Offshore Companies: New Conditions To Be Met

7 years, 7 months ago - October 17, 2013
In order to bring more substance in the Mauritian court and appease the rumbling Indian, the Financial Services Commission (FSC) issued a "Control and Management of Conduct of Business for a GBC1". New conditions to be met by offshore companies, licensed by Global Business Company 1 '(GBC1).

An initiative was taken in order to ensure that only companies that are properly controlled and managed in Mauritius receive a certificate of tax residence (" Tax Residency Certificate ").
Thus, from 1 January 2015 , the directors of offshore companies , which were previously required to reside in Mauritius and exercise independence of mind and judgment, will now also be "properly trained ." The Director shall have the qualifications and experience necessary to conduct business with diligence and competence concerned.
If a company GBC 1 , specializing in collective investment funds with fixed capital or pension funds , it must be administered from Mauritius . In addition , offshore companies are also required to meet at least one of suitvantes conditions: ( i) Have local Mauritius (ii ) Employ at least one person who lives in Mauritius, full-time , at the administrative level or technical (iii ) Disputes shall be resolved by arbitration in Mauritius route (iv) Maintain assets of at least U.S. $ 100,000 in the next 12 months and (v) to have or should have annual expenditures in Mauritius among others.
During the year 2012/2013 , the inflow of foreign direct investment (FDI) from Mauritius to India amounted to USD 9.497 billion , which represents 38% of total flow FDI in India. This makes Mauritius one of the largest sources of FDI in India. Over the past five years, thanks to the Treaty of double taxation , Indian companies have invested over $ 200 million in Mauritius.
The Mauritius Revenue Authority (MRA ) has issued a circular that defines the revised application for a certificate process. For the issuance of a CRT , the service is charged to cost U.S. $ 200 received by the MRA , transfer must be made ??directly to the bank account of the entity. The MRA will issue a single CRT. If an entity wishes to benefit from the advantages of one or more non- treated double taxation, it must pay an additional fee of $ 200 for each additional TRC .
The new conditions of FSC come into force a few months before the General Anti- Avoidance Rules ( GAAR ) (April 2015) , Indian tax measure to tax investors who do not have a commercial presence in the country they use to invest.

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