Financial Services Sector
The offshore; now known as the global business sector in Mauritius commenced operations in 1992 and currently is home to more than 16,000 companies and trusts and collective investment schemes with more than 20 banks (more than 10 international) offering services to both the local and offshore sectors. The Financial Services Commission, established in 2001, is responsible for licensing and regulation of non-banking financial services including insurance, the Mauritius stock exchange and the newly formed GBOT (Global Board of Trade), the first international multi-asset class exchange from Mauritius.
As a strategic global business financial services centre, Mauritius offers:
- Bilingual population of both English and French
- Legal system based on English and French law
- The Privy Council Judicial Committee in the UK as the final court of appeal
- International-standard Stock Exchange
- International multi-asset class exchange
- International banking with no exchange control
- Excellent telecommunications digital network with connection to SAFE cable
- Privacy regulated and governed by the Financial Services Act of '07
- Mauritius is a member of SADC, COMESA and IOR-AR, signatory of the LOME convention and AGOA, an active promoter and adhere various IPPA's and an active co-operator with OECD, FATF and the UN.
Taxation in the global business of Mauritius offers the following benefits:
- Double Taxation Treaties with more than 33 countries
- Attractive taxes within the offshore sector where the effective rate of 3%or lower is applied using the mechanism of presumed foreign tax credit of 80% on foreign source income
- Exemption with respect to withholding tax on dividends paid out of income from approved global business activities
- Exemption on withholding tax on interest payable on dividends & royalties on payments from Mauritius
- Exemption with respect to Capital Gains & Inheritance Tax and Estate Duties
And taxes in the domestic market:
Unified taxes on the domestic market at 15% for both corporates & local resident individuals
Tax holidays for domestic companies licenced under some specific schemes such as the Freeport Development Act, etc.
The Global Business segment of the Mauritius IFC provides convenience, fiscal efficiency and risk mitigation for companies engaged in international operations. Domiciled in Mauritius, the Global Business companied have been instrumental in driving investments and growth across continents.