Offshore Company Formation – Mauritius

The Republic of Mauritius is situated in the Indian Ocean and has proved to be a stable and reputable jurisdiction for offshore business including international trading, investments and asset holding. As the country was both French and British colony, its legislation is hybrid, i.e. combines civil law and common law. The principal corporate acts are MOBA Act 1992, the Companies Act 2001 and the IC Act 1994 as amended. Mauritius companies are incorporated in the form of GBCI (tax resident status) and GBCII (non-resident status with tax exemption).

Basic Information and Calculation of Expenses

For tax purposes offshore companies are GBC type II. They cannot trade within the country, and only GBCI can obtain a proper license for a certain spheres of business activity. The Corporate Secretary is optional, but the registered office is required by law and provided upon registration. Mauritius provides flexible corporate requirements for overseas companies: one director and one shareholder, minimum paid-up capital of 1 USD, any location for meetings, corporate directorship and shelf companies.

Incorporation package costs 500-1200 USD depending on a number of services rendered and documents included. Full package includes fees to the Registrar and FSC, all corporate documents and registered office for one year. The renewal fee is 900 USD.

Annual nominee services are 250 USD per one director and 350 USD per one shareholder. Virtual office with fax and mailing services is 450 USD annually. A bank account in Mauritius with online banking services is 400 USD.

Optional services include additional certificates (100-300 USD), courier services (USD 100), Power of Attorney (USD 150), corporate seal (100 USD), translation services (150 USD), etc.

Setup Procedure

The registration procedure takes 1-2 business days (notary certification takes 3-4 business days, and 3-5 days for delivery of documents).

Incorporation procedure consists of the following steps:

  • Selecting a corporate name for a new company. Ready-made companies are available upon request.
  • Considering corporate structure (number of directors and shareholders, nominee services), the share capital, class and types of shares.
  • Preparation of the documents: founding documents, Certificate on compliance of the Ordinance, consent form from directors and shareholders. All documents are certified by a local lawyer.
  • Payment of fees to the Registrar and FSC.
  • Filing application forms and supporting documents to the Financial Service Commission.
  • Notary certification and Apostille.
  • Delivery of the documents to the client by courier. Translation services if necessary.

Taxation in Mauritius

Mauritius offshore companies are exempted from any taxes on their worldwide income. Annual tax return is not submitted either. The Government entered into double tax treaties with a few countries, but only GBCI can take advantage of them.

Accounting Requirements

GBC category II are not required to appoint auditors and submit annual return or financial records to the FSC. Accounts are not publicly accessible. However, it is obligatory to prepare and keep accounts for reflecting a financial status of a company.

Advantages of Offshore Companies in Mauritius

  • No taxes of any kind for non-resident companies (GBCII).
  • Stable and reputable jurisdiction.
  • Cost efficiency.
  • Anonymous formation with nominee services.
  • No requirements in respect of minimum capital.
  • Simple registration procedure and maintenance.
  • Absence of audit requirements.