Category One Global Business Licence Company ('GBC 1')
A GBC 1 is a tax resident company which benefits from the network of DTAAs which Mauritius has with various countries. It is taxed at a maximum effective rate of 3% on its foreign source income. A GBC 1 can be structured as a Collective Investment Scheme ("CIS"), Closed-End Fund, Fund Manager, Investment Adviser, Protected Cell Company or investment holding entity. In addition, a Trust, Foundation or Limited Partnership may seek a GBC 1 licence. GBC 1 entities are required to conduct business outside Mauritius, although some business incidental to their main business activities may be conducted with local residents with the approval of the FSC. A GBC 1 may be listed on the Stock Exchange of Mauritius.
It is important for the GBC 1 to demonstrate that the conduct of its business is being managed and controlled from Mauritius. To demonstrate management and control in Mauritius, the Regulator shall consider whether the GBC 1:
- shall have or has at least 2 directors, resident in Mauritius, of sufficient calibre to exercise independence of mind and judgement;
- shall maintain or maintains at all times its principal bank account in Mauritius;
- shall keep and maintain or keeps and maintains, at all times, its accounting records at its registered office in Mauritius;
- shall prepare, or proposes to prepare or prepares its statutory financial statements and causes or proposes to have such financial statements to be audited in Mauritius; and
- shall provide or provides for meetings of directors
Information about a GBC 1 is highly confidential and cannot be accessed by the public.