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Company Types – GBC1
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In setting up an offshore corporation in Mauritius, our ideal route would be the GBC1 structure.
GBC1 Companies, also known as ‘Offshore Companies,’ are incorporated under the Companies Act 2001 and are currently subject to the Companies Act 2001 and Financial Services Development Act 2001 (More details about the GBC1 will be explained later in this article).
Mauritius Offshore Corporation Establishment Timescales
Mauritius offshore company establishment may take a few days or weeks, which depends on its structure and size. On the other hand, a domestic corporation takes a few days, while a Global Business Company may need about four to six weeks, including opening an offshore bank account (the most time-consuming process). The Global Business Company can take several months if you need a specific license, such as a Payment Intermediary Service License or an Investment Adviser License.
Documentation for Mauritius Offshore Company Formation
One thing to expect during registration is thorough documentation for KYC on shareholders and directors. The Mauritius offshore firm business plan is also comprehensive enough to assure the banks and the FSC that everything done by the firm will be legal and genuine and that the offshore company establishment will not be exploited for unlawful operations.
Things to Consider During Registration Mauritius Offshore Company
The following are some of the crucial aspects to consider:
Just one person can own this Business. There are no bearer shares. The Companies Registry and the Financial Services Commission both need to know who the shareholders are.
The Financial Services Commission needs references, information about the track record, and copies of the passports of the beneficial owners. The latest audit reports, accounts, and corporate profiles must be sent to the Financial Services Commission.
Directors
A company must have at least one director who lives in Mauritius most of the time. By filing form 7 with the Registrar of Companies, a director consents to become a director.
The shareholders have the right to scrutinize the Business. Whenever there is a change in Directors, the Registrar must be told within 28 days. It’s important to remember that if the company wants to use the taxation treaties, it must appoint two directors who live in Mauritius and are approved by the Financial Services Commission.
Audit
A GBC1 Company must file audited financial statements within six months of the end of its financial year. Your global business license could be taken away if you don’t follow the rules. A GBC1 can make its financial statements based on the International Accounting Standards or any other accounting standards widely accepted worldwide.
The company’s first set of audited accounts will have to be made any time between 6 and 15 months before the date of incorporation, and for each subsequent financial year, they will have to be made for no more than 12 months.
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Registration
A GBC1 company can be set up in 10 working days if the name is approved. Because the Financial Services Commission needs to know the real owners, it is impossible to buy ready-made companies.
Name usage
The following words are not allowed in English or any other language because they are against the rules for names and activities: Authority, Bank, Investment, Chamber of Commerce, Government, Insurance, Fund, Management Services, Mauritius, Chartered, Municipal, Regional, National, Presidential, Republic, or State. The end of the name should be Limited or Corporation.
Taxation
If the Mauritius GBC1 Company wants to get the benefits of a taxation deal brokered between Mauritius and another state, effective control and management must be done from Mauritius, and the Business must have, among other things, an auditor based in Mauritius, two directors who live in Mauritius, and a bank account in Mauritius. The Financial Services Commission must approve the directors who live in Mauritius.
Checking account
We would suggest opening accounts with big international banks like the Hong Kong and Shanghai Banking Corporation or Barclays Bank Plc.
Tax residency
Lastly, when establishing an offshore company in Mauritius (GBC1), the Business must get a Tax Residency Certificate (“TRC”) from the Mauritius Tax Authorities stating that all the requirements have been met for the company to be regarded as a Mauritius tax resident corporation and that the company may indeed fall under the terms of the tax treaty.
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