Mauritius
Offshore Incorporation

Global Business Company Category 1 (GBC 1)

Incorporated under the Mauritius Companies Act 2001 GBC 1 companies, those holding a category 1 Global Business License, are treated as residents of Mauritius for the purpose of taxation. Therefore unlike GBC 2 companies GBC 1 entities are liable to pay taxes on their earnings. As a resident of Mauritius they are entitled to the benefits of the extensive tax treaties. A GBC1 may be locally incorporated or may be registered as a branch of a foreign company. The business of a GBC1 Company must be conducted in foreign currency and GBC1 companies cannot engage in business in Mauritius.

Features of GBC 1

• The minimum paid-up capital is US$1 and the usual authorized share capital is US$ 1 million with all of the shares having a par value. The minimum issued share capital is 2 shares of par value. While the USD is the standard currency, any currency is permitted except Mauritius Rupees.
• Registered shares, preference shares, redeemable shares and shares with or without voting rights are permitted.
• Requires minimum of one Director who must be a natural person, and access to treaty benefits need at least two local directors.
• A minimum of one shareholder is required, who can be of any nationality and need not be resident in Mauritius. Corporate shareholders are permitted.
• A qualified resident company secretary must be appointed.
• Accounting records and statutory documents including register of members, debenture holders and officers must be kept at a registered office in Mauritius.
• A qualified registered agent must be appointed.
• Required to file audited annual accounts within six month of the financial year end.
• Meeting of directors can be held anywhere; however to access benefits of treaties, meetings must be held in Mauritius.
• Meeting of shareholders must be held in Mauritius and Proxies are allowed.

Merits of GBC 1

• GBC 1 companies are subject to 15% tax on income, but with tax credits the effective tax rate drops to as low as 3%.
• Neither capital gains nor withholding taxes are levied.
• Change in domicile is permitted.
• Subject to possession of a Tax Residency Certificate, GBC 1 companies have access to benefits of over 24 DTAs, some of the important partner countries include China, India, Luxembourg and Thailand.
• No limit on the carry forward of tax losses.
• Royalties, interests and service fees payable to foreign affiliates are allowed as expenses provided they are backed by genuine records.
• Interests paid on deposits in Banks are tax exempt.
• Dividends paid by a GBC1 are tax exempt.
• No stamp duties, registration duties or levies.
• Expatriate staffs are allowed and there exists a concessionary personal income tax rate for expatriate staff.

Limitations of GBC 1

• A license must be obtained to undertake banking or insurance business or solicit funds from the public.
• Beneficial owners must be disclosed to that authorities but it is not made available to public.
• GBC1 companies cannot engage in business in Mauritius.

Step 1 – Submit Incorporation order form.

Please provide us your email address and we will email you the necessary incorporation forms.

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Upon receipt of the above from you, we will

• Check your proposed company’s name availability
• Follow-up with you to clarify queries (if any) and advise accordingly
• Send you an invoice for our services.

Step 2 – Make Payment

Upon receiving the payment for our services, we will prepare the incorporation documents to be duly signed either in Singapore before us or overseas before Notary Public.

Step 3 – Incorporate Company

Upon the signing of the incorporation documents, we will proceed to register the Mauritius Offshore Incorporation GBC1. Once the company has been incorporated, you may proceed to open a corporate bank account.