One of the rapidly growing business hubs that you should consider for your offshore company is Mauritius. This is a country located in the Indian Ocean, off the coast of East Africa and close to Madagascar. With its complex accounting, legal, banking infrastructure, and high level of anonymity for investors, Mauritius can provide you with an excellent point for asset protection and doing business. This guide is a closer look at the country as a business hub and the process of Mauritius company formation.
Benefits of Forming a Company in Mauritius
When considering opening an offshore company, the aim should be identifying a jurisdiction with good facilities, such as inland container depot (ICD) and pro-business policies that can help your enterprise grow. Mauritius stands taller than most jurisdictions on the globe because it provides investors with the following benefits.
- The Country is Politically and Economically Stable
For years, Mauritius has stood out as a beacon of peace, with some referring to it as a “paradise.” Unlike other countries across the globe, where cases of civil unrest are very common, the stability of the country has made it win trust from foreign investors, and you should also consider joining them.
- It Ranks Fairly on the Ease-Of-Doing Business Report by World Bank
To make the country more attractive to investors, the Mauritius administration has passed laws and policies that promote faster business growth and success. A good example is zero corporate tax for companies registered in Mauritius but running their operations from other countries. According to World Bank’s Ease of Doing Business report, Mauritius is ranked number 20.
- The Country is a Financial and Business Hub
Because it is a recognized business hub, Mauritius might be the perfect place for your firm if looking forward to opening and rapidly expanding it. Being a COMESA, SADC and IOR-ARC member, you can easily reach these markets to grow sales and profitability. It also boasts of a growing list of bilateral trade agreements that can help you reach and exploit a bigger market outside the East and South Africa.
- Many Tax Incentives
Another outstanding thing about Mauritius is that it has loads of tax incentives for offshore companies. The most notable of these is the zero corporate tax. Furthermore, the country does not have withholding tax on dividends, royalties, and interests that are paid outside Mauritius.
How to Register a Company in Mauritius
This is why you should consider working with an agency of experts for Mauritius company formation. The experts hold your hand during the registration process and will also be there to help you take advantage of various opportunities for company growth.
To register a business in Mauritius, you need to start by deciding the preferred form. You can opt for a one-person company (OPC), limited liability company (LLC), limited liability partnership (LLP), public limited company (PLC) or private limited liability company (PLC). Once you have decided the form, you need to prepare and submit the following documents to the registrar of companies.
- Company name.
- Details of the company director and secretary (full names, service address, and residential address.
- Business occupation of directors.
- Details of the business shareholders.
- Registered office of the company.
- Business activity and location.
- Once approved, the Registrar of Companies will issue a certificate of incorporation. Note that the registrar will update the details on Mauritius Revenue Authority, Ministry of Social Services, and Local Authority.
The last steps before you can commence operations include inspection of the business by relevant departments, such as the Sanitary Authority and Police Department. You will also be informed if additional permits and fees are required. Finally, open a bank account to help your company to get paid and make payments.
Mauritius is one of the emerging high potential jurisdictions that you can take advantage of for rapid company growth. While the process of company registration is pretty straightforward, the number of documents required for registration and how to prepare them can be pretty challenging.