Mauritius Unveils Plans To Improve Business Environment
by Lorys Charalambous, Tax-News.com, Cyprus
17 June 2008
The Government of Mauritius last week outlined budget measures designed to facilitate business in the jurisdiction, announcing that it will continue with its policy to further open
the economy to the rest of the world, through improvements in the ease of
doing business, consolidation of productive sectors, and constructing new economic pillars.
The newly announced measures included:
- The Board of Investment, with the assistance of the World Bank, will streamline
and simplify the system of business licensing to make compliance easier, less
time consuming and less costly.
- All investors with businesses in Mauritius having an annual turnover exceeding
Rs15mn for three consecutive years will now be able to apply for Permanent Residence.
Up to now, this facility did not apply for investments made prior to October
2006.
- The time it takes to settle commercial disputes will be cut from around 2 years
to 7 months, which is international best practice. A Commercial Division will
be set up in the Supreme Court.
- The time it takes to register a property in Mauritius will be reduced from - in some
cases - up to 210 days, to 15 working days. To make this possible, the necessary
legislative amendments will be brought, along with the eventual introduction
of the Land Administration, Valuation and Information Management Systems.
- Access to credit will be improved. The Bank of Mauritius Act will be amended to allow
the Mauritius Credit Information Bureau to cover non-Bank financial institutions
and utility companies in its database and to provide information to regulated
service providers. The Banking Act will also be amended to allow for the setting
up of private credit information bureaus.
- The processes for exports and imports will be significantly simplified. The aim is to
reduce the number of permits relating to imports and exports to the essential
minimum, by 1st July 2009.
- Provisions will be made to suspend as from 1 July 2009 all permits relating
to imports and exports, except those that are considered essential. Any justification
from an organisation for maintaining a permit will have to be substantiated
before a special committee.
- The Morcellement Act 1990 will be amended so as to allow all developers to
take reservations and deposits equivalent to the cost of infrastructural works
by providing a bank guarantee equivalent to the amount of such works, including
offsite works.
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