Offshore Corporate Services - Global Business Company (GBL1 & GBL2)

Global Business Sector in Mauritius

Global Business Activities are regulated by the FSC which has, amongst other duties, the responsibility of registering global business entities, issuing and renewing global business licences.

There are two types of Global Business Companies available, namely; Companies holding a Category 1 Global Business Licence ("GBL 1") and Companies holding a Category 2 Global Business Licence ("GBL 2").

All Global Business Companies are governed by the Companies Act 2001 and the Financial Services Act 2007.

In the past, only certain prescribed activities qualified for a Global Business Licence. With the advent of the Financial Services Act 2007, there are no longer such restrictions, but a Global Business Licence will not be granted if the activity is unlawful, contrary to public interest or if it can cause serious prejudice to the good repute of Mauritius as a Financial Services Centre.

Global Business Company - Category 1 (GBL 1)

A Global Business Company holding a Category 1 licence is best suited to conduct financial services, e.g. fund management, insurance and pension funds, provided the requisite approval and registration is obtained under the relevant Acts. Under this jurisdiction a GBL1 company may also offer offshore corporate or management services as the Global Business Sector allows for diversity without compromise. A GBL 1 may also engage in non-financial services. Audited financial statements of a GBL 1 must be filed with the FSC on an annual basis.

Since a GBL 1 is tax resident in Mauritius, it may benefit from the advantages available under double taxation treaties. The treaties* currently in force are as follows:

* Subject to change

Global Business Company - Category 2 (GBL 2)

A Global Business Company holding a Category 2 licence may conduct any activity barring financial services, corporate services and trusteeship services by way of business.

As a GBL 2 is not resident in Mauritius for tax purposes, it cannot benefit from double taxation relief under the available tax treaties and is best suited for holding and managing private assets.