Qualified Global Business (QGB)

A Qualified Global Business (QGB) is any business or other activity specified in the second schedule of the Financial Services Development Act 2001 (“FSD Act”) that is conducted from within Mauritius with persons all of whom are resident outside Mauritius and is conducted in a currency other than the Mauritian currency. Alternatively, it refers to a business carried on by a private company incorporated or registered under the Companies Act 2001, which neither conducts business with persons resident in Mauritius nor has any dealings in Mauritian currency and holds a Category 2 Global Business Licence.

Qualified Global Business Activities

As per the Second Schedule (section 19) of the FSD Act, 2001, Qualified Global Business includes the following activities:

  • Aircraft Financing and Leasing
  •  Asset Management
  • Consultancy Services
  • Employment 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 as may be approved by the Commission.

Financial Services

Under Part II of the First Schedule of the FSD Act, 2001, Financial Services include:

  • Asset Management
  • Collective Investment Schemes
  • Custodial Service
  • Factoring Business
  • Financial Service Providers and Intermediaries.
  •  Investment Advisory Services 
  • Leasing Business
  • Mortgage Finance
  • Retirement Benefits Schemes
  • Services provided by a Qualified Trustee under the Trusts Act 2001.
  • Such other financial services or financial business activities as may be approved by the Commission.

Key Characteristics and Requirements

To qualify as a QGB, the business must meet specific criteria outlined by the FSD Act. These include operating from within Mauritius, engaging exclusively with non-residents of Mauritius, and conducting transactions in foreign currencies. This framework ensures that QGBs contribute to the global financial ecosystem while leveraging the strategic advantages of operating from Mauritius.

Qualified Global Businesses benefit from the robust regulatory environment in Mauritius, which offers a stable and conducive platform for international business activities. The stringent regulatory requirements, coupled with comprehensive oversight by the Financial Services Commission (FSC), ensure that QGBs maintain high standards of compliance, transparency, and governance.

Conclusion

In summary, Qualified Global Businesses play a vital role in Mauritius’ financial sector by engaging in diverse activities such as asset management, fund management, ICT services, and insurance, among others. The clear delineation of QGB activities and financial services under the FSD Act provides a structured and regulated framework that supports international business operations while fostering economic growth and development within Mauritius. By adhering to these regulations, QGBs enhance the island’s reputation as a premier destination for global business.