GBC 1 Companies features& benefits:
GCB1 Companies are treated as tax resident and are liable to pay taxes on their earnings however because of this they are also entitled to the benefitsof the extensive Mauritian Double Tax Treaties. A GBC1 may be a locally incorporated company or may be a branch of a foreign company. Business must be conducted in a foreign currency and cannot engage in business in Mauritius.
- Requires a minimum of one Director who must be a natural person (Eltoma can provide nominee Directors).
- A minimum of one Shareholder is required who can be of any nationality and need not be resident in Mauritius. Corporate Shareholders are permitted.
- A resident Company Secretary is required(Eltoma can provide this service).
- Business can be conducted internationally.
- GBC1 Companies are regarded as being resident therefore are able to take advantage of the Mauritian Double Tax Treaties. The tax treaty is particularly favourable with India and Mauritius has become a popular location for holding companies for those trading or investing in India.
- GBC1 companies can utilise the unilateral foreign tax credit which stands at 80% of the Mauritian Tax Rate, which leaves a residual liability of 20% of the Mauritian rate which is equal to 3%. There are current discussions on possible further reductions on this rate.
- No Capital Gains or withholding taxes levied.
- No limit on the carrying forward of tax losses.
- No Withholding Tax on dividends, interest, royalties and payment of redemption proceeds.
- Entitled to underlying tax credits ondividends if shareholding in Investee Company is greater than 5%.
- Interest received on deposits in Mauritianbank accounts are tax exempt.
- Inheritance tax, gift and estate taxes are notapplicable.
- No stamp duties, registrar duties or levies.
- A branch of a foreign company may also have access to the tax treaty network provided that the local authorities are satisfied that effective management and control of the foreign branch is in Mauritius.
GBC 2 Companies features & benefits:
GBC2 Companies are private entities that conduct business outside Mauritius, a GBC2 Company is not allowed to conduct business in Mauritius. AGBC2 may be a locally incorporated company or registered as a branch of a foreign company. Confidentiality is a major benefit to a GBC2 and the identity of the beneficial owner can remain largely confidential. A GBC2 is a good structure for holding and managing private assets.
- High degree of privacy protection (through theuse of Nominee Directors and Shareholders).
- Mauritius company formation permits 100% foreign ownership, meaning no local nominees are required.
- Only one Director and one Shareholderrequired.
- Legal tax exemption for GBC2 Companies but noaccess to the Mauritian Double Taxation Treaty is permitted.
- No accounting or reporting requirements whichminimise maintenance costs.
- GBC2 company enjoys limited liability withoutany paid-up capital (there is no minimum capital required).
- No Withholding Tax on dividends.
- No Capital Gains Tax.
- No Stamp Duty on transfer of shares.
- Free repatriation of earnings.
- Migration from a foreign company to/from Mauritius is permitted.
- Shareholders and Directors can meet anywhere.
- Registered office and agent in Mauritius is required.
- Conversion to GBC1 is permitted.
Procedure for GBC1 & GBC2 company registration:
The procedure for the formation ofa Mauritius Offshore Company is as follows:
- An application form is completed with details of preferred name and details of beneficial directors and shareholders (nationality, country of residence, address, profession etc.)
- A scanned copy of the passport of thebeneficial directors and shareholders is required
- A bank reference letter
- A scanned copy of proof of residence. This can be in the form of a utility bill, bank statement or bank reference and must not be older than 3 months
- A bank reference letter and brief business plan
- At this point Eltoma will issue an invoice for a Mauritius Company formation. Upon receipt of money we start the incorporation process.
- The completed application form plus the Constitution of the Company (this replaces the standardised Memorandum and Articles of Association) is sent to the Registrar of Companies in Mauritius. An application is made in parallel to the Financial Services Commission of Mauritius for a Global Business License.
- The process takes approximately 7-10 days fora GBC1 and 2 days for a GBC2.
Detailed Service Price List-Mauritius Company Incorporation
Consultation regarding company structure & general registration in Mauritius
Registration of a company in Mauritius
Obtaining of a company in Mauritius registration certificate
Provision of a legal address (for a period of 1 year)
Notarisation of documents in Mauritius
Obtaining of a share certificate for a company in Mauritius
Registered agent, i.e. a person representing the company and interacting with government agencies in Mauritius
Obtaining of a company seal and registering it in accordance with the laws of Mauritius
Affixed apostille certifying the authorised bodies in Mauritius
Appointment of a Nominee Director (for a period of 1 year)
Appointment of a Nominee Shareholder (for a period of 1 year)
Bank account opening for a company in Mauritius
Shelf company in Mauritius
* The Service fees placed on the website are intended for general information purposes only and may differ from the final quotation
**Some of the information stated may no longer reflect the most current legal developments
If you have any questions regarding incorporation in Mauritius, please contact our specialists: firstname.lastname@example.org