Regulatory Alerts2014-05-29
Amendments to the Guide to Global Business
The Financial Services Commission of Mauritius has amended Section 3 of Chapter 4 of the Guide to Global Business to require Category 1 Global Business Companies (GBC1s) to demonstrate sufficient local substance. These entities must now maintain office premises, hold assets, employ staff, and utilize local service providers to satisfy the statutory "managed and controlled" test. All affected GBC1s must implement these operational requirements by 1 January 2015.
1 Communiqué – Amendments to the Guide to Global Business Section 71(4) of the Financial Services Act 2007 provides that the Commission may consider any such matters when determining whether a Category 1 Global Business Company (GBC1) is ‘managed and controlled’ in Mauritius. Further to government policy of encouraging substance in Mauritius by Global Business companies, as announced in the last budget, discussions were conducted with relevant stakeholders and amendments were brought to Section 3 of Chapter 4 of the Guide to Global Business. The amendments in the Guide to Global Business require GBC1s to have presence which can be reasonably expected from a corporation managed and controlled in Mauritius. In addition to existing requirements, other conditions which will be considered by the Commission include amongst others: having office premises, holding assets, employing staff and using the services of local providers. Please refer to the revised Section 3 of Chapter 4 of the Guide to Global Business. The GBC1s have to comply with these new requirements by 1 January 2015. Financial Services Commission 04 September 2013 FSC House, 54 Cybercity, Ebene, Republic of Mauritius Tel: (230) 403 7000 Fax: (230) 467 7172 E-mail: fscmauritius@intnet.mu, Website: www.fscmauritius.org