News

  1. 21/10/2019

    The acquisition of an immovable property by a non-citizen is governed by the provisions of the Non-citizens (Property Restriction) Act (the “Act”). Pursuant to section 3(3)(iv) of the Act, a non-citizen who intends to acquire an immovable property for business purpose, including a guesthouse or tourist residence, requires an authorisation from the Economic Development Board of Mauritius (“EDB”) prior to signing the deed witnessing the transfer of the immovable property.

  2. 21/10/2019

    About BambooTech Madagascar (www.bambootech.mg)

    BambooTech is a company in Madagascar that designs and carries out sustainable and high-quality construction projects using traditional bio-based and extremely resistant material.

  3. 21/10/2019

    The Economic Development Board (EDB) has on 18th September 2019 signed a Memorandum of Understanding (MoU) with the United Nations Office on Drugs and Crime (UNODC) with the view of fostering a strong and conductive ecosystem for Fintech related activities in Mauritius.

    What is UNODC?

  4. 21/10/2019

    In our past e-News, we have already highlighted the different types of the permits available to work and/or live in Mauritius.

    For recall, an Occupation Permit (OP) is a combined work and residence permit which allows foreign nationals to work and live in Mauritius under 3 categories: Investor, Professional and Self-Employed.

    For non-citizens having more than 50 years old that may choose to retire in Mauritius under a Residence Permit (RP).

  5. 27/09/2019

    The passion for serving in a rapidly evolving global payments ecosystem combined with an inclination toward pioneering innovation took Dr. Sailesh Sewpaul, the Founder & Group Chief Executive of PEX Ltd into the Payments world, where he led projects to launch the first EMV card and the first Maestro card with a Pin.

  6. 27/09/2019

    In a communiqué dated 19th August 2020, the Financial Services Commission (FSC) announced that they are now a member of Global Financial Innovation Network (GFIN). Through, this membership, the FSC Mauritius is reinforcing its commitment to financial integrity, consumer well-being and protection, financial inclusion and financial stability.

    About GFIN

    GFIN was formally launched in January 2019 and it is a network of 38 organisations which is committed to support financial innovation in the interest of consumers.

  7. 27/09/2019

    In December 2018, the Seychelles authorities have amended the International Business Companies Act 2016 and the International Business Companies (Amendment) Act 2018 (IBC 2018) came into operation on the 1st January 2019.

    One of the main changes is that Seychelles IBC can have activities in Seychelles. In this respect, the section 5(2) (a) to (h) was repealed and replaced by the following paragraphs:

    A company shall not –

  8. 27/09/2019

    The Economic Development Board (EDB) in collaboration with the European Union (EU) and Organisation for Economic Co-operation and Development (OECD) organised on the 4th September a half day workshop, to launch the establishment of a Regulatory Impact Assessment (RIA) framework in Mauritius.  The aim of this framework is to further enhance the business and investment climate in Mauritius.

    The project on “Improving the Business and Investment Climate in Mauritius” is co-financed by the EU up to EUR 10 million, and includes the following:

  9. 27/09/2019

    The 19thEastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) meeting which took place beginning of September 2019 in Eswatini (Ex-Swaziland) has been fruitful to Mauritius in its revaluation by the Financial Action Task Force (FATF).  The outcome of this meeting has been positive as announced by the ESAAMLG secretariat which considers Mauritius as a safe, reliable and clean jurisdiction and does not tolerate any case of money laundering and terrorist financing.

  10. 22/08/2019

    The Economic Development Board (EDB) has acceded to the Membership of the World Alliance of International Financial Centres (WAIFC) in July 2019 in virtue of which the visibility of Mauritius as an International Financial Centre (IFC) is being enhanced.

  11. 22/08/2019

    Mauritius is actively looking at strengthening the protection of intellectual property rights in the country by bringing the Industrial Property Bill (the ‘Bill’) to Parliament, the amendments of which aligns with the government's endeavors to promote innovation and nurture a legal environment that keeps abreast with international trends, thus making Mauritius a platform with a sound legal framework to protect Industrial Property (“IP”) Rights.

    The main objectives of the Bill are as follows:

  12. 22/08/2019

    Mauritius hosted the 10th edition of the Indian Ocean Island Games officially known as “Jeux des Iles de l’Ocean Indien” (“JIOI”) from the 19th to 28th July 2019. Athletes from 7 participating islands namely Mauritius, Seychelles, Comoros, Madagascar, Mayotte, Reunion and Maldives gathered to compete in the following disciplines: Athletics, Badminton, Basketball, Swimming, Football, weightlifting, Table Tennis, Volleyball and rugby amongst others.

  13. 22/08/2019

    Following the National Budget Speech 2019-2020 presented on 10 June 2019, the Finance (Miscellaneous Provisions) Act 2019 was enacted on 25 July 2019 to provide for the implementation of the measures announced.

    We have included some of the measures in this month’s e-News:

    Amendments to the Companies Act 2001

    • Public Company

    There shall be at least one woman appointed on the Board of a public company.

  14. 18/07/2019

    The Property Development Scheme (PDS) is an initiative of the Mauritian government launched in 2015 to replace the Integrated Resort Scheme (IRS) and the Residential Estate Schemes (RES) and which provides a framework for the development of residences for sale to non-citizens, citizens and members of the Mauritian Diaspora.

  15. 18/07/2019

    The Smart Cities Scheme is an ambitious path to consolidate Mauritius’ status as an international business and financial hub with modern infrastructure paving the way for an ideal environment for working, living and encouraging investment through the development of Smart Cities across the Mauritius.

    The main objectives of the Smart City Schemes are:

  16. 18/07/2019

    REGULATORY AND TAX COMPLIANCE SERVICES

    Our tax and regulatory environment are constantly evolving and becoming increasingly complex. Companies are being required to adhere to escalating compliance demands and legal considerations.

     

  17. 21/06/2019

    Measures announced for the Financial Services sector were in line with the Government’s effort  to strengthen the international image of Mauritius as an IFC and enhance compliance with international standards. As per the Blueprint of the Financial Services Sector, the Mauritius IFC is developing three core pillars namely cross-border investment, cross-border corporate banking and private banking and wealth management. In addition, new financial products such as Fintech, cross- border asset management amongst others have been identified.

  18. 21/06/2019

    To continue our engagement with the African Continent, the following measures have been mentioned in the Mauritian budget:

  19. 21/06/2019

    A. Corporate Tax

    Innovation Box Regime

    Newly set-up companies involved in innovation-driven activities will benefit from a tax holiday of 8 years on income derived from its intellectual property assets developed in Mauritius, upon satisfying the pre-defined substantial activities conditions in compliance with Base Erosion and Profit Shifting (BEPS) requirements.

    Development of marinas in Mauritius

  20. 21/06/2019

    To continue the development of the Fintech sector, the following measures have been announced in the budget:

  21. 21/06/2019

    A Freeport operator engaged in manufacturing activities in the freeport zone will be allowed to apply as private freeport developer to build, develop and manage its own infrastructural activities, as long as it still carries out its main manufacturing activity. 

    A freeport operator or private freeport developer engaged in the manufacture of goods will be liable to income tax at the rate of 3% on profits derived from the sale of goods on the local market.

  22. 21/06/2019

    There have been some additional measures to attract foreign talents as well as investors to work and live in Mauritius as follows:

    1. Reviewing the Processing of Applications for Work and Residence Permits by Foreign Nationals

  23. 21/06/2019

    To continue to improve the business environment for investors and for economic development, the Mauritian Government has put in place a series of measures such:

    1. Facilitating Start of Businesses and Implementation of Projects

     Reviewing the Process of Payment of Trade Fee

     (i) The Local Government Act will be amended to:

  24. 24/05/2019

    The 2019 Eastern and Southern Africa Anti-Money Laundering Group, (“ESAAMLG”) report was published recently and according to the report, Mauritius continues to be a compliant, secure and safe business and investment destination. The report further indicates that Mauritius is largely compliant with respect to all the 40 recommendations of the Financial Action Task Force, (“FATF”) which are summarized as follows:

  25. 24/05/2019

    As you are aware, MITCO is a subsidiary of CIEL Finance Ltd which forms part of CIEL Limited, a company listed on the Stock Exchange of Mauritius (SEM).

    We are pleased to announce that CIEL Limited is officially listed on the Stock Exchange of Mauritius Sustainability Index (SEMSI) since Friday 29 March. CIEL’s listing on the SEMSI was awarded by the Supervisory Committee of The Mauritius Stock Exchange, signifying recognition of CIEL’s sustainable development approach.

  26. 24/05/2019

    On the 17th April 2019, the Ministry of Labour, Industrial Relations, Employment and Training published a communiqué on the amendment made in the Non-Citizens (Employment Restriction) Exemptions Regulations.

    The main amendment concerns the non-citizens married to Mauritian citizens who work in Mauritius. Those non-citizens were exempted under the law to apply for a relevant work permit in order to work in Mauritius. In this respect, non-citizens being the spouse of a citizen of Mauritius are no longer exempted and need to apply for a Work or Occupation permits.

  27. 24/05/2019

    What is a Private Trust Company?

    A Private Trust Company (“PTC”) in its simplest terms can be defined as a company which has been set up for a specific purpose to act as Trustee to a trust or a group of related family trusts.

    Similar to any other company, a PTC is run by its board of directors and choosing the right persons to act as directors is vital for correct trustee decisions of the company as well as the proper administration of the underlying family trust or group of related trusts.

  28. 11/04/2019

    STEP Mauritius held its 2019 International Conference entitled “Stepping up in a world of unprecedented change” on 04th and 05th April at Hilton Mauritius Resort.

    The main mission of STEP is to assist families in estate and succession planning by promoting high professional standards, educating professionals, connecting advisors and families globally, informing public policy and acting in the public interest.

  29. 10/04/2019

    The Financial Services Commission (FSC) of Mauritius officially launched the Regional Centre of Excellence on 15 March 2019 as part of a joint initiative with the Organisation of Economic Cooperation and Development (OECD) to deliver capacity building programmes primarily aimed at financial services and law enforcement agencies from Southern and Eastern Africa. 

    The Centre will also conduct research on topical areas relevant to financial services and financial malpractices for the regional market, advising on minimum standards that need to be introduced at regional levels.

  30. 10/04/2019

    We had covered extensively on this topic in our past e-news whereby we had communicated on the main changes in the Finance Act 2018.

    You would recall that as per the Finance Act 2018, foreign shareholders [non-citizens of Mauritius] of Mauritius companies which main activities are conducted outside of Mauritius, will have to apply for a Global Business Licence [GBL].

  31. 10/04/2019

    As a bit of background, Mauritius and Kenya had signed a Double Taxation Agreement (“DTA”) in May 2012. On the 3rd October 2014, the Tax Justice Network Africa (“TJN-A”) filed a petition against the Kenya-Mauritius DTA whereby they had stated that the said DTA was unconstitutional for various reasons such as the lack of public participation in the DTA exercise, the lack of openness in the process and that the DTA was not for the benefit of Kenya.

  32. 10/04/2019

    On 12 March 2019, the European Union (EU) list has been updated with respect to the blacklisting of non-cooperative jurisdictions for tax purposes.

    The EU list of non-cooperative tax jurisdictions is composed of countries that have either failed to deliver on their commitments to comply with required good governance criteria or did not commit to do so at all.

    The overall goal of the EU list is to improve tax good governance globally, and to ensure that the EU's international partners respect the same standards as EU Member States do.

  33. 19/03/2019

    An organisation willing to provide training or a person who wish to be a trainer is required to be duly registered with the Mauritius Qualifications Authority, “MQA”.  

    There are 4 categories of registration with the MQA:

    • Registration of Training Institution;
    • Registration of Manager;
    • Registration of Programme Officer; and
    • Registration of Trainer.

    HOW MITCO CAN HELP?

  34. 19/03/2019

    Ernie Harwell said "It's time to say goodbye, but I think goodbyes are sad and I'd much rather say hello. Hello to a new adventure."

    We are privileged to focus an article on Mr. Bachun (commonly known as ‘Bob’ to all clients, staff and friends) but equally saddened with his imminent departure. No doubt, Bob has been instrumental to the growth of MITCO and an exceptional mentor who has decided to pursue other objectives at a personal level. He was a pleasant person to work with the organisation and well liked by all staff and clients.

  35. 19/03/2019

    MITCO Group is committed to become a dedicated Service Provider at the service of its valued client base. The most important factor which we believe contributes to the enhancement of our services is to be tuned to client feedback and to adopt a solution driven approach.

  36. 19/03/2019

    Following the issue of the Guidance Notes on the Recognition of Digital Assets as an asset-class for investment by Sophisticated and Expert Investors by the Financial Services Commission (FSC) on 17 September 2018, the FSC has now issued a new regulatory framework in relation to the Custodian Services (Digital Asset) Licence, effective 01 March 2019.

  37. 21/02/2019

    To Mauritian Government through the Economic Development Board Mauritius has introduced the Film Rebate Scheme (FRS) in 2013 to stimulate the interest of film makers and encourage new sectors of activity within the creative arts industry.

    The Scheme:

  38. 21/02/2019

    Business opportunities in India are thriving and Foreign Investors (FI) seeking to tap such opportunities may need to know the different routes via which such investments can be made. The Indian Government allows investments in the country via either the Automatic Route (AR) or the Government Route (GR).

  39. 21/02/2019

    Since the time when the diplomatic relation between India and Mauritius was established in 1948 and when Mauritius became an independent nation in 1968 to the present day, the “bond” between the two sovereign states has always been ‘Special’ due to the historical and cultural link between the 2 countries.

  40. 21/02/2019

    We have invited Dezan Shira & Associates (DSA) to share with us an overview of the Logistic Industry in India.

  41. 06/02/2019

    Dear Partners,

    Welcome to our first 2019 Investors’ Corner!

    Acquiring a residential property in Mauritius is a dream that many non-citizens of Mauritius wish to realize for several reasons such as the climate, beach lifestyle, political stability and friendly business environment.

    To cater for such requests, the Mauritius Government has put in place different schemes and facilities that enable non-citizens to acquire a residential property and live in Mauritius.

  42. 25/01/2019

    The Netherlands has drawn up new list of 21 low-tax jurisdictions to help implement new measures to combat tax avoidance. The list was published on the 28th December 2018.

    The list comprises five jurisdictions that are currently blacklisted by the European Union: American Samoa, the US Virgin Islands, Guam, Samoa, and Trinidad and Tobago.

  43. 25/01/2019

    The Economic Development Board (EDB) of Mauritius has signed a Memorandum of Understanding (MoU) with Huawei Technologies (Mauritius) Co. Ltd, one of the most prominent players in the field of technology on Wednesday 28th November at InterContinental Resort during the World Al Show and World Block chain Summit.

  44. 25/01/2019

    According to OECD’s report on Peer Review Results in in relation to the assessment of harmful tax practices of preferential Regimes in 53 jurisdictions which was released on 15th November 2018, Mauritius meets all the international requirements of the BEPS Action 5. Thus, it is deemed not to have any harmful practices in its tax regimes. The areas which were reviewed by the OECD Forum on Harmful Tax Practices (FHTP) are as follows:

  45. 25/01/2019

    We have invited Jaweed, the Head of IT, Business Process and Project Management of MITCO to share his views on the digitalization of our Company

    What is the latest IT- related developments made by MITCO?

    I would say, since the last 2 years, under Management initiatives, MITCO has embarked on a digital transformation that helps the company adapt to the changing market forces. This digital transformation has required MITCO to examine and reinvent most, if not all of its Business areas.

  46. 15/11/2018

    The Economic Development Board (EDB) has, on 23 October 2018, issued a communiqué to inform the general public and the international investors that Mauritius has been removed from the list of countries published by the Economic Co-operation and Development (OECD) on potential high-risk Residence /Citizenship by Investment schemes.

  47. 15/11/2018

    Pleasure in the job puts perfection in the work” – Aristotle

    Mr. Peter SIAW lives up to the above saying. He holds an MBA from the University of Hull, England and is a Fellow member of the UK Association of Chartered Certified Accountants.

    “I joined the MITCO family as an accountant in 2001, where I was given the opportunity to apply the wide range of experience that I gathered in my career as an auditor in professional firms in England and Mauritius, mostly with Coopers and Lybrand, now PwC.

  48. 14/11/2018

    The role of Financière Constancia is to assist, advise and guide individuals as well as companies who seek guidance on the private wealth management or who wish to invest. After having analyzed the customers' objectives and the components of the assets, Financière Constancia provides independent advice and the implementation of tailor-made strategies. Regarding investments in non-listed companies, Financière Constancia relies on the expertise of partners and the Business Angels business network to select the files.

  49. 14/11/2018

    Deepavali in Mauritius

    Among the plethora of festivals celebrated on the paradise island, Deepavali remains the sweetest and most vibrant one filled with ‘light’. Celebrated on the 7th of November 2018, Hindus all over the island fast for five days preceding the festival and adorn their houses with clay lamps and electric bulbs on the auspicious day.

  50. 14/11/2018

    In the Doing Business Report 2019, the World Bank ranked Mauritius 20th out of 190 countries. Thus, Mauritius continues to maintain its leading position in Africa.

    The World Bank recognized the improvements made by Mauritius in 8 out of the 10 indicators namely: Starting a Business, Dealing with Construction Permits, Getting Electricity, Registering Property, Protecting Minority Investors, Paying Taxes, Trading Across Borders and Enforcing Contracts.

    For more information on the Doing Business Report 2019, please download the report on the following link:

  51. 19/10/2018

    In line with the Government’s strategy to enhance the competitiveness and transparency of Mauritius as a financial centre of substance, the Global Business sector is currently undergoing a major reform. The Budget presented by the Minister of Finance in June and the recent release of the Blueprint go in that direction with a view to ensuring compliance with the best international norms and standards established by the OECD.

  52. 16/10/2018

    “Choose a job you love, and you will never have to work a day in your life.” – Confucius

    This saying is so much true and relevant  for Mrs. Danaluchmee JUGMOHUN (Veena) who has started her journey with MITCO in 2002 when she joined the Company as messenger/office attendant.  Veena, in her own words:

    “I have since been serving the staff of MITCO and all the clients who visit MITCO with my special vanilla tea.

    I have gathered about sixteen years of experience in MITCO, similarly, I have sixteen years of great memories with the Company.

  53. 16/10/2018

    As highlighted in our January edition, the future path of the Mauritius IFC will be guided by the outcome of the Blueprint for the financial services sector.

    The Financial Services Commission (FSC) of Mauritius had engaged a reputed consultancy firm to make a SWOT analysis of the Mauritius jurisdiction and to propose a sustainable strategy.  The report has been published in June 2018 and is entitled “Innovation and transforming the Mauritius IFC of 2030:

    A. The Mauritius IFC today

    The IFC today is built upon three core pillars:

  54. 16/10/2018

    The Financial Services Commission (The “FSC”) published a Guidance Note on 17 September 2018 on the recognition of digital assets as an asset class for investment by Sophisticated and Expert Investors.

    This breakthrough was the next logical move following the introduction of 2 new licenses by the FSC, namely:

  55. 16/10/2018

    MITCO Group which is headquartered in Mauritius and has international offices in Seychelles, South Africa (Durban and Johannesburg), Kenya (Nairobi) and Côte d’Ivoire (Abidjan), offers a variety of services to our clients.

    We can therefore assist our clients in the setting up of Seychelles IBCs through our office in Seychelles.

  56. 17/09/2018

    MITCO understands that the business landscape is changing and the digital world is expanding at a phenomenal rate and any organisation must keep pace with this ever-changing marketing environment to position itself vis à vis its competitors.  Having this constant mindset of developing new services to offer a unique point of contact to our clients, MITCO has a dedicated team which shall provide digital marketing assistance.

    OUR SERVICES

    1. Social Media Marketing and Advertising

  57. 17/09/2018

    We have reproduced a communiqué issued by The Economic Development Board of Mauritius (EDB) on the amendments to the Freeport Act.

    To transform the Freeport into an internationally trusted platform, the Freeport regime has been aligned with the OCED, EU and WTO requirements.

    1. Freeport Developers and Freeport Operators are hereby informed that with the coming into operation of the Finance (Miscellaneous Provisions) Act 2018, the following amendments have been bought to the Freeport Act:

  58. 17/09/2018

    ProContact was one of the first call centres to set up in Mauritius in 2001. 17 years later, ProContact has reinvented itself and remains one of the main references in the sector and one of the latest "contact" centres (because the business is no longer limited to phone calls) to offer general services for big groups as well as for Small and Medium Enterprises (SMEs). ProContact is also an ideal incubator for entrepreneurs wishing to set up their operations in Mauritius.

    What is a call center?

  59. 17/09/2018

    This year marks MITCO’s 25th anniversary. On this occasion, we have invited our Executive Director, Mr. Amal Autar to share with us his experience at MITCO and his views on the company’s successful expansion over the last 25 years as well as the future plans. 

  60. 17/09/2018

    In an era where banking secrecy is ending and where there is greater international exchange of information and transparency in tax matters between countries, it has become increasingly difficult for businesses and individuals to avoid paying taxes. Considering same, the Government of Kenya declared a Tax Amnesty program for repatriation of assets and income owned by Kenya residents abroad in the Finance Act (2016). The Tax Amnesty is offered to individuals, Corporates and Trusts who are Kenyan residents for taxation purposes.

    What is a Tax Amnesty?

  61. 07/09/2018

    Dear Partners and clients,

    Welcome to the second edition of our Investors’ Corner!

    The MITCO’s Investors’ Corner is a quarterly Newsletter providing insight and used as a communication tool to inform you of different investment opportunities available at a given time in Mauritius and/ or internationally.

  62. 03/09/2018

    Please find MITCO Corporate Brochure containing information about the services offered by MITCO.

    Click here for the Corporate Brochure (English version) :

    /sites/default/files/pictures/MITCO_Brochure-EN-2017.pdf

    Cliquez ici pour la brochure (version française) :

    /sites/default/files/pictures/FR_MITCO_Brochure.pdf

  63. 14/08/2018

    Mr Timothy Webb and Mrs. Corinne Webb were like many tourists that visit our island. During their initial trip, they have enjoyed Anahita the Resort and the island so much that they have decided to invest their time and funds in a special project within Anahita the Resort. They have successfully combined holidays with creativity and project planning over a span of four years.

    We have asked Mr. and Mrs. Webb to share their experience with us.

  64. 10/08/2018

    The Finance (Miscellaneous Provisions) Bill 2018 (the “Bill”) was presented in the Parliament with a view to making amendments to relevant legislations for the adoption of the measures announced by the Honourable Minister of Finance in his budget speech. The Bill is yet to be published in the official gazette before it is enacted.

    Whilst there are changes in the Bill which require additional clarification from the Mauritian Authorities, we provide you with a summary of the main measures pertaining to the global business sector.

    GLOBAL BUSINESS SECTOR

  65. 10/08/2018

    In line with CIEL’s sustainability strategy, MITCO celebrated its Environmental & Sustainability Week from the 9th to the 13th of July, around 5 pillars - Business Ethics, Labour Practices; Environmental Responsibility; Stakeholder Engagement and Satisfaction; Sustainable Design, Planning and Procurement. The activities and initiatives included:

  66. 18/07/2018

    MITCO Group has taken the first step towards its commitment to the environment, coinciding same with its 25th Anniversary this year.

    With the help of staffs and the expertise and guidance of the Forestry Service of the Ministry of Agro-Industry and Food Security, 25 trees have been planted at La Citadelle, Port Louis (Capital of Mauritius)

    La Citadelle also known as Fort Adelaide has been built between 1834 and 1840 and has fulfilled the strategic purpose of guarding harbor against enemy attacks and fires that broke in the city.

  67. 12/07/2018

    In this new era of digital marketing and data-rich business environment, personal data protection plays an important role. In this respect, the Data Protection Act 2017 (The “Act”) which came into force since 15th January 2018 replaces the DPA 2004 which no longer fitted. The Act seeks to bring Mauritius data protection framework in line with same principles of GDPR.

  68. 12/07/2018

    This year, with an economic freedom score of 75.1, Mauritius has been ranked 21st among 128 countries worldwide and 1st among 47 countries in Sub-Saharan Africa. Mauritius logged a 0.4 increase in its overall score, with improvements in scores for the government integrity and property rights indicators.

    The Index of Economic Freedom is an annual ranking created by The Heritage Foundation and The Wall Street Journal in 1995 to measure the degree of economic freedom in the world.

  69. 12/07/2018

    With the call-to-action of CIEL Group to “Go Beyond, a Sustainability Governance Structure was established within the CIEL Group, in view of fostering compliance, risk and opportunities management across all entities. This structure allows for the integration of relevant, state-of-the-art sustainable practices across CIEL Group’s value chain.

  70. 12/07/2018

    As part of the 50th anniversary of the Independence of Mauritius, CIEL Group and its clusters (including MITCO Group) has launched a campaign called “BouzeMoris” aimed at promoting positive behaviors or actions that every citizen can adopt to make Mauritius move forward.

  71. 12/07/2018

    At MITCO Group, not only do we provide advisory services and set up companies, but we also adapt our services to cater to the specific needs of your business and assist you in achieving your business goals.

    We thus offer a wide spectrum of services to our clients from business set up, administration & accounting services, residence & work permits to business center and payroll services.

    The wide range of services we provide, allow our clients to focus entirely on their core business activity.

  72. 25/06/2018

    For enhancing the demand for Mauritian products, the Government is embarking in setting up Special Economic Zones (SEZ) in key African countries, such as Senegal, Ghana, Ivory Coast and Madagascar. In that respect, the agreement for the continental Free Trade Agreement (FTA) in Africa is being finalized.

    In pursuance of the Africa Strategy, Government is:

  73. 25/06/2018

    Mauritian Citizenship and Passport:

    In an aim for ‘Further Opening up our Economy and Country’, The Budget Speech has included the following new schemes:

    The Economic development Board (“EDB”) will manage two new schemes which will enable High Net Worth foreign individuals, who satisfy defined criteria and after due diligence to obtain Mauritian Citizenship or Mauritian Passport.

    The criteria are:

    1. Mauritian Citizenship

    The first scheme will offer foreigners the opportunity to obtain Mauritian citizenship provided they

  74. 25/06/2018

    The Freeport regime will be amended as follows:

  75. 22/06/2018

    CORPORATE TAX

    For Domestic Companies

    As from 1 January 2019, all companies in Mauritius except banks will benefit from the partial exemption regime of 80% on the specified income.

    Corporate Social Responsibility (“CSR”)

  76. 22/06/2018

    The Single Licensing Agency

    The ‘’E-Licensing Project and transformational initiatives to enhance business environment” has been initiated to address key constraints to business facilitation due to heavy regulatory frameworks and institutional bureaucracy. The four main components of the project are namely: E-licensing Platform; Business Process Re-Engineering exercise; Regulatory Review; and Change Management Programme.

  77. 22/06/2018

    Category 1 Global Business Licence (GBC 1)

    The GBL 1 shall henceforth be renamed as Global Business Licence. Global Business Companies will be required to comply with enhanced substance conditions.

    Category 2 Global Business Licence (GBC 2)

    The Financial Services Commission (“FSC”) will cease to issue GBC 2 licences as from January 2019 while the current regime will continue to apply until 30 June 2021 for companies which have been issued a licence prior to 16 October 2017.

    Foreign-owned entities

  78. 22/06/2018

    Attracting and creating opportunities for private investment

    • The Government will set up a Mauritius Artificial Intelligence Council (MAIC) for the development of Artificial Intelligence.
    • The Government will also set up a Steering Committee to ensure greater coherence in the digitization of public sector services and the monitoring of its implementation in a timely manner.

    Measures to support the Fintech sector

  79. 15/05/2018

    The Mauritius Freeport [governed by the Freeport Act 2004] was established in 1992 with the main objective of diversifying the economic base of Mauritius through the development of a competitive logistics and distribution platform for regional and international trade.

    What is a Freeport Company?

    A company wishes to operate in the Freeport Zone must be registered under the Companies Act 2001, with the Registrar of Companies (“ROC”) as a Mauritius Domestic Company and must apply for a Freeport Licence with The Economic Development Board (“EDB”).

  80. 15/05/2018

    Labour Day in Mauritius

    Like many countries in the world, the Labour Day is celebrated on the 1st May in Mauritius as well and this year marks the 80th anniversary of the annual labour day commemoration in our country. It is on the 1st May 1950 that the Labour Day was declared an office public holiday in Mauritius.

  81. 15/05/2018

    MITCO is a subsidiary of CIEL Finance Ltd which forms part of CIEL Limited, company listed on the Stock Exchange of Mauritius. CIEL Limited is a leading diversified investment group in Mauritius, operating five business clusters, spread across Mauritius, Africa and Asia:

  82. 15/05/2018

    Employee involvement promotes strong corporate culture within organisations. At MITCO, staffs are actively engaged by dedicating their time on a voluntary basis. Thus, the following committees have been set up for specific objectives:

  83. 15/05/2018

    Mauritius has built a solid reputation of being a jurisdiction of substance internationally. Supported by its legislative framework and financial services infrastructure, Mauritius offers an ideal platform for investments around the globe with a focus on Africa and Asia. From modest beginnings in the early 1990's, the global business sector is now home to some 900 global funds from around the world.

  84. 16/04/2018

    Nous remercions, Monsieur et Madame Besse d’avoir accepter de partager avec nous leur experience /We thanks Mr and Mrs Besse which accepted to share with us their experience.

    Monsieur et Madame Besse, qu’est qui vous a poussé à quitter la France pour venir vous installer à l’île Maurice? / Mr. and Mrs. Besse, what has inspired you to leave France to settle in Mauritius?

  85. 16/04/2018

    The Ivory Coast suffered a tumultuous decade up to 2011; gripped by political turmoil and an intermittent civil war, the country's infrastructure and economy deteriorated. However, since 2011, the Ivory Coast has become one of Africa's economic success stories.

    Despite ongoing political uncertainty and an aging power infrastructure, the Government of the Ivory Coast wishes to establish the Ivory Coast as a middle-income country, extend access to power to the entire population and become the leading energy market in sub-Saharan Africa.

  86. 13/04/2018

    In the venture of invigorating food processing activities, Mauritius has introduced the Registration Certificate (Food Processing) which aims at enhancing the value chain through the cultivation and importation of agricultural products to be used as raw materials for processing into intermediate and finished products as well as to encourage re-export activities.

    The following are qualifying criteria for the Registration Certificate:

  87. 13/04/2018

    Easter in Mauritius

    On the 01st of April, the Christian community worldwide celebrated Easter. Easter is the religious celebration of the resurrection of Jesus Christ from the tomb on the third day after his crucifixion. Easter is not a one day celebration. The annual period of Christian observance, called Lent, precedes Easter. Lent is a season of prayer and fasting whereby Catholics are required to abstain from eating meat on Fridays in honor of the Passion of Jesus on Good Friday.

  88. 13/04/2018

    We have invited Mrs. Johanne Hague, Partner at Juristconsult Chambers to share with us her general views on the Common Reporting Standard.

    The Common Reporting Standard (“CRS”) is already live in some countries and the countdown has begun towards the first exchange of information between Mauritius and other countries around the world.

  89. 13/04/2018

    In order to harmonize the various available routes for foreign portfolio investment in India, the Indian securities market regulator i.e. Securities Exchange Board of India (“SEBI”) has introduced a new class of foreign investors in India known as the Foreign Portfolio Investors (“FPIs”) with the aim to simplify the overall operation foreign portfolio investments in India.

    Foreign Portfolio Investment refers to investment in financial assets such as stocks or bonds in a foreign country.

  90. 20/03/2018

    According to the Census on Foreign Liabilities and Assets of Indian Direct Investment Companies 2016-2017 released by the Reserve Bank of India (RBI), Mauritius was the largest source of Foreign Direct Investment (FDI) in India with 21.8 share at market value, followed by the United States, United Kingdom, Singapore and Japan.

    This census yields comprehensive information on the market value of foreign liabilities and assets of Indian companies arising on account of FDI, Overseas Direct Investment (ODI) and other investments.

  91. 20/03/2018

    National Code of Corporate Governance

    The National Committee on Corporate Governance has in accordance with section 65(c) of the Financial Reporting Act 2004 issued the Second Edition of the National Code of Corporate Governance (the ‘Code’).

    Consequently, the Financial Services Commission (the ‘FSC’) has issued a Circular Letter on the Code to inform licensee of their obligations with respect to the new code which is applicable as from the reporting year (financial period) ended 30 June 2018.

  92. 20/03/2018

    Ugadi is a festival celebrated as the New Year by Telugu people all over the world. Each Ugadi year has a specific name in the ‘Panchangam’, which is the astronomical calendar, based on astrological influences. The calendar includes 60-year names and every 60 years, one name cycle completes, and the names repeat in the next cycle. For example, the Telugu name for the year 2018 is ‘Vilambi’, which will repeat in 2078. 

  93. 20/03/2018

    Nous remercions, Monsieur Cedric Thomsen qui a accepté de nous parler de Boogie Events/We thank Mr. Cedric Thomsen who accepted to provide us information on Boogie Events

    Parlez-nous des activités de Boogie Events Ltd ?

  94. 19/03/2018

    Financial Technology better known as 'fintech' is the new technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. The application of fintech covers a wide range of sub-industries from crowdfunding, lending, payments, data collection, and investment management to digital currency.

    Fintech puts technology at the heart of financial services offering a change in the way in which companies interact with their customers. In addition, this proliferation of fintech makes financial markets and systems more efficient.

  95. 16/03/2018

    “Motherland” the national anthem of Mauritius was played this 12th March 2018 at the Champ de Mars racecourse, where the Mauritius Flag was first raised in 1968, to celebrate the Golden Jubilee of Mauritius and 26 years as a Republic of the island. The Mauritius anthem briefly describes the luscious landscape of the country and also mentions the qualities of its people: peace, justice and liberty.

    The development of the Mauritius Financial sector

  96. 16/03/2018

    Amal AUTAR, the Executive Director of MITCO Group had been invited in his capacity as Chairman of the Mauritius branch of the Society of Trusts and Estate Practitioners (STEP) to write an article on the ‘Mauritius as a Trust and Estate Planning jurisdiction’.

  97. 09/02/2018

    The Common Reporting Standard (CRS) has been developed by the Organisation for Economic Co-Operation and Development (OECD). As at 15 January 2018, 98 countries have signed the Multilateral Competent Authority Agreement to implement the CRS. You may access the current list of countries on the following website:

    http://www.oecd.org/tax/automatic-exchange/international-framework-for-the-crs/

    Mauritius has implemented CRS as from 1st January 2017. 

  98. 09/02/2018

    As from 1st January 2018, all legal entities which engage in certain financial transactions and listed financial instruments such as shares, bonds, warrants, amongst others, must apply for a Legal Entity Identifier (LEI) code, which is a requirement by the European MiFID II directive.

  99. 09/02/2018

    According to the Economist Intelligence Unit Democracy index 2017 (The “Index”), Mauritius occupied the first position in Africa with an overall score of 8.22 and is ranked 16th out of the 167 countries worldwide. Mauritius is considered as the only “fully free” democracy in Africa.

  100. 09/02/2018

    The two forthcoming celebrations are the Maha Shivratree and Chinese Spring Festival.

    Chinese Spring Festival

    The Chinese New Year marks the beginning of a new lunar according to the traditional Chinese calendar. Each year is represented by a zodiac animal on the lunar-solar Chinese calendar and the Chinese community welcome 2018 as the Year of the Dog.

  101. 09/02/2018

    Foundation in Mauritius are governed by the Mauritius Foundations Act 2012 (the ‘Foundations Act’) and managed by the Foundation Council which carries out the objectives and purposes of a Foundation.

    Foundation is a legal entity without shareholder and member but with beneficiaries. A Foundation has some common features with a Trust and a Corporate entity.

    It can have varied objectives:

  102. 16/01/2018

    The Mauritian are descendants of European (mostly French), the Franco-Mauritians; African slaves and creoles, the Afro-Mauritians; Chinese traders, the Sino-Mauritian; Indian laborers, the Indo-Mauritius and this diversify culture is an example of successful cultural integration.  As our country is celebrating its 50th anniversary post-independence this year, it is a good year for us to talk on the different celebrations in Mauritius. 

    The two forthcoming celebrations are the Thaipoosam Cavadee and Abolition of Slavery.

  103. 16/01/2018

    For South Africa

    At the end of December 2017, Cyril Ramaphosa was elected as the new Leader of the African National Congress (ANC) party for the next five years. Jacob Zuma, the previous leader of ANC, who is currently the President of South Africa is being called to step down. This important political development will definitely have a bearing on the next Presidential election in South Africa which is due in 2019.

  104. 16/01/2018

    As per the report published by the Bank of Mauritius (BOM) on the 30th December 2017, the Gross FDI flows in Mauritius have been estimated at MUR 12,330 million for the first three quarters of 2017 compared to MUR 10,592 million for the corresponding period in year 2016 representing an increase of approximately 16%.

  105. 16/01/2018

    On 8th December 2017, CIEL Group unveiled, in the presence of representatives of the five clusters of the group, namely, CIEL Hotels & Resorts, CIEL Agro & Property, CIEL Textile, CIEL Finance and CIEL Healthcare, its new Purpose Statement “For a World we can all feel proud of” and Values “People at Heart - Excellence at Core - Ethical & Sustainable”.

  106. 11/12/2017

    Matthieu parlez-nous de votre projet 'emediaplace' / Matthieu could you please tell us how did you come up with this project and brief us of what ‘emediaplace’ is about?

    Début 2016, je me suis rendu compte qu’il n’existait pas de kiosque de journaux numériques dans l’Océan Indien. Cela existe ailleurs dans le monde, mais pour en bénéficier, il est nécessaire de disposer de moyens de paiements en Euros/Dollars, ce qui n’est pas accessible à tout le monde.

  107. 11/12/2017

    Mauritius is continuing its path in collaborating with international markets, recently with Russia and China. This will emphasize fostering and strengthening economic cooperation and diplomatic ties for greater prosperity between the countries.

    Consolidating Business and Investment ties between Mauritius and Russia

  108. 11/12/2017

    Mauritius retains its first position in overall governance in Africa according to the Mo Ibrahim Index of African Governance (IIAG) 2017. Mauritius has again achieved the highest overall score out of a total of 53 African countries. The Index assesses four categories of governance, namely:

  109. 11/12/2017

    The Board of Investment (BOI) of Mauritius organised a high-level investment promotion mission led by the Prime Minister of Mauritius in Côte d'Ivoire, to tap investment opportunities in Western Africa.

    MITCO represented by Wendy Kong (Head of Business Development) and Franck Gosse (Country Representative of Côte d'Ivoire) also formed part of the Mauritian delegation.

  110. 21/11/2017

    The Association of Trust and Management Companies ("ATMC"), which is the flagship representative body of the Mauritian global business industry, organizes its Sports Day on Saturday 11 November.

  111. 20/11/2017

    Basically, a Family Office provides the necessary skill, guidance and management of a family’s wealth to build a structure which can help protect that  inheritance and pass it smoothly across generations. There are many reasons to set up a family office but the core one is the wish to facilitate the inter-generation transfer of wealth and reduce intra-family disputes.

  112. 20/11/2017

    The Overseas Family Office (“OFO”) was announced in the Mauritius Budget 2016/2017. The Scheme aims at the enhancement of our position as a wealth management destination via management  of assets of High Net Worth Individuals (“HNWI”) and families in Mauritius.

    The Financial Services Commission issues two sets of licenses: the single OFO & the multiple OFO. The OFO is required to actively manage a prescribed minimum investible and liquid wealth base of USD 5 Million.

  113. 20/11/2017

    Mauritius has been ranked 25th out of 190 countries by the World Bank’s Doing Business Report 2018 ( “The Report”). The Country has thus made a significant leap from the 49th position last year to 25th this year. This 2.09 increase in score implies that since last year, the country has improved its business regulations and is narrowing the gap with the global regulatory frontier.

    The Doing Business Report 2018 has reported improvements in ranking in 8 out of 10 indicators namely

  114. 20/11/2017

    Ally has joined the MITCO Group on the 1st July 2017 as the Head of Sales. He recently tied up with Alteo Properties and spoke at a few events held in China and Hong Kong. Ally was also a keynote speaker at the Campden Wealth Asia Pacific Family Office Conference, held on 25th & 26th of October 2017 in Hong Kong. We have invited Ally to share the key queries and his experience at the Conference.

  115. 13/11/2017

    In the wake of the release the so-called ‘Paradise Papers’ by the International Consortium of Investigative Journalists (The “ICIJ”) whereby unfounded allegations were levelled against Mauritius, the Prime Minister of the Republic of Mauritius has issued an official statement on the 9th November 2017.

  116. 09/10/2017

    MITCO in collaboration with Alteo Properties Ltd, a company which is in the real estate and hospitality sector in Mauritius, is participating to the Asia Pacific Family Office Conference (The “Conference”) which shall be held on 25 & 26 October 2017 at Shangri-La Island Hotel, Hong-Kong.

     The Conference is organised by Campden Wealth and has been designed for the ultra-high net worth families that manage family offices or those who intend to set up such structures. 

  117. 09/10/2017

    The main economic sectors in Mauritius are tourism, finance, agriculture and information and communication technology. The Mauritian Government is putting lots of efforts to modernize these markets and is also adopting a new approach for the development of new sectors.

    MAURITIUS POSITIONING AS A FINTECH HUB

  118. 09/10/2017

    The Investment Promotion Act has been amended to introduce a new category of Occupation Permit: - The Innovator Occupation Permit (The “Innovator OP”).

    The Innovator OP has been designed for the non-citizens who wish to invest in Mauritius and conduct Research and Development projects in innovative sectors.

  119. 09/10/2017

    Mauritius continues to carry on its path in the international arena to improve our Financial Services sector.

    MAURITIUS AMONG THE LEADERS IN THE GLOBAL FINANCIAL CENTRES IN AFRICA

    In the 22nd edition of the Global Financial Centres Index released in September 2017, Mauritius gains two places by positioning itself at the 69th place globally out of 92 internationals financial centres. Mauritius establishes itself among the leaders in Africa.