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Mauritius Legislation

Strong, innovative new legislation has been passed to further consolidate the regulatory and supervisory aspects of the Financial Services Sector.

The Legislation now regulating the Financial Services Sector includes:

1. The Financial Services Act 2007

The objective of the legislature was to provide an efficient service to the financial markets and, by simplifying processes and procedures, to remove hurdles to investment, to facilitate delivery of services, to achieve international standards in every activity so as to be globally competitive and to modernise the legal framework that governs the non-banking financial services sector.

Accordingly, the Financial Services Act introduces a new conceptual approach to global business. This approach will provide two distinct legal, regulatory and fiscal regimes for Mauritian companies conducting business in Mauritius, and those conducting business outside Mauritius.

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2. The Companies Act 2001

The Act provides for a more effective, efficient and responsive, user and investor friendly legislative framework. It also aligns the legal provisions governing domestic companies with those companies renamed GBL 1 and GBL 2 Companies respectively. The provisions of the Act incorporate international best practices and promote accountability, openness and fair dealing.

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3. The Income Tax Act 1995

This Act governs all income tax issues for domestic and Global Business Companies. The legislator has strived to make the Act as user friendly as possible without detracting from its thoroughness.

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4. The Trust Act 2001

This Act has incorporated the most modern trust concepts from international law in order to ensure that Mauritius has world class Trust legislation. The Trusts set up under this Act hold enormous potential for use in varying fields such as tax planning, private banking, asset management, high net worth family settlements, collective investment schemes and other areas of business practices.

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5. The Protected Cell Companies Act 1999

This Act was passed to facilitate the development of the Offshore Investment Fund and Captive Insurance Industries. The concept, originally developed in Guernsey, allows a corporation to segregate its Share Capital thereby ensuring that the liabilities of one cell do not have an effect on the assets of adjoining cells. When used in conjunction with our tax treaty network Mauritius provides the ideal structure and location for a Fund, Captive or Rent-a-Captive business.

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6. The Financial Intelligence and Anti-Money Laundering Act 2002

The Act restates the provisions relating to money laundering and provides for the establishment of a Financial Intelligence Unit (FIU) and Review Committee to review the activities of the FIU. The Act provides in particular, for the reporting of suspicious transactions by, interalia, banks, financial institutions, cash dealers and members of relevant professions or occupations to the FIU, the exchange and provision of information in relation to money laundering; mutual assistance with overseas bodies in relation to the investigation of and prosecution of money laundering and the reporting responsibilities of practitioners.

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7. The Prevention of Corruption Act 2002

The objects of this Act are to strengthen the laws on corruption and fraud by introducing be corruption offences with severe penalties; the creation of the Independent Commission Against Corruption (ICAC) which has the power to: