You can establish a company of one of the following two types in Mauritius. First, it can be an International Company (IC) that is similar to an IBC (International Business Company) registered in another offshore jurisdiction such as the British Virgin Islands, for example. An IC is a non-resident company for tax purposes. Second, you can register an Offshore Company (OC). An OC is a resident company for tax purposes and it can make use of the treaties on double taxation avoidance signed by Mauritius on the condition that its head office is located in Mauritius.
Company charter capital
There are no set requirements to the company charter capital but usually 100,000 USD is registered. An IC can issue one share without par value or one share with par value. An OC has to issue at least two shores with par value.
Company shares
The following types of company shares are permitted for an IC: registered shares, bearer shares, no par value, redeemable preference shares and voting and non-voting shares. An OC can issue registered shares, redeemable preference shares and voting and non-voting shares.
Permitted types of business activities
Any type of business activities not prohibited by law is allowed in Mauritius. Only an OC can provide banking and insurance services as well as borrow money from the residents on the condition that it acquires a license from the Government of Mauritius.
Prohibited types of business activities
An IC cannot provide financial, banking or insurance services. An IC cannot trade within Mauritius. The Ministry of Finance may allow an OC to carry out certain types of business activities in Mauritius.
Corporate taxes in Mauritius
An IC does not have to pay any taxes in Mauritius on its global income. An OC is taxed at a progressive rate from 0% to 35%.
Annual state duties
An IC with the registered capital beyond 100,000 USD has to pay 100 USD per year as a license fee. If the company capital exceeds this amount, the fee is 300 USD per year. An IC without registered capital or with part of its capital in bearer shares has to pay 300 USD per year. An OC pays 1,500 USD.
Company registration in Mauritius
If you are registering an IC, you have to submit a Memorandum and Articles of association to the Registrar accompanied with a letter of consent from a registered agent (the agent has to express consent to act on your behalf). If you are registering an OC, you have to submit three copies of Memorandum and Articles of Association, a resolution on appointment of first company directors and a secretary. In addition, you have to demonstrate having a company office and a legal address in Mauritius. A registered agent also needs to be involved in the process. Offshore Pro Group’s team say that registering a company in Mauritius requires professional support.
Company founders
One person can found an IC in Mauritius. Minimum two people are required to found an OC in the country.
Requirements to the company name
The company name can be in any language that uses the Latin alphabet. Using the name of an existing company is not allowed. To use the words Bank, Assurance, Building Society, Chamber of Commerce, Co-operative, Chartered, Imperial, Government, Trust, Insurance, Municipal, Royal, State, their derivatives or any other words that suggest presidential or state patronage (in the opinion of the Registrar), a license is required. The company name has to end in a phrase or acronym signaling limited liability of the company owners. The phrase/ acronym can be in different languages: Название компании должно заканчиваться словом или соответствующей аббревиатурой, обозначающей ограниченную ответственность: Limited, Corporation, Incorporated, Public Limited Company, Proprietary, Berhad, Naamloze Vennootschap, Besloten Vennootschap, Aktiengesellschaft, Société Anonyme, Société Anonyme а Responsabilité Limitée, or Sociedad Anonima.
Company directors
An IC has to have at least one director who can be a natural person or a legal entity. An OC has to have at least two directors who have to be natural persons. Directors of Mauritius companies can be citizens and residents of any country. If an OC would like to make use of the double taxation avoidance agreements, it has to have resident company directors.
Company secretary
A natural or a legal person of any nationality/ domiciliation can act as an IC secretary. The person does not have to be a resident of Mauritius. As far as an OC is concerned, it has to have a resident company secretary.
Company address
Any company registered in Mauritius has to have a registered legal address.
Company registration timeframe
2 weeks in a normal case.
Submission of accounting reports
Not required.
Yearly reports and audits
An IC has to keep the records but it does not have to file annual reports to the authorities of Mauritius. An OC has to file reports and undergo audits.
Documents to be kept in the company office
Registers of company shareholders, directors, and secretaries.
Information about the company available to third parties on request
Names of the company shareholders, directors, and secretaries; Memorandum and Articles of Association; information about the registered agent and registered legal address.
Treaties on double taxation avoidance
Mauritius has made a large number of agreements on avoiding double taxation. In particular, such agreements are signed with Botswana, China, Germany, France, India, Indonesia, Italy, Kuwait, Luxembourg, Madagascar, Malaysia, Namibia, Oman, Pakistan, Singapore, South Africa, Sri Lanka, Swaziland, Sweden, the United Kingdom, and Zimbabwe.
Use of apostille in Mauritius
Mauritius has ratified the Hague convention of 1961 and documents can be apostilled in the country.
Corporate legislation in Mauritius
Business operations are regulated by the Companies Act of 1984 (amended in 2001 to better differentiate between offshore companies and ‘companies with a regular status); the Mauritius Offshore Business Activities Act (MOBAA) of 1992; and International Companies Act of 1994.
A bank account in Mauritius
You can also consider opening a bank account in Mauritius. The banks in the jurisdiction offer the following main advantages:
- Companies registered in offshore or low-tax jurisdictions are welcome to apply for banking services in Mauritius;
- Local banks offer a full range of financial services;
- A high level of banking services at relatively low costs;
- Mauritius is a nice platform for business operations in Africa;
- Personal and corporate bank accounts can be opened remotely.
Cooperating with banks in the Republic of Mauritius would be reasonable for a businessperson and investor. Banks in Europe are overly regulated and together with security guarantees, bank clients find a large number of various requirements that they have to meet. Due to this fact, the bank account maintenance costs have increased significantly in Europe over the last few years.
Even though Mauritius is a remote country, its economic reforms have been highly successful. The economy of Mauritius is stable, the level of corruption is low, and the people’s welfare is constantly improving.
