Welcome to the new look edition of The Compass Chronicle, the 1^st for 2008. I trust that 2008 has started well for everyone and that the remainder of the year is prosperous. For the Inter-Ocean Group, 2008 has started with a bang and we remain busy on all fronts, with what looks to be a great year ahead !

The Aviation business continues to grow from strength to strength with both the team and the fleet increasing in size. We have had two new employees join us (please see “Other News” section for more details) and one more LET being added to the fleet, which will shortly be going to Bangui, DRC to fulfil a World Food Program contract.

The Management company continues to grow from strength to strength, with an ever increasing diversified client base, whilst still focussing on our core strengths, of “getting to know people’s businesses”. The strategy session at the end of last year helped focus the business and also has placed a large emphasis on servicing the customer, through our mission statement of “Exceed customer expectation through hard work and innovation”. If you are a new client, you should have received a request to complete a customer feedback form, which we are using to proactively monitor customer satisfaction. This can be found at http://www.inter-oceanmgt.com/20-feedbackform.php.

IRS Management Services Ltd has also been active providing structuring solutions and additional services for IRS owners here in Mauritius. 2008 looks set to continue to be busy with some new IRS schemes coming on line, in particular that of Le Balise, the marina project in Black River.

January 2008 also saw the launch of the re-branded Inter-Ocean Group. The new look still retains the unique nautical theme, but the colours have changed to reflect the vibrant company which we are. Please take a look at the new Inter-Ocean Group website at www.inter-oceanholdings.com, through which you can access all group and associated websites.

In this edition, you will find articles on:

• Do you have a plan M? an ever increasing number of people are looking at alternative opportunities to base both themselves, their families and their businesses outside of SA; Mauritius is the hot new destination on everyone's lips

• Mauritius’ Confidentiality Laws – The cornerstone of any offshore jurisdiction

• Mauritius and Dubai – a comparison between two new emerging offshore jurisdictions

• Trust Accounts – Just how important are they ?

• Air-Tec: leading the way in flight safety

• General news and updates

We hope you enjoy reading the newsletter, feel free to distribute to friends and colleagues and if you have any comments or feedback, please address them to brendon.jones@inter-oceanmgt.com.

Do you have a plan M?

Mauritius is continuing to grow as a destination of choice for South African’s looking for an alternate place of residence and as a base for business operations in order to benefit from the favourable tax rates and safe and idyllic lifestyle. Mauritius, through the Business Facilitation Act of 2006, has positioned itself as a business friendly jurisdiction by simplifying the process of establishing a business, the ease of transacting, no exchange control and favourable time zones.

Mauritius’ Confidentiality Laws

Mauritius is a Sovereign State, however as a result of its English and French past, it benefits from a mix of both English Common Law and French Civil Law. With its ties to the United Kingdom, Mauritius enjoys the benefits of having its final court of appeal as the United Kingdoms Privy Council and as such the Mauritian Constitution provides for protection of private individuals affairs. However, legitimacy of privacy or confidentiality should not be misconstrued with secrecy.

Mauritius and Dubai

In 2003 the Dubai Jebel Ali Free Zone Authority (JAFZA) introduced regulations for the establishment of Jebel Ali Free Zone Offshore Companies. The regulations allow the international business community to establish offshore entities at JAFZA in line with other international offshore jurisdictions. The question is, does the Dubai Free Zone authority compete with Mauritius?

Trust Accounts

The administration of trusts can be a long and complicated process. In most cases, the requirement to prepare accounts is often ignored as it adds time and costs to the administrative process, and also because clients do not necessarily understand the need for them. However, trust accounts, besides there being a legal obligation for its preparation, offers numerous benefits and is essential in the effective administration of any trust.

Air-Tec: leading the way in flight safety

Capt. Stefan Koehler, Air-Tec’s Air-Tec Flight Safety Officer and Quality Assurance Manager writes, that during the first 3 month of 2008 the Flight Safety Department of Air-Tec Africa and Air-Tec Mauritius have set some enhanced standards, pertaining to the contracts industry in South Africa.

Air-Tec Africa on the move

New faces within the Inter-Ocean Group