Global Business - Professional And Non-financial Business

PROFESSIONAL SERVICES OPPORTUNITY

Corporate structuring has become an essential part of global business. At the end of the day, the ownership of assets and liabilities rests with the SPVs. As Africa’s potential for cross-border investment structures, cross-border corporate banking, private wealth, financial technologies and fintech platforms increases, the need for professional services increases likewise. This creates a good business opportunity for professional advisers e.g. lawyers, accountants, financial, business and tax consultants. The Mauritius IFC has recognised this opportunity and has created the GLOBAL LEGAL ADVISORY license to attract law firms. Similarly, the FSC has maintained the relevance and importance of management companies for global business.

NON-FINANCIAL BUSINESS OPPORTUNITY

The FSC has set the framework for a zero-tax non-tax resident legal entity that can be useful for non-financial business activities e.g. trading and invoicing. The AUTHORISED COMPANY license is generally sought by regional / global trading and invoicing companies.

PROFESSIONAL SERVICES OPPORTUNITY
THE GLOBAL LEGAL ADVISORY LICENSE
THE AUTHORISED COMPANY

THE GLOBAL
LEGAL ADVISORY
LICENSE

REGULATOR:

Financial Services Commission

Principal Governing laws
1. S77A of the Financial Services Act 2007
Permissible Activities
1. To provide legal services pertaining to global business, international arbitration, corporate law, taxation law and foreign and international law.
2. The law firm cannot and will not provide advocacy services before the Courts of Mauritius or put itself forward as providing advice or legal services on, or in relation to, litigation before the Courts of Mauritius.
Principal Business Plan Points
1. Introduction and background of promoter(s)/shareholder(s)/ beneficial owner(s).
2. Business objective, strategy and proposed activity.
3. Organisation structure.
4. Capacity building plan for the next three years of operation.
5. Target market and client profile.
6. Source of funding.
7. 3 years’ financial forecasts.
8. Any other relevant information.
Details on the Parent Law Firm
1. Evidence that the parent law firm is qualified, licensed or regulated as a firm entitled to practice law in its home jurisdiction.
2. Certificate of Incorporation / Registration.
3. Evidence that the parent law firm is duly registered in its home jurisdiction.
4. Corporate profile (including list of partners / directors / shareholders.
5. Latest audited financial statements.
6. Certificate of good standing on the parent law firm.
7. Disclosure whether the law firm has ceased to provide legal services or has been wound up or suspended or struck off.
8. Foreign lawyers: The law firm should have at least two foreign lawyers, who are qualified in the foreign jurisdiction to practice the law of that jurisdiction, in employment or are part of that law firm. Therefore, evidence that the foreign lawyers are qualified in the foreign jurisdiction to practice the law of that jurisdiction and the CV details of the foreign lawyers are required.
Principal Economic Substance Norms
1. The law firm should have its office premises in Mauritius.
2. It should maintain its principal bank account in Mauritius.
3. It should employ at least 5 lawyers.
4. It should demonstrate financial strength to support its activities.
Tax Benefits
1. 5 year tax holiday.
Statutory Costs
1. One-Off Processing Fees to the FSC: US$ 1,000.
2. Annual Licensing Fees to the FSC: US$ 2,500.
3. Annual Fees to the CBRD: US$ 275.

THE AUTHORISED
COMPANY

REGULATOR:

Financial Services Commission

Principal Governing laws
1. S77A of the Financial Services Act 2007
Permissible Activities
1. The eligibility criteria to operate as an Authorised Company is provided in Section 71A of the Financial Services Act (FSA) as amended by the Finance Act 2018.
2. As a general rule, Authorised Companies will not be allowed to
3. conduct financial services
4. to carry out other activities that the FSC may deem detrimental to Mauritius.
Non-exhaustive list of prohibited activities
1. Banking
2. Financial services
3. Carrying out the business of holding or managing or otherwise dealing with a collective investment fund or scheme as a professional functionary
4. Providing of registered office facilities, nominee services, directorship services, secretarial services or other services for corporations
5. Providing trusteeship services by way of business
TAXATION
1. An Authorised Company is taxed at its place of effective management (POEM), therefore, not in Mauritius. In determining the POEM,
2. all the relevant facts and circumstances should be examined.
3. Consideration will be given to the impact of the use of Information and Communication Technology.
4. The strategic decisions on the company’s core activities should be taken in Mauritius for any Mauritian resident company.
5. Either a majority of the Board of Director’s meetings should be held in Mauritius or the executive management should be regularly exercised in Mauritius.
STATUTORY FEES
1. One-Off Processing fees to the FSC: US$ 150.
2. Annual Licensing Fees to the FSC: US$ 350.
3. Annual Registration Fees to the CBRD: US$ 65.

global business

cross border investment structures

cross border corporate banking spvs

private wealth intermediaries

financial technologies and fintech platforms

Global Business - Professional And Non-financial Business - Bhumishq

PROFESSIONAL SERVICES OPPORTUNITY

NON-FINANCIAL BUSINESS OPPORTUNITY

THE GLOBAL LEGAL ADVISORY LICENSE

REGULATOR:

THE AUTHORISED COMPANY

REGULATOR:

THE GLOBAL
LEGAL ADVISORY
LICENSE

THE AUTHORISED
COMPANY