Regulatory Alerts2014-11-06
Amendments to the Guide to Global Business: Control and Management of Conduct for GBC1 Corporations
The Commission mandates that Global Business Category 1 corporations demonstrate substantial management and control within Mauritius to maintain their licensed status. Entities must appoint at least two qualified resident directors, maintain principal banking and accounting operations locally, hold director meetings in Mauritius, and satisfy at least one additional operational criterion such as maintaining local office premises, employing resident staff, or holding a minimum of USD 100,000 in local assets. Corporations bear the burden of proving that their local expenditures are reasonable relative to their business activities, turnover, and industry benchmarks, with related group entities permitted to fulfill these requirements on their behalf.