Mauritius – Amendments to Category 1 Global Business Companies

In September 2013, the Financial Services Commission (FSC) of Mauritius amended Section 3 of Chapter 4 of the Guide to Global Business. The amendments to the Guide require Category 1 Global Business Companies (“GBC1s”) to comply with the new requirements by 1 January 2015.

Currently, the FSC takes into consideration the following in determining whether the conduct of business will be or is being managed and controlled from Mauritius:

• shall have or has at least 2 directors, resident in Mauritius, who are appropriately qualified and are of sufficient calibre to exercise independence of mind and judgement
• shall maintain or is maintaining at all times its principal bank account in Mauritius;
• shall keep and maintain or is keeping and maintaining, at all times, its accounting records at its registered office in Mauritius;
• shall prepare, or proposes to prepare its statutory financial statements and causes or proposes to have such financial statements to be audited in Mauritius;
• shall provide or provides for meetings’ of directors to include at least 2 directors from Mauritius; and
• which is authorised/licensed as a collective investment scheme, closed end fund or external pension scheme, is administered from Mauritius.

In addition to the above requirements, the FSC shall also consider whether a corporation meets at least one (1) of the following criteria, to satisfy that it is controlled and managed in Mauritius:

1. the corporation has or shall have office premises in Mauritius; or
2. the corporation employs or shall employ on a full time, basis at administrative/technical level, at least one person who shall be resident in Mauritius; or
3. the corporation’s constitution contains a clause whereby all disputes arising out of the constitution shall be resolved by way of arbitration in Mauritius; or
4. the corporation holds or is expected to hold within the next 12 months, assets (excluding cash held in bank account or shares/interests in another corporation holding a Global Business Licence) which are worth at least USD 100,000 in Mauritius; or
5. the corporation’s shares are listed on a securities exchange licensed by the FSC; or
6. it has or is expected to have a yearly expenditure in Mauritius which can be reasonably expected from any similar corporation which is controlled and managed from Mauritius.