The much-awaited enhanced substance requirements for Mauritius’ Global Business Corporations were announced in October, by way of two Circular letters issued by the Mauritius Financial Services Commission:

Details of these circulars can be read in Maitland’s bulletin>

Background

These Circulars give effect to reforms to the global business sector announced in the 2018/19 Budget, and brought into force by the Finance (Miscellaneous Provisions) Act 2018. The reforms aim to further enhance Mauritius’ reputation as a jurisdiction of substance. As part of the reform, the Global Business Corporation (GBC) replaces the Category 1 Global Business Company and s. 71 of the Financial Services Act 2007 has been amended, including insertion of sub-s. 71(3)(a) requiring a holder of a Global Business Licence to at all times carry out its core income generating activities in, or from, Mauritius by:

  • Employing, either directly or indirectly, a reasonable number of suitably qualified persons to carry out the core activities
  • Having a minimum level of expenditure, which is proportionate to its level of activities

Where to now?

An application to apply for a Global Business Licence needs to be facilitated via a suitably authorised Management Company. Furthermore the GBC should be administered by a Management Company. Maitland (Mauritius) is a licensed Management Company for these purposes.

Various grandfathering periods apply to existing GBC1s and Maitland will be contacting impacted clients to ensure that appropriate action is taken prior to the expiry of the respective periods.

Maitland (Mauritius) Limited is licensed by the Financial Services Commission, Mauritius.

Graham Patrick

Senior Client Service Manager
Tel: +230 210 9334
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Maitland is licensed as required for the services it offers. For further information on the licence permissions applicable to your jurisdiction please visit our website at maitlandgroup.com. The content and opinions herein are for information purposes only. They are not intended to constitute legal, financial or other professional advice, and should not be relied upon as such or treated as a substitute for specific advice relevant to particular circumstances. Neither Maitland as a group nor any of its member firms or affiliated entities accepts any responsibility for any errors, omissions or misleading statements in this publication, or for any loss which might arise from reliance on the material. No mention of any organisation, company or individual, whether on these pages or not, shall imply any approval or warranty as to the standing and capability of any such organisations, companies or individuals on the part of Maitland. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. Please note that, whilst all reasonable care has been taken to ensure the correctness of this publication, the information may not be applicable for all jurisdictions. Read our Data Protection Policies.

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