Mauritius
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Capital: Port Louis
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Population: 1,211,000
(est. 2003)
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Languages: English/French
(official), Creole, Hindi
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Area: 2,030 sq.
km (land area)
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Currency: Mauritian
rupee (MUR)
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Fiscal year: 1 July
- 30 June
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Independence status:
12/03/1968 (from U.K.)
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BACKGROUND
THE REPUBLIC OF MAURITIUS is a sub-tropical volcanic
island situated in the Indian Ocean, approximately 2,400
kilometers off the Sourth East Coast of Africa and covers
an area of 1,865 sq. kilometres. Its main territoiries
are the main islands of Maruritius, Rodriguez Islands,
The Carajos Shoals and the Agalega Islands. Mauritius
gained its independence from Britain in 1968 and remains
part of the Commonwealth of Nations. The island is socially
and politically stable.
Legal System
The President is the Head of State and Commander in
Chief. The Parliament is the legislative authority in
Maruritius and is headed by the Prime Minister who is
also the Head of the Government. Mauritius is one of
the few countries with a hybrid legal system based on
English and French law. The procedural law both in criminal
and civil litigation is mainly English whilst the substantial
law is mainly based on the French Napoleonic code. The
Company Law is modeled on the English Law.
Currency
The monetary unit is the Mauritian Rupee (MUR) which
is divided into 100 cents. The Rupee flucuates in its
exchange and it stands at approximately USD1 to MUR19.72
Confidentiality
The Financial Services Development Act 2001 requires
that all information and documentation received by the
Financial Services Commission and the Registry be kept
secret and confidential and imposes a fine and imprisionment
for failure to comply with this rule. Records of Global
Business License Companies ("GBC2") are NOT
available to the public.
Taxation
Global Business License Company ("GBC2"),
ex-International Company, is a company not carrying
businesses with residents in Mauritius nor carrying
on restricted businesses in Mauritius, is often used
for trading and investment and are not resident for
tax purposes and do not benefit from Double taxation
treaties between Mauritius and other nations. All companies
in Mauritius, whether resident or nonresident, are taxed
only on their net profits earned in Mauritius. There
are no capital gains taxes, and stocks and bonds in
publicly traded companies and private companies can
be sold tax-free.
Legislations
Companies Act 2001 has made numbers of administration
of the company. GBC2 is not subject to Mauritius taxes.
Companies holding a Category 2 Global Business License
are required to maintain financial statements to reflect
their financial position with the Registered Agent but
are not required to file accounts with the authorities.
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