Discovered by the Dutch and the French in the 16th and 18th century respectively, Mauritius became British at the beginning of the 19th century and remained under British rule until its independence in 1968. In 1992, Mauritius changed its status from a Constitutional Monarchy to that of a Republic but chose to remain in the British Commonwealth.
Situated in the Indian Ocean, approximately 2000 kms to the east of Durban (South Africa), the island covers a total area of 1860 km² or 720 miles². Mauritius is situated mid-way between Europe and the Far East, being four hours ahead of GMT and four hours behind the Far East. Mauritius has a population of 1.2 million and Mauritians are bilingual, being equally fluent in English, the official language, and French.
Over the past two decades, the Mauritian economy has diversified away from the production of sugar into manufacturing with the creation of the Export Processing Zone (EPZ). The tourism industry also contributes substantial revenue and is currently ranked third after sugar and manufacturing.
In the early nineties, Government introduced the financial services sector as the fourth pillar of the economy with the launching of the offshore and freeport sectors. The Mauritius Stock Exchange was launched in 1989 to cater for local needs. With the suspension of all exchange controls in 1994, foreign investors can now invest freely on the stock exchange.
The objective of Mauritius in becoming a regional financial services centre soon materialised with the increase in the number of double taxation treaties. Mauritius also succeeded in attracting major multinationals in setting up their holding companies in the offshore sector. International Financial Reporting Standards are being used and most international accounting firms are present on the island. Mauritius currently has a literacy rate exceeding 95% and this contributes to the high standards of professionalism.
Mauritius is actively involved in regional cooperation. Mauritius is a member of the South African Development Countries ("SADC"), the Common Market for Eastern and Southern Africa ("COMESA") and the Indian Ocean Rim - Association Regional Cooperation ("IOR- ARC") and is a signatory to all major African conventions. With its membership in these regional organisations and having numerous tax treaties with African countries, Mauritius provides a unique platform for investments into Africa.
