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Mauritius GBC I or GBC II Offshore Company what is best.
- Thread starter eclipse
- Start date
Hope I have addressed all your questions with the below:
GBC I COMPANY INFORMATION
Principal Corporate Legislation
* The Companies Act 2001.
* Financial Services Development Act 2001.
A Company holding Category 1 Global Business License is resident for tax purposes and can access Mauritius' network of double tax treaties, provided that it is correctly structured and that the seat of management and control is in Mauritius.
Procedure to Incorporate
Once name approval has been obtained, three copies of the Constitution are submitted, together with a notice of the First Directors, Secretary and location of the Registered Office, and consent forms signed by the Officers.
Restrictions on Trading
A licence is required to undertake banking or insurance business or solicit funds from the public.
Powers of Company
A company incorporated in the Republic of Mauritius has the same powers as a natural person.
Language of Legislation and Corporate Documents
The legislation is in English and French whilst documentation may be expressed in any language but must be accompanied by a certified English translation.
Registered Office Required
Yes, must be maintained in Mauritius at the address of a licensed management company or law firm.
Shelf Companies Available
No.
Time to Incorporate
Three to four weeks.
Name Restrictions
Any name that is identical or similar to an existing company or any name that suggests the patronage of the President or the Government of Mauritius.
Language of Name
English or French.
Names Requiring Consent or a Licence
The following names or their derivatives: assurance, bank, building society, Chamber of Commerce, chartered, co-operative, government, imperial, insurance, municipal, royal, state or trust or any name which in the opinion of the Registrar suggests the patronage of the President or the Government of Mauritius.
Suffixes to Denote Limited Liability
Limited, Corporation, Incorporated, Public Limited Company, Société Anonyme, Société Anonyme à Responsabilité Limitée, Sociedad Anónima, Berhad, Proprietary, Naamloze Vennootschap, Besloten Vennootschap, Aktiengesellschaft or the relevant abbreviations.
Disclosure of Beneficial Ownership to Authorities
Yes, but not public.
COMPLIANCE
Usual Capital
The usual authorised share capital is US$ 1 million with all of the shares having a par value. The minimum issued share capital is one share of par value.
Classes of Shares Permitted
Registered shares, preference shares, redeemable shares and shares with or without voting rights.
Taxation
Companies pay a fixed annual licence fee of US$ 1,500 and a one-off licence application fee of US$ 500 to the Financial Services Commission. On incorporation a once-off fee of US$ 200 is payable to the Registrar of Companies. Thereafter a further US$ 200 is payable annually. Companies are resident in Mauritius for tax purposes. There is no capital gains taxation in Mauritius and there are no withholding taxes on the payment of dividends, interest or royalties from Companies. There are no stamp duties or capital taxes. Companies holding Category 1 Global Business License are liable to taxes at a rate of 15%.
Double Taxation Agreements
Mauritius has an extensive double tax treaty network which includes treaties with the following countries: Belgium, Botswana, China, Croatia, Cyprus, France, Germany, India, Italy, Kuwait, Luxembourg, Madagascar, Malaysia, Mozambique, Namibia, Nepal, Oman, Pakistan, Rwanda, Singapore, South Africa, Sri Lanka, Swaziland, Sweden, Thailand, Uganda, UK and Zimbabwe.
Licence Fees
US$ 1,500 to the FSC. - US$ 200 to the Registrar of Companies.
Financial Statement Requirements
Audited financial statements must be filed with the Financial Services Commission.
Directors
Companies holding Category 1 Global Business Licenses require a minimum of one Director who must be natural person. Treaty access requires a minimum of two local directors.
Company Secretary
A qualified resident company secretary must be appointed.
Shareholders
One.
GBC II COMPANY INFORMATION
Principal Corporate Legislation
* The Companies Act 2001.
* Financial Services Development Act 2001.
Type of Company for International Trade and Investment
A Company holding a Category 2 Global Business License which is similar to a British Virgin Island International Business Company and is non-resident for tax purposes.
Procedure to Incorporate
Submission of the Memorandum and Articles of Association and a Certificate from the Registered Agent confirming compliance with the requirements of the Ordinance. The application must be supported by a Legal Certificate issued by a local Lawyer certifying that local requirements have been complied with. Finally, directors and shareholders must execute consent forms and these must be filed with the Registrar of Companies.
Restrictions on Trading
Companies holding a Category 2 Global Business License cannot trade within the Republic of Mauritius.
Powers of Company
A company incorporated in the Republic of Mauritius has the same powers as a natural person.
Language of Legislation and Corporate Documents
The legislation is in English, the documentation may be expressed in any language but must be accompanied by a certified English translation.
Shelf Companies Available
Yes.
Name Restrictions
Any name that is identical or similar to an existing company or any name that suggests the patronage of the President or the Government of Mauritius.
Language of Name
English or French.
Names Requiring Consent or a Licence
The following names or their derivatives: assurance, bank, building society, Chamber of Commerce, chartered, co-operative, government, imperial, insurance, municipal, royal, state or trust or any name which in the opinion of the Registrar suggests the patronage of the President or the Government of Mauritius.
Suffixes to Denote Limited Liability
Limited, Corporation, Incorporated, Public Limited Company, Société Anonyme, Société Anonyme à Responsabilité Limitée, Sociedad Anónima, Berhad, Proprietary, Naamloze Vennootschap, Besloten Vennootschap, Aktiengesellschaft or the relevant abbreviations.
Disclosure of Beneficial Ownership to Authorities
No.
COMPLIANCE
Stated Share Capital
Stated Share Capital There is no limit to the number or value of shares that can be issued.
Classes of Shares Permitted
Registered shares, preference shares, redeemable shares and shares with or without voting rights.
Taxation
A Company holding a Category 2 Global Business License does not pay any tax on its world-wide profits to the Republic of Mauritius.
License Fees
US$ 135 per year to the FSC.
US$ 65 per year to the Registrar of Companies.
Financial Statement Requirements
Companies holding a Category 2 Global Business License are required to maintain financial statements to reflect their financial position with the Registered Agent but are not required to file accounts with the authorities.
Directors
Minimum one, who may be natural person or a body corporate.
Company Secretary
Optional.
Shareholders
The minimum number of shareholders is one
GBC I COMPANY INFORMATION
Principal Corporate Legislation
* The Companies Act 2001.
* Financial Services Development Act 2001.
A Company holding Category 1 Global Business License is resident for tax purposes and can access Mauritius' network of double tax treaties, provided that it is correctly structured and that the seat of management and control is in Mauritius.
Procedure to Incorporate
Once name approval has been obtained, three copies of the Constitution are submitted, together with a notice of the First Directors, Secretary and location of the Registered Office, and consent forms signed by the Officers.
Restrictions on Trading
A licence is required to undertake banking or insurance business or solicit funds from the public.
Powers of Company
A company incorporated in the Republic of Mauritius has the same powers as a natural person.
Language of Legislation and Corporate Documents
The legislation is in English and French whilst documentation may be expressed in any language but must be accompanied by a certified English translation.
Registered Office Required
Yes, must be maintained in Mauritius at the address of a licensed management company or law firm.
Shelf Companies Available
No.
Time to Incorporate
Three to four weeks.
Name Restrictions
Any name that is identical or similar to an existing company or any name that suggests the patronage of the President or the Government of Mauritius.
Language of Name
English or French.
Names Requiring Consent or a Licence
The following names or their derivatives: assurance, bank, building society, Chamber of Commerce, chartered, co-operative, government, imperial, insurance, municipal, royal, state or trust or any name which in the opinion of the Registrar suggests the patronage of the President or the Government of Mauritius.
Suffixes to Denote Limited Liability
Limited, Corporation, Incorporated, Public Limited Company, Société Anonyme, Société Anonyme à Responsabilité Limitée, Sociedad Anónima, Berhad, Proprietary, Naamloze Vennootschap, Besloten Vennootschap, Aktiengesellschaft or the relevant abbreviations.
Disclosure of Beneficial Ownership to Authorities
Yes, but not public.
COMPLIANCE
Usual Capital
The usual authorised share capital is US$ 1 million with all of the shares having a par value. The minimum issued share capital is one share of par value.
Classes of Shares Permitted
Registered shares, preference shares, redeemable shares and shares with or without voting rights.
Taxation
Companies pay a fixed annual licence fee of US$ 1,500 and a one-off licence application fee of US$ 500 to the Financial Services Commission. On incorporation a once-off fee of US$ 200 is payable to the Registrar of Companies. Thereafter a further US$ 200 is payable annually. Companies are resident in Mauritius for tax purposes. There is no capital gains taxation in Mauritius and there are no withholding taxes on the payment of dividends, interest or royalties from Companies. There are no stamp duties or capital taxes. Companies holding Category 1 Global Business License are liable to taxes at a rate of 15%.
Double Taxation Agreements
Mauritius has an extensive double tax treaty network which includes treaties with the following countries: Belgium, Botswana, China, Croatia, Cyprus, France, Germany, India, Italy, Kuwait, Luxembourg, Madagascar, Malaysia, Mozambique, Namibia, Nepal, Oman, Pakistan, Rwanda, Singapore, South Africa, Sri Lanka, Swaziland, Sweden, Thailand, Uganda, UK and Zimbabwe.
Licence Fees
US$ 1,500 to the FSC. - US$ 200 to the Registrar of Companies.
Financial Statement Requirements
Audited financial statements must be filed with the Financial Services Commission.
Directors
Companies holding Category 1 Global Business Licenses require a minimum of one Director who must be natural person. Treaty access requires a minimum of two local directors.
Company Secretary
A qualified resident company secretary must be appointed.
Shareholders
One.
GBC II COMPANY INFORMATION
Principal Corporate Legislation
* The Companies Act 2001.
* Financial Services Development Act 2001.
Type of Company for International Trade and Investment
A Company holding a Category 2 Global Business License which is similar to a British Virgin Island International Business Company and is non-resident for tax purposes.
Procedure to Incorporate
Submission of the Memorandum and Articles of Association and a Certificate from the Registered Agent confirming compliance with the requirements of the Ordinance. The application must be supported by a Legal Certificate issued by a local Lawyer certifying that local requirements have been complied with. Finally, directors and shareholders must execute consent forms and these must be filed with the Registrar of Companies.
Restrictions on Trading
Companies holding a Category 2 Global Business License cannot trade within the Republic of Mauritius.
Powers of Company
A company incorporated in the Republic of Mauritius has the same powers as a natural person.
Language of Legislation and Corporate Documents
The legislation is in English, the documentation may be expressed in any language but must be accompanied by a certified English translation.
Shelf Companies Available
Yes.
Name Restrictions
Any name that is identical or similar to an existing company or any name that suggests the patronage of the President or the Government of Mauritius.
Language of Name
English or French.
Names Requiring Consent or a Licence
The following names or their derivatives: assurance, bank, building society, Chamber of Commerce, chartered, co-operative, government, imperial, insurance, municipal, royal, state or trust or any name which in the opinion of the Registrar suggests the patronage of the President or the Government of Mauritius.
Suffixes to Denote Limited Liability
Limited, Corporation, Incorporated, Public Limited Company, Société Anonyme, Société Anonyme à Responsabilité Limitée, Sociedad Anónima, Berhad, Proprietary, Naamloze Vennootschap, Besloten Vennootschap, Aktiengesellschaft or the relevant abbreviations.
Disclosure of Beneficial Ownership to Authorities
No.
COMPLIANCE
Stated Share Capital
Stated Share Capital There is no limit to the number or value of shares that can be issued.
Classes of Shares Permitted
Registered shares, preference shares, redeemable shares and shares with or without voting rights.
Taxation
A Company holding a Category 2 Global Business License does not pay any tax on its world-wide profits to the Republic of Mauritius.
License Fees
US$ 135 per year to the FSC.
US$ 65 per year to the Registrar of Companies.
Financial Statement Requirements
Companies holding a Category 2 Global Business License are required to maintain financial statements to reflect their financial position with the Registered Agent but are not required to file accounts with the authorities.
Directors
Minimum one, who may be natural person or a body corporate.
Company Secretary
Optional.
Shareholders
The minimum number of shareholders is one
So main difference are the following:
Disclosure of Beneficial Ownership to Authorities Yes with GBCI but NO with GBCII
Shelf Company available Yes with GBCI and No with GBCII
I wonder if there are any other major differences or if these are the only one.
Disclosure of Beneficial Ownership to Authorities Yes with GBCI but NO with GBCII
Shelf Company available Yes with GBCI and No with GBCII
I wonder if there are any other major differences or if these are the only one.
I will post a link to a company which we were usingfor about 3 - 4 years ago! need to digg a little in my e-mails.
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