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Domestic Company (Currently Not Available)

   

Types/Categories of Companies

The Companies Act 2001 provides for several types and categories of companies:

  • Domestic Company
  • Company holding a Category 1 Global Business Licence
  • Company holding a Category 2 Global Business Licence

These companies may be:

Limited by shares

Company limited by shares means a company formed on the principle of having the liability of its shareholders limited by its constitution to any amount unpaid on the shares respectively held by the shareholder.

Limited by guarantee

Company limited by guarantee means a company formed on the principle of having the liability of its members limited by its constitution to such amount as the members may respectively undertake to contribute to the assets of the company in the event of its being wound up.

Limited by both shares and guarantee 

Company limited by shares and by guarantee means a company formed on the whose constitution limits its life to a period not exceeding 50 years from the date of its incorporation. However, this period may be extended to a maximum of 150 years. Its constitution contains the specific matters as laid down in the law.

Mauritius Domestic are subject to tax at the rate of 15% to 25% with a provision to bring the tax rate to uniform rate 15% as from 1 st July 2009. There are various schemes and incentives available for domestic companies in the following sectors:
  • Textile and clothing sector
  • Industrial diversification
  • Information and communication Technology cluster
  • Knowledge Industry
  • Tourism and leisure
  • Freeport Sector
  • Fish and Marine projects

Mauritius domestic Companies are governed by The Companies Act 2001. Normally it takes about one week to set up a Mauritius domestic Company.

» Key Corporate Features
» General Information
» Company Information
» Compliance


Key Corporate Features

General

Type of entity:

Domestic

Type of law:

Hybrid

Shelf company availability:

No

Our time to establish a new company:

1 week

Minimum government fees

US$200

Corporate taxation:

15%

Double taxation treaty access:

Yes

Stated capital

Standard currency:

MUR

Directors

Minimum number:

One

Local required:

Yes

Publicly accessible records:

Yes

Location of meetings:

Anywhere

Members

Minimum number:

One

Publicly accessible records:

Yes

Location of meetings:

Anywhere

Company Secretary

Required:

Yes

Local or qualified:

Local and qualified

Accounts

Requirement to prepare:

Yes

Audit requirements:

Yes

Requirement to file accounts:

Yes

Publicly accessible accounts:

No

Change in domicile permitted:

Yes

General Information

Mauritius is situated in the Indian Ocean approximately 800 km off the East Coast of Madagascar.

» Population

The population of the Island is approximately 1,233,700 made up principally by people of European, African, Indian and Chinese origin. Mauritius takes pride in the fact that these different cultures co-exist in peace and succeed in creating a cultural entity that is distinctly Mauritian.

» Political Structure

The British ruled Mauritius for 158 years until 12 March 1968 when it became an independent country within the Commonwealth. The Republic of Mauritius is a Westminster style democracy. The President is the Head of State and Commander in Chief. Full executive power rests with the Prime Minister who is Head of Government. The Members of Parliament are elected every five years by popular vote and a number of political parties contest the elections every five years, reflecting the country's firm commitment to a multi-party political system.

» Economy

Since independence in 1968, Mauritius has developed from a low income, agriculturally based economy to a middle-income diversified economy with growing industrial, financial, and tourist sectors. For most of the period, annual growth has been of the order of 5% to 6%.

The government's development strategy centres on foreign investment. Mauritius has attracted more than 15,000 offshore entities, many aimed at commerce in India and South Africa, and investment in the banking sector alone has reached over US$ 1 billion.

The economy grew by less than 5% in 2005-2006 and the Gross National Income per capita at market prices reached 149,370 rupees. Unemployment rate for 2005 stood at about 9.6% while inflation stood at 4.9%.

» Language

English is the official language. However, the Mauritian population is largely bilingual, being equally fluent in English and French. Creole is also spoken and understood by everyone.

» Currency

Mauritian Rupee.

» Exchange Control

None

» Type of Law

Common Law for corporate matters

Company Information

» Principal Corporate Legislation  

The Companies Act 2001 (part of Companies Act 1984 also applies)

» Procedure to Incorporate

Once name approval has been obtained, three copies of the Constitution are submitted, together with a Consent Form of the shareholders, Directors, Secretary and location of the Registered Office.

» Restrictions on Trading

Domestic Companies can undertake activity. Depending on the nature of activity necessary permit may be required.

» Powers of Company

A company incorporated in the Republic of Mauritius has the same powers as a natural person.

» Language of Legislation and Corporate Documents

The legislation is in English and French whilst documentation may be expressed in any language but must be accompanied by a certified English translation.

» Shelf Companies Available

No.

» Time to Incorporate

One week.

» Name Restrictions

Any name that is identical or similar to an existing company or any name that suggests the patronage of the President or the Government of Mauritius.

» Language of Name

English or French.

» Names Requiring Consent or a Licence

The following names or their derivatives: assurance, bank, building society, Chamber of Commerce, chartered, co-operative, government, imperial, insurance, municipal, royal, state or trust or any name which in the opinion of the Registrar suggests the patronage of the President or the Government of Mauritius.

» Suffixes to Denote Limited Liability

Limited, or Limitee or Ltd or Ltee to denote that the liability of the shareholders of a company is limited.

» Disclosure of Beneficial Ownership to Authorities

Yes.

Compliance

» Stated Capital

A company shall maintain a stated capital for each class of shares which shall be of no par value.

» Classes of Shares Permitted

Ordinary, preference shares, redeemable shares and shares with or without voting rights.

» Annual Registration fee

Domestic companies pay an annual registration fee of US$ 200 every year.

» Stamp duties or capital taxes

Domestic Companies shall be subject to stamp and registration duties.

» VAT Registration

Compulsory registration for VAT purposes. The rate of VAT is currently 15% in Mauritius.

» Financial Statement Requirements

Domestic Companies are required to prepare audited financial statements, which must be filed with the registrar of companies.

» Company Secretary

Domestic Companies require the appointment of a qualified company secretary, who must be resident in Mauritius.

» Shareholders

Domestic Companies require a minimum of one shareholder and the same rule applies if the company is to be a wholly owned subsidiary.

(Currently Not Available)

How to Proceed

If you would like to discuss your requirements with one of our consultants,
please contact us.


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