Global Business License Company - Category 1 (GBL1)

General Information

  • Type of Company - Global Business License Company Category 1 (GBL1).
  • Legislation - The Companies Act 2001 and the Financial Services Development Act 2001.
  • Company name - The name may be in English or French language and must indicate its status by using the word ‘Limited’ or its abbreviation ‘Ltd’.
  • Time-scale for incorporation - 12 to 14 days.
  • Disclosure of beneficial owners must be reported to the Companies Registry and the Financial Services Commission but are not available to the public.
  • Double tax treaties currently with 32 countries, including India, People’s Republic of China, Indonesia, South Africa, UK, France, Germany and Cyprus. Applicable to companies registered ONLY as GBL1.
  • Ready-made companies are NOT available.
  • Money laundering legislation is in existence.

Local Requirements

  • Registered Office must be maintained locally.
  • Company Secretary must be the Management Company as per the conditions prescribed by the GBL1 Licence.
  • Public recording - All details in relation to the appointment and resignation of directors, secretary, allotment / transfer of shares and amendment to the Constitution are filed with the Registrar of Companies and the Financial Services Commission.
  • Accounts must be audited by resident auditor and records must be properly kept and maintained. Audited financial statements are required.

Conditions for Tax Residency

  • Must have at least two resident directors.
  • Company Secretary must be resident in Mauritius.
  • Registered Office must be in Mauritius.
  • Banking transactions must be channeled through a bank in Mauritius.
  • Accounting records must be maintained in Mauritius.
  • Board meetings must be held in Mauritius.
  • All statutory records must be kept at the registered office.
  • Auditors must be Mauritian residents.
  • For Investment Funds, there must be a local custodian of Mauritian assets and the Net Asset Value must be calculated.

Corporate Requirements

  • Minimum number of shareholders - One (1). May be natural persons or bodies corporate that may reside anywhere in the world.
  • Minimum number of directors - One (1). This must be a local individual, as corporate directors are NOT permitted. Additional non-resident directors may be appointed, provided majority of directors reside in Mauritius. Two (2) resident directors are required for a GBL1 to be resident for tax purposes.
  • Minimum capital requirement - None.
  • Standard Authorised Capital - US$1 made up of One share of par value US$1.00.
  • Bearer shares are NOT permitted.

Annual Requirements

  • Annual return and annual statutory meetings are required.
  • Statutory accounting is required.
  • The government initial registration fee is US$2,070 paid one off. The annual government license fee is reduced to US$1,715 for subsequent years.
  • Taxation - applies at a nominal rate of 15% but may effectively reduced to 3% due to the company’s entitlement for foreign tax credit. 
  • Cyprus Tax Planning