Mauritius reports spike in licence applications
Sovereign’s Mauritius office has reported a significant increase in licence applications for financial intermediaries. Mauritius has a very wide selection of licence types that are available to specialist financial services providers looking to set up and do business in and from Mauritius.
The licensing framework provides for a codified list of financial services and financial business activities licensable by the Financial Services Commission (FSC), the regulator for non-banking financial services and global business.
The scope is wide-ranging, covering Investment, Insurance and Pensions, Global Business and Non-Bank Financial Institutions (NBFIs). This sector has grown significantly to become one of the main pillars of the Mauritian economy, offering sophisticated products, services and activities.
The fee structure is flexible. The FSC considers the level of development of the different sectors under its supervision, as well as the need to sustain the overall competitiveness of Mauritius as an international financial centre. The government has also introduced a range of corporate and personal tax incentives to help develop and build capacity in Mauritius.
Tax holidays of five to eight-years in length are currently available to the following licensees: Global Headquarters Administration, Global Treasury Activities, Overseas Family Office (single), Overseas Family Office (multiple), Investment Banking, Global Legal advisory Services and Captive Insurance.
The fiscal regime of Mauritius is underpinned by a transparent system that provides for a level playing field and a competitive tax bracket for businesses and individuals at a single rate of 15%. This regime has successfully generated substantive economic activities across all sectors of the Mauritian economy.
Authorised Management Companies (MCs) such as Sovereign are licensed by the FSC to set up, manage and provide nominee and other services to a corporation that carries on or intends to carry on any global business or act as corporate trustee or qualified trustee under the Trusts Act 2001.
Sovereign offers the necessary expertise in setting up companies in Mauritius and assisting with special licence applications. We provide full support during the application process to get your company properly set up and licensed in Mauritius, as well as ongoing administration and management to ensure that clients maintain full compliance with licence requirements and to ensure that their affairs are properly managed and controlled from their place of incorporation.
Beyond the application phase we also provide a full suite of services to provide ongoing support to your business – from banking introductions, accounting and payroll, through to specialist insurance services. For more information, please contact rneal@sovereigngroup.com, Director at Sovereign Trust (Mauritius), by email rneal@sovereigngroup.com or by phone on +230 525 04027.
