A Global Business Guide aimed at facilitating and improving the licensing process for global business application was launched yesterday by the Financial Services Commission (FSC) at its seat in Ebène.
Present on the occasion, the Vice-Prime Minister and Minister of Finance and Economic Development, Mr Xavier-Luc Duval, reiterated Government's full commitment to the financial services industry. According to him, the financial services has become one of the country's success stories which has resulted in the creation of some 2 200 jobs and with nearly 28 000 global business companies operating in this sector with a yearly turnover of around Rs 5 billion. Mr Duval said that the Government is working closely with the FSC and the Board of Investment to increase Mauritius' visibility on the international financial market by maintaining the country's clean financial reputation.
As regards the economy, Vice-Prime Minister Duval cautioned that the Mauritian economy will be affected with the gloomier outlook of the world economy in the wake of the financial crisis especially in Europe where a lower growth rate than forecasted that is, 0.3% instead of 1.8%, has been registered. In view of this situation, Mauritius is revising its growth rate forecasts, he said.
For her part the Chief Executive of the FSC, Ms Clairette Ah-hen, recalled that the global economic crisis has intensified the debate about the role of International Finance Centres. The challenge for the financial service in Mauritius, she said, is to ensure that its regulatory standards are at par with the international standards and that its reputation is not infringed by identification with financial crime. The Global Business guide will serve as a working tool which will be updated as and when new processes are introduced, she added.
The Global Business Guide provides guidance to investors and service providers with a proper understanding of the requirements for applying for a global business license as well as to remove bottlenecks in the application processes. It also aims at contributing to enhance the competitiveness of Mauritius as an international financial centre of substance.
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