The introduction of new substance requirements for global
business companies operating from Mauritius, which will become
effective on January 1 2015, are part and parcel of a strategy
to further boost financial services and increase their input to
the country's gross domestic product (GDP).
In determining whether a company should be granted with a
GBC 1 licence, the Financial Services Commission (FSC) will
consider whether the company will be managed and controlled in
Mauritius. In doing so, the FSC will look at whether the GBC 1
company: will have at least two directors, resident in
Mauritius, of sufficient calibre to exercise independence of
mind and judgement; will maintain at all times its principal
bank account in Mauritius; will keep and maintain, at all
times, its accounting records at its registered office in
Mauritius; will prepare or proposes to prepare its statutory
financial statements and causes or proposes to have such
financial statements to be audited in Mauritius; and, will
provide for meetings of directors to include at least two
directors from Mauritius.
Conscious that the global regulatory environment is changing
quickly, the Mauritian regulator has been quick to review its
approach to regulation. In addition to existing requirements
for management and control, the regulator wants to see
additional substance by way of one of the following
requirements: having office premises, or employees, in
Mauritius; choosing Mauritius as the seat for arbitration of
disputes; holding assets worth at least $100,000 in Mauritius;
listing on a Mauritius Stock Exchange; or, incurring reasonable
expenditure in Mauritius.
In addition to the substance requirements mentioned above,
the FSC has also issued special guidelines for professional
directors, especially those sitting on multiple boards in the
global business sphere.