Through the passing of the 2001 Companies Act, Mauritius has established itself as a modern Offshore Financial Centre, via the introduction of a new form of Offshore Company specifically targeting non tax resident companies ; Global Business Category 2 (GBC2).
A GBC2 is a private company which proceeds with business transactions seldom with natural persons and/or legal entities which are resident/domiciled outside the Mauritius jurisdiction and in all currencies other than Mauritian rupee. A GBC2, due to its flexible nature, is ideal for the holding and managing of private assets, trading and investment. As GBC2 is, for tax purposes, not resident in the jurisdiction of Mauritius the GBC2 does not have access to the Mauritius’ tax treaty network.
The incorporation process of a GBC2 takes 1 to 2 days. The tax on offshore profits and exchange controls are non-existent. GFA TRUST is an expert in setting offshore companies around the world.
The jurisdiction’s Local Requirements are limited to the existence of a Registered Office/Registered Agent which/who is to be located in Mauritius with no obligation attached as to the presence of a local Company Secretary, Director or with the legal obligation that the meetings of the company take place in Mauritius, as the location of the Board Meetings, can be placed anywhere in the world as also the company’s administration. The minimum number of Directors and Shareholders is 1.
Public filings are obligatory in connection to all interested parties i.e. Director(s), Shareholder(s) and Ultimate Beneficial Owner(s) with the provided information not being made available to the public. Furthermore there are no Annual Filing Requirements attached i.e. there exists no obligation for the submission of the company’s Annual Return or Audited Accounts.
Whereas the issuance of bearer shares and the acquiring of shelf companies is non-acceptable, company re-domiciliation is permitted, as also, the appointment of Corporate Directors.
In contrast to a GBC 2 Company, a GBC 1 is tax resident in Mauritius hence having full access to the wide spectrum of Double Taxation Treaties of which Mauritius is a party to, consequently, benefiting from the low tax rates and tax credits on business and investments in affiliated jurisdictions.
A GBC1 may be locally incorporated or may be registered as a branch of a foreign company. The incorporation process of a GBC1 takes 5 to 7 days and the Public Filing Requirements demand that the names of the Director(s) and the Ultimate Beneficial Owner(s) are disclosed to the Registration Authorities with the information not being made available to the public for inspection. In connection to the Annual Filing Requirements attached Annual accounts must be filed, but a GBC1 company is exempted from the need to file an annual return.