Offshore Company And Bank Account In Mauritius

Offshore company and bank account in Mauritius: Go through the basic types, features, characteristics and choose the best one for you

What is Mauritius?

Offshore company and bank account in Mauritius: The island of Mauritius has a total land service area of around 784 square miles. The road and public infrastructure is well developed with 1,926 km of highways of which around 1868 km is paved.

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These highways are also equipped with around 44 km of expressways and provide the fluidity of traffic circulation. Only around 58 km of roads in Mauritius have been left unpaved.

The island of Mauritius was known to Arab and Malay sailors as early as the 10th century. Mauritius was first explored by the Portuguese in 1505.

Mauritius formally broke ties with the British Crown in March 1992, becoming a republic within the Commonwealth.

Since then the Mauritius world has progressed in leaps and bounds. Mauritius has attracted considerable foreign trade finance investment and now has one of Africa’s highest per capital business incomes.

For attracting prospective investors Mauritius offers a range of very attractive investment incentives. The focus is on improving the financial reporting sector and the various services provided by it, to make offshore company and bank account in Mauritius a suitable option for investors all over the banking world.

A local company incorporation in Mauritius is known as GBL 1 which is an abbreviation for ‘Global Business License Company Category 1’.

The companies incorporated in Mauritius are entities increasingly opted for by non resident Indians (or NRIs) for tax friendly investment havens into India because of the double tax treaty between the two international countries.

Mauritius is a safe country for offshore investment because of its vibrant democracy and political and economic stability.

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Offshore company and bank account in Mauritius: Are these difficult to establish?

Offshore company and bank account in Mauritius is usually more difficult in terms of legal management requirements because the Government of Mauritius gives special attention to the registration process of company incorporation in Mauritius.

The process of Mauritius company formation usually takes more time than the formation of companies in other offshore jurisdictions, but going through an offshore company and bank account in Mauritius and setting up a corporation is well worth the time and effort required due to the various advantages offered by the Mauritius legislation.

The legislation governing companies in Mauritius can be easily recognized as having been descended from English law. Many Mauritian lawyers and attorneys have been trained in the UK.

Offshore company and bank account in Mauritius and handling of other company affairs is regulated under the Companies Act 2001.

Formation of a company here is expensive and time consuming because of the extensive documents required to incorporate.

However, the actual registration process for an offshore company and bank account in Mauritius is quick, provided the Know Your Client documents are in order.

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Offshore company and bank account in Mauritius: Basic types

1. A simple taxation saving offshore company

This is a General Business License 2 [GBL2] company.

The basic characteristics are:

• It is the cheapest option for an offshore company and bank account in Mauritius.

• There are no taxes and fees on your accounts.

• Information is not made public and neither are audited accounts required.

• Corporate and nominee directors are allowed.

• Stricter Know Your Client laws make this a lesser used option for pure offshore companies which do not need the double tax treaty advantages and requirements.

2. General Business License 1 [GBL 1] company is a resident, 3% tax company, for investing in 28 countries where it has Double Tax Avoidance Treaties. Prominent among them are India, China, Sri Lanka, Pakistan and South Africa.

The main features are:

• No withholding or dividend taxes protection.
• Easy investment into India, China and 26 other countries.
• Strict and detailed Know Your Client requirements as above.

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3. Protected Cell Company for multiple investments and options with different investors via one company but different ‘investment cells’. Insurance companies with different risk profiles, products, customer types and funds opt for this structure since it is expensive to administer.

The main features are:

• Its a single legal entity, but it can have separate ‘cells’ each with their own assets, liabilities, investors and director.

• Each ‘cell’ issues its own dividends, financial statements and has its own investment directors.

• Each cell can be liquidated when it outlives its financial usefulness e.g. funds raised for a separate finite life project.

• Funds use this structure for different classes of investors or for different classes of investments and funds.

• Since all the administrative costs for each cell are the same as those for a company, only large financial systems use this authorized structure.

4. Trusts of many types which protect inheritances and identities whichever you are looking for.

Trusts are legal entities where you give your assets and or income to them for free. The trustees then are responsible for the administering of these assets under your privacy guidelines as may have been set forth by you at the formation of the limited trust.

The basic characteristics are:

• Highly confidential and private.
• Combined with a GBL company it can conduct business.
• You can set rules of how to distribute authorized personal income or wealth during your lifetime or after you pass away.
• You can be, or appoint a person who supervises the Trustees.
• You can chose which laws govern the Trust money.

The costs are about the same as for a Resident Mauritius {GBL 1] company but the Trust is very versatile and legal process.

So which type of global offshore company and financial bank account in Mauritius is good for you?

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