Mauritius company laws provide detail guidelines about starting and doing business in Mauritius and these laws are known as the Company laws in Mauritius 2001. In this article, we are going to discuss some basic features about the Company law Mauritius and their general aspects.
Company Incorporation under Company Act Mauritius
According to the company law Mauritius 2001, there are some specific legal requirements for the companies that wish to incorporate in the country.
These include the name and the specifications about the type of company such as the type of shareholders or the members in the company, does company got limited or unlimited liabilities, also the obligation of the company and finally the obligation of having one or more directors.
By the laws, every company in Mauritius should use one of the designated categories and these are,
- Company limited by share
- Company limited by guarantee
- The company that is limited by both share and guarantee
- Unlimited company
Also by the law, the company can be either a public company or the private company. The company shall be regarded as the public company by default unless otherwise mentioned in the incorporation application or in the constitution of the company.
The application for the incorporation should be delivered to the registered in a prescribed form and this document should be duly signed by each applicant of the company and also accompanied by the required documents.
According to section 24 of the company law, the authority should provide the company with a certificate of incorporation if it fulfills all the requirements.
Company Name Registration Under Company Law Mauritius
According to the company law, the registered should not register any company or change the name of the company in Mauritius unless it got a registered name.
Additionally, if the liability of the company regarded as limited then the name of the company should end with the name limited or LTD. in order to register the name of the company, the applicant should be sent an application to the registrar in an application form that is approved by the registrar.
The registrar has the right not to register the name if it is the name seems offensive to the registrar and also the name contains an issue that does not go with the laws mentioned at the virtue of section 35.
If the name is identical to any existing name which the registrar is already reserved under the companies act 1984 then the registrar disqualifies the name registration application.
After the decision is made, the registrar shall notify the applicant in writings about whatever the name is reserved or not. If the name is reserved then the name is available for the incorporation for the next two months after the date that is stated in the notice.
Company Constitution at Mauritius company act
The constitution of the company is optional for the companies in Mauritius and the company may or may not have the constitutions.
If the company have a constitution, then this documents should mention all the aspects of the rights, power, duties and the obligations for the members of the company.
The member of the company includes the board members, each and every director and the shareholders.
According to the second schedule of the law, the private company has the right to change and modify the provisions of the constitutions.
On another hand, if the company does not have any constitution on its own then all the rights, power, duties for the members of the company (board members, directors, and shareholders) shall set out by the act mentioned in the company law Mauritius.
Shareholders and their responsibility in the Mauritius Company act & Law
Shareholders are the persons whose name is entered into the shared register and the shareholders have some specific liabilities for the company.
For example, the shareholders cannot be liable for the obligation of the company only for the reason of being the shareholders of the company.
In regard to the constitution of the company, the shareholder is responsible for the specific amount that is unpaid on a share that is held by the shareholder.
The shareholder may not affected by the contract that for the issue of the shares, for the depict, any type of breach of fiduciary duty etc.
if there is any change or alteration of the constitution of the company then the shareholders may not affected by any types of alterations unless the shareholders are agreed upon the changes in writing document.
Shareholders have some specific right in the company and one of the rights mentioned in section 115 is to arrange meetings for the shareholders.
Another right of shareholders includes adopting constitutions, approving any type of major constitutions, and putting any company in liquidation.