- A GBC requires a minimum of one Director who must be a natural person. For treaty access, a minimum of two local Directors are required and board meetings must be held in Mauritius.
- Must at all times have a registered office in Mauritius where the accounting records and statutory documents including register of members, debenture holders, and officers must be kept.
- Must at all times have the management company to act as a qualified company secretary.
- A GBC need not make annual returns, but must file audited profit & loss account and balance sheet annually with the Financial Services Commission, within 6 months of the financial year-end. The accounts must be prepared in accordance with internationally accepted accounting standards.
- Tax returns must also be filed on a quarterly and annual basis with Income Tax Authorities
- Application Processing Fee to Financial Services Commission: US$ 500.
- Annual GBC License Fees to Financial Services Commission: US$ 1,950.
- Annual Fees to Registrar of Companies: approx: US$ 300.
Double Taxation Agreements
So far Mauritius has concluded 45 tax treaties and is party to a series of treaties under negotiation. The treaties currently in force are:
||Republic of Congo
||Eswatini (Previously known as “Swaziland”)
|People’s Republic of Bangladesh
||People’s Republic of China
||State of Qatar
|United Arab Emirates
- 6 treaties await ratification : Gabon, Comoros Islands, Kenya, Morocco, Nigeria and Russia
- 6 treaties await signature : Cote D’Ivoire, Estonia, Gibraltar, Malawi, The Gambia and The Republic of Angola
- 21 treaties being negotiated : Algeria, Burkina Faso, Canada, Czech Republic, Greece, Hong Kong, Lesotho, Montenegro, North Sudan, Portugal, Republic of Iran, Saudi Arabia, Senegal, Spain, St. Kitts & Nevis, Tanzania, Vietnam, Yemen, Zambia, Mali and Republic of Turkey
⃰ Following the termination of the tax treaty between Mauritius and Senegal, the treaty will be applicable for the last time, in the case of Mauritius, for the fiscal year ended 30 June 2020 and, in the case of Senegal, for the calendar year ended 31 December 2020.
⃰ ⃰ Following the termination of the tax treaty between Mauritius and, the treaty will be applicable for the last time, in the case of Mauritius, for the fiscal year ended 30 June 2021 and, in the case of Zambia, for the calendar year ended 31 December 2020
The network provides for interesting tax planning opportunities thereby enhancing the image of the jurisdiction as a tax planning centre. The attractive concessions provided by those treaties include:
- Elimination of double taxation through tax credit equivalent to Mauritian tax.
- Reduction in withholding taxes on dividends, interest and royalties.
- Exemption from capital gains.
- Possible exemption on interest payments on loans.