Section 74(3) of the Financial Services Act 2007 provides that the Commission may consider any such matters when determining whether a Category 1 Global Business Company (GBC 1) is ‘managed and controlled’ in Mauritius.
Further to government policy of encouraging substance in Mauritius by Global Business companies, as announced in the last budget, discussions were conducted with relevant stakeholders and amendments were brought to Section 3 of Chapter 4 of the Guide to Global Business.
The amendments in the Guide to Global Business require GBC 1s to have presence which can be reasonably expected from a corporation managed and controlled in Mauritius. In addition to existing requirements, other conditions which will be considered by the Commission include amongst others: having office premises, holding assets, employing staff and using the services of local providers.
The GBC 1s have to comply with these new requirements by 1 January 2015.
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