The company act of Mauritius modeled based on the company act of New Zealand and the law emphasizes that the potential company should not cost much for organizing the business enterprise.
The act also focused on to set up a regulatory body that prevents the abasement of management power and at the same time provides protection to the shareholders of the company.
Therefore, opening a company in Mauritius is a comparatively easy task and in this article, we are going to discuss how to open a company in Mauritius.
If you are a potential investor or wants to learn how to open a company in Mauritius then article certainly provides you with the inside look.
Mauritian Company’s Classifications
The company act of Mauritius permits few types of companies and these are:
- The company that is limited by share
- The company that is limited by guarantee
- The company that is limited by both shares and guarantees
- Unlimited company.
In addition to the types mentioned above, there are few categories for the company and these are:
- Private company – the type of company that has shareholders 25 or less
- Small private company – the type of company that does not have a global business license category 1 and an annual turnover of the company is less than RS 30 million
- Public company – this is a type of company that cannot be a private company.
- Foreign Company – the company act of Mauritius allows foreign companies to register in Mauritius and conduct business operations.
- Limited life company – this is a type of company that got the limited life. Companies in Mauritius may choose to begin company as limited life company.
- Dormant Company – this is a type of company those exempted to have their accounts audited by the authorize auditor.
How to open a company in Mauritius
The step of opening a company in Mauritius is to choose a name for the company and make a reservation of the name by paying the required fees.
For reserving the name, an application should make to the registered office and generally, it is approved on the same day.
The approved name will be available for the next 2 months from the date of application and one may extend the reservation for another 2 months by paying additional fees.
During the application, one should clearly mention the name of the company, whatever the company is the private company, the potential address of the future office, the full name and address and nationality of each applicant, and secretary of the company.
After you submit the application, the register will assess the application and checks that whatever the application is complying with all the laws of company incorporation in Mauritius then you may pay all the required fees for the application.
After you make payment to the registered office, the registered will enters all the details of the company into his register. He also assigns a unique number for the company and this number shall be the number of the company for future use.
Additionally, he will be issuing a certificate of incorporation in a prescribed format. How to open a company in Mauritius with global business license category 1 and 2?
Forgetting the global business license, you are required to apply toward financial service commission at the same time of making incorporation application.
The period required to complete the incorporation process greatly related to the types of global business license.
For GBL 1, it takes about two to three days to receive the license and for GBL2 it may require seven to ten days to receive a license after submitting all the required documents to the regulatory bodies.
If the registered of the commission is asking for additional documents then the incorporation process might take longer timeframe.
Management and Administration for how to open a company in Mauritius
According to the law of Mauritius, all the incorporated companies must have registered office in the country and all form of communication including legal proceeding of the company should mention the registered address.
The office should have a signboard in a conspicuous place that displayed permanently “Registered Office” with Romanizing letter format.
For GBC 1 Category Company should administrate by the management of the company and for GBC2 type business should have registered agent in Mauritius.
The registered agent of the company is responsible for submitting all the required documents such as the filling of any return and this is mandatory by the financial service commission and by the companies’ act of Mauritius.
Additionally, the GBL 1 category companies should have an appointed company secretary and by law, he must be a neutral person and ordinarily resides in Mauritius.
The company act of Mauritius defines some duties for secretary such as providing a board with guidance, checking that the company is operating in compliance with all company laws in Mauritius.