GBL1 Companies

Access to an extensive tax treaty network

Overview

A company engaged in qualified global business and which is carried on from within Mauritius with people who are resident outside Mauritius* and where business is conducted in a currency other than the Mauritian rupee.



*Dealings with residents are permissible subject to prior authorization of the commission

  • Capital

  • There is no minimum stated capital.
  • Capital can be denominated in any currency except the Mauritian rupee.
  • GBL1 companies are subject to no restrictions as to the distribution of their assets. They may purchase their own shares subject to the solvency test. The share may either be cancelled or held as treasury shares.
  • Shares and shareholders

  • Registered shares, preference shares, redeemable shares and shares with or without voting rights.
  • Per value shares, if any, may be stated in more than one currency.
  • Minimum of 1 shareholder and same rule applies if the company is a wholly owned subsidiary.
  • Shareholders may be individual or corporate.
  • Shares may be subscribed by nominees but beneficial owners should be disclosed.
  • Beneficial owners may also be local residents.
  • The annual meeting must be held not later than 15 months after the previous meeting, and not later than 6 months after the balance sheet date. Meetings need not be held in Mauritius.
  • Directorships

  • Minimum of one director who must be a natural person. For treaty access, a minimum of two local directors is required and board meetings must be held in Mauritius.
  • Registered office

  • Must have at all times a registered office in Mauritius where accounting records, statutory documents including register of members, debenture holders, and officers are kept. It is recommended that a Register of Charges and Register of Interests are also kept.
  • Company secretary

  • Must at all times have a qualified company secretary (corporate or individual) who is resident in Mauritius.
  • Bank account

  • May be opened in local and foreign currencies.
  • Board meetings

  • Must be held and chaired in Mauritius.
  • Accounts

  • Must be prepared in accordance with internationally accepted accounting standards.
  • Audit

  • Audit is compulsory and accounts must be audited by a local auditor.
  • Filing

  • Audited accounts must be filed with the Financial Services Commission, within 6 months of the financial year-end, but need not make annual returns.
  • Income tax returns with the income tax authorities.
  • Taxation

  • A GBL1 company is liable to Mauritian income tax at the rate of 15% which may be reduced to 0% after application of the provisions on foreign tax credit. For more information, consult our Taxation & Tax Treaties page.
  • Mobility

  • A foreign company may transfer its seat to Mauritius and continue as a GBL1.
  • A GBL1 company may transfer its statutory seat to another jurisdiction.
  • A GBL1 company may be converted into a GBL2.