The legal framework

In order to encourage foreign investment on our island, the government acts as a facilitator, promoting a healthy and transparent policy and practice to incite investment, from the legal and procedural levels, to the responsibility of its institutions and authorities.

Company Laws

The " Business facilitation Act 2006 ''-This law facilitates the administrative procedures for starting up new activities and buying property in Mauritius. This law allows for a temporary Occupation Permit to be granted to all non-resident investors, be it individual investors, professionals or pensioners by submitting an application to the Board of Investment ( BOI). 

"Financial Services Act 2007" - This law applies to those companies which operate outside of Mauritius. The nature of these companies is the main factor which comes into play in this new law. Thus, a global business company that wants to submit an application for a permit must in fact be a " resident corporation that proposes to conduct business outside Mauritius ". According to the same principle, call centers and free port activities do not qualify as global businesses under the FSA. Advisory services will be treated on a case by case basis.

The “Trust Act 2001” - A trust exists when a physical or moral person (" settlor ") transfers the ownership of possessions to another person (" trustee "), who will then hold these possessions in favour of all person(s) ("beneficiary") or for any other purposes, including charitable causes.

Non-resident trusts are not subjected to tax in Mauritius.

The “ Insurance Act 2005”

The “Banking Act 2004”

For more details on the laws in Mauritius Click on this link: http: // www.gov.mu/portal/sites/ncb/fsc/index.html

 
www.fscmauritius.org  

ARITICLES 06 March 2010: Foreign Investors - New conditions for granting residence permits

Attention 

In practice, the term "company" is usually used by the Mauritians to refer to the various forms of trading companies which can be created under the company Act on 2001, whereas the term "company" is used to indicate a society, a general partnership or a limited partnership.

Types / categories of company

«Companies Act 2001 " governs various types and categories of companies:

• “Private company”: A company that cannot have access to public funding and whose associates must number less than 25.

• “One person company ": Sole ownership. It is mandatory that this category of company be private and made up of one physical member, who is also the sole manager of the company.

• “Public company ": A company that can have access to public funding, with an unlimited number of associates.
  
• “Global company Business ": A company engaged in the offshore sector (GBL1 and GBL2).

For further information regarding GBL1 & GBL2 companies,
click on http://www.ocra-mauritius.com/frenchsite/local/offshore.asp

These companies can be:

1.    “Limited by shares ": the responsibility of the shareholders is limited to the amount of their contribution to the company.

2.    “Limited by guarantee ": the responsibility of each associate is limited to the amount of the guarantee, which they have pledged to contribute in the event of liquidation of the company.

3.    Responsibility limited by shares and guarantee. 

Role of the Board of Investment

The" Board of Investment " ( BOI), which was established in March, 2001 under the law " Investment Promotion Act 2000 ", will be your first point of contact for investing in Mauritius. Working under the aegis of the Ministry of Finance, the aim of the BOI is to facilitate investment.

Staff working at the BOI, all graduates from universities, have a detailed knowledge of the country’s different economic sectors and are very well placed to guide you in your choice of investment.

The BOI’s head office is located in Mauritius. However, there are also satellite offices in Paris and Mumbai, as well as the various Mauritian consulates and embassies worldwide and which you can refer to in your country of residence.

The following services are provided free of charge by the BOI:

• Advice on the potentialities of investing in Mauritius;
• Specific advice by sector of activity and any other made to measure information specific to starting up your company in Mauritius;
• Organization of meetings and visits on site;
• Identification of potential partners for” joint-venture projects;
• Advice on the choice of your equipment and the location of your company;
• Assistance with work permit, residence permit and other formalities. A special department " Live and work in Mauritius " has been set up to simplify and accelerate the necessary steps you will need to take.

To find out about the procedures for dealing with Board of Investment consult the BOI pamphlet on “pdf "http://www.investmauritius.com/BOI_Fr/Default.aspx

How to invest in Mauritius

Occupation permit

As from January 2011, the process for the issue of an Occupation Permit to foreign investors, Professionals, and Self-employed has been streamlined with a view to improving the efficiency and co-ordination among the various agencies involved in the issue and monitoring of Occupation Permits.  To this effect the BOI (Work and Live department) has now moved from the Ground Floor, of One Cathedral Square Building to the 4th Floor, Sterling House, which also houses the Passport and Immigration office (PIO).
A copy of our guidelines for the application of Occupation Permit for Investors, Self-employed and Professionals and guidelines for a Residence Permit for Retired Non-Citizens is available on our website www.investmauritius.com 

The eligibility criteria for an Occupation Permit are now as follows:

• Investor: Besides an annual turnover exceeding Rs 4m, the investor should make an initial investment of US$100,000 or its equivalent in freely convertible foreign currency;
• Self Employed: A self-employed person should, besides an annual income of Rs 600,000, make an investment of US$35,000 or its equivalent in freely convertible foreign currency;
• Professional: A professional should have a monthly salary exceeding Rs 45,000 to be able to register in Mauritius;
• Retired Non Citizen: A retired non-citizen is required to transfer USD 40,000 on registration

Applying to the BOI

In order to launch a new investment project in Mauritius, you must first apply to the BOI for a certificate of investment, using the required forms. This is simply a question of submitting a proposal of what the project entails.

Download BOI forms here

A detailed Business Plan of the project must be annexed to this application. In order to get things moving quickly, you are advised to submit a summary of your Business Plan as well.

The Business plan must include the following elements:

• A statement of the promoter’s experience in business.
• A description of the project.
• The technical production processes (if applicable).
• List of all equipment and raw materials to be used.
• Market study.
• Statement of the number of jobs to be created, including the positions which will be occupied by expatriates.
• Proposed financial structure.
• Financial forecasts for coming three years.

This stage is very important and must not be neglected. If necessary, refer to a professional who will help you with these procedures.

The project will then be audited and analysed by the BOI and once approved, a conditional offer in the form of letter of intent will be sent to you.

Creation of company

See Types / categories of company

A company must be incorporated with the "Companies Division", which is a government office, operating under the aegis of the Ministry of Finance and Economic Development. To incorporate a company, you will need to submit an application, using the required forms and provide all relevant accompanying documents. Any application prepared in compliance with the requirements of the  

Companies Act 2001 must be submitted to the Registrar of Companies (Address below).
Following payment of the necessary expenses, the registrar will remit the Certificates of Incorporation.

Registrar of companies

One Cathedral Square

Rue Jules koenig

Port Louis

Business Registration Card

Upon incorporation of the company, an application for a business registration card must be also submitted, which will be obtained within 3 days at most.

Note that there are expenses which must be paid for the registering of a company, as well as annual expenses payable to the Registrar of Companies.

''companies division'' : http://www.gov.mu/portal/site/compdivsite