Mauritius Africa’s Financial Hub also referred to as the ‘Singapore of Africa’
Fin24.com recently published an interview with Coreen van der Merwe, managing director of Sovereign Trust in South Africa. The article is very interesting and highlight the reasons why Mauritius is seen as the ‘Singapore of Africa’. Following is a few interesting points that this article underlines.
Firstly, Mauritius has an attractive jurisdiction to do business. They have a democratic history that is exceptional till this day. Further, the Bank of Mauritius is a strong bank regulator. Mauritius has a payment system that operates on a real-time basis and is linked to SWIFT which is an international payment system infrastructure. Lastly, there is no foreign exchange control and has beneficial taxation laws to foreign investors.
There are two main corporate forms which are called Global Business Licence (GBC 1 and GBC 2). According to the Financial Services Commission of Mauritius (FSC), A resident corporation which proposes to conduct business outside Mauritius may apply to the FSC for a Category 1 Global Business Licence. A resident corporation is a body corporate formed or registered in Mauritius, and may include any trust, société, partnership or any body of persons governed by the laws of Mauritius.
An entity holding a Global Business Licence 2 is a private company or entity that only conducts business with persons residing outside Mauritius and in a currency other than the Mauritian Rupee. A GBC 2 provides for great flexibility and is a suitable vehicle for holding and managing private assets. A GBC 2 holder is considered tax exempt in Mauritius and does, therefore, not benefit from the DTA network. Mauritius does not levy tax on the worldwide profits of GBC 2 companies.
Mauritius has recently announced the launch of a disclosure facility on the Automatic Exchange Portal. This disclosure facility will allow interested parties to report potential schemes to evade Common Reporting Standard (CRS). This shows that Mauritius is committed to combat tax evasion together with the rest of the globe.
Mauritius has many off-shore corporate structures in place to attract more foreign investors which in turn will lead to Mauritius becoming a high-income economy.
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Read the full article on Fin24.com
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