Mauritius is known as one of the best African countries for banking and business opportunities, having been ranked first in the World Bank’s Doing Business report for the ease of doing business in Africa for three consecutive years. The reason lies in the exponential growth of the economy, the lack of foreign exchange control and the facilities that are provided when establishing an offshore company there to do business outside of Mauritius.
Several large and small companies establish offshore companies in Mauritius to invest or hold assets in different projects around the world and use their offshore bank account established in Mauritius to transfer their funds across the globe without any foreign exchange control restrictions.
The country has formed a coalition system based on resident and foreign companies established there. Those jobs are called GBC1 or Global Business Category 1 companies. Non-resident companies are called GBC2 or Global Business Category 2 companies. Mauritius GBC2 companies mainly focus on holding investments and owning different real estate assets, non-financial trade, international transactions and other similar activities.
Mauritius GBC2 companies can also have various benefits and incentives while working. These benefits and incentives include:
- Tax advantages including no stamp duty on stock transfers, low government license fee, and no tax on income from foreign countries
- Shareholder benefits include a minimum number of shareholders, no local shareholder required, shareholders can meet anywhere depending on the business situation, shareholder registers are not publicly accessible.
- Share capital benefits including standard paid-in capital of US$1, US dollars, British pounds and Euros as standard currency, authorized shares excluding bearer shares, issue of shares without any limitation.
- The benefits of directors include a minimum number of directors, no need for a local director, the register of directors cannot be accessed by the public, and directors can meet anywhere depending on the nature and sensitivity of the business.
The fees to set up a GBC2 in Mauritius plus your first year annual registered agent and registered office address must be between US$1000 and US$2000. Fees are paid in advance to the Offshore Management Company in Mauritius for processing your request, act as your registered agent and provide your registered address to your GBC2.
It is not necessary for any person or employee to be physically present to set up a GBC2 as it is mandatory to appoint an offshore management company to register any type of offshore company in Mauritius.