Mauritius has made significant changes to the legal and supervisory framework of its financial services sector.  New legislation came into effect on 1 December 2001.  The Insurance Act and Securities Act await promulgation.  More changes to tax, non citizen property ownership, as well as enabling legislation for investment and expatriates is iminent.  Go to the law library to download these and other resources.

In the list below, we identify some of the important changes that came into effect in 2001 that apply to Global Business License holders :

• The International Companies  Act is accommodated within the new Mauritius Companies Act
• The Offshore Trusts Act is accommodated within the Trusts Act 2001.
• The PCC Act is unchanged.
• Old Offshore Companies are equivalent to Mauritius registered companies with  a Category 1 Global Business License referred to as GB1 companies.
• Old International Companies (IC's) are equivalent to Mauritius registered companies with a Category 2 Global Business license (GB 2 companies).
• Trusts can be formed as either resident for tax purposes or not.  They do not need a license.
• One resident director is required for GB1 companies, none for GB2 companies.  Companies applying for tax residency certificates will still be required to have at least two resident directors.  Tax residency certificates are needed if the company whishes to benefit from any double taxation treaty with Mauritius.
• Mauritian Companies no longer need to have a Constitution (referred to as the Articles of Association).  A constitution will only be necessary if there are additional restrictions or rules beyond those laid out in the Companies Act.  A constitution cannot override anything in the Act).
• The rules governing confidentiality are clearer.  To summarise, the Government of Mauritius, through the Chairman of the Financial Services Commission (FSC), reserves the right to inspect anything but cannot pass this information outside the FSC without a Supreme Court Order.  The conditions under which a court order can be obtained are restrictive.  There will only be an investigation if a contravention of Mauritian law is suspected.   All enquiries including those by the Mauritius Tax Authorities are now conducted by the FSC.  Transfer of information to satisfy curiosity is not possible.  Tax resident companies should take note that there are information sharing clauses in double taxation treaties that could override these barriers.   In some of these clauses Mauritian authorities are not obliged to provide information to foreign countries that is not available locally.
• There is no longer any requirement to put up a sign showing the name of the company unless it is a foreign registered company.
• Records may be kept electronically.
• All companies need to be audited except dormant companies and GB2 license holders. 
• GB1 license holders must file their accounts with the FSC and not with the Registrar as before.  GB2 license holders need not file their accounts, if they have them, with any authority.
• Private companies (GB2 companies with less than 25 shareholders) may dispense with annual shareholders meetings as long as the items that would have been on the agenda are entered into the minute book.

• There is no limit to the number of shareholders in a GB2 company.
• Corporate company secretaries and auditors do not need to be resident in Mauritius nor have at least one member resident in Mauritius.