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BRIEFINGS
Mauritius Authorised Company
A company incorporated under the Companies Act 2001 may be licenced by the Financial Services Commission (“FSC”) as an Authorised Company. An Authorised Company is classified as a non-resident entity for tax purposes and is not eligible for any tax treaty benefits.
Conditions to apply for Authorised Company status
The application must be made through a licensed management company.
The company seeking authorization must meet the following conditions:
- the majority of shares or voting rights or the legal or beneficial interest in the company, must be held or controlled by a non-citizen of Mauritius;
- the company’s activities must be conducted principally outside Mauritius or with a specified category of persons as defined under the FSC rules; and
- the company must have its central management and control outside Mauritius.
An Authorised Company may appoint a corporate director.
Taxation of Authorised Companies
Under the Income Tax Act 1995, a company is considered non-resident if its central management and control is outside Mauritius. Consequently, an Authorised Company is not subject to any corporate tax in Mauritius and is treated as non-resident for tax purposes.
Business Activity
An Authorised Company can engage into any lawful business activities except the following:
- Banking
- Financial services
- Carrying out the business of holding or managing or otherwise dealing with a collective investment fund or scheme as a professional functionary
- Providing of registered office facilities, nominee services, directorship services, secretarial services or other services for corporations
- Providing trusteeship services by way of business
- Any other activity which may be specified in FSC Rules
Obligations of an Authorised Company
Under the Financial Services Act 2007, an Authorised Company must always have a registered agent in Mauritius which shall be a licensed management company.
The management company will be responsible for providing services the following services :
- Filing any returns or documents required under relevant Acts in Mauritius;
- Receiving and forwarding communications to and from the FSC, the Mauritius Revenue Authority, or the Registrar;
- Implementing measures to combat money laundering, terrorism financing, and related offenses as required by any enactment or guidelines issued by the FSC;
- Maintaining records, including board minutes and resolutions, transaction records, and other documents as required by the FSC;
- Providing any other services as required by the FSC.
Additionally, an Authorised Company must file an unaudited annual financial summary with the FSC along with any other return as may be required by the FSC.
It must also file an annual tax return with the Mauritius Revenue Authority.