Global Business Company (GBC)
The nineties saw Mauritius develop as an international business and financial centre. It allowed offshore banking in 1988 and offshore (read global) business services in 1992. Mauritius is now an established offshore financial centre with over 15,000 licensed companies, trusts and mutual funds. Its initial growth was due largely to the attractive double tax treaty with India signed as early as 1983. India has received substantial funds in both Foreign Direct Investment “FDI” and portfolio finance and Mauritius is today the largest single inventor source. These funds probably would be a lot less if it were not for the double taxation agreements between India and Mauritius involving tax planning through Mauritius.
In 2001, Mauritius enacted several new legislations to further strengthen its regulatory framework over companies and trusts. A single law for all companies, domestic and international was introduced. These recent legislative changes confirm the desire of the Mauritius government to further strengthen its reputation as a safe jurisdiction with which to do business. These changes also meet the commitments made to the OECD on “harmful Tax Competition”. Mauritius was not listed as a tax haven by the OEDC due to its commitments to remove such practices.
A Global Business Company (GBC) can be structured as a company incorporated under the Companies Act 2001 as either:
- GLOBAL FUND
- PROTECTED CELL COMPANY
- FOREIGN COMPANY REGISTERED UNDER MAURITIAN LAWS