Mauritius offers a well-capitalized sophisticated banking sector comprising local and international banks which are actively servicing a wide range of retail, corporate, institutional and private client base. Services offered include traditional retail and corporate banking services, international remittance, internet banking, trade and loan finance, global business, investment banking, custodian services, treasury services and ecommerce among others. International names operating in Mauritius include HSBC, Barclays and Standard Chartered among others.
Opportunities exist in setting up:
- Private Banking
- Investment and cross border investment/ global business Banking
- Islamic Banking
Links: www.bom.mu, www.mba.mu
Insurance, Reinsurance and Private pension
Mauritius boasts a well-developed insurance sector offering life, general, reinsurance, captive business and private pension. The Mauritian insurance industry is supervised and regulated by the Financial Services Commission (FSC), which is mainly responsible for licensing, regulating, monitoring and supervising activities in the non-banking financial services sector, including the insurance industry. Insurance business in Mauritius is largely private sector owned. It is classified as Long Term Insurance Business (life) and General Insurance Business ( Non-life).
According to the Financial Services Commission long term insurance industry generated a total gross premium of Rs 16.30 bn in 2014 as compared to MUR 15.03 bn in 2013, representing an increase of 8%. On the other hand, the gross premium in respect of general insurance business for the year 2014 amounted to MUR 7.41 bn as compared to MUR 7.03 bn in 2013, representing an increase of 5 %.
Private Pension Schemes are governed by the Private Pensions Schemes Act of November 2012 and impacts 3 categories of schemes namely:
- Pension scheme regulated in Mauritius and providing benefits to beneficiaries in Mauritius
- External pension schemes (usually holding Global Business Category 1 License) regulated / administered in Mauritius and targeting individuals outside of Mauritius
- Foreign pension schemes regulated in a foreign jurisdiction and is allowed to operate in Mauritius to cover Mauritian-based members/ beneficiaries.
Listings and capital raising
Mauritius stands as one of the largest and most innovative capital raising markets of the African landscape. There are currently two securities exchanges licensed the Financial Services Commission, namely the Stock Exchange of Mauritius Ltd (‘SEM’) and the Bourse Africa Ltd (‘BAL’), which complement each other to position Mauritius as one of the most powerful value-creation platform of the region.
The SEM offers shares, debentures, bonds, convertible instruments, depositary receipts, exchange traded funds among others. It facilitates international capital raising through multi-currency listing, trading & settlement platform in USD, EURO and GBP. Having adopted an internationalization strategy, the SEM has quickly positioned itself as a capital-raising hub for both regional and global players.
Bourse Africa Ltd is the first international multi-asset class exchange from Mauritius that offers trading on commodity derivatives, African and Global currency derivatives, African equity index derivatives and CFDs on commodities and currencies.
Links: www.fscmauritius.org, www.stockexchangeofmauritius.com, www.bourseafrica.com
Investment Centre for Africa & Asia
Mauritius is a strategic Global Business jurisdiction situated at the crossroads of the Asia and Africa. The global business sector was introduced in 1992 and has, since then, been established as one of the leading financial centre of the region. The reputation of Mauritius as an International Financial Centre rests on its global recognition, quality of its services and its pool of highly qualified professionals. Services offered include Company, Funds and Trust formation and administration, fund administration and management and trusteeship services among others.
Financial Business Activities that can be incorporated include:
- Global Business Category 1 companies
- Global Business Category 2 companies
- Investment Holding Companies
- Protected Cell Companies
- Collective Investment Schemes
- Captive Insurance Companies
- Global Funds (especially investment focused on Indian, Asian, Middle East and African countries)
- Limited Partnerships
(This list is not exhaustive and the FSC Rules may provide for other financial business activities)
Regional Head Quarters (RHQs) and Regional Treasury Centres (RTCs)
In line with the Government vision, Mauritius is fast becoming a preferred centre for Regional and Global Headquarters as well as Regional Treasury management. Leading multinationals and regional companies are already setting up their operational, administrative and financial base in the country. Numerous benefits exists for setting up RHQs and RTCs in the country including a favorable fiscal environment and access to double taxation treaties, possibility to employ expats, no exchange control, proven and efficient regulatory system, access to internationally known service providers, and easy availability of highly efficient professionals, amongst others.
Mauritius offers the facilities for Aircraft and Ship Registration coupled with a host of advantages.
Mauritius offers a host of services that completes its financial eco-system, including:
- Corporate Services Providers
- Accountancy, tax and auditing services
- International legal services
- Investment advisory
- Asset Management
- Brokerage houses