GBC 1 Mauritius: Mauritius is country with well-developed infrastructures and port facilities.
According to the government data and business studies, the country’s major business are trading (electrical and electronic equipments, computer, garments etc), investment banking, asset management companies, good quality gold, diamonds, and gems studded ornaments, tourism, oil power and automobile manufacturing, garments, health care products etc.
the country have good trade relation with GCC, Asian, African and EU countries.
Among the business mentioned above the holder of a Global business license, one category company may conduct business such as investment, banking, and asset management.
In this article, we are going to discuss Global Business Company Mauritius and talk about systematic procedure of setting up a GBC 1 company in Mauritius.
The Mauritius GBC 1 companies are incorporate under the company’s act 2001 and license by the Mauritius financial service commission. These types of companies are tax resident in Mauritius and they got access of Mauritius double taxation avoidance treaty network.
GBC 1 companies may hold a tax resident certificate that may be issue by the Mauritius revenue authority.
Any GBC 1 Mauritius (Global Business Company) may engage into wide ranges of business such as administration of banking funds, administration of financial service activities, asset management, provide special financial services such as leasing or factoring, investment banking or investment management, work as credit rating agency etc. there are few advantages of setting up the company as GBC 1.
One of the major benefits is that these types of companies are tax resident of the country and got the access into the double taxation avoidance treaty network.
Again, this company does not have to pay tax on capital gain or withholding tax. Additionally, the dividends that should pay by the GBC1 are not subject to taxation and the royalties that should pay to non-resident are exempt.
GBC 1 has to fulfill following requirements for obtaining the license from Mauritius financial service commission. These are,
For registering and obtaining the license for (Global Business Company) GBC 1 Mauritius, one should submit the following documents.
The application must be submitted through a properly licensed management company and the application must contain the prescribe license and processing fees.
Additionally, a lawyer must provide a certification letter stating that all the information in the application is complying with the company’s act of Mauritius.
Any corporate entities may apply for GBC 1 and additionally, the trust and partnership, both public and private company in Mauritius and foreign companies may apply for GBC 1.
After submitting the documents, the commission accesses the documents and may ask for more documents if required. Generally, it takes a few days to complete the incorporation process of GBC 1 Company.
However, if the compliance department of the commission asks for more documents then it might take a few more additional days for incorporating the GBC 1 Mauritius.
The applicant should also proceed for two other important steps of registration and these are the name approval of the company and company registration. Both steps mentioned above May carried out alongside the licensing procedure.
Any GBC 1 Mauritius must file the annual audited financial statement to the commission within 6 months of closing the financial year. This document must be prepared with international standards and by following all other required standards.
All other standards are mention under the financial reporting act 2004 an audit must be conduct by an audit firm approved by the commission.
Additionally, GBC 1 Company should have at least one secretary, who should be a neutral person and generally reside inside Mauritius.
However, any corporation may work as a secretary for the company by obtaining permission from the registrar and after full filling some specified requirements.