The Global Business sector in Mauritius has developed significantly since it was first conceived in 1992, and has now become one of the main pillars of the economy, offering a range of sophisticated financial products, such as global collective investment schemes, specialised collective investment schemes, closed-end funds, expert funds, CIS management, and investment dealers, amongst others. It is estimated that the Global Business sector, directly and indirectly, accounts for around 15,000 jobs on the island, with young graduates and professionals representing around one third of these.
For companies engaged in international operations, Global Business Companies (GBCs), which are domiciled in Mauritius, can offer an effective solution which provides risk mitigation, fiscal efficiency and convenience, and which are supervised and regulated by the Financial Services Commission (FSC). There are two types of GBCs based on the category of licence.
The Category 1 Global Business Company (GBL1)
The Category 1 Global Business Company (GBL1) is a tax-resident company which is managed and controlled from Mauritius. This structure is often used for holding companies for international operations, for holding intellectual properties and for the management and administration of Global Funds. It can take a number of forms, such as a Limited Life Company, a Protected Cell Company or a Collective Investment Vehicle. It may be unlimited or limited by shares or by guarantee. It can undertake business in any foreign currency, subject to approval. A GBL1 company must have a minimum of two Directors who are resident in Mauritius, and must maintain both its principal bank account in Mauritius and its accounting records at its registered office in Mauritius, in order to satisfy substance requirements.
The Category 2 Global Business Company (GBL2)
The Category 2 Global Business Company (GBL2) is a flexible structure which is intended to hold and managed private assets outside of Mauritius, which must have a Registered Agent in Mauritius at all times. GBL2 companies are not tax resident in Mauritius and do not benefit from double taxation relief under tax treaties. A GBL2 company may be limited by shares or by guarantee, and may also be structured as a Limited Life Company.