Why Mauritius
About Mauritius
Mauritius offers foreign investors with an extensive network of treaties making it the gateway for investments in India, African countries and other areas. Having been channelled through Mauritius since the early 1990’s, the assets amount to over six hundred billion United States Dollars ($600 billion). In comparison to its offshore financial centre competitors, only Luxembourg has a larger portfolio of foreign direct investments relative to the size of its economy (fifty times for Mauritius). Additionally, Mauritius has a favourable network of investment promotion and protection agreements (IPPAs) on top of the DTAs in force.
The Government of Mauritius constantly stresses a focus on service quality, providing foreign-based investors with a business-friendly environment within a rigorous regulatory framework. Mauritius adheres to internationally and globally recognised standards, meaning that it is “White” listed by the Financial Action Task Force (FATF) and thus considered and regarded as an equivalent and compliant jurisdiction internationally. Mauritius has also been one (1) of the first offshore financial centres to implement the United States Foreign Account Tax Compliance Act (FATCA) as well as becoming an early member of both the South African Development Community (SADC) and the Common Market for Eastern and Southern Africa (COMESA).
Mauritius Information
| Definition | Information |
|---|---|
| Geography | |
| Location | Indian Ocean |
| Continental belonging | Africa (Sub-Saharan) |
| Time zone | GMT + 04:00 |
| Area | 2,040.00 Km2 |
| Capital | Port Louis |
| Official language | None |
| Spoken languages | English, French, Hindi and Creole |
| Demography | |
| Population | 1,348,242 |
| Nationality | Mauritian |
| Ethnic groups | Indo-Mauritian, Creole, Sino-Mauritian and Franco-Mauritian |
| Religions | Hindu, Roman Catholic, Muslim, other Christians and others |
| Unemployment rate | 7.50% |
| Median age | 34.80 years |
| Population growth rate | 0.61% |
| Birth rate | 13.10 / 1,000 |
| Death rate | 7.00 / 1,000 |
| Life expectancy | 75.60 years |
| HIV rate (2015) | 0.88% |
| Literacy rate | 90.60% |
| Government | |
| Type | Parliamentary Republic |
| Administrative divisions | 9 districts and 3 dependencies |
| Independence | 12 March 1968 |
| Republic | 12 March 1992 |
| Constitution | Adopted in 1968 and amended in 2015 |
| Citizenship | By birth, descent, naturalisation and dual |
| Suffrage | 18 years of age |
| Head of State | Prime Minister |
| Chief of State | President |
| Government branches | Executive, legislative and judicial |
| National anthem | The Motherland |
| National emblem | The Dodo bird |
| Flag colours | Red, blue, yellow and green in four superposed horizontal lines |
Source: The Central Intelligence World Fact book (2016 data unless otherwise specified) and the Mauritius Central Statistics Office (2016 data unless otherwise specified).
Economic Data of Mauritius
The table below provides information relating to the economy of Mauritius.
| Definition | Information |
|---|---|
| Currency | Mauritian Rupee (Rs. or MUR) |
| GDP per capita, PPP (current international $) | $ 23,942.00 (2019) |
| Gross savings – % of GDP | 17.09% (2019) |
| GDP (current US$ billions) | 14.2 (2019) |
| GDP growth rate (annual) | 3.55% (2019) |
| Inflation – GDP deflator | 0.94% (2019) |
| Services – value added % of GDP | 67.25% (2019) |
| Industry (including construction) – value added % of GDP | 17.37% (2019) |
| Agriculture, forestry & fishing – value added % of GDP | 2.86% (2019) |
| Exports of goods and services – % of GDP | 29.17% (2019) |
| Import of goods and services – % of GDP | 53.63% (2019) |
| Gross capital formation – % of GDP | 19.80% (2019) |
| Revenue excluding grants – % of GDP | 22.62% (2018) |
| Net lending (+) / net borrowing (-) – % of GDP | -1.93% (2019) |
Source: The World Bank, the Central Intelligence World Fact book and the Mauritius Central Statistics Office (2018 & 2019).
Mauritius Competent Authorities
The Global Business sector in Mauritius is primarily overseen by the four (4) government bodies listed below:
- The Financial Services Commission of Mauritius (the “FSC”)
The Financial Services Commission (“FSC”) is the regulatory authority responsible for the supervision and inspection of all financial services other than banking in Mauritius. The FSC operates under the tutelage of the Mauritius Ministry of Finance and Economic Development (“MFED”).
Website: https://www.fscmauritius.org/en - The Corporate and Business Registration Department
The Corporate and Business Registration Department of Mauritius (the “CBRD”) or the Registrar of Companies (the “ROC”), as it is often referred to locally) is the government office responsible for the incorporation, registration and striking off of legal entities in Mauritius and operates under the tutelage of the MFED.
Website: http://companies.govmu.org/English/Pages/default.aspx
- The Mauritius Revenue Authority (the “MRA”)
The Mauritius Revenue Authority (the “MRA”) is the revenue authority of the Government of Mauritius and operates under the tutelage of the MFED. The MRA is responsible for the assessment of liability, the collection and accountability of taxes and the management, operation and enforcement of revenue laws.
Website: http://www.mra.mu/ - The Economic Development Board (the “EDB”)
The Economic Development Board (the “EDB”) is the national investment promotion agency of the Government of Mauritius. Its primary functions are to promote and facilitate investments in Mauritius. The EDB is the first point of contact for investors willing to explore business opportunities in Mauritius and also to acquire residence and work permits.
Website: https://www.edbmauritius.org/
Mauritius International Benchmarks
Mauritius is recognised on the world stage by international organisations and regulatory bodies as a jurisdiction which offers and strives for continuous improvements in its “ease of doing business” regime. Based on numerous internationally recognised classifications as per the table below, Mauritius is regarded as a leading jurisdiction for channelling investments across the globe.
| No | Index | Global Rank | Africa Rank |
|---|---|---|---|
| 1 | World Bank Doing Business 2020 | 13 out of 190 countries | 1st |
| 2 | Global Competitiveness Index 2019 – World Economic Forum | 54 out of 140 countries | 1st |
| 3 | Corruption Perceptions Index 2019 – (Transparency International) | 52 out of 180 countries | 3rd |
| 4 | International Property Rights Index 2019 | 40 out of 128 countries | 1st |
| 5 | Mo Ibrahim Index of African Governance 2019 | – | 1st |
| 6 | Press Freedom Index 2019 – (Reporters without Borders) | 58 out of 180 countries | 5th |
| 7 | The A.T. Kearney Global Services Location Index 2019 | 30 out of 50 countries | 2nd |
| 8 | 2018 Index of Economic Freedom – (Heritage Foundation) | 25 out of 180 countries | 1st |
| 9 | Economic Freedom of the World 2019- (Fraser Institute) | 8 out of 162 countries | 1st |
| 10 | Human Development Index 2019 | 66 out of 188 countries | 2nd |
| 11 | Democracy Index 2019 – The Economist Intelligence Unit – Full Democracy | 17 out of 167 countries | 1st |
| 12 | Mercer’s 2019 Quality of Living Survey | 83 out of 230 countries | 1st |
| 13 | Forbes Survey of Best Countries for Business 2019 | 39 out of 161 countries | 1st |
| 14 | The Travel and Tourism Competitiveness 2019 | 54 out of 136 countries | 1st |
| 15 | Social Progress Index 2019 | 44 out of 149 countries | 1st |
Banks in Mauritius
The banking industry in Mauritius is comprised of eighteen (18) commercial and investment banks and is characterised by a diverse range of services provided by each individual bank. The Bank of Mauritius is the regulatory supervisory body for all commercial and investment banks in Mauritius which are listed below:
1. AfrAsia Bank Limited;
2. ABSA Bank Mauritius Limited;
3. SBM Bank (Mauritius) Ltd;
4. The Mauritius Commercial Bank Ltd;
5. Bank One Limited;
6. Standard Chartered Bank (Mauritius) Limited;
7. Investec Bank (Mauritius) Limited;
8. Standard Bank (Mauritius) Limited;
9. SBI Bank (Mauritius) Ltd;
10. MauBank Ltd;
11. The Hongkong and Shanghai Banking Corporation Limited;
12. BCP Bank (Mauritius) Ltd;
13. Bank of Baroda Limited;
14. ABC Banking Corporation Limited;
15. Warwyck Bank Limited;
16. BanyanTree Bank Limited;
17. Habib Bank Limited; and
18. Bank of China (Mauritius) Limited.
Source: The Bank of Mauritius.
Disclaimer: AAMIL partners with the above-mentioned banks with regard to the bank accounts opening applications procedures of its various clients and their incorporated entities. AAMIL is neither a subsidiary, branch nor affiliate of any Banks. Each Bank has its own on-boarding and client acceptance procedures and criteria which AAMIL does not influence nor control.