As defined under the Financial Services Development Act 2001, a GBL1 is a company engaged in qualified global business and which is carried on from within Mauritius with persons all of whom are resident outside Mauritius and where business is conducted in a currency other than the Mauritian rupee.
It is the recommended structure for individuals, body corporate, trust or partnership including limited liability partnership or a société for
investment and other high profile business. A GBL1 may be locally incorporated or may be registered as a branch of a foreign company. Public companies, those engaged in banking, insurance and fund management, and companies wishing to benefit from the provisions of Double Taxation Agreements (DTAs), can only be incorporated as GBL1 companies.
Confidentiality is strictly observed in terms of the FSD Act. No person or body is authorized to disclose information or present documentation to any court, tribunal, committee of inquiry or other authority in Mauritius unless ordered to do so by a Court of Law on application by the Director of Public Prosecution for inquiry into the trafficking of narcotics and dangerous drugs, arms trafficking or money laundering as defined under existing legislation. Upon application to the FSC, full disclosure is required on the beneficial owners of the company. However, such information is not available for public inspection.
Qualified Global Business
As per the Second Schedule of the FSD Act, a GBL1 can engage in the following Qualified Global Business Activities:
Aircraft Financing and Leasing
Asset Management
Consultancy Services
Financial Services
Fund Management
Information and Communication Technology Services
Insurance
Licensing and Franchising
Logistics and/or Marketing
Operational Headquarters
Pension Funds
Shipping and Ship Management
Trading
Such other qualified global business activity as approved by the FSC.
CAPITAL, SHARES & SHAREHOLDERS
Capital
There is no minimum stated capital.
Capital can be denominated in any currency except Mauritian Rupee.
GBL1 are subject to no restrictions as to the distribution of their assets. They may purchase their own shares subject to the Solvency Test. The share may either be cancelled or held as treasury shares.
Shares & Shareholders
Registered shares, preference shares, redeemable shares and shares with or without voting rights.
Par value shares if any may be stated in more than one currency.
Minimum of 1 shareholder and same rule applies if the company is a wholly owned subsidiary.
Shareholders may be individual or corporate entity.
Shares may be subscribed by nominees but beneficial owners should be disclosed.
Annual meeting must be held every year not later than 15 months after previous meeting, and not later than 6 months after balance sheet date. Meetings need not be held in Mauritius.
TAXATION & TAX SITUATION
Taxation
GBL1 companies are resident in Mauritius for tax purposes.
There are no
capital gains tax, and no withholding tax on payment of
dividends, interests or royalties.
No stamp duties or capital taxes.
No inheritance tax.
GBL1 companies are liable to taxes at the rate of 15%.