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Question 2
Question 2
Together to ensuring offer a high level of confidentiality, Global business companies are
called to operate in legal activies and which are not to the detriment public interests and
the country’s reputation. Among the activities which Global business companies can
operate in Mauritius are aircraft financing and Leasing, asset management, taxation,
consultancy services, financial services, fund management, IT,insurance, Logistics and
shipping among others.
There are two types of licences, notably GBC1 or GBC2, which the FSC provides to
open a global business company. Application for the said licence is done through a
management company approved by the Commission. Even the fact that the need to open
an global company is to conduct business outside Mauritius, offshore company under the
GBC1 category can be a branch of a foreign company or a locally incorporated one.I
englobes a foreign company who redomiciles and operates activities under the Mauritian
GBC1 Offshore regulation. It can as well business on the mauritian market to an extent of
10-15%. On the other hand, an offshore company falling under GBC2 category deals
with trade and investment falling outside Mauritius only under a well-established
offshore company and industry. In addition to the other laws, GBC2 is also ruled by the
Finance (Miscellaneous Provisions) Act 2012.
Important to note that both categories can express its share capital to any currency except
for mauritian rupee. However, for GBC1, there is no limit to capital requirements and
GBC2, there has a minimum capital requirement.
In terms of the trading aspects, GBC1 is called to conduct business in Mauritius, trade
with people who are residents of Mauritius and hold shares and interest in a company that
is resident in Mauritius whereas a GBC2 category company will transact and work for the
benefits of the non resident people only.
Moreover, in a more specific way, the advantages attached to GBC1 are the following:
1) The business owners are free from repatriation of income and profits.
2) The offshore company is not forced to pay stamp duty or transfer shares.
3) Mauritius offers high levels of data privacy and security.
4) Foreigners can open companies in the country without the help of a local nominee.
5) You need only one director and a single shareholder to start the offshore company.
6) Mauritius doesn’t demand for accounting or reporting requirements from offshore
companies.
7) If required, you can convert the offshore company to an onshore organization!
Finally, in terms of the operating side, as far as the two categories of Global Business
Companies are concerned, is to note that if no corporate directors is applicable for GBC1,
it is allowed for GBC2; if GBC2 is subject to standard licencing conditions, approval to
GBC1 will depend on the activity. If GBC1must have at least two directors, resident in
Mauritius, GBC2 must have at least one director non resident and corporate directors.
Besides, if GBC1 must be administered by a management company directly, GBC2 must
have a registered agent in Mauritius which must be a management company. However,
both categories must have a registered office in Mauritius and must hold an annual
meeting of shareholders.