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.
New licensing regulations for Trusts & Service Providers in Hong Kong
As per new regulations, all Hong Kong businesses providing Trustee Services, including Corporate Service Providers will not be able to operate without a valid trading license after March the 1st 2018. The new scheme is designed to better regulate individuals carrying out services within the financial sphere in Hong Kong and will be overseen and administered by the Hong Kong Companies Registry.
The terms of Hong Kong's new register of significant controllers and what it means for companies
As per new legislation, from March 1st 2018, every company incorporated in Hong Kong will be required to keep and maintain a register of all persons who have significant control of the company. The record must be updated as required and kept at the registered company address, even if there are no persons of significant control.
The pros & cons of European Passport-by-Investment schemes
In a bid to rebuild the dwindling economy in Cyprus shortly after the financial crisis four years ago, the government launched a passport-by-investment program to temp wealthy foreigners with citizenship in exchange for an investment of no less than €2 million into the Cyprus economy.
Using the Cyprus Non-Dom scheme for beneficial tax planning
In an attempt to improve and simplify the Cyprus tax system as well as to remain a highly compliant and attractive jurisdiction, the introduction of the non-domicile (shortened to Non-Dom) scheme aims to give Cyprus a competitive edge over other jurisdictions.
How are Cyprus banks handling the island's high rate of NPLs? Can more be done to combat them?
It is no secret that the Cyprus banking sector is struggling with the overwhelming level of Non-Performing Loans (NPLs), no matter the efforts exerted by the main banks in Cyprus by following conventional banking models to balance their profit/loss reports, NPLs remain to be the proverbial hole in the bucket.
Income tax exemptions for expats living in Cyprus: what are your options?
Situated in the Eastern Mediterranean, the Republic of Cyprus boasts a strategic geographical location at the hub of three continents; Europe, Asia and Africa and a pleasant sunny climate year round.
The UK Persons of Significant Control Register & its impact on companies
The requirement to maintain a register of people with significant influence or control, more commonly known as the PSC register was introduced to mandate all unlisted companies in the UK, including LLPs and dormant companies to maintain a register identifying those with significant control over a company.
Cyprus implements the Hague Convention, legally recognising Trusts as a type of Equitable Law
This year, the Republic of Cyprus ratified The Hague Conventions’ definition of the legislation applicable to trusts and furthering the regulations surrounding their recognition. Cyprus common law now recognises trusts as a unique legal institution under equity.