Glossary of Mauritius Corporate Terms

AC (Authorized Company): A company incorporated under the Companies Act 2001 and registered with the FSC under the Financial Services Act 2007. An AC conducts business predominantly outside Mauritius, is not tax resident in Mauritius, and cannot access Mauritius Double Taxation Agreements. It has lighter regulatory requirements than a GBC. AfCFTA (African Continental Free Trade Area): A free trade agreement among 54 African Union member states creating a continent-wide free trade zone. Mauritius is a signatory, giving Mauritius-based businesses preferential market access across Africa. AML/CFT: Anti-Money Laundering and Counter-Financing of Terrorism. Mauritius's AML/CFT framework is governed by the Financial Intelligence and Anti-Money Laundering Act (FIAMLA) and aligned with FATF recommendations. Bank of Mauritius (BoM): The central bank of Mauritius, responsible for monetary policy, banking regulation, and payment system oversight under the Bank of Mauritius Act 2004. BEPS (Base Erosion and Profit Shifting): OECD initiative to prevent tax avoidance by multinational corporations. Mauritius has implemented BEPS minimum standards including Country-by-Country Reporting, the Multilateral Instrument (MLI), and economic substance requirements. Certificate of Incorporation: A document issued by the Registrar of Companies confirming that a company has been legally incorporated under the Companies Act 2001. CIS (Collective Investment Scheme): An open-end investment fund regulated by the FSC under the Securities Act 2005. COMESA (Common Market for Eastern and Southern Africa): A regional economic community of 21 member states. Mauritius is a full member, providing preferential trade access to COMESA countries. Companies Act 2001: The principal legislation governing company incorporation, operation, and winding-up in Mauritius. CRS (Common Reporting Standard): The OECD's standard for automatic exchange of financial account information between participating jurisdictions. Mauritius participates in CRS and exchanges information with partner jurisdictions annually. CSG (Contribution Sociale Généralisée): A social contribution in Mauritius, replacing NSF and NPS for most employees. Collected by the MRA.

DEM (Development & Enterprise Market): The secondary board of the Stock Exchange of Mauritius, designed for smaller and growth companies with lighter listing requirements than the Official Market. DTA (Double Taxation Agreement): A bilateral treaty between two countries designed to prevent double taxation of the same income and to provide reduced withholding tax rates on cross-border payments. Mauritius has 45+ DTAs. EDB (Economic Development Board): The statutory body responsible for promoting investment in Mauritius and administering the occupation permit system. ESAAMLG (Eastern and Southern Africa Anti-Money Laundering Group): A FATF-style regional body to which Mauritius belongs, responsible for evaluating and improving AML/CFT standards in the region. FATCA (Foreign Account Tax Compliance Act): US legislation requiring financial institutions to report information about US account holders to the US Internal Revenue Service (IRS). Mauritius has an intergovernmental agreement with the US for FATCA compliance. FATF (Financial Action Task Force): The global standard-setting body for AML/CFT. Mauritius implements FATF recommendations through its domestic legislative framework. FIAMLA (Financial Intelligence and Anti-Money Laundering Act): Mauritius's primary AML/CFT legislation, establishing obligations for reporting entities. Financial Services Act 2007: The legislation under which the FSC is established and under which GBCs, ACs, and other regulated entities are licensed. FSC (Financial Services Commission): The independent regulator and supervisor for non-bank financial services in Mauritius, including global business, funds, insurance, and capital markets. Established under the Financial Services Act 2007. Foundations Act 2012: Legislation governing the establishment and administration of private foundations in Mauritius. FIU (Financial Intelligence Unit): The body responsible for receiving and analysing suspicious transaction reports in Mauritius.

GBC (Global Business Company): A company licensed by the FSC under the Financial Services Act 2007 that is tax resident in Mauritius, subject to a 15% corporate tax rate with the partial exemption system, and able to access Mauritius's network of 45+ Double Taxation Agreements. The GBC must demonstrate economic substance in Mauritius. IFRS (International Financial Reporting Standards): The international accounting standards that Mauritius companies are required to follow for financial reporting. Immigration Act: Mauritius legislation governing entry, residence, and work permissions for non-citizens, including the permit categories for investors, professionals, and retirees. IBC (International Business Company): A term used in some other jurisdictions (notably Seychelles and BVI) for their international holding company structure. Mauritius does not have an IBC — the equivalent structures are the GBC and AC. IOSCO (International Organization of Securities Commissions): The international body of securities regulators. The FSC is a member. IRS (Integrated Resort Scheme): A government scheme under which foreign nationals can purchase residential property in Mauritius, potentially qualifying for a residence permit. KYC (Know Your Customer): The process of identifying and verifying the identity of clients and their beneficial owners as required by AML/CFT legislation. LP (Limited Partnership): A partnership structure under the Limited Partnerships Act 2011, with at least one general partner (managing and liable) and one limited partner (passive investor with limited liability).

MCB (Mauritius Commercial Bank): The largest bank in Mauritius by assets, widely used by GBCs and international businesses for corporate banking. MLI (Multilateral Instrument): The OECD's multilateral treaty that modifies existing bilateral DTAs to implement BEPS minimum standards, including the Principal Purpose Test (PPT) and other anti-avoidance provisions. Mauritius has signed the MLI. MRA (Mauritius Revenue Authority): The tax authority responsible for administering Mauritius tax laws, collecting taxes, and issuing Tax Residency Certificates. NAV (Net Asset Value): The value of a fund's total assets minus total liabilities. Used to price units or shares in investment funds. Non-Citizens (Employment Restriction) Act: Mauritius legislation governing the right of non-citizens to work in Mauritius, including the framework for occupation permits. NPS (National Pension Scheme): The Mauritius national pension system, now largely replaced by the CSG for most employees. NSF (National Savings Fund): A Mauritius employee savings scheme, now largely replaced by the CSG. OECD (Organisation for Economic Co-operation and Development): International organisation of 38 member countries that sets global standards for tax, trade, and regulatory cooperation. Mauritius is not an OECD member but implements OECD standards. Occupation Permit: A permit issued by the EDB allowing a non-citizen to live and work in Mauritius, available in Investor, Professional, and Retired Non-Citizen categories. Partial Exemption: The system under the Income Tax Act allowing GBCs meeting substance requirements to exempt 80% of specified categories of foreign-source income from Mauritius tax. PAYE (Pay As You Earn): The system for collecting income tax from employee salaries through employer withholding. PCC (Protected Cell Company): A corporate structure under the Protected Cell Companies Act 1999 that allows the segregation of assets and liabilities across multiple cells, with each cell's assets protected from the liabilities of other cells. PDS (Property Development Scheme): A government scheme allowing foreign nationals to purchase residential property above certain value thresholds, potentially qualifying for a residence permit. PPT (Principal Purpose Test): An anti-avoidance provision in DTAs (introduced through the MLI) that denies treaty benefits if the principal purpose of an arrangement is to obtain those benefits. Premium Visa: A long-stay visa for non-citizens who wish to reside in Mauritius for up to one year without taking up local employment. Designed for remote workers, digital nomads, and retirees.

Registrar of Companies: The government office responsible for company registration, maintenance of the companies register, and the filing of statutory documents. Part of the Corporate and Business Registration Department (CBRD). SADC (Southern African Development Community): A regional economic community of 16 member states in southern Africa. Mauritius is a full member. SBM (State Bank of Mauritius): The second-largest bank in Mauritius, widely used for GBC and personal banking. SEM (Stock Exchange of Mauritius): The national stock exchange, operating the Official Market (OM) and the Development & Enterprise Market (DEM). Regulated by the FSC under the Securities Act 2005. Securities Act 2005: The legislation governing securities markets, listed companies, investment funds, and securities intermediaries in Mauritius. Smart City: A government-approved integrated urban development offering offices, residences, retail, and amenities in a single campus environment. Substance: The requirement for GBCs to demonstrate genuine economic activity in Mauritius through local management, qualified employees, physical office, and adequate expenditure. TRC (Tax Residency Certificate): A certificate issued by the MRA confirming that an entity is tax resident in Mauritius. Required for claiming DTA benefits. Trusts Act 2001: The legislation governing the creation, operation, and administration of trusts in Mauritius. UBO (Ultimate Beneficial Owner): The natural person(s) who ultimately own or control an entity, typically defined as those holding 10% or more of ownership or voting rights, or those who exercise effective control. VCC (Variable Capital Company): A company structure under the Variable Capital Companies Act 2022 that allows flexible sub-fund structures for investment funds. Workers' Rights Act 2019: The primary employment legislation in Mauritius, replacing the Labour Act. Governs employment contracts, working hours, leave, termination, and other employment rights.