Regulatory update regarding the use of Mauritius resident corporations by non-citizens:

The FSC has issued the Financial Services (Global Business Corporations) Rules (the “Rules”) to determine which types of resident corporations will not be required to apply for a Global Business Licence. As it will be recalled, the Finance (Miscellaneous Provisions) Act 2018 amended the Financial Services Act (2007) to provide that all resident corporations, other than those specified in FSC rules, whose shares or voting rights or legal or beneficial interest are held or controlled by a non-citizen of Mauritius, and which propose to conduct global business should apply for a Global Business Licence (“GBL”).

The Rules provide that this requirement will only apply to resident corporations established after 31 December 2018 so that any resident corporation established on or before that date will not be concerned by the requirement. Additionally, a resident corporation incorporated or established after 31 December 2018 and which has amongst its investors or proposed investors development financial institutions, multilateral agencies or sovereign funds, will be exempted from the requirement to obtain a GBL, provided that the resident corporation has been granted an approval by the FSC for exemption on such terms and conditions as the it may deem necessary. Last but not least, the Rules clarify that Trusts and foundations that have been established under Mauritius law are also not required to apply for a GBL license.

Please click here to access the rules.