A GBL2 is a private company which conducts business with persons all of whom are resident outside Mauritius and in a currency other than the Mauritian rupee. A GBL2 provides for greater flexibility and is a suitable vehicle for holding and managing private assets.
It is a tax exempt company therefore has no access the network of Double Taxation Agreements of Mauritius. It cannot carry out business of company formation, administration and management or provide professional nominee or trusteeship services. It is furthermore prevented from raising capital from the public and offer of provide financial services or other services as fiduciary in any investment fund or any collective investment scheme. A GBL2 may be locally incorporated or registered as a branch of a foreign company.
Activities that may be carried on by a Category 2 Global Business licencee include:
- Non financial consultancy
- IT Services
- Ship Management
- Trading non financial
- Passive Investment Holding
- One off transaction using a Special Purpose Vehicle
- Such other activity as may be approved by the FSC
Confidentiality is strictly observed in terms of the Financial Services Act of Mauritius. No person or body is authorized to disclose information or present documentation to any court, tribunal, committee of inquiry or other authority in Mauritius unless ordered to do so by a Court of Law on application by the Director of Public Prosecution for inquiry into the trafficking of narcotics and dangerous drugs, arms trafficking or money laundering as defined under existing legislation.
The identity of the beneficial owner needs to be disclosed only to the registered agent and to the banker if a bank account is required in Mauritius. The records kept by the Registrar of Companies may only be inspected by the shareholders of the company. Through the use of Alliance Financial Services Limited nominee shareholders, the identity of the beneficial owners can remain confidential.
Capital and Shares
- There is no minimum capital requirement but at least one share must be issued and paid up.
- Registered shares, preference shares, redeemable shares and shares with or without voting rights.
- Par value shares may be stated in more than one currency
- Fractional shares are allowed.
- Bearer shares are not allowed.
- Shares may be subscribed by nominees.
- Shareholders may be individual or corporate.
- A GBL2 may acquire, redeem, reissue or purchase its own shares.
- The Directors are required to ensure that the company meets the solvency test after making distributions. The solvency test is satisfied where the company is able to pay its debts as they become due and the value of the company's assets is greater than the sum of the value if its liabilities and its stated capital.
- A GBL2 does not pay any tax on its world-wide income to the Mauritian Authorities.
- No withholding tax on dividends.
- No capital gains tax.
The tax cost of a GBL2 is effectively the foreign tax suffered. A GBL2 can trade and/or invest in a GBL1 and vice versa.
- A foreign company may transfer its seat to Mauritius and continue as a GBL2 provided this is allowed under the laws of the country in which it was incorporated.
- A GBL2 may transfer its statutory seat to another jurisdiction.
- A GBL2 can be converted into a GBL1.
Following the name reservation with the Registrar of Companies, application documents including a brief business plan are submitted to the FSC. Upon meeting all licensing conditions, the Registrar of Companies proceeds with the incorporation of the company. The incorporation and licensing generally takes 24 hours upon receipt of required information and instructions.
The following should be submitted to us:
- Desired company name. A fee is payable to the Registrar of Companies for name reservation.
- Particulars of principals (nationality, address, country of residence, profession, etc.)
- Passport copy of principals.
- Bank reference letter.
- Brief business plan.
- Full names and addresses of all directors.
- Duly filled in and signed statutory Application Form.
Annual fees to Registrar of Companies: US$ 100 Annual Fees to Financial Services Commission: US$ 235
Minimum one, who may be a natural person or a body corporate.
- The directors are required to ensure that the company meets the solvency test immediately after making distributions. The solvency test is satisfied where the company is able to pay its debts as they become due and the value of the company's assets is greater than the sum of the value of its liabilities and its capital.
- A GBL2 is required to maintain financial statements to reflect their financial position with the Registered Agent and are required to file unaudited financial statements with the authorities.
- Filing is required of appointment of directors and secretary and change in shareholders. There is no duty payable on filing.
- Meetings may be held anywhere in the world.
- Company Secretary optional.