Legislative Changes
Legislative changes since 2001 have opened up new prospects for the financial services sector, including the global corporate sector. The Companies Act 2001 (among others) repealed the International Companies Act and the Financial Services Development Act 2001, repealed the Mauritius Offshore Business Activities Act with effect from December 1, 2001, and introduced the concept of “qualified global company”. With the repeal of these two laws, neither offshore companies nor international companies exist, having been replaced by Global Category 1 Companies (GBC1) and Global Category 2 Companies (GBC2) respectively.
This change in terminology from “offshore companies” to global companies (GBCs) is not just a cosmetic or semantic change. Rather, it represents an important part of the re-engineering process that the financial services sector in Mauritius has been revising to help achieve certain medium-term objectives – including adding value and greater substance.
Global Investing in Mauritius
In previous years, Mauritius has focused its global activities on specific areas such as investment funds, investment holding and international trade. Substantial progress has been made in terms of commercial investment operations established in Mauritius. The island is becoming an attractive jurisdiction for investment funds, investment holding, asset management and other collective investment vehicles. Mauritius benefits from international exposure as a domicile for emerging market funds and is considered a gateway for investments in the Indian Ocean region and Southeast Asia.
If you liked this blog we have another blog on global business, the other one is called ‘ Qualified Global Business’ and there you will get to know about their activities and Financial Services.
