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Mauritius
International Financial Centre
In the last decade, Mauritius has enjoyed unprecedented
socio-economic development with a substantial economic growth
averaging six percent. This is the fruit of careful economic
governance by successive administrations backed up by a sound
financial infrastructure with a reputation for reliability,
efficiency and probity.
The export led growth strategy has significantly changed the
economic structure of Mauritius with the manufacturing and service
sectors now accounting for roughly two thirds of GDP. Total foreign
trade has more than doubled in the past ten years and so has the
level of foreign exchange reserves.
An early decision was taken to expand the financial services sector
by building on the skills and experience of our large pool of
lawyers, accountants, management Company executives and other
professionals many of whom have qualified and practised in France,
UK and other major countries. The sound regulatory practises and
conducive business environment which have emerged has earned
Mauritius a reputation as a reliable jurisdiction as evidenced by
our growing network of Double Taxation treaties based on the OECD
model: our treaty partners include Luxembourg, France, United
Kingdom, China, India, Singapore and South Africa amongst many
others.
In short, Mauritius has succeeded in demarcating itself as a centre
offering quality service and security as a useful gateway for
investments in the region and beyond. Investor confidence in our
financial services is evidenced by the growing number of business
enterprises registered in Mauritius. With a strong, experienced
global financial service sector, we are now poised to move forward.
The government recognises that the world is changing fast and there
are many challenges and opportunities resented by the dramatic
expansion of E-commerce, the IT revolution and the closer
international cooperation on tax abuse, money laundering etc.
Hence, the decision to update existing legislation and introduce new
laws where appropriate, encompassing taxation, money laundering,
financial service regulatory issues, trust and Company law.
At the same time, existing governmental agencies would be overhauled
to ensure that the regulation and supervision of non banking
financial services are fast, efficient and effective. All this has
been done and Mauritius is now set to become a major Financial
Services Sector in the Indian Ocean.
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