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Financial Services (Global Business Corporations) Rules 2019

Financial Services (Global Business Corporations) Rules 2019

Mauritius in world does not just hold strategic significance due to its proximity to sea lane of communications and passage of international cargo via ships. Mauritius has developed itself as island nation with advanced and convenient financial and investment hub for global businesses. The Mauritius Financial Services Commission (FSC) drafted rules under sections 71 and 93 of the Financial Services Act 2007.

Under the new rules,a corporate is mandated to apply for a global business license if the majority of its shareholders non-citizen of Mauritius and such company conducts business predominantly outside Mauritius or with categories of persons outlined under the FSC Rules.

Since starting of the year 2019, the FSC released new rules to strengthen government's aim of enhancing business processes by carving out exception that don’t have to mandatorily require to apply for a Global Business License:

  1. Companies incorporated prior to 31 December 2018 that don’t hold GBL1 or GBL2;
  2. Companies established after 31 December 2018 and have amongst their investors-multilateral agencies, development financial institutions or sovereign funds, but on the condition that resident corporations are granted an approval by the FSC on conditions as the FSC deems fit;
  3. a trust governed under Mauritian Trusts Act 2001; and
  4. a foundation registered under the Mauritian Foundations Act 2012.

This amendment is to give fillip to the global business resident in Mauritius and to tackle the shell companies and discourage round tripping.