Business Partners (Mauritius) Limited

Offshore

Category 1 Global Business Company (GBC 1)

A GBC 1 can elect to be qualified as a tax “resident” in Mauritius and thus benefit form the Double Taxation Agreement Network where Mauritius is a member. This offers significant opportunities for international tax planning.

Key Features

	No minimum capital requirement
	Can avail of relief under DTAs in force in Mauritius
	Allow to employ expatriate staff
	May be private or public company
	Company may be limited by shares or unlimited or limited life company
	Shares may be subscribed by nominees but beneficial owners must be disclosed
	At least one shareholder and one resident director (can be a nominee)
	Requirement for local registered office
	Shares can be issued with or without a par value
	Obligation to file annual audited accounts to the authority
	Requirements for local resident secretary
	Corporate directors are not allowed
	Only registered shared are allowed

Fiscal Incentives

	Reduced Corporate tax (3% after allowing for tax credits)
	Foreign tax credit available
	No withholding taxes on dividends, interests and royalties
	No capital gains tax, estate duty or inheritance tax payable
	Exemption from exchange controls
	Customs duty, excise duty and VAT remissions on office equipment & furniture
	A concessionary personal income tax rate for expatriate staff
	Exemption on import duties on cars and household equipment for 2 expatriate staff
	Access to major foreign currency accounts

Tax Residency
In order to benefit from the Double Taxation Relief, the GBC 1 is required to be tax resident in Mauritius, i.e, its central management and control must be exercised in Mauritius. The applicant company is required to:

	Have at least two Mauritian resident board directors (can be nominees)
	Appoint a resident secretary and a local auditor
	Maintain an account with the Mauritian Offshore banking Unit
	Maintain its registered office and all statutory records in Mauritius
	Chair all its board meetings from within Mauritius

Incorporation Procedures
The following information/documentation is required to complete the application for GBC1:

	The name of the proposed company (3 names in order of preference)
	The stated capital and par value of shares (if applicable)
	The names and addresses of the directors (we can provide two resident directors where required)
	Proof of residential address of each director and shareholder (eg. a most recent utility bill not more than 6 months old)
	The names and addresses of the shareholders/beneficial owners
	The shareholding structure of the proposed company
	A track record on each shareholder (Well detailed Curriculum Vitae)
	An original bank reference letter on each shareholder/beneficial owners
	For corporate shareholder/beneficial owner, a copy of its latest audited accounts, and if available, any promotional material/ brochures produced by the company
	A business plan to describe the proposed activities, investments to be made, initial amount and sources of funds to be invested and where possible, the expected performance of the proposed offshore company
	Authenticated copies of the passports of each shareholder/beneficial owner and director
Once all the necessary information is available, it normally takes approximately 2 to 3 weeks to establish a GBC 1. Applications are dealt with by the FSC on a first come first serve basis.
Request for our incorporation questionnaire for a GBC 1 here