March 16, 2018

The Milestone of Mauritius – 50 Years’ of Independence

The development of the Mauritius Financial sector

The financial sector of the economy has developed considerably over the last 20 years or so. The financial sector started with the launch of offshore banking back in 1988.  In order to sustain the economic growth of the country, the Government of Mauritius had to create a new economic pillar which was service oriented. Thus, the Mauritius Offshore Business Activities Authority (MOBAA) Act was promulgated in 1992 and the Freeport was established in the same year. In 2007, the Financial Services Commission adopted the Financial Services Act (FSA) with a view to consolidating the legislative framework of the Global Business Sector in Mauritius. Today, the Financial Services Sector, especially the Global Business, is one of the main economic pillars of the Mauritius offering sophisticated products such as investment dealers, CIS management, headquarter licence, closed-ended funds, and expert funds amongst others and competing with IFCs such as Jersey, Dubai and Singapore.

The reputation of Mauritius as a tried and tested route to India and as a Gateway to Africa is well established and the future as International Financial Centre (IFC) looks promising.

The contribution of MITCO for the Mauritius Financial Sector

This year MITCO is celebrating its 25 years of existence and we are proud to be part of the financial services sector growth phase. MITCO has today more than 80 employees, more than 1,200 clients located in 70 countries as well as structuring and overseeing investments in more than 100 countries. The Company has its headquarter in Mauritius but is also present in Johannesburg and Durban (South Africa), Nairobi (Kenya), Abidjan (Ivory Coast) and Seychelles.

Three cheers for the Republic of Mauritius! Three cheers for MITCO!  Long Live Mauritius and its people! Long Live MITCO!