How to Start a Business in Mauritius as a Foreigner
Starting a business anywhere as a foreigner is a stressful task, especially if you don’t know the specific channels to go through. However, if you know the correct procedures and guidelines to follow, it should be a breeze.
If you’re wondering how to start a business in Mauritius as a foreigner, look no further. Below are the key steps to follow to start your own business successfully.
1. Come Up With a Business Idea
The first in starting your own business is creating an idea. Often, people have the required capital to start a business but lack the idea of what business they’d like to start. Therefore, before going a step further, find the right idea.
However, if you find that you can’t completely come up with your idea, that’s not the end of everything. Lucky for you, there’s an organization referred to as SMEDA that helps out investors that don’t have an idea. They will provide you with a list of business ideas that could help you formulate your own business idea.
2. Formulate a Business Plan
The next step is formulating a business plan. Your plan should contain every little detail about how your business will run. A plan could even go as far as to attract potential investors. Also, it will give the concerned authorities an idea of what to expect from your business.
The business plan should include your financial structure, number of directors, management structure, shareholders, type of business, target market, products or services, and any relevant information. The previously mentioned SMEDA website also provides formats for various business plans which you could use.
3. Determine the Type of Business
Determining the type of business you wish to start before continuing the process is crucial. There are various types of businesses, like; as private limited, sole trader, or joint venture. Keep in mind that not all types of businesses are allowed in Mauritius. Therefore, it’d be best to ensure the type of business you wish to start observes all Mauritius business regulations. Doing so will help avoid pit stops along the way to starting your own business.
4. Choose the Ideal Location
As a foreigner in Mauritius thinking of starting your own business, choosing the ideal location is an essential aspect of the process, especially since there’s not much land to choose from. The location of your operations office is important since it serves as the focal point from which all your operations are performed.
Keep in mind whether your business wants to rent a space, lease a building, or explore using virtual offices for rent. Also, your commodity or service and the target market should guide you when choosing the ideal location for your business.
5. Register your Business
When thinking about how to start a business in Mauritius as a foreigner, remember that registering your investment is possibly the most crucial step in Mauritius and worldwide. Never choose first to start your business and then follow up to register it, as it could end up in a lot of trouble with the authorities.
Registering your business isn’t a complicated task since all you need to do is follow a couple of simple steps. Lucky for you, the registration process can be done online or by submitting the necessary information at the office of the Registrar of Businesses.
Also, you’ll need to pay a couple of fees based on the total workforce of your business. The fees vary as follows:
- Not more than ten people: MUR 125
- Between 11 and 50 people: MUR 250
- Between 51 and 100 people: MUR 600
- Above 100 people: MUR 1,500 alongside the contact details of the applicant
Plus, if you’re a foreigner looking to start a business, there are some requirements for foreigners you might need to go through.
Once you’re done with the registration process, the Corporate and Business Registration Department will issue you an electronic business registration card. You can get a physical copy at the main office of the CBRD.
6. Obtain the Necessary Land Permits
For any business to run, it would require an office or main base of operations. To use any land, building, or space for business purposes requires a special permit from the Government of Mauritius Business Licensing Platform. You can easily obtain a permit from the district council or municipality planning department.
Once the concerned authorities are notified, officials will be sent to inspect the space and ensure it’s cleared for use. The concerned authorities include the local police department, fire service department, and any other government bodies. Once you’re fully cleared, you have the go-ahead to begin operations.
Lastly, you’ll also need to pay the required payment of business trade fees. You can make the payment online at the CBRD counter. The trade fees are paid once your business is fully registered or 15 days after your business has begun operations.
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The final steps, such as the necessary equipment needed, the number of employees, the labor charges, and any other steps, should be guided by the business plan you formulated. After all the above steps are correctly followed, your business will be fully up and running.
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