Mauritius GBC2 are very attractive. They are commonly used for:
- the holding / ownership of investments and assets( e.g UK properties or shares or other property)
- commercial transactions and international trading operations
- asset protection
- consultancy companies
Advantages of GBC 2
- Mauritius taxation on foreign income: no
- Mauritius stamp duty on transfer or issue of GBC2 shares: No
- Publicly accessible records: Confidential by law
Directors
- Minimum number of directors: 1
- Corporate directors permissible: yes
- Local director requirement: no
- Location of directors meetings: anywhere
Shareholders (members)
- Minimum number of shareholders: 1
- Local shareholder requirement: no
- Location of shareholders meetings: anywhere
Beneficial owners (clients)
- Shares may be held by a nominee on behalf of beneficial owner client
Company Secretary
- Appointment of Company Secretary requirement: optional
Share Capital
- Stated Capital: A GBC2 company can issue shares without any restriction.
- Standard Minimum Paid up Capital: US$1
- Standard currency: USD ,EUR ,GBP
- Permitted currencies: any (except Mauritian Rupees)
- Registered shares (bearer shares not permitted)
Accounts and returns
- Requirement to file annual Accounts: no
- Audit requirement: no
- Publicly accessible Accounts: no
- Requirement to file annual company return: no
Premier acts provides trust administration and trustee Features.
A Trust comes into existence when an individual or a legal entity (settlor) gratuitously transfers the legal ownership of assets (trust property) to another person or persons (trustees) to hold for the benefit of other person(s) termed as the beneficiaries or for a specific purpose. The trustees have an equitable obligation whichbind them to hold and deal with the trust property in accordance with the terms of the trust. Confidentiality is ensured through the absence of disclosure requirements as regards the settlor or beneficiaries.
The Mauritian Trust provides a legitimate means to protect one’s assets against personal liability, high taxes, exchange controls or risk of confiscation.
Trusts in Mauritius are governed by the Trusts Act 2001 which allows for life interest /contingent interest trusts, protective or discretionary trusts, charitable trusts, purpose or trading trusts or foreign trusts.
The key Features of a Mauritian Trust are :
- Choice of proper law by the settlor.
- Possibility for the settlor to leave on his death letters of wishes setting out how he/she would wish the trust to be administered
- Anti-forced heirship rules
- Recognition of Purpose Trusts
- Duration of Trusts limited to 99 years or less (except for a non-charitable purpose trust which shall limit its duration to a term not exceeding 25 years)
- Possibility to accumulate income for any period during the duration of the trust
- No perpetuity rules for Charitable Trusts
- Trust instrument may contain power to vary terms of trust
- No disclosure of the trustees’ deliberations, the name of the settlors and the beneficiaries unless the latter is a Mauritian resident or a body corporate resident in Mauritius
- Trusts not being void or voidable due to the insolvency of settlor or proceedings against him or latter being declared bankrupt. However, such trust may be void if a creditor proves beyond reasonable doubt that the intention of the settlor at the time of creating the trust was to defraud him. The onus of proof rests on the creditor and no request for setting aside the trust will be entertained after more than 2 years from the transfer or disposal to the trust
- Strict confidentiality of the identity of the settlor, the beneficiaries and information relating to trust affairs
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