Setting up a company in Mauritius involves several steps, ensuring compliance with local regulations and optimizing the benefits the jurisdiction offers. Here’s a comprehensive guide on the best way to set up a company in Mauritius:
1. Choose the Type of Company
Mauritius offers various types of companies, including:
- Global Business Company (GBC)
- Authorised Company (AC)
- Domestic Company
Each type has specific requirements and benefits. A GBC is typically used for international business activities and benefits from the extensive Double Taxation Avoidance Agreements (DTAA) network. An Authorised Company is suitable for businesses primarily conducting business outside Mauritius.
2. Engage a Management Company
Engage a licensed management company in Mauritius to assist with the incorporation process. Management companies provide expertise and ensure compliance with local regulations. They can help with preparing the necessary documentation, obtaining licenses, and maintaining ongoing compliance.
3. Company Name Reservation
Reserve a company name with the Registrar of Companies. The chosen name must be unique and not similar to existing company names.
4. Prepare and Submit Documentation
Prepare the necessary documentation for incorporation:
- Application Form: Completed application for company incorporation.
- Constitution: Draft and adopt the company’s constitution, outlining the governance and operational framework.
- Shareholders and Directors: Provide details of the shareholders and directors. For a GBC, at least one director must be a resident of Mauritius.
Submit the application and supporting documents to the Registrar of Companies.
5. Obtain a Global Business License (for GBC)
For a Global Business Company, apply for a Global Business License from the Financial Services Commission (FSC). This involves:
- Business Plan: Submit a detailed business plan.
- Due Diligence: Conduct due diligence on the company’s promoters, directors, and shareholders.
- Filing Fees: Pay the applicable filing fees.
6. Open a Bank Account
Open a corporate bank account in Mauritius. Many local and international banks operate in Mauritius, providing various banking services tailored to business needs.
7. Register for Tax and Compliance
Register the company with the Mauritius Revenue Authority (MRA) for tax purposes. Obtain a Tax Account Number (TAN) and comply with ongoing tax filing requirements.
8. Business Licenses and Permits
Depending on the nature of your business, you may need to obtain specific licenses or permits from relevant authorities.
9. Ongoing Compliance
Ensure ongoing compliance with local regulations, including:
- Annual Returns: File annual returns with the Registrar of Companies.
- Financial Statements: Prepare and submit audited financial statements annually.
- Tax Filing: File annual tax returns with the MRA.
Additional Resources:
By following these steps and leveraging local expertise, you can effectively set up a company in Mauritius and benefit from its favorable business environment.
