Mauritius offers the incorporation of companies equivalent to the IBC of BVI. Such companies are known as International Companies (ICs) and have the following main features :
a) TAXATION
- An IC is exempt from all forms of taxation, stamp duty, estate duty and other charges.
- Complete freedom from exchange controls
b) CAPITAL REQUIREMENTS
There is no minimum or maximum capital requirement for an IC. However, the annual licence fee varies according to the amount of authorised capital of the company. Thus, the licence fee is USD 100 per annum, if the authorised share capital does not exceed USD 100,000. Otherwise, it is USD 300.
c) DIRECTORS AND SHAREHOLDERS
An IC can have only one Director or a single shareholder. Body corporate can act as Director or shareholder.
d) CLASSES OF SHARES
Bearer and no par value shares are allowed.
e) FILING REQUIREMENTS
There is no requirement to file any returns or accounts whatsoever
with the offshore authorities.
f) BOARD MEETINGS AND ANNUAL GENERAL MEETING (AGM)
There is no requirement as to the frequency of Director's meetings, which may be held at such times and at such places within or outside Mauritius as the Directors may determine to be necessary.
g) REGISTERED AGENT AND COMPANY SECRETARY
An IC must have at all times a Registered Agent in Mauritius. The appointment of a Resident Secretary is optional.
h) REGISTERED OFFICE
An IC must at all times have a Registered Office in Mauritius. The International Companies Act provides for the keeping of books, records, minutes and register at the Registered Office of the company or at such other place as the Directors may determine.
i) CONFIDENTIALITY
There is a specific confidentiality provision under the International Companies Act which makes any divulgation of information on the IC punishable by imprisonment for a term not exceeding 8 years.
j) INCORPORATION PERIOD (24 hours)
It is now possible to incorporate an International Company (IC) in Mauritius with corporate documents written in both English and Chinese languages. Chinese language Mauritius ICs are popular vehicles for investment into, or joint ventures in the People's Republic of China.
Their significant advantage lies in the fact that they allow the presentation of corporate documents in Chinese language to Government officials in China. Clearly, this facilitates the processing of investment proposals, resulting in much faster consideration of applications to the authorities at both provincial and federal level.
For the incorporation of ICs with documents expressed both in English and Chinese characters, we require that the promoter(s) submit the desired name of the IC both in English and its Chinese equivalent or translation.
Upon approval of name, we shall apply to the MOBA Authority for incorporation of the IC. The incorporation documents in Chinese language are namely :
- Certificate of Incorporation
- Memorandum and Articles of Association
- Resolution of Directors/Members
It should be pointed out that Mauritius is one of the few offshore jurisdictions which have a PRC Embassy and this facilitates authentication of corporate documentation in Chinese language".
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
