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August 2007
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IN THIS ISSUE |
AUGUST MMVII - Vol II
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to the
second edition of the Compass Chronicle. We are
already half way through 2007, and it seems to
be a case of too much to do and too little time
!!!! The Inter-Ocean Group continues to grow,
particularly Inter-Ocean Aviation and
Inter-Ocean Management.
Inter-Ocean Aviation, through its operating
arm Air-Tec Africa, has seen two new aviation
contracts being concluded with the World Food
Program in the Congo and the International Red
Cross in Chad - more news on these detailed in
this edition.
Inter-Ocean Management has also seen growth
in its client base, and also seen a
diversification of its product offering, with
the establishment of IRS Management Services
Ltd, specifically geared towards providing
ownership and management solutions for IRS
properties.
On a Macro level, Mauritius is constantly
gearing itself to becoming increasingly
internationally competitive. In the latest
budget speech, a number of initiatives have been
proposed by the Finance Minster, further
highlighting the Mauritian efforts to attract
both foreign human capital, investment and
further stimulate local business. The budget
speech can be viewed on the Board of
Investment website. A few of the highlights
of the speech are listed below and are awaiting
ratification by the Cabinet:
- Reduction in both personal and corporate
tax rates to 15%, with effect from 1st July
2007
- Amendment of the Non-Citizens (Property
Restriction) Act allowing foreigners working
in Mauritius for at least 3 years and
earning a basic monthly salary of Rs 150,000
to purchase property
- Holders of IRS Resident Permits are
automatically eligible for an Occupation
Permit, allowing them to work in Mauritius
- Law Practitioners Act amended for the
establishment of law firms or corporations
by both Mauritians and Foreigners
- Removal of Customs duties on a number of
household and personal entertainment goods
In addition to the proposals above, there are
also a number of proposed changes in the
Financial Services, Land-Based Oceanic Industry,
Tourism, Health and Education sector.
A number of changes are also being proposed
to the Offshore Sector by the Association of
Offshore Management Companies, aimed at making
both the jurisdiction of Mauritius more
attractive and easing the facilitation of
offshore company incorporations. Both of these
are being done in conjunction with proposals to
further increase the compliance and governance
of the jurisdiction.
The Inter-Ocean team hope that the newsletter
will provide you with some interesting articles
and information, and look forward to continuing
an existing or starting a new relationship with
you.
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The above questions is one you would
inevitably ask yourself if you are considering
personal wealth planning for the first time.
Offshore Trusts and Foundations are ideal
tools for estate planning and asset protection.
However, before choosing between the two, it is
important to consider the pros and cons of each
of them.
Read More
Miro Dvorak, a non executive Director of
Inter-Ocean Management Ltd, has recently
completed his MBA. Miro chose to analyze
Mauritius in his dissertation, "An analysis
of Mauritius as an "International Offshore
Financial Centre", its compliance,
competencies, competitive advantages and future
sustainability".
An exert of the dissertation looks
specifically at how Mauritius rates as an
International Offshore Jurisdiction according to
International requirements compliance, the
findings of which shows the steady progression
of Mauritius in terms of international
compliance.
Read More
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In the last
edition of the Compass Chronicle, we ran
an article about "Owning your piece of
paradise…". The IRS scheme is the
construction and sale of luxury villas
on prime coastal locations on the
island. In summary the benefits of the
IRS include:
- The ability to own freehold land
in Mauritius
- Granting of residence to the
owner, his spouse and any dependant
under the age of 18
- The ability to obtain an
Occupational permit, allowing the
holder of the permit to work in
Mauritius (* Please note that this
has been table in the latest Budget
speech and is still awaiting
ratification from Cabinet)
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In trading internationally, one is exposed to
a number of risks, whether as an importer or an
exporter. To minimize and reduce the chance of
these risks affecting the business, strategies
and procedures are to be implemented at each
stage of the business environment.
Read More |
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Five months after being awarded its SACAA AOC
(air operator's certificate), Air-Tec Mauritius
was awarded operating contracts with the United
Nations World Food Program Humanitarian Air
Service (WFP-HAS) and the International
Committee of the Red Cross (ICRC), in Western
and Central Africa.
Read More
Air-Tec has recently installed the ISIKHOVA
TELEMATICS flight tracking system on two of its
LET 410 E-20 aircraft, operating in Chad and
Congo respectively. The TELEMATICS tool provides
real-time flight tracking information to both
the International Committee of the Red Cross
(ICRC) and the United Nations World Food Program
(UNWFP)
Read More
Inter-Ocean Aviation Finance Corporation
("IOAFC"), an associated Inter-Ocean Management
company has been offering aviation services to
clients in Africa since 1998. With its recent
acquisition of a South African Part 121 Aircraft
Operating Certificate, IOAFC and its subsidiary
companies together with Inter-Ocean Management
Limited are now able to offer aviation clients
and South African clients specifically, a fairly
unique all-round service.
Read More |
| 3 new
staff members have joined the Inter-Ocean Group,
since the last newsletter, to assist with the
expansion of the group.
Pascal joined in the middle of March, while
Navin and Kate both started in July. Each of
them bring their own specific skills and
experience to Inter-Ocean, further complimenting
the human capital of the group. Read more about
each of the newcomers.
Read More
Our last edition covered the newly awarded
AOC certificate, which was awarded to
Inter-Ocean Aviation Finance Corporation,
through its South African Subsidiary, Aircraft
Systems (SA) Pty LTD t/a Air-Tec Africa in
January 2007.
In order to raise both the profile of Air-Tec
Africa and the niche aviation financial
management skills of Inter-Ocean Aviation
Finance, a series of advertisements have been
placed in the SA Flyer and AirNews aviation
magazines.
Both the advertisement will be run for a
period of 6 months in order to create some brand
awareness and to date the responses have been
very favourable. Both ads can be found on the
Air-Tec website - click on the link:
http://www.air-tec.co.za/Publications.aspx
Get the cobwebs off the bike and into
training, because the 7th October sees the 8th
100km Tour of Mauritius cycle tour. Inter-Ocean
will once again be sponsoring the event, as a
corporate sponsor, as well as keenly contesting
a spot on the podium in the corporate event.
Read More |
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I am sure that you can relate
to some of these !!!!
Law of Mechanical Repair:
After your hands become coated with grease, your
nose will begin to itch or you'll have to pee.
Law of the Workshop:
Any tool, when dropped, will roll.
Law of Probability:
The probability of being watched is directly
proportional to the stupidity of your act.
Law of the Telephone:
If you dial a wrong number, you never get a busy
signal.
Law of the Alibi:
If you tell the boss you were late for work
because you had a flat tire, the very next
morning you will have a flat tire.
Variation Law:
If you change lines (or traffic lanes), the one
you were in will start to move faster than the
one you are in now (works every time).
Law of the Bath:
When the body is fully immersed in water, the
telephone rings.
Law of Close Encounters:
The probability of meeting someone you know
increases when you are with someone you don't
want to be seen with.
Law of the Result:
When you try to prove to someone that a machine
won't work, it will.
Law of the yard/boot sale:
When trying to prove to someone that the item
you're selling will work, it won't.
Law of Biomechanics:
The severity of the itch is inversely
proportional to the reach.
Law of the Theater:
At any event, the people whose seats are
furthest from the aisle arrive last.
Law of Coffee:
As soon as you sit down to a cup of hot coffee,
your boss will ask you to do something which
will last as long as it takes for the coffee to
grow cold.
Murphy's Law of Lockers:
If there are only two people in a locker room
they will have adjacent lockers
Law of Rugs/Carpets:
The chances of an open-faced jelly/jam sandwich
landing face down on a floor covering are
directly correlated to the newness and cost of
the carpet/rug.
Law of Location:
No matter where you go, there you are.
Law of the Logical Argument:
Anything is possible if you don't know what you
are talking about.
Brown's Law:
If the shoe fits, it's ugly.
Oliver's Law:
A closed mouth gathers no feet.
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| © All material displayed
in this brochure, including, without limitation, articles, text,
photographs, images and\or illustrations, (collectively, the
Content) are protected under Mauritian and foreign copyright or
other laws, and are owned by Inter-Ocean Management Limited, its
licensors or the party accredited as the provider of the
Content. Disclaimer: The information contained in this document
is for general guidance and interest only and is not intended as
authority or a substitute for specific advice in considering the
legal effects of any particular structure or product. Anyone
intending to base a decision on the information as contained in
this document should therefore do so with professional advice. |
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