Inter Ocean Management LTD Mosaique

Category 1 Global Business Company (GBL 1)

A GBL 1 is defined as a Company engaged in qualified global business and which is carried on from within Mauritius with persons all of whom are resident outside Mauritius and where business is conducted in a currency other than the Mauritian Rupee. For tax purposes, these companies are Resident in Mauritius. A GBL 1 also benefits from tax planning opportunities when using the extensive Double Taxation Treaties that Mauritius enjoys. Tax sparing credits are in addition available for this special purpose vehicle. Under this regime the effective rate of taxation in Mauritius can be reduced. A long-stop provision exists whereby GBL1 companies may elect not to provide written evidence to the Commissioner of Income Tax showing the amount of foreign tax charged and therefore enjoy a deemed taxation at 80% of the normal tax rate of 15%. Thus, the use of this long-stop provision in isolation would reduce the effective rate of tax in Mauritius from 15% to 3%.

A GBL 1 may be locally incorporated or may be registered as a branch of a foreign Company. The incorporation of a GBL 1 must be arranged through a licensed OMC, such as Inter-Ocean Management Limited, who shall need to first obtain the approval from the FSC.

A GBL 1 can engage in the following Qualified Global Business Activities: