The Global Business segment of the Mauritius IFC provides convenience, fiscal efficiency and risk mitigation for companies engaged in international operations. Domiciled in Mauritius, the Global Business companied have been instrumental in driving investments and growth across continents.
Starting from modest beginnings in 1992, the global business has grown significantly over the years to become one of the main pillars of the economy, offering sophisticated products such as global collective investment schemes, close-ended funds, expert funds, specialized collective investment schemes, CIS management, investment dealers, amongst others.
The fiscal regime of Mauritius is underpinned by a transparent system which provides for a level playing field and a competitive tax bracket for businesses and individuals at a single rate of 15%. This regime has successfully generated substantive economic activities across all sectors of the Mauritian economy.
Value Addition of Global Business in Mauritian Economy
As a vital sector to the Mauritian economy, the global business sector contributes has succeeded in generating high value-added employment. It is estimated that the sector, including banking, directly employs more than 15,000 professionals.
Number of Direct Employment in the Financial Services sector (Non-Banking) as at 31 December 2016 - 7,257
Source: Financial Services Commission (FSC)
In addition to this, the financial services sector currently contributes 12.1% of the Mauritian economy. The GDP contribution is currently made up of 6.9% of financial intermediation, which is essentially banking activities and the capital markets, 3.2% of insurance activities and 0.7% of financial leasing and other credit granting activities. The development of the global business sector also spurred substantial growth in the other sub-segments of the financial services sector, as well as in the foreign reserves of the country and balance of payment. Contribution of taxes paid under the global business regime exceeded 3.7 billion of rupees in 2015, and is an important source of revenue for the Government.
The Financial Services Commission, Mauritius (the ‘FSC’) is the regulator for the non-banking financial services and global business. Established in 2001, the FSC is mandated under the Financial Services Act 2007, to license, regulate, monitor and supervise the conduct of business activities in these sectors. The current regulatory framework has many strong elements, including reliance on solvency monitoring, prudent asset diversification, international accounting standards, and actuarial methods.