MAURITIUS ECONOMIC SUBSTANCE 2021

As from 01st January 2019, the Financial Services Commission (“FSC”) of Mauritius issues only one type of licence, namely the Global Business Corporation (“GBC”) Licence.

As per Section 71(3) of the Mauritius Financial Services Act 2018, a GBC shall at all times: 

1. Carry out the core income generating activities in or from Mauritius by: 

(a) employing either directly or indirectly a reasonable number of suitably qualified persons to carry out the core activities; and
(b) have a minimum level of expenditure, which is proportionate to its level of activities. 

2. Be managed and controlled from Mauritius. 

3. Be administered by a Management Company. 

The FSC has issued the Circular in respect of the above points 1(a) and (b).

With regards to the above point 2 the GBC should: 

• Have at least 2 Directors resident of Mauritius;
• Maintain, at all times, its principal bank account in Mauritius;
• Keep and maintain, at all times, its accounting records at its Registered Office in Mauritius;
• Prepare its financial statements and audit them in Mauritius; and
• Provide for meetings of Directors to include at least 2 directors from Mauritius.

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