Global Business

The reputation of Mauritius as an International Financial Centre rests on the quality of its services and its
pool of highly qualified professionals. The Financial Services Act (FSA) adopted in 2007, simplifies the
regulatory regime and consolidates the legislative framework of the global business sector.

In monitoring the conduct of business activities of its licensees, the FSC focuses inter alia on market
conduct, Anti-Money Laundering and Combating the Financing of Terrorism requirements, corporate
governance principles and international norms and standards.

A company applying for a Global Business Licence should pass the test of conducting business outside
Mauritius. An applicant for a Global Business Licence is required to submit the appropriate application to
the FSC, channeled through a Management Company of its choice. Guidance to investors and service
providers to the requirements before applying for a Global Business Licence is provided in the Guide to
Global Business. Management Companies (MCs) are service providers which act as intermediaries
between their clients and the FSC. MCs are licensed by the FSC under Section 77 of the FSA to set up,
manage and provide nominee and other services to a corporation (which carries on or intends to carry
on any global business and such class of corporation as may be prescribed) or act as corporate trustee or
qualified trustee under the Trusts Act 2001. MCs perform all necessary compliance check including
Customer Due Diligence (CDD) duties and they are also under the obligation to collect and verify all
necessary information about their clients and keeping this information for any request by the FSC.

Most of the MCs operating in Mauritius are part of the network of reputable international consultancy
firms thereby providing high standard professional services to sophisticated clients.

Management Company Licence

Management Companies act as intermediaries between clients and the FSC and operate under the FSC
Guidance Notes for Management Companies. While performing their Customer Due Diligence (CDD)
duties, they are under the obligation of collecting and verifying all necessary information about their
clients and retaining the information to be submitted to the FSC as and when requested.

Obligations of Management Companies

Management Companies must:

ensure that their business is at all times in conformity with the stipulated conditions, norms of
honourable conduct and with the laws of Mauritius; take all reasonable measures and exercise due
diligence to ensure that their clients are sound and reputable; keep books and records in connection
with their business of company management that reflect accurately their affairs and business; keep
separate set of accounts for each company they manage; keep separate funds, assets and property of
each of the companies they manage; and keep in one bank account, separate from their own bank
account, all moneys held on behalf of their clients.

Services provided by Management Companies are inter alia:

Company and trust formation and administration; Trusteeship services; Provision of directors, secretary
and nominee shareholders; Registered Agents for Category 2 Global Business Licensees; Registered
Office for Category 1 and Category 2 Global Business Licensees; Preparation of incorporation and
application documents for Global Business Licence; Ensuring post-statutory compliance with company
and tax laws (filing of changes on Directors, Shareholders);Maintenance of books and accounting
records; and Fund administration services such as Net Asset Value calculation, preparation of quarterly
reports.