Requirements and administration guidelines
- GBC1 – There are no minimum capital requirements. Capital can be in any currency except the Mauritian Rupee. Bearer shares are not permitted. A minimum of one Shareholder is required. The shareholder can be any nationality and does not need to be resident in Mauritius.
- GBC2 – There are no minimum capital requirements. Bearer shares are permitted, Share Capital is unlimited and there are no extra fees for high capitalization. A minimum of one Shareholder is required. Any change on the beneficial ownership must be notified to the Financial Services Commission in Mauritius within one month.
- GBC1 – A minimum of one director is required however to take advantage of the Double Taxation Treaties two resident Mauritian Directors are required.
- GBC2 – A minimum of one director is required; can be either a corporate or individual
Restrictions on Name & Activity:
- GBC1 – It is prohibited for company names to contain words such as ‘Bank’, ‘Insurance’, ‘Building Society’ or ‘Trust’
- GBC2 – It is prohibited to use any name that is similar to an existing company name
- GBC1 – A Registered Agent and Registered Office in Mauritius is required. The Registered Agent must be appropriately qualified to act as such, for example a lawyer, Licensed Management Company etc. A company secretary is also required. The secretary must be qualified and resident in Mauritius. All records must be kept in the registered office.
- GBC2 – A Registered Agent and Registered Office in Mauritius is required. The Registered Agent must be appropriately qualified to act as such, for example a lawyer, Licensed Management Company etc. A secretary is required but there is no requirement for a qualified, Mauritian Resident to undertake this position.
- GBC1 – Beneficial Owners details are disclosed to the Mauritian Authorities but they are not made available to the public.
- GBC2 – There is no requirement to disclose Beneficial Owners details to the Mauritian Authorities.
- GBC1 – Approximately 3-4 weeks is required.
- GBC2 – Approximately 2 weeks is required.
Gibraltar companies now have to disclose full Beneficial Ownership details to Central Register
Gibraltar is working to implement all EU legislation relating to the 4th Anti Money Laundering Directive into national law, in addition to the current EU legislation on financial supervision and direct taxation, and to this affect, the Government of Gibraltar have established a Central Register of Beneficial Ownership that will be effective from June 26th 2017.
European Commission publishes tax avoidance disclosure directive
The EC (European Commission) has published its draft legislation compelling financial service providers or intermediaries to disclose any international tax planning schemes they have encouraged, enabled or assisted in any way.
OECD publishes compliance review for all non-compliant jurisdictions
The OECDs global tax transparency initiative was launched last year in April 2016, with the purpose of encouraging every jurisdiction across the world to commit to implementation of a CRS (Common Reporting Standard) for automatic exchange of information by 2018, and to sign the Multilateral Convention on the exchanging of tax data. A forum on behalf of the OECD has released the results of its review for jurisdictions it considers to be non-compliant.
EU Parliament Committee release findings & recommendations for current offshore taxation measures
A formal enquiry into the Panamanian law firm Mossack Fonseca has been launched by the European Parliament's Committee, which found gaps in beneficial ownership transparency for trusts and fiduciaries and didn’t meet the EU standard.
2017 G20 summit: Enforcement of taxation highest priority
The 2017 G20 leaders’ summit took place in Hamburg last week where the European Commission Council and leaders discussed the priorities and primary projects for the upcoming summit. EC President Jean-Claude Juncker has stated that advancing the global combat against tax evasion is top of the list.
The EC takes action against advocates promoting tax avoidance schemes
The European Commission has recommended the implementation of a new regulation regarding companies or intermediaries who promote or design cross-border tax planning schemes will going forward be required to provide full disclosure to the tax authorities of their relevant jurisdiction within five days of offering them to clients.
What are the new Beneficial Ownership reporting requirements for BVI companies?
Going forward, a new regulation will require certain British Virgin Islands companies to gather and retain details of Beneficial Owners with 25% or more of the company’s shareholding rights, with an ongoing requirement to keep the details up to date.
Russian citizens can gain Cyprus tax residency by staying only 60 days on island, whats the catch?
Cyprus is once again working to improve its economic desirability and will be able to increase its alternative business base for Russians with good creditworthiness.