Global Business Category 1 - GBC1

Are you ready for the new substance requirements for Global Business Category 1 ("GBC1")?


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Existing Requirements for GBC1

Currently, the FSC considers the following when determining whether the conduct of business is managed and controlled from Mauritius:

  • The corporation shall have or has at least 2 directors, resident in Mauritius, who are appropriately qualified and are of sufficient calibre to exercise independence of mind and judgement
  • The corporation shall maintain or is maintaining at all times its principal bank account in Mauritius
  • The corporation shall keep and maintain or is keeping and maintaining, at all times, its accounting records at its registered office in Mauritius
  • The corporation 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
  • The corporation shall provide or provides for meetings of directors to include at least 2 directors from Mauritius
  • A corporation which is authorised/licensed as a collective investment scheme, closed end fund or external pension scheme, is administered from Mauritius

 

New Requirements

The FSC issued new substance guidelines for global business companies and these are to be effective as from 1 January 2015. Going forward, in addition to the existing conditions, a GBC1 would need to fulfil at least one of the following criteria:
 

  • The corporation has or shall have office premises in Mauritius
  • The corporation employs or shall employ on a full time basis at administrative/technical level, at least one person who shall be resident in Mauritius
  • The corporation’s constitution contains a clause whereby all disputes arising out of the constitution shall be resolved by way of arbitration in Mauritius
  • The corporation holds or is expected to hold within the next 12 months, assets (excluding cash held in bank account or shares/interests in another corporation holding a Global Business Licence) which are worth at least USD 100,000 in Mauritius
  • The corporation’s shares are listed on a securities exchange licensed by the Commission
  • It has or is expected to have a yearly expenditure in Mauritius which can be reasonably expected from any similar corporation which is controlled and managed from Mauritius.