In order to create more economic substance, the Financial Services Commission has been enhancing its look-through approach in licensing. Restrictions applied to Category 2 Global Business Company may be waived, if the latter can demonstrate the following:
- the holders/ applicants for a Category 2 Global Business Licence is within a group structure resident in Mauritius;
- a tangible business purpose beyond tax-motivated structures; and
- strong economic effects of the proposal – whether the proposal will generate revenue in Mauritius, is likely to create employment in Mauritius or may impact on the development of the country.
It is strongly believed that the Mauritius IFC as a viable and sound jurisdiction will only stand a chance if the development of Mauritius, as an economy is sustained.
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