WHY MAURITIUS?

About Mauritius

Mauritius offers foreign investors with an extensive network of treaties and double taxation agreements (“DTA”s) making it the gateway for investments into, amongst other areas, India and African continent.. Having been channelled through Mauritius since the early 1990’s, the assets amount to over six hundred billion United States Dollars ($ 600.00 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 (50.00) for Mauritius). Additionally, Mauritius has a favourable network of investment promotion and protection agreements 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

The table below provides information relating to the geography, the demography and the government of Mauritius.

 

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).

Mauritius Economic Data

The table below provides information relating to the economy of Mauritius.

 

Definition Information
Economy
 

Currency

 

Mauritian Rupee (Rs. or MUR)
 

GDP per capita (US$)

 

$ 20,500.00
Gross national savings – % of GDP  

15.80%

 

 

GDP (US$ billions)

 

12.16
 

GDP growth rate (annual)

 

3.70%
 

Inflation – GDP deflator

 

2.20%
 

Services – value added % of GDP

 

73.90%
 

Industry – value added % of GDP

 

22.10%
 

Agriculture – value added % of GDP

 

4.00%
 

Exports of goods and services – % of GDP

 

49.00%
 

Import of goods and services – % of GDP

 

59.00%
 

Gross capital formation – % of GDP

 

17.00%
 

Revenue excluding grants – % of GDP

 

20.60%
Net lending (+) / net borrowing (-) – % of GDP -3.20%

Source: The World Bank (2016 data unless otherwise specified), the Central Intelligence World Fact book (2016 data unless otherwise specified) and the Mauritius Central Statistics Office (2016 data unless otherwise specified).

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 Financial Services Commission (the “FSC”) is the regulatory authority responsible for the regulation, 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 (the “MFED”).

Website: https://www.fscmauritius.org/en

  • The Corporate and Business Registration Department

The Corporate and Business Registration Department of Mauritius (the “CBRD” or “ROC” – Registrar of Companies, 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 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 Board of Investment

The Board of Investment of Mauritius (the “BOI”) is the national investment promotion agency of the Government of Mauritius. Its primary functions are to promote and facilitate investments in Mauritius. The BOI is the first point of contact for investors willing to explore business opportunities in Mauritius and also oversees the issue of residence and work permits.

Website: http://www.investmauritius.com/

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.

 

Index Global Rank Africa Rank
Work Bank Doing Business 2017 49 out of 190 countries 1st
Global Competitive Index 2016-2017 45 out of 138 countries 1st
Corruption Perceptions Index 2015 (Transparency International) 50 out of 176 countries 3rd
International Property Rights Index 2016 34 out of 128 countries 3rd
Mo Ibrahim Index of African Governance 2016  

 

1st
Press Freedom Index 2016 (Reporters without Borders) 61 out of 180 countries 8th
The A.T. Kearney Global Services Location Index 2016 30 out 50 countries 3rd
2017 Index of Economic Freedom (Heritage Foundation) 21 out of 180 countries 1st
Economic Freedom of the World 2016 5 out of 159 countries 1st
Human Development Index 2016 64 out of 188 countries 2nd
Democracy Index 2016 – Economist Intelligence Unit (Full Democracy) 18 out of 167 countries 1st
Knowledge Economy Index 2012 62 out of 145 countries 1st
Global Enabling Trade Report 2016 39 out of 136 countries 1st
Environmental Performance Index 2016 77 out of 180 countries 1st
Mercer’s 2016 Quality of Living Survey 83 out of 230 countries 1st
E-government development Index 2016 58 out of 193 countries 1st
Global Information Technology Report 2016 49 out of 139 countries 1st
Forbes Survey of Best Countries for Business 2017 39 out of 139 countries 1st
The Travel and Tourism Competitiveness 2017 55 out of 136 countries 2nd
Social Progress Index 2016 40 out of 133 countries 1st

Source: The Board of Investment of Mauritius.

Mauritius Banks

The banking industry in Mauritius is comprised of twenty-three (23) 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. Barclays Bank Mauritius Limited;
  3. SBM Bank (Mauritius) Ltd;
  4. The Mauritius Commercial Bank Ltd;
  5. Bank One Limited;
  6. HSBC Bank (Mauritius) Ltd;
  7. Standard Chartered Bank (Mauritius) Limited;
  8. Investec Bank (Mauritius) Limited;
  9. Standard Bank (Mauritius) Limited;
  10. SBI Bank (Mauritius) Ltd;
  11. MauBank Ltd;
  12. The Hongkong and Shanghai Banking Corporation Limited;
  13. Banque des Mascareignes Ltée;
  14. Deutsche Bank (Mauritius) ltd;
  15. Bank of Baroda Limited;
  16. ABC Banking Corporation Limited;
  17. Warwyck Bank Limited;
  18. BanyanTree Bank Limited;
  19. Habib Bank Limited;
  20. Bank of China (Mauritius) Limited;
  21. PT Bank Maybank Indonesia;
  22. Century Banking Corporation; and
  23. Banque Privée de Fleurie Limited.

Source: The Bank of Mauritius.

Disclaimer: AAMIL partners with the above-mentioned banks (the “Bank(s)”) with regard to the bank account 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.