Financial Services


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“Promoting Mauritius as an international financial sector for African ventures”

“Strengthen our regulatory framework to enhance our reputation as a financial hub of choice”

  • 6 Africa focussed conferences to be organised in 2014 with a view to strengthen economic cooperation, promote our financial and business services. Those endeavours should reinforce our African positioning strategy.
  • Annual Conference of Chief Executive Officers of all Investment Promotion Agencies in Africa to be held in Mauritius.
  • Special fund of Rs50m provided for the setting up of a joint public-private sector financial services committee to reinforce  the country’s reputation as an international financial services sector.
  • Special fund of Rs50m provided for the setting up of a joint public-private sector financial services committee to reinforce  the country’s reputation as an international financial services sector.
  • Reinforcement of regulatory framework to combat financial crime though the creation of a Serious Fraud Office and a Financial Crime Coordination Committee.
  • Introduction of a Host Country bill to codify the various entitlements, rights and obligations of international organisations setting up regional offices in Mauritius.
  • Investment in Initial Public Offerings qualifying as a business activity for the purpose of granting Permanent Residence   in Mauritius.
  • Global Business Licence Category 1 companies will be allowed to purchase  residential property under the IRS/RES scheme.
  • Introduction of the Captive Insurance Bill to make Mauritius a captive insurance jurisdiction of choice.
  • Introduction of a Sustainability Index by the Stock Exchange of Mauritius.
  • Introduction of a Social Impact Exchange to develop Mauritius into a regional centre for investments.
  • Extension of the SME financing guarantee scheme up to 2016 for an additional commitment of Rs2bn by commercial banks.
  • Introduction of a new loan guarantee scheme for small enterprises whereby the Government will guarantee up to 70% of  losses incurred by commercial banks.
  • Under the newly introduced “Housing Empowerment Scheme” for families earning up to Rs50,000 a month, the government will guarantee 20% of the loan amount to encourage commercial banks:
    • to reduce the down-payment required on acquisition of a property to a minimum of 5%; and 
    • to carry a moratorium period of 2 years on capital repayment.    
  • The levy on banks will now be calculated on 10% of chargeable income instead of 3.4% on book profit and 1% on operating income, in respect of returns submitted in 2014 and 2015.
  • Amendments made  to various acts to enhance regulation of the financial services sector. To that end, those regulations should strengthen our legal framework to prohibit the conduct of Ponzi/pyramid schemes.
  • Introduction of  the “In duplume rule” as from 1st of January 2014 for all loans taken by individuals and amount due on credit cards. Once accumulated interest on a loan account equals capital outstanding, interest rate will be reduced to the repo rate and will be charged only on the outstanding capital amount.
  • Penalty interest will be capped  at 2% per annum for all loans provided.
  • No penalty charge in respect of early repayment of loans.