Established to determine the international competitiveness of the Mauritian Global Business Sector, two joint working groups, comprising representatives of the Financial Services Commission (FSC), its licensees and other stakeholders, recently delivered presentations on Global Business diversification and funds in Mauritius, and on developing the country’s legislative framework, most notably Limited Partnership and Foundation Laws.
Following the presentations and proposals set forth by the working groups, Chief Executive of the FSC Milan Meetarbhan explained that a sub-committee has been set up to devise a strategy regarding implementation of Double Tax Agreements (DTAs). The overarching aim of the committee, Meetarbhan continued, is to identify countries with which DTAs should be signed, and to ensure that the negotiated agreements meet the specific needs of the Mauritian business community.
Given Mauritius’s recent commitment to comply with the Organisation of Economic Cooperation and Development’s standards in terms of both transparency and exchange of information, Meetarbhan also emphasised the need to amend accordingly the country’s Trust Act and GBC2 companies, those with a category two Global Business Licence, conducting business outside of Mauritius.
The FSC’s Chief Executive then alluded to the Global Business Task Force, which will serve as a permanent platform for discussions between the global business industry – Management Companies and banks – and the regulator.
In his concluding statement, Meetarbhan confirmed that, in a drive to expand the financial services sector and improve Mauritius’s competitive edge, laws relating to Limited Partnerships and Foundations are currently being scrutinised. Netting provisions have also been included in the Insolvency Bill, he added, and presented in the National Assembly.
Issues currently awaiting clarification by the FSC include the use of Mauritius as a Regional Headquarters by companies wishing to invest in the region – and the FSC’s existing determining criterion the ‘ultimate purpose test’, and the structuring of master/feeder funds and associated use of treaties.
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