Global Business Corporations in Mauritius: Financial Services Act 2007 Licensing Framework

Mauritius has positioned itself as a leading international financial centre through the licensing framework established by the Financial Services Act 2007 (FSA). Part II of the FSA governs the licensing and conduct of Global Business Corporations (GBCs).

Licensing Requirement

Section 71 of the FSA provides that a Global Business Corporation means a company incorporated under the Companies Act 2001 and licensed under Part II of the FSA to carry on global business. Section 72 governs the application for a Global Business Licence. An applicant must satisfy the FSC that it has adequate substance in Mauritius, has appointed a licensed management company, and has at least two directors resident in Mauritius.

Conduct of Global Business

Section 73 of the FSA governs the conduct of global business. A GBC must comply with the conditions of its licence, maintain adequate accounting records, and file audited accounts with the FSC annually. The FSC may impose additional conditions on a licence where it considers this necessary in the interests of the proper regulation of global business.

Validity and Revocation

Section 74 of the FSA governs the validity and revocation of a Global Business Licence. The FSC may revoke a licence where a GBC has contravened any provision of the FSA, has failed to comply with a condition of its licence, or where the FSC considers that the revocation is in the public interest.

Economic Substance

GBCs carrying on relevant activities must demonstrate adequate economic substance in Mauritius under the Economic Substance (Companies and Limited Partnerships) Act 2018. The regulations prescribe minimum expenditure thresholds and require that the direction and management of the entity takes place in Mauritius.

This article is for general information purposes only and does not constitute legal advice.