As defined under the Financial Services Act of Mauritius, a Global Business Company Holding a Category One License commonly referred to as a GBC1 or GBL1, is a company engaged in qualified global business and which is carried out from within Mauritius with persons all of whom are resident outside of Mauritius and where business is conducted in a currency other than the Mauritian rupee.
GBC1 is a company resident in Mauritius for tax purposes and can benefit from various non double taxation treaties which Mauritius has entered into with several countries. In order to obtain treaty benefits, the company must establish its tax residency in Mauritius and must demonstrate that central management and control of the company is located in Mauritius.
GBC1 is generally prohibited from dealing with local residents except with the special approval of the Financial Services Commission (“FSC”).
The following global business activities can be carried out by a GBC1