Fiscal incentives on new licences

The Honourable Minister of Finance and Economic Development, Pravind Jugnauth, had announced certain measures in his 2016-2017 budget speech aimed to promote the global business sector. 

We are pleased to inform you that these measures and the corresponding fiscal incentives were recently enacted through the Income Tax (Amendment of Schedule)(No 2) Regulations 2016. The Financial Services Commission, Mauritius (FSC) has now issued Circular Letters that clarify the conditions to be satisfied to benefit from these incentives.

As mentioned in the Circular Letters, the licensee shall have physical office, minimum number of employees resident in Mauritius and minimum annual operating expenditure in Mauritius/assets under management as specified below. The corporation must have been granted the licence on or after 1 September 2016:

Global Headquarters Administration  

  • 8-year tax holiday to a corporation holding a “Global Headquarters Administration Licence’’, starting from the income year in which the corporation was granted the licence
  • It must employ 10 professionals with at least two at managerial positions and incur annual expenditure of MUR 5 million (approx. USD 143,OOO)

Global Treasury Activities

  • 5-year tax holiday to a corporation holding a “Global Treasury Activities Licence’, starting from the income year in which the corporation was granted the licence
  • It must employ four professionals with at least one at managerial position and incur annual expenditure of MUR 2 million (approx. USD 58,000)

Global Legal Advisory Services

  • 5-year tax holiday granted to a corporation  holding a Global Legal Advisory Services Licence, starting from the income year in which the corporation was granted the licence
  • Employ at least five lawyers

Wealth management

  • 5-year tax holiday granted to any individual who is a non-citizen investing a minimum of USD 25 million in Mauritius or a company wholly owned by a non-citizen investing not less USD 25 million in the company, starting from the income year in which the corporation was granted the licence
  • A 5-year tax holiday granted to a corporation holding an ‘Overseas Family Corporation’ licence, starting from the income year in which the corporation was granted the licence
  • Overseas Family Office (Single) must employ at least one professional and have assets under management of more than USD 5 million to benefit from the tax holiday
  • Overseas Family Office (Multiple) to employ at least three professionals and have assets under management of more than USD 5 million for each family to benefit from the tax holiday

Asset and Fund Managers 

  • 5-year tax holiday granted to employees of certain licence holders managing an asset base of USD 100 million and issued with:
  1. An Asset Manager Certificate;
  2. A Fund Manager Certificate; or
  3. An Asset and Fund Manager Certificate
  • To benefit from this tax holiday, the officer to whom the Certificate is issued must be resident in Mauritius and manage a minimum asset base averaging USD 100 million over the last financial year 
  • The employer of the officer must submit a declaration to the FSC, to the effect that the officer has managed an asset base averaging USD 100 million over the last financial year, signed by two directors and certified by the auditors

Investment Banking

  • 5-year tax holiday to a corporation holding the ‘Investment Banking Licence’, starting from the income year in which the corporation was granted the licence
  • Employ at least five professionals and incur annual expenditure of MUR 5 million

About us

Cim Global Business is one of the leading fund administrators and corporate service providers in Mauritius with offices in Mauritius, Singapore and South Africa. Cim Global Business has over USD150 billion of Assets under Administration and offers Corporate, Trust, Foundation formation & administration services and Professional Services Outsourcing solutions to our international client base.

Cim Global Business has 25 years of experience in fund, corporate and trust administration. Our in-depth experience and expertise make us the partner of choice for structuring and establishing your cross-border investments and transactions.

How can Cim Global Business assist?

  • Assess your eligibility for the above tax holidays, provide appropriate tax advice and undertake any necessary formalities
  • Facilitate the occupation permit procedure 
  • Liaise with the regulator(s) for obtaining the required licence for existing and new corporations
  • Assist in the formation and on-going administration of the corporate structures
  • Provision of ancillary services such as renting of office space in Mauritius, recruitment and HR services 

For more information, please contact:

Gary Gowrea
Head of Structuring
Tel: +230 213 8924/+230 5253 1602
Email: Gary.Gowrea@cimglobalbusiness.com

Shamima Mallam-Hassam
Head of Business Development
Tel: +230 213 9862/ +230 5941 9213  
Email: Shamima.Mallam@cimglobalbusiness.com

Hyder Aboobakar, CFA
Business Development Manager
Tel: +230 405 1521/ +230 5252 1427 
Email: Hyder.Aboobakar@cimglobalbusiness.com