on global income. GBC II offers such benefits as fast establishment time and high standards of confidentiality.
The main characteristics of the offshore GBC II in Mauritius:
- Information on beneficial owners is not available to the public.
- You can change the jurisdiction of an offshore GBC II registration.
- Trade within Mauritius is prohibited.
- The company cannot provide banking or financial services, or be associated with collective investment funds or other areas of activity if this is expressly prohibited by the authorities.
- The company requires only one shareholder and a director (positions can be combined).
- A secretarial position is not mandatory.
- There are no requirements for the minimum paid-up capital.
- There is no reporting requirement (but you are still under the obligation to maintain and complete the records).
- The term of an offshore GBC II incorporation in Mauritius is 3-5 days.
GBC II privileges:
- High speed of an offshore Global Business Company II incorporation – only 1 business day.
- Flexible organizational structure that streamlines international business operations.
- High level of protection against potential risks (confiscation/seizure of property).
- Shares in an offshore GBC II may be offered for money or for any other valuable asset (and in any currency).
- An offshore GBC II is in fact exempt from taxation, so it can be used to maximize profits and further develop your business.
Additional conditions:
- The name of the offshore company must end with LTD, LIMITED, CORPORATION, INCORPORATED, PUBLIC LIMITED COMPANY.
- The minimum number of shareholders is one (private person/legal entity).
- The minimum number of directors is one (private person/legal entity).
- Nominee shareholders and directors are permitted, which means that you can remain “invisible” to the Tax Service during the official registration of the offshore Global Business Company II.
The Cost of an Offshore Global Business Company I/II Incorporation
The data we provide below describes a more or less typical procedure (without any special conditions or requirements we have to meet). But standard company incorporation may not work out in the current geopolitical reality, so we strongly recommend checking the final cost of an offshore GBC I/II incorporation with our experts.
Basic rates for company registration included in the price (USD 1,360):
- reservation of a name for an offshore Global Business Company I/II
- due diligence of documentation related to shareholders, beneficial owners and directors
- drafting of standard Articles of Association
- submission of documentation to the Financial Services Commission and visiting it in case of additional issues
- filing an application with the Mauritius Registrar of Companies
Additional costs for an offshore company set-up:
- costs – USD 400
- processing rates – USD 160
- Financial Services Commission, Registrar of Companies – USD 104
The total amount of basic costs is 2024 USD.
Annual company maintenance:
- registration agent and office – USD 1,600
- processing rates – USD 376
- Financial Services Commission, Registrar of Companies – USD 104
The total annual fee payable after you register the offshore company is 2024 USD.
Additional services:
- company secretary – USD 800
- provision of a corporate director – USD 1,280
- nominee shareholder – USD 480
The Procedure of an Offshore GBC I/II Incorporation in Mauritius
If you want to register an offshore company in Mauritius, contact us at info@offshore-pro.info to get a detailed consultation and an invoice for payment.
The incorporation of an offshore company in Mauritius costs 2024 USD. You can pay this amount with a card, using cryptocurrencies, through the Web Money system, MoneyGram, or a bank transaction (alternative payment options).
We will start preparing the documents once you have paid the fee. Private persons will need the following documents to register an offshore GBC I/II:
- a completed application with details of preferred name for the offshore company, type of business, details of founding directors and shareholders (citizenship, country of residence, address, profession, etc.)
- a notarized copy of a foreign passport or other acceptable ID (pages with a photo and signature)
You may come across a notary who says that he does not certify a copy of the passport. In this case, order a translation into English from a sworn translator and attach it to a copy of the original (page with a photo and signature), and then certify it with a notary.
- proof of residential address (a utility bill)
- a notarized copy of the utility bill or a bank statement/credit card to confirm the residential address
This document must not be older than 3 months by the time you file the package of documents for registration. It must also be translated into English/notarized and contain information that clearly shows the private person’s residence address.
- a CV in English signed by the owner
- certificate from a bank that has known the client for more than 2 years
Beneficial owners, shareholders and directors have to provide all the information listed above, as well as a full package of documents on the offshore company:
- a notarized copy of the share certificate (if the company has registered shares) and the Declaration of Trust (if the company has a corporate shareholder/shareholders)
- a notarized copy of the power of attorney (if the company has a corporate director/directors)
- a notarized copy of the Minutes of the General Meeting and the Articles of Association of the offshore company/Operating Contract and Memorandum (By-Laws)
- samples of signatures of the offshore company owners
- a notarized copy of the Certificate of Incorporation of an offshore company, Certificate of Good Standing (if the company was registered more than 1 year ago)
- Letter of Undertaking (applicable in case of bearer shares)
- Certificate of Shareholders/Subscribers
- appointment of directors by Subscribers
All documents for the registration of an offshore GBC I/II must be translated into English and notarized!
The term of the company incorporation after submission of all documents is 1 week.
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Seek advice and start incorporating your company in Mauritius now, and we will provide you with the best offshore products and nominee services available.
