The Financial Services Commission (‘FSC’) has recently introduced certain new requirements for the conduct of business for a Category 1 Global Business (‘GBC1’) company in Mauritius. This change follows a concerted effort by players of the financial industry and the Government to reinforce the existing control and management requirements and increase the engagement of GBC1 companies in Mauritius. Each GBC1 company wishing to benefit from the advantages offered to such companies or wishing to renew its licence every year while continuing to benefit from these advantages, must comply with these new requirements by 1 January 2015. Advantages includes but not restricted to the benefit that can be derived from Double Taxation Avoidance Agreements (DTAAs).
The agreement provides for the exemption from visa requirement for a maximum of 30 days to citizens of Mauritius visiting China and vice versa.