 Mauritius offshore business activity
authority |
The Mauritian Offshore Trust provides an effective and legitimate means of sheltering
one’s assets against creditors’ claim, exchange control and risk planning,
commercial risk or expropriation. Various types of Offshore Trusts may be set up in
Mauritius such as charitable, discretionary, purpose and trading trusts. Confidentiality
is ensured through the absence of disclosure requirements as regards the name of the
settlor or beneficiary. An Offshore Trust can be set up by filing with the MOBAA a
declaration of trust, accompanied with a one-off registration fee of US$250. The Mauritian
Offshore Trust provides the possibility to the settlor to choose the proper law of
the trust. Similar flexibility is also provided in determining the duration of trust
(except purpose and charitable trust) which can continue until the one hundredth
anniversary from the date it came into existence or such shorter period as the settlor may
provide; and the possibility to accumulate income for any period within the duration of
the trust, However, variation of the trust is allowed where it is so provided by the trust
deed or application to the Supreme Court.
 Offshore Société |
The Code de Commerce Amendment Act 1985 provides for Société en nom Collectif
(partnerships) and "Sociéte en commendité simple» (limited partnerships) which can
be used as offshore vehicles for structuring investment
abroad. To enhance the use of such vehicles the Finance Act 1996 has introduced favourable
taxation pro visions.
The legislative framework caters for the wide demands of today’s international
business and responds to the continuous changes taking place in the business and financial
services industry The legislation has undergone constant improvements to keep pace with
developments in other offshore jurisdictions and also to provide more efficient investment
vehicles.
The Act, as amended, besides providing for the establishment and management of the
Authority, also lays down the legal and regulatory framework for conducting approved
offshore business activities from within Mauritius. It also allows for the licensing of
Management Companies and for the issue of offshore certificates. The Third Schedule to the
Act indicates the main sections of the Companies Act 1984 which are not applicable to
Offshore Companies,
Regulations have been made to provide for payment of fees and for amending existing
provisions. The three main regulations are (I) The Offshore Insurance Regulations 1992,
(ii) The Mauritius Offshore Business Activities (Companies) Regulations 1995, and (iii)
The Mauritius Offshore Business Activities (Companies) (Amendment) Regulations 1997, The
Offshore Insurance Regulations provide for the registration of Offshore Companies carrying
on insurance (both long term and general), captive insurance, as well as reinsurance
requirements for different kinds of insurance are provided for in the second schedule to
the regulations. | The Mauritius Offshore Business Activities (Companies) Regulations 1995
provides for Offshore Companies to be incorporated as Limited Life Companies and also make
special provisions for offshore investment companies such as the authority to issue
ordinary or preference shares redeemable at the option or request of the shareholder and
the redemption of shares out of capital. The Mauritius Offshore Business Activities
(Companies) (Amendment) Regulations 1997 provide further flexibility to Offshore Companies
with respect to shares redemption, directors' indemnity, share capital reduction, and free choice of applicable
laws governing debentures
issue by offshore Companies.
| Offshore Activities |
Section 34 of the MOBAA Act 1992 provides for a whole range of approved offshore
activities:
Offshore Banking
Offshore Funds Management
Operational Headquarters
Shipping and Ship Management
International Licensing and Franchising
Offshore Pension Funds
International Assets Management
Offshore Insurance
International Financial Services
International Consultancy Services
Aircraft Financing and Leasing
International Data Processing and other Information
Technology Services
International Trading
International Employment Services
The Authority may approve any other activity as it may deem fit. |
