- Global Business in Mauritius
Global Business (GB) is a regime available in Mauritius for resident corporations proposing to conduct business outside Mauritius. GB is regulated by the Financial Services Commission (FSC) under S71 (1) of the Financial Services Act 2007 (FSA). There are 2 categories of Global Business Licences:
1) Category 1 Global Business (GBC1) Licence; and
2) Category 2 Global Business (GBC2) Licence
- Eligibility for a Global Business Licence (GBL)
To operate in the GB sector, the following requirements need to be fulfilled:
a. As per S71 (1) FSA, applicants for a GBL need to be a “resident corporation”:
i. For GBC1 companies, under S71(7) of the FSA, “resident corporation” means a company incorporated or registered under the Companies Act, a société or partnership registered in Mauritius, a trust, or any other body of persons governed by the laws of Mauritius.
The Mauritian laws also allow other types of body of persons to be established; namely foundations under the Foundation Act and limited partnerships under the Limited Partnership Act.
ii. For GBC2 companies, under S71 (3) of the FSA, a “resident corporation” shall be a private company.
b. Conduct of Business
A “resident corporation” conducting business outside of Mauritius may opt to operate under the GB regime.
A company applying for a GB Licence must pass the ultimate business purpose test which assesses whether the applicant will be conducting business outside Mauritius. In applying this test to an application for a GBL, the FSC assesses whether the ultimate purpose of the applicant’s proposed activity is an investment to be made or a service to be provided outside Mauritius.
c. Management and Control
Pursuant to S71 (4) (b) of the FSA, in determining whether the conduct of business is being managed and controlled from Mauritius, the FSC may, as it may deem relevant in the circumstances, and take into consideration whether the corporation:
(i) shall have or has at least 2 directors, resident in Mauritius, of sufficient calibre to exercise independence of mind and judgement;
(ii) shall maintain or maintains at all times its principal bank account in Mauritius;
(iii) shall keep and maintain or keeps and maintains, at all times, its accounting records at its registered office in Mauritius;
(iv) shall prepare, or proposes to prepare or prepares its statutory financial statements and causes or proposes to have such financial statements to be audited in Mauritius; and
(v) shall provide or provides for meetings of directors to include as least 2 directors from Mauritius.
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