Structuring investment funds in mauritius as variable capital companies – the benefits, novelty and expectations
The Variable Capital Companies Act 2022 (the “VCC Act”) was passed on 12 April 2022 and gazetted on 15 April 2022, with its coming into force to be proclaimed at a later date. The VCC Act has been introduced in Mauritius with the aim to provide more flexibility to users of fund structures using the […]
Is beneficial ownership a relevant criterion when a company resident in Mauritius is seeking to claim treaty benefits under Article 13 of the India-Mauritius DTAA?
In a recent ruling delivered by the Mumbai Income-Tax Appellate Authority (“ITAT”), the ITAT considered whether the beneficial ownership of shares is a relevant criterion for a taxpayer, under the India-Mauritius Double Taxation Avoidance Agreement (the “DTAA”), to avail itself of capital gains tax benefits under Article 13 of the DTAA. Background The issue was […]
FSC Guidelines for Issue of Corporate and Green Bonds in Mauritius
[Updated as at April 2022] In the 2020/2021 budget, the Minister of Finance, Economic Planning and Development announced that the Bank of Mauritius (“BOM”) would come up with a framework for blue and green bonds. A technical committee was set up, comprising of representatives of the BOM, Ministry of Financial Services and Good Governance, the […]
Virtual Asset and Initial Token Offering Act 2021
The Virtual Asset and Initial Token Offering Services Act 2021 (the “Act”), passed by the National Assembly on 10 December 2021 and gazetted on 16 December 2021, empowers the Financial Services Commission (the “FSC”) to regulate and supervise virtual asset service providers (“VASPs”) and issuers of initial token offerings (issuers of “ITOs”), and enhance the […]
Using the FSC Settlement Framework to Lower Regulatory Sanctions
Mauritius has garnered attention since it was placed on the list of “Jurisdictions under Increased Monitoring” by the FATF in March 2020. Since then, the international business community has exercised more caution concerning FDI in the jurisdiction, which has had some adverse impact on the economy. The Government and regulatory authorities have bolstered their efforts […]
Tania Li: Mauritius remains a preferred choice for structuring business in Africa
Finance Bill 2021 – Summary for Businesses
The objective of the Finance Bill is to provide for the implementation of measures announced in the Budget Speech 2021-2022. This note summarises its key proposals, which will be debated and voted at the National Assembly in the coming weeks. It aims to provide a basic understanding of the proposed measures that are relevant to […]
Amendments to the Financial Services (Special Purpose Fund) Rules 2021
The Financial Services (Special Purpose Fund) Rules 2013 applicable to collective investment schemes and closed-end funds (schemes) authorised by the FSC were recently revamped on 6 March 2021 by the proclamation of the Financial Services (Special Purpose Fund) Rules 2021 (the Rules). The regime was designed for schemes which sought to be treated as non-resident in […]
Amendments to the Securities (Preferential Offer) Rules 2017
Private placements of equity securities or debt securities in Mauritius were not subject to any legislative framework until fairly recently. In contrast, public offers of these securities are regulated since the early 2000s by the Securities Act 2005, the Securities (Public Offers) Rules 2007 and, depending on which securities exchange they are listed, the Listing […]
The Evolution of the Global Business Sector in Mauritius and Impending Changes in June 2021
The global business sector was established in the early 1990s to attract foreign investment into Mauritius and has gradually become one of the pillars of the economy today. The initial regime introduced by the Mauritius Offshore Business Activities Act 1992 allowed offshore corporations and trusts to carry out offshore business activities such as offshore insurance, […]