MAURITIUS overhauled its companies act, effective on December 1.

MAURITIUS overhauled its companies act, effective on December 1.

February 01, 2002
MAURITIUS overhauled its companies act, effective on December 1.

Offshore business companies of the kind that US multinationals use to hold investments in India, Pakistan and Mauritius converted automatically into “category 1 global business license companies.” At least one director of a category 1 company must be resident in Mauritius, according to Suzanne Gujadhur Bell, director of Mutual Trust Management Mauritius Limited in Port Louis.

Category 1 companies must prepare annual audited accounts and are subject to strict filing deadlines and penalties if they do not comply. The accounts are filed with a new Financial Services Commission that replaced the old Mauritius Offshore Business Activity Authority.

Keith Martin