Mauritius: Legal 500 M&A Guide 2018 - Mauritius Update

Last Updated: 29 November 2018
Article by Appleby  

Please give us an overview of the current legal market in Mauritius and how any recent developments have impacted your practice?

There are three recent developments that will impact the Mauritian offshore commercial market.

First, the introduction of GDPR.

Secondly, the termination of the 2011 joint venture between the London Court of International Arbitration and the Government of Mauritius to set up the LCIA-MIAC arbitration centre for international arbitration. As from 28 July 2018, the MIAC will operate as an independent arbitration centre with rules built on the UNCITRAL model. It is built on a 3-tier system namely, the Government of Mauritius, an Advisory Board headed by Professor Emmanuel Gaillard and, a Secretariat which will stand advised by the Advisory Board. The MIAC will also derive support from the Permanent Court of Arbitration which has established presence in Mauritius of which there is an advisory board which will be chaired by Professor Emmanuel Gaillard. The withdrawal of a prestigious institution as the LCIA from the Mauritian jurisdiction will attract mixed views on the reasonableness of the Mauritian Government’s ambition to establish Mauritius as a hub for international arbitration within the African region given the volatile nature of the global economy and the ferocious competition within the global village. The challenge for Mauritius will be to prove that it has the dynamics and stamina to weather through the challenge ahead of it.

Thirdly, recent announcements for the National Budget 2018-2019 will no doubt have its imprint on the offshore commercial practice both for the corporate and dispute resolution aspects. Thus the judiciary will be strengthened so that cases heard by the Supreme Court will be streamlined. A fiscal regime is being specifically tailored for the banking and non-banking (i.e. offshore) institutions. For the offshore practice, the taxation regime will be reviewed so as to bring it in line with prevailing international best practices. The Financial Services Commission (i.e. regulator of offshore global business activities) will have extended powers so it may regulate custodian services, global shared services and compliance services and remove all restrictions applicable to dealings in Mauritius. Furthermore, the FSC will issue a single harmonised global business licence to be known as ‘Global Business Licence’ and the category 2 global business licence will be abolished by 2021 but there will be grandfathering provisions for such companies incorporated before 16 October 2017. Also, a new framework will be developed to supervise management companies (i.e. companies licensed by the FSC to provide fiduciary services to global business companies). Finally, in order to promote the growth of the FinTech sector, a National Regulatory Sandbox License Committee will be set up and guidelines will be issued on the investment of crypto currency as a digital asset. In this regard, the FSC, as regulator, will be called upon to create new licensable activities, namely Custodian of Digital Assets and Digital Asset Marketplace. Through these licences, the Government seeks to establish a regulated environment for the safe custody of digital assets by investors and enable the exchange of digital assets. In the same breath, the FSC will put in place guidelines on investment in cryptocurrency as a digital asset. It will ensure as well that applicants for FinTech activities have appropriate cyber-security and cyber-resilience policies and capacities.

What significant trends exist in the M&A market presently? Are you seeing these just domestically or internationally as well?

The Mauritian market closely follows international trends in order to retain its competitive edge and while the rapid development of FinTech and blockchain globally has not yet affected the market, it is definitely being tracked by the industry so that we are ready to ‘get started’ when needed. The Appleby Mauritius and Cayman offices were involved in the setting up of the revolutionary digital identity token sale by SelfKey which is a transformative blockchain-based digital identity solution.

What are the three biggest challenges to practising M&A in Mauritius at the moment?

The challenge is to remain competitive and be level with global trends. The market is highly dynamic and our laws need constant monitoring to ensure that in the interests of our economy and in the ambition to be an international financial hub for the African region, we are in a position to offer the standard of services to the international business community. Achieving a balance between the need to have a solid legal system amidst the non-stop threat of money laundering and a certain flexibility to accommodate novelty is a tough challenge.

How does M&A fit into the firm as a whole? Is it easy to collaborate with other teams?

Appleby has experts in offshore corporate, finance, funds, restructuring and dispute resolution. The M&A team plays a central role in Appleby’s wider corporate and finance offering, and is comprised of industry experts with deep knowledge of private equity, energy, insurance, banking, healthcare, real estate, media, telecommunications, investment products, regulatory matters and FinTech. The revolutionary digital identity token sale for instance is such an example.

Given the cross-jurisdictional nature of many M&A transactions that we work on, our Mauritius team routinely work closely alongside the corporate and finance practices of other Appleby offices. Our unique global footprint enables us to provide a seamless cross-border service to our clients.

What advice would you give to the next generation of M&A lawyers?

M&A lawyers need to be as knowledgeable as they can be about not only corporate law, but also finance, capital markets, tax and competition law, so they can understand the transaction they are working on and provide good advice. In addition, M&A lawyers must understand what is most important for their client's businesses and their strategic goals, in order to most effectively represent them. They must know what is worth being tenacious about and what is not – for example, you not only know what a warranty is and why it is there, but to also know whether it is relevant to your client’s business or not, meaning whether you should insist on it or can do without it. Therefore, always be prepared, and focus on developing from being just another average lawyer to being a true trusted strategic advisor for your clients. In addition, understand that whilst it is your role to provide advice, it is ultimately the client who makes the business decisions.

What are your predictions for M&A in Mauritius over the next five years?

If adopted as outlined, the measures of the National Budget 2018-2019, as outlined above, have laid the foundations for taking Mauritius into the next step of its growth into a solid international financial centre with an increased activities within its M&A landscape portfolio and a solid legal structure to support this growth and combat the threat of money laundering.

Originally published by Legal 500, November 2018 

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.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

In association with
Related Topics
Related Articles
Up-coming Events Search
Font Size:
Mondaq on Twitter
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of

To Use you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.


The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.


Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions