Mauritius
Mauritius is an Independent Indian Ocean island located between mainland Africa and Asia giving it a significant advantage for investments into Africa and India. It benefits from a wide network of double-taxation and free trade agreements, which include membership of regional economic blocs. It is internationally recognised as a jurisdiction of substance and offers a panoply of competitive financial products and services, including private banking, global business, insurance and reinsurance, limited companies, protected cell companies, trust and foundation, investment banking, global headquarter administration, amongst others. Mauritius has a highly qualified, bilingual workforce.
REGULATOR
The Financial Services Commission, Mauritius (FSC) is the integrated regulator for the non-bank financial services sector and global business. Established in 2001, the FSC is mandated under the Financial Services Act, the Captive Insurance Act, the Insurance Act, the Private Pension Schemes Act, the Securities Act, and the Virtual Asset and Initial Token Offering Services Act to license, regulate, monitor and supervise the conduct of business activities in these sectors. The FSC has adopted a comprehensive policy on corruption prevention which set aims and objectives, drawing together existing policies and procedures that relate to corruption prevention.
TRANSPARENCY
Mauritius is a signatory to the MCAA and has started to exchange information under the Organisation for Economic Co-operation and Development (OECD) Common Reporting Standard as from 2018. Information is now also being exchanged on an automatic basis under the Foreign Account Tax Compliance Act (FATCA) with the Internal Revenue Service (IRS). Mauritius signed and ratified the Multilateral Convention on Mutual Administrative Assistance in Tax Matters in 2015 and has a broad network of Double Taxation Avoidance Agreements and Tax Information Exchange Agreements (56 in all), providing mechanisms for exchange of information with some 140 jurisdictions including all European Union (EU) member States. The Global Forum has in its second-round report for Mauritius commended the efforts of Mauritius to expand its exchange of information network. Mauritius has been assigned an overall rating of “Compliant” by the Global Forum on Transparency and Exchange of Information for Tax Purposes during the second round of Exchange of Information on Request (EOIR) reviews.
INDUSTRY STRENGTH
The Mauritius International Financial Centre boasts more than two decades’ track record in cross-border investment and finance and offers an unparalleled well-regulated and transparent platform.
As an internationally recognised jurisdiction of repute, the Mauritius IFC is home to international banks, legal firms, corporate services, investment funds and private equity funds.
Chosen by Sovereign and impactful Development Finance Partners, the Mauritius International Financial Centre is the ideal business and investment centre participating actively in the economic empowerment of Africa.
Leveraging on a state-of-the-art infrastructure, a modern and innovative legal framework and the ease of doing business, the Mauritius IFC offers a panoply of competitive financial products and services, including private banking, global business, limited liability companies, protected cell companies, trust and foundation, insurance and reinsurance, investment banking, global headquarter administration, token issuance, virtual assets and fintech services licenses, amongst others.
REGIONAL AND GLOBAL CONNECTIONS
Mauritius’ privileged position in the global economy and close economic, political, and cultural ties with its international trade partners, such as India, China, U.S. (Africa Growth and Opportunities Agreement), U.K., Asia and the E.U. make it a key player in the international stage.
Mauritius is also a key member of Regional Economic Blocks and is a founding member of African Union, Southern African Development Community (SADC) and Common Market for Eastern and Southern Africa (COMESA).
REGULATORY ENVIRONMENT
Mauritius’ legislative system is drawn largely from that of England and France. The legislative body is the Parliament.
The court system is modelled on that of England & Wales with a Magistrates’ Court, Supreme Court and Court of Appeal. The Judicial Committee of the Privy Council is the court of last resort in the appeals process.
A transparent regulatory framework exists in Mauritius for the international financial sector, in line with international best practices; the application and enforcing of these frameworks is done by the Mauritius Financial Services Commission. The FSC’s supervisory methodology is risk-based, ensuring standards are appropriately calibrated to domestic or international markets, and resources are applied to those market players who pose the greatest risk.
The main regulatory instruments include companies, partnerships and trusts legislation as well as specific business sectors such as insurance, banking and investments. The FSC complements legislation with prudential regulation and guidance to all sectors of the economy while working closely with Government, the Accountant General and the Registrar of Companies.
Appleby Global Service is regulated by the FSC as a Management Company for provision of Corporate, Trust and Foundation service providers.
Furthermore, our qualified team members are regulated by their own self-regulated professional bodies such as the Mauritius Bar, STEP, CPA or ACCA.