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Key Facts
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| Population |
1.2 Million |
| Main Languages |
English & French |
| Time Zone |
GMT + 4 |
| Currency |
Mauritian Rupee (MUR) |
| Political Regime |
Parliamentary Democracy |
| Constitution |
Modeled on the British system |
| Legal system |
Composite of British and French laws |
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| Geographic Position |
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Mauritius is a tropical island located in the south-western part of the Indian Ocean in longitude 57°35’ E and latitude 20°15’ S, at approximately 2,400 kilometers off the south-east coast of Africa. The island covers an area of 1,865 square kilometers, or 720 square miles
With a convenient time zone of GMT +4, business can be transacted with the Far East in the morning, Europe around mid-day and with the US in the late afternoon.
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| Political Stability |
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The Republic of Mauritius is a parliamentary democracy modeled on the British system. The separation of powers among the three branches of the Government, namely the Legislative, the Executive and the Judiciary, is embedded in the Constitution. The President is the Head of State while the Prime Minister has full executive power and is the Head of Government. The National Assembly comprises seventy members, out of which sixty-two are elected every five years during parliamentary elections. Eight are chosen according to a best-loser system. |
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| Legal System |
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Mauritius has a composite legal system consisting of British common law practices and the French Napoleon Code. During the French period, the island’s legal system was governed by the French Napoleonic Code and remained in force under the British rule. This entailed subsequent amendments in civil and criminal procedural laws as well as in company law. Although Mauritius has been a Republic since 1992, the country is still a member of the Commonwealth. The Privy Council in London is the Supreme Court of Appeal. |
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| Regulatory Body |
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| Under the Mauritius Financial Services Development Act 2001, the regulating authority with regard to offshore matters is the Financial Services Commission ("FSC"). It is expeditious and efficient in approving applications to incorporate companies in Mauritius. The FSC has also been careful not to forsake standards in satisfying the flexible demands of offshore customers whilst protecting the investor and preserving the excellent reputation of Mauritius as an International Financial Services Centre. |
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| Economic Environment |
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Over the last decade, Mauritius has enjoyed unprecedented socio-economic development with a substantial economic growth averaging six percent. This is the fruit of careful economic governance by successive administrations backed up by a sound financial infrastructure with a reputation for reliability, efficiency and probity.
The export led growth strategy has significantly changed the economic structure of Mauritius with the manufacturing and service sectors now accounting for roughly two thirds of GDP. Total foreign trade has more than doubled in the past ten years and so has the level of foreign exchange reserves.
An early decision was taken to expand the financial services sector by building on the skills and experience of our large pool of lawyers, accountants, management company executives and other professionals many of whom have qualified and practiced in the UK, France and other major countries. The sound regulatory practices and conducive business environment which have emerged has earned Mauritius a reputation as a reliable jurisdiction as evidenced by our growing network of double taxation treaties based on the OECD model: our treaty partners include Luxembourg, France, United Kingdom, China, India, Singapore and South Africa amongst many others. In short, Mauritius has succeeded in demarcating itself as a centre offering quality service and security as a useful gateway for investments in the region and beyond. Investor confidence in our financial services is evidenced by the growing number of business enterprises registered in Mauritius. With a strong, experienced global financial service sector, we are now poised to move forward.
The government recognises that the world is changing fast and there are many challenges and opportunities presented by the dramatic expansion of E-commerce, the IT revolution and the closer international cooperation on tax abuse, money laundering etc.
Hence, the decision to update existing legislation and introduce new laws where appropriate, encompassing taxation, money laundering, financial service regulatory issues, trust and company law. At the same time, existing governmental agencies would be overhauled to ensure that the regulation and supervision of non banking financial services are fast, efficient and effective. All this has been done. |
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| Select the themes below for more information: |
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Domestic Banking Sector |
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| Offshore Sector |
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Recent Legislative Changes and Developments
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| Financial Services Development Act 2001 |
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| Trusts Act 2001 |
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| Anti-money Laundering Act 2002 |
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| Prevention of Corruption Act 2002 |
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