What are the best businesses to do in Mauritius?
Mauritius is a beautiful nation that has numerous tourist attractions for all types of tourists. Apart from that, the nation is well developed. As a result, many investors from various parts of the globe have chosen to invest in Mauritius.
One of the reasons why Mauritius is appealing to foreign investors is the government regulations. It has made it easy for foreigners to move here to study, retire, and invest. The nation is also renowned for having friendly and kind citizens.
The GDP has also been stable for quite some time now. The economy is also developed, strong, and mixed. The business environment is efficient, transparent, and thriving. Some of the investment opportunities in the nation include agriculture, financial services, real estate, tourism, and exports.
The tax system is also favorable, which means different types of businesses can easily thrive in the nation.
Do you want to establish an offshore business in Mauritius? There are some things you should know. Also, there are some business ideas that you can consider.
Which Business Opportunities Can You Try Out in Mauritius?
Over thirty years ago, Mauritius was well known for sugar production. The nation has grown, and the economy is sophisticated and diversified. The tertiary sector accounts for at least 70 percent of the country’s GDP.
The domineering sectors in Mauritius include tourism and manufacturing. The positive economic growth and change are because of the friendly and unique business environment.
If you’re looking for lucrative business opportunities in Mauritius, you should consider the following sectors:
- Financial services such as auditing, accounting, and financial consultation
- Medical and healthcare travel
- Property development and hospitality
- Information technology
- Logistics services and distribution
- Renewable energy
- Seafood processing and agriculture
What are the Benefits of Doing Business in Mauritius?
Here are some of the benefits of doing business in Mauritius:
Compared to other nations in Africa, Mauritius is a nation that has both political and economic stability. The nation has democratic norms and values that ensure investments by foreign and local investors are safe. Even during challenging times, economic and political stability will allow your business to flourish.
The Fiscal System is Harmonized
There are numerous offshore firms in Mauritius. Fiscal regulation and economic growth have been key in attracting foreign talent and investments.
The tax regime in Mauritius includes the following:
- 100% foreign ownership
- No inheritance tax
- Tax-free dividends
- No property tax or capital gains tax
The Workforce is Highly Qualified
In Mauritius, the workforce is highly qualified and comprises bilingual professionals (French and English speakers). You only need to offer a competitive compensation package to attract top talents in the nation. The nation also has a high literacy level.
Best Business Ideas Mauritius? Fast FAQ
- Tourism Venture
- Management consultancy business
- Delivery Services
- Food Service
- Provide Office Supplies
- Real estate business
- Selling Used Items
- Website Design
Which are the Best Businesses to Open in Mauritius?
While the business environment in Mauritius is favorable, you must evaluate the rules and regulations related to your business idea. Below, we’ll look into different business ideas you should consider, and you should choose wisely.
The tourism industry in Mauritius has been growing rapidly, and it comes with various business opportunities that may interest foreign and local investors.
There are many fun activities, and tourists visit Mauritius annually to taste what the nation offers. As an investor, your main focus should be ensuring that each tourist can visit Mauritius stress-free and be comfortable during their stay. How can you achieve this?
For starters, you can offer accommodation by collaborating with hotels and resorts. Also, you can provide tourists with sightseeing deals. Doing so will attract numerous clients considering Mauritius has many tourist attractions. Take advantage of this business idea and ensure you’ve followed the rules and regulations of the Mauritius Tourist Authority.
Management consultancy business
The Mauritius government encourages more foreigners to invest in the country, so the need for consultancy services has also increased. In this case, starting a management consultancy firm would be a strategic move to take advantage of the surge.
You can help people in the formation of offshore companies and offshore banking opening or registration. In addition, offer advice on handling legal issues, licensing, and obtaining permits.
If you are an expert in a certain field, it would be more realistic to focus on that area for relevancy. This would give you a competitive advantage to win more clients.
Mauritius imports numerous items from various parts of the world. It means that delivery services will always be in demand. If you lack huge capital, it is possible to start small.
You can deliver items such as books, electricals, electronics, or groceries, among other items. Nonetheless, if you have the financial muscle, you can invest in delivery trucks to deliver larger items. You also need an active telephone, delivery employees, and an office.
The tourism sector has dominated the Mauritian economy. It means you cannot go wrong with an investment idea, such as a restaurant or anything related to the food trade. For example, a food cart would suffice since it doesn’t require huge capital.
Also, purchasing lunch from a restaurant for employees is quite difficult because it’s expensive and time is limited. With that said, you can fill in the gap and start supplying meals to individuals working in offices.
Any food-related business idea will be a sure bet as long as the menu includes both local and foreign cuisines. Just focus on building your brand and maintaining hygiene to earn good profit margins.
Provide Office Supplies
Most people who work in an office setting lack time to engage in activities such as shopping. Here, we have a problem, and you only need to offer a solution. Act as an intermediary and handle the shopping on behalf of such individuals.
The main focus here is on providing office supplies to various local offices. You’ll get referrals if you offer quality services, and your business will grow significantly.
Real estate business
Mauritius has made it easy for foreigners to relocate to the country and invest in real estate. If you can meet the requirements, which are quite attainable, you can buy and own properties in Mauritius. There are several approved property schemes to consider as per the provision of the Economic Development Board in Mauritius.
The good news is that you get a renewable residence permit once you invest in these properties. You are also allowed to rent out the properties or sell and get your profits. We all know that real estate is a lucrative industry, and Mauritius is a perfect place to take this business.
Internet trade is profitable in Mauritius and other parts of the globe. Fortunately, you don’t need a physical office. You can also sell different items, such as furniture or kitchenware, from anywhere. After establishing an e-commerce store, you can approach wholesalers or producers and make arrangements with them. You can go for different items once a client places an order.
You’ll be starting a venture without any stock, and you can make profits in the long run with minimal risks. You only need to learn how to market the products you’re selling online, and your business will thrive with time.
Selling Used Items
Mauritius is a small Island, and most people know each other, meaning they would sell their used items among themselves. Also, the people here have not embraced things, especially used ones from a stranger. Does it mean people don’t buy used items?
They do, and you can take advantage of the lacking trust and open a store dedicated to used items only. For instance, ThinkTwice is a successful chain in the fashion industry, offering second-hand clothes in Asia, Africa, Latin America, and Europe. It can also work in Mauritius with a specific industry or a mix.
Technology is growing fast, and people are now purchasing different items online since the Internet is easily accessible. As a result, small businesses and companies need websites to increase sales and drive traffic.
If you can develop websites and understand online marketing and SEO strategies, you can take advantage of this business opportunity. You only need to approach different companies and small businesses and pitch your idea. The main focus is ensuring they understand the importance of a good website.
Tutoring has become popular around the globe, and it’s a business opportunity to grab in Mauritius. You can teach soft skills or academics, and you’ll be paid for services rendered. Parents normally look for ways to ensure their children get quality education, and you can offer such services online or face-to-face.
Business plan Mauritius
They say that failing to plan is equivalent to planning to fail.
And while planning can be a tedious process, you still need to prepare it for Mauritius’s profitable business idea.
A business plan is a form of a guidebook, outlining details such as type of your entity, management structure, financial flow, market structure, and products and services, among other things. For your business in Mauritius, here are some of the details that you must include on it.
The cover page
A cover page may sound senseless to some people, but they say that the first impression matters a lot. This is the first thing that investors or potential customers will encounter your business in Mauritius. At a glance, they will know the type of product and services you are dealing with, and if they are interested, they won’t need to peruse all the pages to locate your contact details. Also, some may lose interest if your cover page is not interesting or engaging in any way.
Now, after the cover page, the executive summary is the next thing that will influence any investor’s decision to either continue reading the entire business plan or not. Therefore, you have to put more effort into developing this section for your business in Mauritius. It should tell something about your organization, including your objectives and how you are planning to achieve them. Even if the executive summary is not too long, the people who read it should grasp a greater understanding of your entity — enough to make a decision.
An overview of your organization
In this section, you need to tell the reader more about your new idea. This includes details such as inception date, number of employees you have or anticipate to employ, your vision, and mission of the business opportunity in Mauritius. These people do not know you or your investment idea, and through this segment, they should get this information.
This is a section that outlines the financial position of your business in Mauritius. Every investor would be interested in this segment. Therefore, outline your equity details, including the number of resources you have, current and expected incomes, capital you need from investors, and how much they should expect as a return. These statistical data will showcase your preparedness financially.
Different sectors in Mauritius are performing differently, and you need to prove to your readers that you understand your industry of choice.
How will your company thrive in this industry?
What are the opportunities available, and how do you intend to overcome the sector’s current challenges?
Also, identify some insurgencies that you think might affect the industry in the future and why it is all worth it.
Customer, market, and competitive analysis
Here, you must identify your target audience for your company. What are their qualities, and where do they come from?
You do not want to offer something that contradicts people’s cultural beliefs. Therefore, prove to your potential investors that you understand your potential customers and plan how to reach out to them. You also need to outline how you stand out or plan to differentiate yourself from competitors. All these details will win trust from investors, local authorities, and shareholders, among other stakeholders in your small business.
Business Ideas in Mauritius in a Nutshell
Starting a business in Mauritius as a foreigner is easy and one of the most profitable decisions you can make today. Remember, the Mauritian government has ensured that the regulations for getting residence and business permits are easily attainable. Foreigners and locals interested in establishing different types of entities in the nation should grab the opportunities.