Mauritius, an island covering 1865 square kilometers, is situated some 2000 kilometers off the South East Coast of Africa. Mauritius was discovered by the Dutch and the French in the 16th and 18th century respectively and became British at the beginning of the 19th century. The country gained its independence in 1968 and became a Republic in 1992. The population of the island is approximately 1.23 million comprising of people of Indian, African, Chinese and French origin. English is the official language, but the Mauritians are equally fluent in French. "Creole" is widely spoken in the island. The official currency of Mauritius is Mauritian Rupee.
The economy of Mauritius relies on agriculture (mainly sugar and textiles), tourism and financial services. Of late, information & communication technology and renewable energy sectors have been gaining pace in the country.
Company in Mauritius can be incorporated as one of the following legal entities:
Global Business License Type 1 Company: A Global Business License Type 1 Company (GBC1), or offshore company, is a company engaged in a permitted global business, carried on from within Mauritius by persons all residing outside Mauritius and where business is conducted in a currency other than the Mauritian rupee. A GBC1 requires a minimum of 1 shareholder and 2 directors to be set up. Such a company type is suitable for public financial operations, like fund management.
Global Business License Type 2 Company: A Global Business License Type 2 Company (GBC2), or international company, is legally exempt from taxation in Mauritius, and not allowed to have transactions with Mauritian residents or in Mauritian currency. A GBC2 requires a minimum of 1 shareholder and 1 director to be set up. It is primarily meant for trade and investment.
A Foundation is a special independent legal entity, without any shareholders or members and is usually established to reflect the goals and wishes of the founder, who can be a corporate entity or individual person. These wishes and goals are contained within Bye Laws, Articles of Association and the Foundation’s Deed of Incorporation. Foundations are generally established for a strictly fixed period and used for any commercial, charitable or family purposes.
Foundations are an extremely important component in case of structuring the ownership of corporate or family assets and are especially important where trusts are not recognized. Such structures are essentially similar to corporate entities but allow the protection and incessancy derived from the use of trusts.
Any of the above-mentioned uses and benefits can be derived from the foundation to meet the needs of its beneficiary or different purpose (philanthropic, charitable or any other private or public matters).
There are three main forms of foundations:
Each type of foundation can overlap in their uses and activities whether it is used internationally or domestically. Offshore foundations are not a widely known corporate structure, and that has allowed them to exist without as much scrutiny.
An offshore trust is a private legal agreement between the owner of the assets and the corporation or individual entrusted with the management, protection and ultimate distribution of this assets for the beneficiaries, who are entitled to benefit from the income and/or capital assets held in the agreement.
The person who transfers assets is called the Grantor or Settlor, the person who receives the assets in offshore trust is called the Trustee and the recipients of these assets and interests are the beneficiaries.
An Offshore Trust arrangement often referred to as a ‘trust deed’ is used as a recorded document outlining the specifics of the Trust. The use of Trusts shifts the ownership of property onto a third-party, or trustee, for a beneficiary.
When a trust is successfully established in the most appropriate offshore jurisdiction, ensure that residents of this jurisdiction will not receive benefit from the trust; there will be no local taxes applicable to the income and assets.
The Trust Deed is a confidential document. No information whatsoever of its contents is available on public records. Flexibility may be provided by including in the Trust Deed certain special clauses, i.e. the possibility of revoking the Trust, allowing the removal of the Trustee and the continuation of the Trust in another jurisdiction should it be thought that global political developments make this a reasonable precaution.
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