A Mauritius private company holding Authorized Company license from the Financial Services Commission would be deemed as a non-resident for tax purposes and thus will be exempt from income tax in Mauritius.
The application for Authorized Company license has to be made through a Mauritius licensed management company. The company has to meet the following conditions before applying for the license:
Only a private company can apply for AC license. A private company can be incorporated in the form of company limited by shares.
The company should have one director who ordinarily resides in Mauritius. The minimum shareholder is one and the maximum is 25. Corporate directors/shareholders is allowed.
An Authorized Company doesn’t need to appoint a company secretary, but must have a registered agent who is a licensed management company in Mauritius.
Personal details of directors/shareholders are not open to the public. However, any changes made to registers of company directors/shareholders or ultimate beneficial owners must be notified with the Registrar.
There is no minimum capital requirement and share capital can be expressed in any currency.
Registered shares, preference shares, redeemable shares, shares with or without voting rights, and par value or non-par value shares.
An Authorized company needs to maintain at least one local director, one shareholder, a registered address in Mauritius and a local registered agent. The company must also file annual return together with financial statements.
Final Rules of BVI Economic Substance Released
For those who are BVI legal entities, it should be noted that amendments have been made on The Economic Substance (Companies and Limited Partnerships) Act, 2018 (ESA) which was enacted in the British Virgin Islands on 31 December 2018 and came into effect on 1 January 2019.
