Are you worried about the future of your business?
With increasing challenges facing the global business landscape it is the right time to consider your alternatives. The correct decision now will ensure the success of your business for generations to come.
It is one of the fastest growing nations in Africa and amongst the best ranked African countries for its business and corporate environment. Mauritius currently ranks at 13th worldwide in the latest World Bank’s Ease of Doing Business Index and 1st amongst African countries. It boasts a stable political and economic environment, an excellent banking sector and a unique hybrid legal system. All of these ingredients contribute to make Mauritius the ideal jurisdiction to relocate your business.
There are many compelling reasons for corporate relocation to Mauritius:
- Clean and transparent jurisdiction
The Organisation for Economic Co-operation and Development (OECD) recently deemed that Mauritius has no harmful tax practices and is fully compliant to EU norms. In this vein, in October 2019 the European Union also endorsed Mauritius as being a compliant jurisdiction for tax matters.
- African, Regional and International Cooperation
Mauritius is a member of various African regional blocks and international committees that makes it a favourable gateway for trade in goods and services globally. We outline some below;
African Union (AU) – created to focus on increased cooperation and integration of African states to drive Africa’s growth and economic development.
South African Development Community (SADC) – established to achieve development, peace and security, economic growth, alleviate poverty, enhance the standard and quality of life of the people of Southern Africa, and support the socially disadvantaged through regional integration, built on democratic principles, equitable and sustainable development.
Common Market for Eastern and Southern Africa (COMESA) – which has the objective of forming a large economic and trading unit that is capable of overcoming some of the barriers that are faced by individual states.
Indian Ocean Rim Association (IORA) – which facilitates and promotes economic co-operation, bringing together inter-alia representatives of Member States’ governments, businesses and academia.
World Trade Organization (WTO) – deals with rules of trade between nations.
DTAA’s, IPPA’s and MOU’s – As at date, Mauritius has signed 46 Double Taxation Avoidance Agreements (DTAA), 28 Investment Promotion and Protection Agreements (IPPA) out of which 21, and 9 respectively are with African countries.
- Business friendly environment
Over and above an excellent ranking in terms of Ease of Doing Business, Mauritius has a bilingual and highly qualified working force. While there is no foreign exchange control, there is a sound governance and legal framework. Creating a domestic company can be accomplished within a couple of hours provided that the statutory and regulatory requirements are met.
- Investment opportunities
Mauritius is promoting investment in several sectors namely, Agro-industry, Creative Industry, Education, Financial Services, Healthcare, ICT, Lifesciences, Logistics, New Manufacturing, Traditional Manufacturing, Ocean Economy, Real Estate and Hospitality. The country’s vision is to achieve high-income status before 2025.
The government has also introduced various schemes to promote the economy and encourage investment in innovation and research for a Smart Mauritius. Some examples are: The Smart City Scheme, Property Development Scheme, Film Rebate Scheme, Food Processing Scheme, Freight Rebate Scheme Licence, Regulatory Sandbox, Blueprint for a modern financial services sector.
In fact, as evidenced by Foreign Direct Investment (FDI) figures, Mauritius has recorded a 20% increase in the first semester of 2019. South Africa remains the largest investor from Africa with around MUR 2.500 million.
- Personal relocation
Mauritius has a low crime rate and is a peaceful country. The hospitality of Mauritius and the pleasant openness to foreigners encourages investors to move to Mauritius while moving their business to Mauritius. There are various options to relocate:
Acquisition of property
The aforementioned Property Development Scheme (PDS) allows for non-citizens to acquire a high end property on freehold and become eligible for a permanent residence permit. There are conditions applicable such as a minimum of investment of USD 500,000 or equivalent during the purchase of a qualifying property.
The occupation permit is a combined work and residence permit allowing a non-citizen to work and live in Mauritius under 3 categories:
- Investor – an investor is a non-citizen who invests USD 100,000 or equivalent into a business in Mauritius and is consequently a shareholder and director of a company in Mauritius. The company should generate a cumulative turnover of at least MUR 12 million during the first 3 years and with a turnover of at least MUR 2 million per year.
- Professional – a professional is a person who earns at least MUR 60,000 monthly. The amount applicable for professionals in the ICT sector is MUR 30,000 monthly.
- Self-employed – a self-employed is a non-citizen engaged in a professional activity under the services sector only. An initial amount of USD 35,000 should be made. Furthermore, the business activity should generate a cumulative business income of at least MUR 2,400,000 during the 3 years preceding the application for occupation permit and with a business income of at least MUR 600,000 per year.
- Retired non-citizen – a retired non-citizen is a person who is above 50 years of age. An initial transfer of USD 1,500 should be made to the bank account of the retired person. A subsequent monthly transfer of an amount of USD 1,500 or aggregate amount of USD 54,000 for the 3 years’ duration of the permit should be made.
- In terms of the family of the investor or occupational/residential permit holder, the spouse or lawful partner of the investor as well as child(ren) under the age of 24 will also be eligible to obtain a residence permit.
Mauritius remains the key to your success!
Kevin Bessoondyal – Head of Business Development
Kevin is a seasoned professional, with a thorough knowledge of the Global Business industry and a detailed appreciation of the requirements of clients. He is a proactive professional who has, over the past two decades, gained much experience and expertise in various domains.
Kevin holds a BEng in Electronics & Computer Science and an MBA from the University of Surrey, UK. He is also an associate of the Chartered Institute of Marketing.