Business Meet

Mauritius: Your International Financial Centre

of choice for Africa
FINANCIAL SERVICES PROMOTION AGENCY

22 March 2017, Geneva, Switzerland

 AGENDA

SECTION 1: MAURITIUS AS AN IFC

SECTION 2: MAURITIUS IFC PROPOSITION FOR AFRICA

SECTION 3: ENHANCED OFFERING

MAURITIUS AS AN IFC
 IMPORTANT MILESTONES
1838
Establishment of
the first bank in 2013
Mauritius, 1971
1989 The regulatory
becoming the First Investment
The Stock framework is
first commercial Promotion &
Exchange of 2006 re-engineered
bank to start
Protection Doing Business for global funds 2016
operations in the Mauritius is
Agreement landscape was and private New Bespoke
Southern licensed and
(IPPA) signed revamped equity Products
Hemisphere starts operations
with Germany

1948 1978 1991 - 1992 2001 2007 2015

Setting up of the First Double Mauritius positions MOBA Act Introduction of Captive
first general and Taxation Itself for cross repealed and the Financial Insurance Act
long-term Agreement border activities replaced by the Services Act Reactivation of
insurance (DTA) signed through Financial Services the FSPA
company in with introduction of the Development Act,
Mauritius Germany Mauritius Offshore under which
followed by Business Activities GBCs were
France (MOBA) Act introduced

Establishment of
the FSC
PROVEN

IFC OF

CHOICE
 STRONG REGULATORY FRAMEWORK

Regulator for: Regulator for:

Non-bank financial services sector Banking

Global business non-bank deposit taking institutions

money changers and foreign exchange dealers

 MAURITIUS IFC AT A GLANCE

No. of Global Business Companies

(Category 1)
12000
Number of active Global Investment
10000
Funds: 967

Around 450 Private Equity Funds

8000
Number of GBC 1

6000
Number of Domestic & International
Banks: 23
4000

2000

0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
GLOBAL RECOGNITION & WHITE LISTING
Among the first jurisdictions
to be included in the White
List

Favorable Country Report

& Peer Review
OECD
Largely Compliant

At par with Singapore,

London, New York and
Hong Kong
IOSCO
IAIS
International FATF
Memberships IFSB
MAURITIUS IFC PROPOSITION FOR AFRICA
GEOGRAPHICAL LEVERAGE
Within 7 hours flight to Main Cities

DUBAI
DELHI

MUMBAI

BANGALORE
CHENNAI

MALAYSIA
MALAYSIA
NAIROBI

SINGAPORE
PANZANIA

MAPUTO

DURBAN MAURIITIUS
JOHANNESBURG
MAURITIUS IFC SYDNEY
PERTH
CAPE TOWN MELBOURNE
MEMBER OF REGIONAL TRADING BLOCS

Southern African Development Community (SADC)

Common Market for Eastern and Southern Africa (COMESA)

Indian Ocean Rim Association for Regional Cooperation (IOR-ARC)

African Union (AU)

 PREFERRED PLATFORM
FOR AFRICAN DECISION MAKERS
 DOUBLE TAXATION
AVOIDANCE AGREEMENTS (DTAA)
Bilateral Taxation Agreements

Elimination of
double taxation
Reduction in
Clarity on tax rights
withholding taxes on
between States
dividends and royalties

Preferential Preferential
Treatment of capital Treatment on interest
gains payment on loans
EXTENSIVE NETWORK OF BILATERAL TREATIES

KEY:

- DTAA in force
- DTAA awaiting ratification
- 44 globally
- 21 with Africa states
 INVESTMENT PROMOTION
AND PROTECTION AGREEMENT (IPPA)
BENEFITS OF THE IPPAS

RISK MITIGATION

EXPROPRIATION ARBITRATION

SUBROGATION REPATRIATION OF
CAPITAL AND PROFITS
EXTENSIVE NETWORK OF BILATERAL TREATIES

KEY:
- IPPA in force
- IPPA awaiting ratification
- 44 globally
- 23 with African states
 IDEAL CAPITAL RAISING PLATFORM FOR AFRICA

Only African exchange to list, trade and settle equity and

debt products in USD, EUR, GBP, ZAR, MUR

Market Capitalization : USD 11.1 billion

No. of listed Companies : 98 Companies

Since 1989 49 Foreign securities listed

An exchange leading in terms of innovation and

sustainability on the African continent.
GLOBAL & REGIONAL HEADQUARTERS
GLOBAL HEADQUARTERS ADMINISTRATION LICENCE
FEATURES

Holding company belonging to a well-

established international group

Package of Incentives
GLOBAL HEADQUARTERS ADMINISTRATION LICENCE
GLOBAL HEADQUARTERS ADMINISTRATION LICENCE

REQUIREMENTS

HUMAN RESOURCE PRESENCE MINIMUM EXPENDITURE

Minimum of 10 resident Primary bank account

fulltime professionals in Mauritius
Physical office in
Mauritius Minimum Expenditure:
At least 3 at senior MUR 5 million (USD
management level 150,000)
GLOBAL TREASURY ACTIVITES
GLOBAL TREASURY ACTIVITIES LICENCE
ACTIVITIES

Arrangement for credit facilities and

derivatives
Credit administration and control & Letters of
credit
Factoring, forfeiting and re-invoicing
activities
 GLOBAL TREASURY ACTIVITIES LICENCE
REQUIREMENTS

HUMAN RESOURCE PRESENCE MINIMUM EXPENDITURE

Minimum of 4 resident Primary bank account

fulltime professionals in Mauritius
Physical office in
Mauritius Minimum Expenditure:
At least 1 at senior MUR 2 million (USD
management level 60,000)
INVESTMENT BANKING
INVESTMENT BANKING
SCOPE OF LICENCE

Investment Banking Licence

License for investment banks in Mauritius,

regulated by the Financial Services Commission.

Engage in mergers and acquisitions, corporate

finance advisory, listings, IPOs, cross-border
investment structuring and financial advisory
services
 INVESTMENT BANKING
REQUIREMENTS

HUMAN RESOURCE PRESENCE MINIMUM EXPENDITURE

Primary bank account

in Mauritius
Physical office in Minimum Capital
At least 5 professionals
Mauritius required MUR 50 million
(USD 150,000)
Minimum Expenditure:
MUR 5 million
THE MINDEX
 ENHANCING THE MAURITIUS VALUE PROPOSITION FOR AFRICA
MINDEX - The Mauritius International Derivatives & Commodities Exchange

Derivatives exchange platform to hedge African currencies

First combined derivatives and spot trading platform of the region

Trade in Gold, Diamond and other precious coloured stones

State of the art Vault in Mauritius

Location to be declared as a freezone

Spillovers:
Jewelry Manufacturing
Refineries
Polishing Units
 COMPLEMENTING
THE SWISS VALUE PROPOSITION FOR AFRICA
USING OUR EXTENSIVE NETWORK OF BILATERAL TREATIES

Switzerland has 7 tax treaties currently with

African countries
Mauritius has 21 tax treaties

KEY:
- IPPA in force
- IPPA awaiting ratification
- 44 globally
- 23 with African states

- DTAA in force
- DTAA awaiting ratification
- 44 globally
- 21 with Africa states
COMPETITIVE & EFFICIENT
WITH POOL OF
SMART PROFESSIONALS
Availability of highly-qualified professionals

A multilingual workforce, with English and French being

the main business languages

Increasing number of graduates

+2900 professional accountants

+570 barristers

+175 attorneys
FULL-FLEDGED INTERNATIONAL ARBITRATION CENTRE

Home to two leading arbitral institutions

The London Court for International Arbitration (LCIA)

in association with the Mauritius International Arbitration Centre

The Permanent Court of Arbitration of the Hague (PCA)

First Permanent Representative Office outside the Hague

Arbitration Laws are based on the UNCITRAL Model

Signatory to the New York Convention

The Financial Services Promotion Agency is mandated to promote and develop
the Mauritius International Financial Centre.

link@fspa.mu

www.mauritiusifc.mu