Business setup Mauritius – Steps and process
A domestic company or business will be set up for numerous activities as well as mercantilism, Investment Holding, Consulting Services amongst and others. The activities will be conducted with residents of Mauritius moreover like non-residents of Mauritius.
Registration of business it’s one day – Business Setup Mauritius
An Application for Business Registration will be submitted at the workplace of Registrar of companies or will be done on-line.
Information to be provided:
- Name of the company/commercial partnership
- Company file variety/Commercial partnership files number
- The Business name (if any)
- The general nature of business and its location
- Date or planned date of commencement of business
- Address of the principal place of business
- Postal address
- Workforce of the soul
- Telephone variety, fax variety and email address
Registration fee due is in line with the hands as follows (not applicable to firms and industrial Partnerships) – Business Setup Mauritius:
- Not quite ten persons: Rs. 100
- Between eleven and fifty persons: Rs. 200
- Between fifty one and a hundred persons: Rs. 400
- Above a hundred persons: Rs. 1,000
Business Setup Mauritius – Details of all information
Company varieties – GBC1
In fixing associate offshore company in Mauritius our most popular route would be the GBC1 structure.
GBC1 firms, that were antecedently called “Offshore Companies”, area unit fashioned below the businesses Act 2001 and currently regulated by the businesses Act 2001 and money Services Development Act 2001.
The substantial advantage offered by fixing associate offshore company in Mauritius (GBC1) is that it should be structured to be tax resident in Mauritius. This successively means that it should thereby access the taxation treaties signed by Mauritius with Belgique, Botswana, China, Cyprus, France, Germany, India, Indonesia, Italy, Kuwait, Lesotho, Luxembourg, Madagascar, Malaysia, Mozambique, Namibia, Nepal, Oman, Pakistan, Russia, Singapore, Republic of South Africa, Sri Lanka, Swaziland, Sweden, Thailand, U.K. and African nation.
This makes it extraordinarily engaging to speculate in one in every of these countries through a Mauritius GBC1 Company as taxation treaties give that profits will then be withdrawn from that country either while not the imposition of income tax or subject to a considerably reduced rate of income tax.
The benefits accruing to fixing associate offshore company in Mauritius (GBC1) once used for investment in Republic of India is also summarised as follows:
- Dividends – though the dividend income tax has been replaced by the dividend distribution tax, it’s acknowledge that Indian authorities will simply re-introduce this tax within the future. In such a case, the dividend income tax are going to be reduced to fifteen below the Mauritius/India written agreement only if the Mauritius Company holds a minimum of five-hitter of the equity within the Republic of India subsidiary.
- Royalties – the standard rate of income tax is half-hour (this will be reduced to twenty below bound conditions). If royalty payments area unit created to Mauritius then the income tax is reduced to fifteen.
- Interest – the standard rate of income tax on interest payments created to a non-resident is 2 hundredth however below the Mauritius written agreement the speed is reduced to third if the loan is created to a Mauritian resident bank or a government body.
- Capital Gains – long run capital gains, i.e. gains created on sale of assets command for quite twelve months, would ordinarily be taxed at 2 hundredth however below the Mauritius/India written agreement those gains area unit exempt from tax in Republic of India. Similarly, short term capital gains created by a Mauritius company in India are going to be exempted from tax in India. The conventional rate would be around four-hundredth.
Setting up associate offshore company in Mauritius (GBC1) provides a structure to require advantage of the taxation treaties signed by Mauritius however it should have the characteristics mentioned below.
With regards to taxation, a GBC1 company is subject to fifteen tax on profit however the corporate is entitled to a deemed foreign reduction of eightieth of the tax payable: i.e. internet effective rate once deduction of the deemed foreign reduction is third. Capital Gains area unit exempted from tax in Mauritius.
Shareholders – Business Setup Mauritius
The company will be entirely owned by one investor. Bearer shares aren’t allowed. Details of the shareholders should be rumored to the businesses written record and to the money Services Commission. Solely shareholders have a right of examination. Please note that references, details on the record and copies of passports of the useful house owners should be to the money Services Commission. Wherever the useful house owner’s area unit body corporates, latest audited accounts and company profile should be submitted to the money Services Commission.
Directors – Business Setup Mauritius
A company shall have a minimum of one director World Health Organization shall be unremarkably resident in Mauritius. Company administrators aren’t permissible. A director is needed to offer his consent to act as director by filing type seven with the Registrar of firms. Shareholders have the proper of examination. The Registrar shall be notified among twenty eight days of any modification in administrators. It’s necessary to notice that if the corporate desires to access the taxation treaties then two Mauritius resident administrators, World Health Organization area unit approved by the money Services Commission, should be appointed.
Audit – Business Setup Mauritius
A GBC1 Company should file audited accounts among VI months of the shut of its twelvemonth. Non-compliance might lead to revocation of the world business license. A GBC1 might prepare its money statements in accordance with the International Accounting Standards or with the other internationally accepted accounting standards. the primary audited accounts for the corporate can have to be compelled to be ready for any amount of 6-15 months from the date of incorporation and in respect of each ulterior twelvemonth for a amount not Olympian twelve months.
Registration – Business Setup Mauritius
Subject to call approval a GBC1 company will be incorporated among ten operating days. Prepared created firms aren’t out there due to the requirement to report the main points of the useful house owners to the money Services Commission.
Name usage – Business Setup Mauritius
With regards to restrictions on name and activity, the subsequent words cannot be utilized in English or the other language: Authority, Bank, Chamber of Commerce, Chartered, Cooperative, Fund, Government, Insurance, Investment or Management Services, Mauritius, Municipal, National, Regional, Presidential, Republic or State. Names ought to finish with restricted or Corporation.
Taxation – Business Setup Mauritius
If the Mauritius GBC1 Company desires to qualify for advantages below a taxation written agreement signed between Mauritius and another state, then effective management and management should be exercised from Mauritius and therefore the Company should, inter alia, have a Mauritius based mostly auditor, 2 Mauritius resident administrators and a checking account in Mauritius. The Mauritius resident administrators should be approved by the money Services Commission. We tend to area unit happy to produce approved Mauritius resident administrators.
Bank account – Business Setup Mauritius
We would suggest that accounts be opened with the main international banks like urban center and Shanghai Banking Corporation or Barclays Bank Plc.
Registered workplace – Business Setup Mauritius
As a part of the housing services package we offer a registered workplace address within the jurisdiction of the incorporation of your company so as to fulfill the native statutory demand. However, (unless the corporate is totally dormant) banks, accountants and different service suppliers may have to write down to the corporate and so should be given a correspondence address.
Tax residency – Business Setup Mauritius
Finally once fixing associate offshore company in Mauritius (GBC1) the corporate should acquire a Certificate from the Mauritius Tax Authorities stating that the relevant needs are complied with for the corporate to be thought of a Mauritius tax resident company and so that the corporate might fall among the terms of the tax written agreement – the Tax Residency Certificate (“TRC”).
Getting any facilitate – Business Setup Mauritius
This info has been provided to Integrate Immigration from CAP chartered Accountants World Health Organization area unit able to provide recommendation on variety of problems relating the fixing of associate offshore company in Mauritius and therefore the ulterior running thence.
See here all process for Company registration in Mauritius – Click here