Foundations Bill to Improve the Offshore

The Foundations Bill was passed without amendment Tuesday to the National Assembly.The main objectives of the bill are to open large business opportunities jurisdictions where the concept of trusts is not known and also to widen the margin of the financial services industry in Mauritius and also to create foundations to better promote Mauritius as a platform for wealth management and other activities. 

Minister of Finance Xavier Luc Duval believes that the bill is important because it demonstrates our ability to innovate to remain competitive compared to other jurisdictions. " The Foundations Bill upon enactment will enable the global business sector to offer an additional financial vehicle to high net worth individuals and corporate entities both local and foreign that prefer to entrust the management of their assets to a legal entity," said the Great fundraiser . 

" The Bill is in line with our ongoing efforts to increasingly promote Mauritius as an International Financial Centre of global repute and to diversify our product range ", he said. These laws exist in most jurisdictions that compete with Mauritius, such as Jersey, Isle of Man and the Bahamas. 

The opposition MP Reza Uteem, who gave full support to the bill, estimates that it comes after a lot of time just like the Limited Partnership Bill. "What time lost!", Is he exclaimed during the debate. 

From the operators, the bill was well received. Nikhil Treebhoohun, Chief Executive of the Global Institutional Investors Association Forum, said that "this law is going in the right direction and creates a legal framework that diversifies our product offering in the world of global finance". 

Hawabhay Kamal, Managing Director Global Wealth Management Solutions Ltd and Chairman of the Association of Trust and Management Companies, is pleased that the government passed the Law on Foundations, "which had been proposed for some time".

"This law will increase the range new products that Mauritius has to offer. The foundations are in the field of heritage protection and are used by countries that use civil law, "he says. Trusts them are based on common law. Thus, this new law will represent new business opportunities for the offshore sector in Mauritius.

In addition, the Minister of Finance will propose two new bills this year, including the Private Occupational Pensions Bill and the Limited Liability Partnership Bill.