As from 01 July 2021, grandfathered companies holding Category 1 Global Business Licences will be converted into Global Business Licence companies (GBL) and companies holding Category 2 Global Business Licences will cease to exist. Prior to 01 July 2021, grandfathered GBC 2 companies can either be converted into GBL or Authorised Companies.
In order to maintain their GBL licences, GBL companies will have to adhere to the new substance requirements such as carrying out their core income generating activities (“CIGA”) in or from Mauritius.
Companies issued with a Category 2 Global Business Licence (“GBC2”), on or before 16 October 2017, will be grandfathered till 30 June 2021. The GBC2 companies will then have to be either converted to a Global Business Licence Company or an Authorised Company (“AC”) before 30 June 2021.
To meet the requirements of conversion from a GBC2 to an Authorised one, companies will have to:
Do you need assistance for the assessment of which option (GBL or AC) would be more effective for your organisation? We can provide you with the required information for a better decision making process for the conversion.
We can provide with the required assistance for the filing of your return with the revenue authorities to avoid any penalties for non-compliance. We can also assess your readiness for AML/CFT regulations and fasten your tax processes using our in-house developed tool, experTax.
Anthony Leung Shing, ACA, CTA
Country Senior Partner, PwC Mauritius
Tel: +230 404 5071
Tax Leader, PwC Mauritius
Tel: +230 404 5079