Private Equity Africa Awards
Newsletter Published on 21 November 2024
Another achievement for ITL! Intercontinental Trust Ltd has proudly won the 'Local Fund Administrator' award at the prestigious Private Equity Africa Awards ceremony in London last night. And to make it even more special, our Executive Di...
Read ArticleGeneral Elections on 10th November 2024 in Mauritius
Newsletter Published on 08 November 2024
General Elections on 10th November 2024 in Mauritius Special banking hours on Monday 11th November 2024 In view of the General Elections in Mauritius, scheduled for 10th November 2024, the Bank of Mauritiu...
Read ArticleAnnouncement – Expansion to UAE | New Office in Dubai
Newsletter Published on 05 November 2024
Intercontinental Trust Ltd expands its global presence in UAE with new office in Dubai Intercontinental Trust Ltd (ITL) is proud to announce the opening of our new office in Dubai, further extending our global presence...
Read ArticleISSL becomes OneLink
Newsletter Published on 30 October 2024
We are thrilled to announce a significant milestone in the journey of ...
Read ArticleCollaboration Against Financial Crime: WCO’s Sub-Regional Workshop on Anti-Money Laundering and Counter-Financing of Terrorism
Newsletter Published on 30 October 2024
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Read ArticleBank of Mauritius Reduces Key Rate by 50 Basis Points
Newsletter Published on 30 October 2024
At its meeting on 20th September 2024, the Monetary Policy Co...
Read ArticleKey Achievements in Financial Services and Good Governance sector
Newsletter Published on 30 October 2024
During a press conference in Ebène, the Minister of Financial Services and Good Governance, Mr. Soomilduth Bholah, outlined the key achievements in the Financial Services sector and introduced a new Concept Paper, aimed at shaping the future of Maur...
Read ArticleStrengthening Ties: Mauritius and Bangladesh Revamped Tax Agreement
Newsletter Published on 30 October 2024
Mauritius and Bangladesh have signed a new Protocol, amending their Double Taxation Avoidance Convention dated 21st December 2009. The changes will take effect once notification procedures are finalised. Key updates include the...
Read ArticleLeading the Way: Mauritius ranked 55th in the Global Innovation Index 2024
Newsletter Published on 30 October 2024
The 17th Edition of the Global Innovation Index (GI...
Read ArticleA Dual Achievement for Mauritius in the Global Financial Centre Index and Fintech Index
Newsletter Published on 30 October 2024
The 26th edition of the Global Financial Centres Index (GFCI 36) was released in September 2024 by Z/Yen in collaboration with the China Development Institute. This publication ranks Mauritius as one of the best International Financial Cen...
Read Article2024 General Elections in Mauritius: Shaping the Future of Democracy
Newsletter Published on 30 October 2024
The Prime Minister, Honourable Pravind Kumar J...
Read ArticleSeychelles and UK Announce New Economic Security Agreement
Newsletter Published on 30 October 2024
The Seychelles and the United Kingdom have reaffirmed their commitment to collaborate on enhancing economic growth, combating corruption and addressing climate change. This announcement came from the UK Minister for Africa, Lord Collins of Highbury, ...
Read ArticleSeychelles tops the 2024 Mo Ibrahim Index of African Governance
Newsletter Published on 30 October 2024
The Mo Ibrahim Foundation has published the latest edition of the 2024 Ibrahim Index of African Governance on Wednesday 23rd October 2024. This report evaluates the overall governance performance and trends across 54 African nations from 2...
Read ArticleMauritius adheres to OECD Declaration on International Investment and Multinational Enterprises
Newsletter Published on 24 September 2024
Mauritius is set to become the first Sub-Saharan African country to adhere to the Organisation for Economic Co-operation and Development (OECD) Declaration on International Investment and Multinational Enterprises, following approval...
Read ArticleCollaboration between EDB and FSC for a Promotional Mission
Newsletter Published on 24 September 2024
Further to the previous missions of Mauritius to India, a joint promotional mission has been organised by the Economic Development Board (EDB) and the Financial Services Commission (FSC) in Mauritius, with the partic...
Read ArticleBank of Mauritius signed a memorandum of understanding with Institut d’Émission des Départements d’Outre-Mer
Newsletter Published on 24 September 2024
The Bank of Mauritius (BoM) has entered into a Memorandum of Understanding (MoU) with the Institut d'Émission des Départements d'Outre-Mer (IEDOM-IEOM), the central banking authority for the French...
Read ArticleMauritius enters into a three-year Country Programme with the OECD
Newsletter Published on 24 September 2024
Mauritius has recently entered into a three-year Country Programme with the OECD. This partnership aims to strengthen economic resilience, promote sustainable development, and enhance transparency in tax and investme...
Read ArticleGlobal Cybersecurity Index 2024: Mauritius achieves Top Rank in Africa
Newsletter Published on 24 September 2024
Mauritius has reached a major milestone by ranking 1st in Africa in the Global Cybersecurity Index 2024 and earning a spot among Tier 1 countries globally. This achievement underscores the country’s dedication to strengt...
Read ArticleTax Transparency in Africa 2024 Report: Mauritius takes the lead
Newsletter Published on 24 September 2024
The Tax Transparency in Africa 2024 report by the OECD covers 41 African countries and is co-produced by the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum), the African Union...
Read ArticleRMB Where to Invest in Africa 2024 Report: Mauritius & Seychelles as Top Investment Economies
Newsletter Published on 24 September 2024
The 2024 edition of RMB’s Where to Invest in Africa Report provides a detailed analysis of the continent’s top investment destinations, assessing countries based on economic performance, investment climate, and human development. The rep...
Read ArticleThe Henley Passport Index 2024: Mauritius ranked second in Africa for Global Mobility
Newsletter Published on 24 September 2024
The Henley Passport Index compares the visa-free access of 199 different passports to 227 travel destinations. The Passport Index 2024 ranks Mauritius second in Africa’s Top Passports Index, and 28th globally, granting i...
Read ArticleHenley Residence Program Index 2024: Mauritius a Top Choice for Global Residents
Newsletter Published on 23 September 2024
The Henley Residence Program Index 2024 ranked Mauritius as one of the top global destinations for residency. With its favorable tax policies, high standard of living, and secure environment for business, Mauritius remains an attract...
Read ArticleMauritius’ pioneering virtual asset legislation helps it stand tall among global jurisdictions
Newsletter Published on 19 August 2024
An article by Forbes compares Virtual Asset adoption in Africa to the desert rose, an emblem of resilience and the ability to thrive amid great difficulty. Indeed, by 2022, according to the International Monetary Fund, out of merely a quarter of Sub-...
Read ArticleThe signature of a Comprehensive Economic Partnership Agreement between Mauritius and the United Arab Emirates
Newsletter Published on 12 August 2024
Mauritius and the United Arab Emirates (UAE) have officially signed a Comprehensive Economic Partnership Agreement (CEPA), marking a significant milestone in the economic relationship between the two nations. The agreement, which was signed on 22 Jul...
Read ArticleMemorandum of Understanding between Mauritius and Egypt: Establishment of a Mauritius-Egypt Trade Committee
Newsletter Published on 12 August 2024
In a significant step towards enhancing bilateral trade relations, the Government of Mauritius and the Arab Republic of Egypt have agreed to sign a Memorandum of Understanding (MoU) to establish the Mauritius-Egypt Trade Committee. This agreement wil...
Read ArticleNotice to Exporters in Mauritius: Extension of Export Incentives and Schemes in the Budget Measures 2024/25
Newsletter Published on 12 August 2024
The Government of Mauritius has announced an important update for exporters with the extension of key export incentives and schemes as part of the Budget Measures for 2024/25. This strategic move aims to bolster the country's export sector, support l...
Read ArticleUpdates to the India-Mauritius Double Taxation Avoidance Agreement
Newsletter Published on 12 August 2024
Earlier this year, India and Mauritius signed a Protocol amending the double-taxation avoidance agreement signed between the two countries. This updated agreement aims to further streamline tax regulations and improve fiscal transparency, aligning wi...
Read ArticleEnactment of the Mauritius Finance Act 2024
Newsletter Published on 12 August 2024
Further to the Budget announcement in June 2024, the Mauritian Parliament has now completed all debates on the proposed amendments to the different piece of legislations in Mauritius. ITL released a newsletter highlighting the key amendmen...
Read ArticleMauritius joins the Greening Government Initiative: A commitment to sustainability
Newsletter Published on 12 August 2024
The Cabinet of the Republic of Mauritius has recently approved the country's participation in the Greening Government Initiative, a prestigious international community of practice aimed at enhancing environmental sustainability. Launched jointly by t...
Read ArticleMoody’s Ratings: Mauritius maintains rating to Baa3 with a stable outlook
Newsletter Published on 12 August 2024
In its latest assessment, Moody’s has affirmed the Government of Mauritius' long-term foreign and local currency issuer ratings at Baa3 with a stable outlook for 2024. This decision reflects the country's ongoing e...
Read ArticleMauritius Public Holidays 2025
Newsletter Published on 12 August 2024
Following the Mauritian Cabinet’s meeting on Friday 2nd August 2024, the list of Public Holidays for the Year 2025 was approved as follows: ...
Read ArticleInvesting in impact: Laying the right foundation to make a lasting difference
Newsletter Published on 04 July 2024
The trend of setting up foundation...
Read ArticleIntercontinental Trust Ltd (ITL) appoints Kesaven Moothoosamy as a Director
Newsletter Published on 09 January 2024
Intercontinental Trust Ltd adds a new member to its Senior Leadership Team and appoints Kesaven Moothoosamy as a Director, effective January 2024. ...
Read ArticleIPPA Mauritius-Cote D’Ivoire is in force
Newsletter Published on 22 November 2023
Mauritius has portrayed its strength as an International Financial Center and its interconnectedness to facilitate cross-border business through the different Double Taxation Avoidance Agreements and Investment Promotion and Protection Agreements whi...
Read ArticleMauritius maintains compliance with all 40 recommendations of FAFT
Newsletter Published on 22 November 2023
Following the publication of an updated evaluation of countries’ effectiveness and technical compliance rating by the Financial Action Task Force (FATF) on 27th October 2023, Mauritius has retained its position of being compliant with al...
Read ArticleMauritius improves its ranking to the 68th position on the Global Financial Centres Index
Newsletter Published on 22 November 2023
Assessing the competitiveness of leading financial centers worldwide, the Global Financial Center Index 34 (GFCI) - released on 28 September 2023 - reaffirms the attractiveness, resilience and efficiency of Mauritius as an International Financial Cen...
Read ArticleMauritius improves its ranking on the Global Innovation Index
Newsletter Published on 22 November 2023
Mauritius ranks 1st in Sub-Saharan Africa and 57th globally this year. A report published on 27th September 2023 by the World Intellectual Property Organization - WIPO, GII evaluates the innovativeness and output of 132 economie...
Read ArticleFSC News – Launching of Framework governing the use of Digital Signature to streamline financial processes
Newsletter Published on 22 November 2023
The FSC has launched a framework governing the use of Digital Signature in the financial sector to streamline financial processes and promote a smooth blend of authority and efficiency with the ultimate aim to enhance the ease of doing business with ...
Read ArticleBoM News – Guideline on the Operational Framework for Primary Dealer
Newsletter Published on 22 November 2023
The Bank of Mauritius has revised the Guideline on the operational framework which sets out the eligibility for Banks to apply to be a Primary Dealer and the obligations, amongst others. You can read more ...
Read ArticleMauritius hosted the Africa Partnership Conference to promote cross-border cooperation
Newsletter Published on 22 November 2023
The Africa Partnership Conference anchored on the theme “Unity in Partnership: Enabling Sustainable and Inclusive Investment” was hosted in Mauritius from 2nd to 3rd October 2023 with the aim to enhance cross-border collabor...
Read ArticleMauritius hosted the SWITCH Africa Green Networking Forum
Newsletter Published on 22 November 2023
The SWITCH Africa Green Networking Forum welcomed on 4th October 2023 participants from 7 pilot African countries (Burkina Faso, Ethiopia, Ghana, Kenya, Mauritius, South Africa and Uganda) along with grantees from Europe and North Africa S...
Read ArticleThe role of family offices in Sustainable Finance
Newsletter Published on 22 November 2023
During the fourth edition of the Africa Wealth Summit which took place on 4th and 5th October, several African family offices came together for an insightful discussion around the theme “By Africans. For Africans. In Africa....
Read ArticleRevised MoU to upgrade regional cooperation in fighting financial crime and corruption
Newsletter Published on 22 November 2023
A revised Memorandum of Understanding (MoU) has been signed on 25th October 2023 between the Independent Commission Against Corruption (ICAC) and the Office of Integrity and Anti-Corruption (PIAC) of the African Development Bank (AfDB) wit...
Read ArticlePrivacy Symposium Africa addresses emerging data privacy challenges
Newsletter Published on 22 November 2023
The fifth edition of Privacy Symposium Africa (PSA) that took place from 7th to 9th November 2023 was organised by Unwanted Witness - a leading human rights organisation dedicated to promoting online privacy and data protection ...
Read ArticleSouth Korean Delegation aspires to deepen investment and market expansion into Africa
Newsletter Published on 22 November 2023
A delegation of 18 high level South Koreans, including and led by Mr. Chey Taewon, Chairman of Korean Chamber of Commerce and Industry (KCCI) engaged in an insightful discussion on 26th October 2023 around business development opportunitie...
Read ArticleMauritius resumes flights to Chennai
Newsletter Published on 22 November 2023
As from 12 April 2024, Air Mauritius will resume a weekly flight on Fridays to Chennai, the capital city of Tamil Nadu, acclaimed healthcare hub and the gateway to the southern part of India. You can read more ...
Read ArticleSeychelles News – Seychelles Pioneers Novel Financing Instruments and taps IMF Climate Facility
Newsletter Published on 01 September 2023
Seychelles is successfully balancing conservation and economic development by tapping innovative financing instruments. Seychelles was the first country to issue a blue bond and is now the second African country, after Rwanda, to access the IMF’s R...
Read ArticleSeychelles News – The Public Enterprises Act comes into effect
Newsletter Published on 01 September 2023
The Public Enterprises Act repeals the Public Enterprise Monitoring Commission Act 2013. This legislation provides for the continuation of the Public Enterprise Monitoring Commission and strengthens the governance framework for the oversight and moni...
Read ArticleSeychelles News – The IMF approves an Extended Fund Facility and a Resilience and Sustainability Facility
Newsletter Published on 01 September 2023
The IMF Executive Board has approved two new programmes to support Seychelles’ economic development through the Extended Fund Facility for an amount of USD 56 million and the Resilience and Sustainability Facility of USD 46 million, both spanning o...
Read ArticleSeychelles News – Delegation on a strategic mission to Australia for Tax Administration and Customs Management
Newsletter Published on 01 September 2023
A delegation flew from Seychelles to Australia with key objectives: 1. To establish a relationship for a sustainable cooperation within the Australian ministries of Foreign Affairs and Treasury, as well as the ATO and ABF; 2. To exp...
Read ArticleSeychelles News – ESSAMLG Project Team meets in Seychelles in relation to de-risking in its member states
Newsletter Published on 01 September 2023
Seychelles hosted a delegation from the Eastern and Southern Africa Anti-Money Laundering Group with the aim to continue monitoring the level of de-risking of member states. A particular emphasis was placed on the termination of correspondent banking...
Read ArticleStandard & Poor’s upgrades Mauritius’ Investment Status
Newsletter Published on 01 September 2023
Standard & Poor’s reviewed upwards the investment status of Mauritius to a Baa1-Baa3 rating, strengthening the Island’s position as the only International Financial Centre with an investment grade rating across Africa. Standard and Poor’s confi...
Read ArticleAir Mauritius will operate daily direct flights from London
Newsletter Published on 01 September 2023
Effective 29 October 2023, there will be daily direct flights from London Gatwick Airport to Mauritius as the national carrier, Air Mauritius, shifts its operations from London Heathrow to London Gatwick Airport. Air Mauritius will be operating fligh...
Read ArticleBoM maintained the key rate at 4.50%
Newsletter Published on 01 September 2023
The Monetary Policy Committee (MPC) of the BoM kept the Key Repo Rate unchanged at 4.50% per annum (as at June 2023). With the domestic economy gaining momentum in 2022 and global cross-border investment activities sustained, the economy grew by 8.7%...
Read ArticleBoM signs a partnership agreement with the Foundation TSE- Partenariat, Toulouse School of Economics
Newsletter Published on 01 September 2023
In a bid to promote research and development in the area of monetary policy and financial stability, a partnership agreement has been signed under the ageis of the Toulouse School of Economics and this agreement will be effective as from 1st...
Read ArticleOECD and FSC renewed their capacity-building programme
Newsletter Published on 01 September 2023
The Organisation for Economic Co-operation and Development (OECD) and the FSC have renewed their regional capacity-building programme (launched in 2020) till December 2024, with the aim to continue supporting financial market governance. These worksh...
Read ArticleGuidance on Cloud-Computing Services
Newsletter Published on 01 September 2023
The FSC issued draft Guidelines on Cloud Computing Services with the aim for players of the Financial Services industry to avail of best practices when adopting cloud computing services. You can access the Guidance Notes ...
Read ArticleGuidance Notes on Stablecoins
Newsletter Published on 01 September 2023
The Financial Services Commission (FSC) has issued a draft Guidance Notes on Stablecoins to inform industry stakeholders about the FSC’s regulatory policy on stablecoins following the enactment of the Virtual Asset and Initial Token Offerings Servi...
Read ArticleSecurities (Preferential Offer) (Amendment) Rules 2023
Newsletter Published on 01 September 2023
The FSC has proposed a 2023 amendment to the Securities (Preferential Offer) Rules 2017. The purpose of these amendments is to provide for all issuers of debt securities to submit the relevant filings to the FSC. You can access the Guidanc...
Read ArticleBangladesh-Mauritius International Financial Centre Business Forum
Newsletter Published on 01 September 2023
Mauritius hosted the Bangladesh-Mauritius International Financial Centre Business Forum to deep dive into the multifold investment avenues between the two countries. The growth opportunities of both countries were discussed and potential areas of coo...
Read ArticleIndia- Africa Entrepreneurship and Investment Summit
Newsletter Published on 01 September 2023
The third India-Africa Entrepreneurship and Investment Summit regrouped around 150 venture capitalists, angel investors and prominent entrepreneurs from India and Africa to explore Mauritius’ potential as a conduit for fostering tech and financial ...
Read ArticleMauritius-China Free trade Agreement Cooperation Forum
Newsletter Published on 01 September 2023
The first Mauritius-China FTA Cooperation Forum was held in Mauritius end of August with the aim to ensure the effective operation and implementation of the Free Trade Agreement that has been signed in January 2021 between the two countries. Since th...
Read ArticleMauritius welcomed the Togo Delegation and signed 2 MoU to reinforce knowledge exchange
Newsletter Published on 01 September 2023
Mauritius welcomed in July a delegation of 20 individuals from the public and private sectors of the Republic of Togo with the aim to foster economic growth and reinforce the bilateral trade relations between the two countries. The forum acted as a p...
Read ArticleBRICS Africa Outreach and BRICS Plus Dialogue
Newsletter Published on 01 September 2023
Mauritius has been represented by the Minister of Foreign Affairs, Regional Integration and International Trade at the BRICS summit in support of Africa having a more powerful stance in BRICS. This underscores the aim to facilitate the building of ec...
Read ArticleAgence Francaise de Development (AFD), Business France and EDB sign a tripartite agreement
Newsletter Published on 01 September 2023
A two-year collaboration has been sealed between the afore-mentioned three parties with the aim to facilitate knowledge sharing and furthering the capabilities of French and Mauritian institutions to promote responsible economic growth. The project i...
Read ArticleFSC: updates to the Guidance Notes on Security Token Offerings and Security Token Trading Systems
Newsletter Published on 27 April 2023
On 15 March 2023, the Financial Services Commission (FSC) issued a communique to inform the public and stakehold...
Read ArticleEDB set to sign MoUs with Government Agencies
Newsletter Published on 27 April 2023
The Economic Development Board (EDB) is set to sign three Memoranda of Understanding (MoUs) with governmental agencies in the western and southern parts of Africa, namely: (i) Le Centre de Promotion des Investissements de la République de...
Read ArticleWTM Responsible Tourism Awards Africa: Mauritius bags two distinctions
Newsletter Published on 27 April 2023
Mauritius was honoured with two Gold Awards at the World Travel Market (WTM) Responsible Tourism Awards Africa. WTM Africa organises leading global networking events all year round for travel professionals looking to drive the success of t...
Read ArticleResumption of direct flights from Delhi to Mauritius
Newsletter Published on 27 April 2023
Air Mauritius, the country’s national carrier, is set to resume its biweekly direct flights from Delhi as from 3 May 2023, after a gap of three years, as announced during a Networking Gala organised by Air Mauritius in collaboration with the Maurit...
Read ArticleMauritius improves by 11 places on GFCI 33
Newsletter Published on 27 April 2023
Already in its 33rd edition, published on 23 March 2023, the Global Financial Centres Index (GFCI 33) iterates its position as a reference point for policy and investment decision-makers through its critical and comprehensive evaluation of...
Read ArticleAfrica Wealth Report: Mauritius is the wealthiest country in Africa
Newsletter Published on 27 April 2023
Henley & Partners, the global leader in residence and citizenship by investment, has collaborated with New World Wealth on the latest 2023 Africa Wealth Report, published on 28 March 2023. Focused on bring to the forefront expert analysis of private ...
Read ArticleMauritius once again crowned ‘happiest country in Africa’
Newsletter Published on 27 April 2023
On 20 March 2023, the landmark World Happiness Report, an annual publication which maps out the level of happiness of citizens across 137 countries, was released and this particular edition aimed at showcasing, through life evaluations and emotions, ...
Read ArticleIndex of Economic Freedom: Mauritius is the freest country in Sub-Saharan Africa
Newsletter Published on 27 April 2023
Mauritius is the 26th freest country in the World and boasts being the top and only nation in the Sub-Saharan African region to enjoy a ‘Mostly Free’ economic freedom status, as reported in the latest Index of Economic Freedom (the “...
Read ArticleSeychelles News – Seychelles upgraded on five FATF recommendations
Newsletter Published on 27 April 2023
Following the 45th Meeting of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Task Force of Senior Officials in late March 2023, Seychelles has been upgraded on the following five recommendations set by the Financial ...
Read ArticleFSC: New application procedures for CIS and CEF
Newsletter Published on 28 February 2023
On 2 February 2023, the Financial Services Commission (FSC) released a communique to inform the public and relevant stakeholders of new application procedures with regard to Collective Investment Scheme (CIS) and Closed-End Fund (CEF) [hereinafter co...
Read ArticleCEPA between the United Arab Emirates and Mauritius
Newsletter Published on 28 February 2023
On 16 January 2023, the Mauritian Government has announced the agreement of the Terms of Reference that establishes the principles, methodology and scope for the negotiation of a Comprehensive Economic Partnership Agreement (CEPA) between the United ...
Read ArticleFSC issues FAQ on Moneylending Licence
Newsletter Published on 28 February 2023
The Financial Services Commission (FSC) issued an FAQ on Moneylending Licence on 8 February 2023 with a view to addressing pertinent queries on this type of activity. The FAQ highlights the following conditions under which a Global Busines...
Read ArticleFSC: Introduction of an AI Powered Due Diligence Platform
Newsletter Published on 28 February 2023
Owing to its long-term vision of fostering an environment that favours innovation and digitalisation, the Financial Services Commission (FSC) has launched an Artificial Intelligence (AI) Powered Due Diligence Platform on 2 February 2023. T...
Read ArticleBoM: Introduction of a new Monetary Policy framework
Newsletter Published on 28 February 2023
The Bank of Mauritius (BoM) has introduced a new Monetary Policy Framework (MPF) in an effort to address the shortcomings in the former one as well as create a framework that is aligned with shifting economic and financial conditions. In the same wav...
Read ArticleBoM unanimously voted president of the GSBF
Newsletter Published on 28 February 2023
The members of the Groupe des Superviseurs Bancaires Francophones (GSBF) unanimously approved the election of the Bank of Mauritius (BoM) as president of this supervisory body for a two-year mandate. The BoM, having joined the GSBF in September 2020,...
Read ArticleAdditional Flights between India and Mauritius
Newsletter Published on 28 February 2023
Effective as from 26 March 2023, Vistara, a full-service Indian carrier, will operate five weekly flights to Mauritius. This travel update was announced on 8 February 2023 by the Minister of Tourism of Mauritius at a Gala Dinner hosted by the Mauriti...
Read ArticleWIPO: Mauritius joins Madid system for trademark registration
Newsletter Published on 28 February 2023
On 6 February 2023, the World Intellectual Property Organisation (WIPO) announced that Mauritius has become the 114th member to join the Madrid System, which is an international centralised trademark system aimed at facilitating trademark ...
Read ArticleIIAG: Mauritius maintains first spot in Africa
Newsletter Published on 28 February 2023
The Ibrahim Index of African Governance (IIAG) measures and monitors governance performance in countries across Africa. Through four main components – Safety & Rule of Law, Participation & Human Rights, Sustainable Economic Opportunity and Human De...
Read ArticleDemocracy Index 2022: Mauritius remains only “full democracy” in Africa
Newsletter Published on 28 February 2023
The Economic Intelligence Unit (EIU) published its Democracy Index (the “Index”) for the year 2022, an edition which generated high expectations for its analysis of the state of global democracy after major lifting of pandemic-related curbs world...
Read ArticleApplication of e-certificate of character
Newsletter Published on 28 February 2023
Starting 9 February 2023, local citizens and foreigners alike can now apply for their Certificate of Character by electronic means in Mauritius. With the existing system becoming less streamlined to handle a surge in the number of applications, the l...
Read ArticleSeychelles News – Corruption Perceptions Index 2022: Seychelles tops the African region for the 5th consecutive year
Newsletter Published on 28 February 2023
The latest analysis from the 2022 Corruption Perceptions Index (CPI) depicts a gradual decrease in the level of peace globally, a phenomenon largely attributed to most countries losing the fight against corruption. This report from Transparency Inter...
Read ArticleSeychelles News – 2023 Q1 Passport Index: Seychelles leads the African region
Newsletter Published on 28 February 2023
On 10th January 2023, Henley & Partners released its Passport Index ranking for the first quarter of the year, and as customary, the report provides an overview of the current trends influencing mobility patterns across the World. A combin...
Read ArticleIntroduction of the Financial Services (Global Shared Services) Rules 2022
Newsletter Published on 20 January 2023
The Mauritius IFC has time and again proven its worth as a well-regulated and innovative financial centre, gaining momentum through the introduction of highly coveted financial activities, and the ensuing sound regulatory frameworks that govern them....
Read ArticleITL Networking Event
Newsletter Published on 20 December 2022
ITL Highlights 2022! This year marks, once again, the success of ITL in the financial services industry. In October 2022, the Private Equity Africa (PEA) Awards - recognising the effort and achievements of companies in the African private...
Read ArticleUNDP, in collaboration with the Government of Mauritius and EDB, launches the Mauritius SDG Investor Map
Newsletter Published on 14 December 2022
The launching of the Mauritius SDG investor map, on the 6th December 2022, has marked a major milestone in the relationship between Mauritius and the United Nations; an already strong bond that started on the 24th of April 1968,...
Read ArticleSigning of the DTAA between Mauritius and Hong Kong Special Administrative Region of the People’s Republic of China
Newsletter Published on 28 November 2022
Following the completion of ratification procedures, the Double Taxation Avoidance Agreement (DTAA) between Mauritius and Hong Kong has been signed on 7 November 2022. This DTAA which is compliant with the OECD and UN Model Agreements on Avoidance of...
Read ArticleIssuance of the Insurance (Structured Investment Linked Insurance Business) Rules 2022
Newsletter Published on 28 November 2022
In line with its vision to boost wealth management prospects within the financial services sector, and as part of its ongoing strategy to enhance the competitiveness and innovation of the Mauritius IFC, the Financial Services Commission (FSC) has int...
Read ArticleMoU between the EDB and the Eastern Africa Association
Newsletter Published on 28 November 2022
The Economic Development Board (EDB) is set to sign a Memorandum of Understanding (MoU) with the Eastern Africa Association with a view to increasing the prospects of investors and corporations forming part of this association to use Mauritius as the...
Read ArticleMauritius to sign DTAA with Republic of Angola
Newsletter Published on 28 November 2022
Mauritius is set to sign a Double Taxation Avoidance Agreement (DTAA) with the Republic of Angola. This DTAA which is currently awaiting ratification will aim to inter alia: a. provide tax certainty to investors of the two countries in the...
Read ArticleMoU between the EDB and the TPO of Iran
Newsletter Published on 28 November 2022
In an effort to bridge a trade collaboration gap between Mauritius and Iran, a Memorandum of Understanding (MoU) will be signed between the Economic Development Board (EDB) and the Trade Promotion Organisation (TPO) of Iran. This MoU will not only ai...
Read ArticleBoM raises KRR to 4.00% per annum
Newsletter Published on 28 November 2022
On 4 November 2022, the Monetary Policy Committee (MPC) of the Bank of Mauritius (BoM) announced its decision to raise the Key Repo Rate (KRR) by 75 basis points to 4.00% per annum following the recent decisions by the European Central Bank, the Fede...
Read ArticleWTA 2022: Mauritius reiterates its position as the leading Indian Ocean destination
Newsletter Published on 28 November 2022
The gala dinner for the World Travel Awards (WTA) 2022 was held in Kenya on 15 October 2022, during which Mauritius was crowned ‘Indian Ocean’s Leading Adventure Tourism Destination’, ‘Indian Ocean’s Leading Wedding Destination’ and ‘In...
Read ArticlefDi Global Free Zones of the Year 2022 – Mauritius remains best free zone in Africa
Newsletter Published on 28 November 2022
The fDi Intelligence magazine released its much-awaited 2022 Global Free Zones of the Year Awards on 3 October. Known as the world’s leader in monitoring development in foreign direct investment (FDI) across global free zones, this year, fDi Intell...
Read ArticleGII 2022: Mauritius fares well at regional and global levels
Newsletter Published on 28 November 2022
On 29 September 2022, the World Intellectual Property Organisation (WIPO) came out with the Global Innovation Index (GII) for the year 2022. Deeply rooted in its quest to bring to light the most innovative economies in the world, this year, the GII h...
Read ArticleMauritius is the only country with a ‘very high human development’ in Africa
Newsletter Published on 28 November 2022
On 8 September, the United Nations Development Programme (UNDP) released the Human Development Report 2021-2022. Titled Uncertain Times, Unsettled Lives: Shaping our Future in a Transforming World, this edition focuses on the reasons for an unprecede...
Read ArticleEconomic Freedom of the World 2022: Mauritius among top 10 countries on global ranking
Newsletter Published on 28 November 2022
The Fraser Institute released the Economic Freedom of the World (EFW) 2022 Annual Report on 8 September 2022. Through its rating of 165 jurisdictions, the EFW index aims to provide an overview of how much effort a country’s institutions dedicate to...
Read ArticleSeychelles News – ITSL is now licensed as Seychelles Foundation Services Provider
Newsletter Published on 28 November 2022
We are pleased to announce that Intercontinental Trust (Seychelles) Limited (ITSL) has received its Seychelles Foundation Services Provider Licence. As a legal entity separate from its founder, a Seychelles Foundation is governed by the Fo...
Read ArticleSeychelles News – Seychelles receives BB- Fitch Ratings upgrade
Newsletter Published on 28 November 2022
On 21 October 2022, Fitch Ratings - award-winning credit rating agency - has upgraded Seychelles’ Long-Term Foreign-Currency Issuer Default Rating (LTFC IDR) to ‘BB-’from ‘B+’ with a stable outlook. This upgrade is attributed to ...
Read ArticleSeychelles News – Seychelles becomes the first African country to launch a Tourism Satellite Account
Newsletter Published on 28 November 2022
On 12 September 2022, Seychelles officially launched its Tourism Satellite Account (TSA) and became the first country to implement this project on the African continent. TSAs are known to provide accurate measure of the impact of tourism o...
Read ArticleFSC: Updates to the Competency Standards
Newsletter Published on 07 July 2022
On 9 June 2022, the Financial Services Commission (FSC) communicated several updates brought to its Competency Standards. Aligned with international best practices, the Competency Standards - initially published in 2014 - aims at providing the minimu...
Read ArticleIntroduction of the Variable Capital Companies Act 2022
Newsletter Published on 07 July 2022
First announced in April 2021, the introduction of the Variable Capital Company (VCC) aimed to deliver on the increasing demands for innovation in the fund market space. With the need to ensure that there is a legislative framework - in compliance wi...
Read ArticleIntroduction of the Virtual Assets and Initial Token Offering Services Act 2021
Newsletter Published on 06 July 2022
In an effort to widen the service offerings of Mauritius’ financial services sector, the Government has introduced the Virtual Asset and Initial Token Offering Services Act 2021 (hereinafter referred to as the “Act”) on 7 February 2021. ...
Read ArticlePromulgation of the EDB (Real Estate Development Scheme) Regulations 2022
Newsletter Published on 06 July 2022
The Economic Development Board (Real Estate Development Scheme) Regulations 2022 (the “Regulations”) was enacted on 12 April 2022 in an effort to encourage the sale of remaining Integrated Resort Scheme (IRS)/ Real Estate Scheme (RES) properties ...
Read ArticleSADC Protocol on Trade in Services
Newsletter Published on 06 July 2022
On 13 January 2022, the Southern African Development Community (SADC) Protocol on Trade in Services, previously signed by the SADC Heads of States and Governments, including Mauritius, on 18 August 2012 in Maputo, came into force 30 days after two-th...
Read ArticleMauritius to sign DTAA with Hong Kong Special Administrative Region of the People’s Republic of China
Newsletter Published on 06 July 2022
Mauritius is set to sign the Double Taxation Avoidance Agreement (DTAA) with the Hong Kong Special Administrative Region of the People’s Republic of China. This DTAA, in line with the OECD and UN Model Agreements on Avoidance of Double T...
Read ArticleBoM: Key Repo Rate raised to 2.25% per annum
Newsletter Published on 06 July 2022
On 3 June 2022, the Monetary Policy Committee (MPC) of the Bank of Mauritius (BoM) announced its decision to raise the Key Repo Rate (KRR) by 25 basis points to 2.25% per annum. We recall the increase of the KRR by 15 basis points to 2.00% per annum ...
Read ArticleBoM signs multiple MoUs
Newsletter Published on 06 July 2022
On 16 February 2022, the Bank of Mauritius (BoM) released a communique to announce that it has signed a Memorandum of Understanding (MoU) with the Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Af...
Read ArticleStreamlined procedures for OPs and YPOPs
Newsletter Published on 06 July 2022
Mauritius presents various opportunities, in the form of Occupation Permits (OPs) and Young Professional Occupation Permits (YPOPs), for foreigners looking to work and live on the island. In an effort to make the procedures regarding applications mad...
Read ArticleGlobal Peace Index 2022: Mauritius remains the most peaceful country in the Sub-Saharan region
Newsletter Published on 06 July 2022
On 15 June 2022, the Institute for Economics & Peace (IEP) came out with the Global Peace Index (GPI) 2022. Titled ‘Measuring peace in a complex world’, this 16th edition unveils that the world is considerably less peaceful now than it...
Read ArticleWord Happiness Report 2022: Mauritius remains the happiest country in Africa
Newsletter Published on 06 July 2022
The latest World Happiness Report (the “Report”), released on 18 March 2022, marks the tenth anniversary of this series, and has, this year, directed its focus on the far-ranging effects of COVID-19. At the core, the Report aims to extract meanin...
Read ArticleDemocracy Index 2021: Mauritius ranks 1st in Africa and 19th worldwide
Newsletter Published on 06 July 2022
The Democracy Index (the “Index”), published annually by the Economic Intelligence Unit (EIU), is a report that provides a broad overview of the state of democracy across 167 countries and territories. Bound in its drive to bring forth deep insig...
Read ArticleRetraite sans Frontières: Mauritius named sixth best country for retirement
Newsletter Published on 06 July 2022
For a decade now, France-based website Retraite sans Frontières has been publishing its ranking for the best overseas retirement destinations through an analysis of twelve criteria such as cost of living, value of real estate, medical care,...
Read ArticleGlobal Residence Program Index 2022
Newsletter Published on 06 July 2022
The 2022 Global Residence Program Index depicts the top 25 most reputable residence by investment programs around the World, and Mauritius, as the only African country in the list, has shown the remarkable strength of its Residence by Investment Prog...
Read ArticleBest Investment Migration Real Estate Index 2022
Newsletter Published on 06 July 2022
In parallel, Henley & Partners has also come out with its Best Investment Migration Real Estate Index 2022, the first of its kind that aims to act as a comprehensive tool assessing real estate-linked investment migration options - through an assessme...
Read ArticleAfrica Wealth Report 2022
Newsletter Published on 06 July 2022
The Africa Wealth Report, published in partnership with South African wealth intelligence firm New World Wealth, provides an in-depth analysis of the wealth sector in Africa, and highlights the trends among high-net-worth individuals (HNWIs), the lux...
Read ArticleGlobal Mobility Report – Q2 2022
Newsletter Published on 06 July 2022
Seychelles and Mauritius have once again proven the strength of their passports by ranking 28th and 31st respectively in Henley & Partners Global Mobility Report Q2. Released on 8 April 2022, this quarterly report puts forward t...
Read ArticleGlobal Terrorism Index 2022: Mauritius remains unaffected by terrorism attacks
Newsletter Published on 06 July 2022
At a time where Russia is waging war on Ukraine, the Institute for Economics and Peace (IEP) came up with the notion that despite increasing attacks across the World, the impact of terrorism continues to decline in its 2022 Global Terrorism Index (GT...
Read ArticleSeychelles News – Introduction of the Financial Consumer Protection Bill 2022
Newsletter Published on 06 July 2022
In a collective effort to establish a legal framework for financial consumer protection in Seychelles, the Central Bank of Seychelles (CBS) and the Financial Services Authority (FSA) have worked towards the creation of the Financial Consumer Protecti...
Read ArticleSeychelles News – RSF Freedom of the Press Index: Seychelles takes top spot in Africa
Newsletter Published on 06 July 2022
Reporters without Borders (RSF) came out with the 2022 World Press Freedom Index, and this year, the edition sheds light on the increase in media polarisation across countries, fuelled by a globalised and unregulated online information space that enc...
Read ArticleSeychelles News – Removal of Business Tax Concessions
Newsletter Published on 06 July 2022
The Seychelles Revenue Commission (SRC) published the Business Tax (Amendment of Schedules) Regulations, 2021 on 31 December 2021, which highlights the following updates with regard to business tax concessions: • The First Schedule of t...
Read ArticleWork from Wherever Index: Mauritius ranks 4th globally and 1st in Africa
Newsletter Published on 26 January 2022
KAYAK, the world’s leading travel search engine, has come out with its very first Work from Wherever Index (the “Index”), in an effort to provide an overview of the rising trend of remote working from foreign destinations among travelers where ...
Read ArticleMauritius reopens borders to South Africa and neighbouring countries
Newsletter Published on 26 January 2022
Since Friday 7 January 2022, Mauritius has lifted its travel ban for visitors coming from the Republic of South Africa, Botswana, Namibia, Zimbabwe, Eswatini, Lesotho, Malawi, Mozambique and Zambia. The initial closure, instated on 29 November 2021, ...
Read ArticleThe BOM signs MoU with CSSF
Newsletter Published on 26 January 2022
Anchored in its aim of enhancing its relationships with leading regulatory authorities, the Bank of Mauritius (BOM) has signed a Memorandum of Understanding (MoU) with the Commission de Surveillance du Secteur Financier (CSSF). This MoU, as ...
Read ArticleMauritius – EU Blacklist Update
Newsletter Published on 26 January 2022
The European Commission (the “Commission”) has approved Mauritius’ removal from its List of High Risk Third Countries (commonly referred to as the “EU Blacklist”) in an official publication released on 7 January 2022. The delist...
Read ArticleThe EDB signs MoUs with UAE
Newsletter Published on 26 January 2022
The ICT Business Forum held by the Economic Development Board (EDB) – in collaboration with the Ministry of Information Technology, Communication and Innovation - at Dubai Expo 2020 saw an increased visibility for Mauritius vis-à-vis United Arab E...
Read ArticlePromulgation of Stock Exchange (Brokerage) (Amendment) Regulations 2022
Newsletter Published on 26 January 2022
With a view to providing a proper regulatory framework for licensed Securities Exchanges and Clearing and Settlement Facilities, the Minister of Financial Services and Good Governance has communicated on 21 January 2022 its decision to promulgate the...
Read ArticleThe FSC joins the ANNA and becomes the sole NNA for Mauritius
Newsletter Published on 26 January 2022
In a communique released on 28 December 2021, the Financial Services Commission (FSC) informed concerned stakeholders that it is now officially recognised as the sole National Numbering Agency (“NNA”) for Mauritius, further to having officially i...
Read ArticleFSC: Policy stand on the application of CIGA requirements for GBCs
Newsletter Published on 26 January 2022
In a correspondence dated 17 January 2022, the Financial Services Commission (FSC) confirmed that, effective 1 January 2022, only holders of / applicants for a Global Business Licence (GBL) wishing to avail of a preferential tax advantage should demo...
Read ArticleSeychelles News – The SRC introduces the Pay As You Earn scheme
Newsletter Published on 25 January 2022
Effective since 1 January 2022, the new ‘Pay As You Earn’ scheme, introduced by the Seychelles Revenue Commission (SRC), is deemed to provide small businesses falling under the Presumptive Tax Regime – i.e. businesses having less that R1 millio...
Read ArticleSeychelles News – Global Mobility Report (Q1 2022): Seychelles and Mauritius take top spots in Africa
Newsletter Published on 25 January 2022
As travel picks up steam in 2022, Henley and Partners presents the case for global mobility limitations across 227 travel destinations, citing ‘tests, vaccine certification, and at times mandatory quarantines’ as the main reasons which explain sl...
Read ArticleSeychelles News – Corruption Perceptions Index 2021: Seychelles remains least corrupt country in Africa and Mauritius moves up a few spots
Newsletter Published on 25 January 2022
Transparency International's 2021 Corruption Perceptions Index (CPI) came out on 25 January 2022, and provided us with a snapshot of the perceived level of corruption in public sectors across 180 countries and territories. Through a scale of 0 to 100...
Read ArticleSeychelles News: Seychelles receives B+ Fitch Ratings upgrade
Newsletter Published on 20 December 2021
On 19 November 2021, Fitch Ratings (“Fitch”) upgraded Seychelles’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B+’ from ‘B’ with a Stable Outlook. We recall, back in May 2021, that Fitch deemed the ‘B’ rating appropria...
Read ArticleLatest updates on travel restrictions
Newsletter Published on 20 December 2021
In light of the recent detection of the highly transmissible coronavirus variant – Omicron – in South Africa and neighbouring countries, the Mauritian Government announced its decision to close borders to travellers from South Africa, Namibia, Le...
Read Article2021 Legatum Prosperity Index: Mauritius remains the most prosperous country in Africa
Newsletter Published on 20 December 2021
With nations charting their way in and out of an undisturbed pandemic, the latest Legatum Prosperity Index (the “Index”), released in October 2021, concluded once again on prosperity stalling across the World. The Index, which serves as a guide i...
Read ArticleGlobal Mobility Report Q4 2021: Mauritius maintains 2nd spot in Africa
Newsletter Published on 20 December 2021
Amid the travel industry struggling to rebound from the far-reaching effects of the pandemic, Henley and Partners came out with its latest Global Mobility report, where it delivered valuable insight on the latest trends for the last quarter of 2021. ...
Read ArticleBoM: Key Repo Rate maintained at 1.85%
Newsletter Published on 20 December 2021
The Bank of Mauritius (BoM) released a communique on 15 December 2021 further to a meeting held by the Monetary Policy Committee (MPC), where the decision was taken to maintain the Key Repo Rate (KRR) at 1.85% per annum. As the detection o...
Read ArticlePromulgation of DTAA between Mauritius and Germany
Newsletter Published on 20 December 2021
Further to the amendments brought to the Double Taxation Avoidance Agreement (DTAA) between Mauritius and Germany, the Minister of Finance, Economic Planning and Development is set to promulgate the Double Taxation Avoidance Agreement (Federal Republ...
Read ArticleFSC: Regulatory Framework for Crowdfunding
Newsletter Published on 20 December 2021
On 4 September 2021, the Financial Services (Crowdfunding) Rules 20211 came into operation and set out to establish a regulatory framework for this new form of financial access. The Financial Services Commission (FSC) officially launched t...
Read ArticleFSC: Extension of due dates for filing of Financial Statements and Returns
Newsletter Published on 20 December 2021
On 24 November 2021, the Financial Services Commission (FSC) released a communique to inform relevant stakeholders of the extension of the timeline for filing of financial statements, statutory returns, risk management framework, auditor’s repor...
Read ArticleSeychelles News: Seychelles removed from the EU Blacklist
Newsletter Published on 12 November 2021
The Economic and Financial Affairs Council of the European Union (EU) opted to remove Seychelles from Annex I of the list of non-cooperative jurisdictions for tax purposes (commonly referred to as the “EU Blacklist”), following a meeting held on ...
Read ArticleSeychelles News: Blue economy: UNCTAD Award & Launch of Aquaculture sector in Seychelles
Newsletter Published on 12 November 2021
With Seychelles having a direct dependence on its marine resources, as well as an abundance of it, it poses an advantage for the island to tap into the potential of the Blue economy concept. Indeed, over the past years, Seychelles has imp...
Read ArticleSeychelles News: Seychelles Domestic Companies & Associations to benefit from amnesty programme
Newsletter Published on 12 November 2021
In a bid to address the challenges faced by domestic companies and associations in meeting their obligations under the Companies Act and Registration of Associations Act in view of the Covid-19 situation, the Seychelles Government has introduced an a...
Read ArticleMauritius is now open!
Newsletter Published on 12 November 2021
On 1 October 2021, Mauritius has finally fully reopened its borders after an 18-months closure. Fully vaccinated travelers are now able to explore the island and its attractions without restrictions. For unvaccinated travelers, the quarantine period ...
Read ArticlefDi Global Free Zones of the Year 2021 – Mauritius ranks 1st in Africa & 2nd globally
Newsletter Published on 12 November 2021
The fDi Intelligence magazine came out with its 2021 Global Free Zones of the Year Awards on 14 October. Anchored in its aim to monitor foreign direct investment in infrastructure projects in global free zones, this year, the fDi devised a fairer win...
Read ArticleGlobal Cybersecurity Index 2020: Mauritius 1st in Africa
Newsletter Published on 12 November 2021
The rapid digital adoption driven by the Covid-19 pandemic has brought forward the need for a secure and transparent cyberspace rooted in addressing cybersecurity gaps by fostering knowledge, upskilling, and building competencies. The Inte...
Read ArticleGlobal Innovation Index 2021: Mauritius maintains 1st place in Africa
Newsletter Published on 12 November 2021
The Global Innovation Index (GII) assesses the innovation landscape of some 130 countries and ranks them based on their annual performance. Co-published by the World Intellectual Property Organisation (WIPO), Cornell University of New York and Instit...
Read ArticleBoM: Key Repo Rate maintained at 1.85%
Newsletter Published on 12 November 2021
Further to a meeting held by the Monetary Policy Committee (MPC) on 20 October 2021, the Bank of Mauritius (BoM) has announced that it is keeping the Key Repo Rate (KRR) unchanged at 1.85% per annum. The BoM has further maintained its prev...
Read ArticleMauritius exits FATF Grey List & UK Blacklist
Newsletter Published on 12 November 2021
At its Plenary held on the 19-21 October, the Financial Action Task Force (FATF) took the decision to remove Mauritius from its list of “Jurisdictions under Increased Monitoring” (commonly referred to as the “FATF Grey List”). This decision f...
Read ArticleAmendments to DTAA between Mauritius & Germany
Newsletter Published on 12 November 2021
Amendments will be brought to the Double Taxation Avoidance Agreement (DTAA) between Mauritius and Germany to ensure compliance with the Base Erosion and Profit Shifting (BEPS) project recommendations through the signing of a protocol (the “Prot...
Read ArticleFSC: Administrative Arrangement for transfer of personal data between EEA & non-EEA Authorities
Newsletter Published on 12 November 2021
On 1 September 2021, the Financial Services Commission (FSC) signed the Administrative Arrangement (“AA”) for the transfer of personal data between European Economic Area (“EEA”) Authorities and non-EEA Authorities, and was subsequently added...
Read ArticleFSC releases FAQ on Robotic and Artificial Intelligence Enabled Advisory Services
Newsletter Published on 12 November 2021
The Financial Services Commission (FSC) released an FAQ on the Robotic and Artificial Intelligence Enabled Advisory Services on 28 October 2021 in a bid to provide further guidance and information on this new type of service. The Financia...
Read ArticleSeychelles reopens its shores to cruise ships in November 2021
Newsletter Published on 14 September 2021
After a hiatus of nearly 18 months due to the Covid-19 pandemic, Seychelles is set to welcome back its first cruise ship on 14 November 2021. The decision to resume cruise ships arrival came about following joint efforts from the Health authority, th...
Read ArticleSeychelles News: Private Pensions: Exemption on Tax
Newsletter Published on 14 September 2021
On 6 August 2021, the Seychelles Ministry of Finance, Economic Planning and Trade announced that a tax exemption will be applied to private pension benefits. Private pension schemes - which are completely separate from the contribution mad...
Read ArticleEasing of travel protocols for vaccinated travelers as from 1 September 2021
Newsletter Published on 14 September 2021
Starting as from 15 July 2021, Mauritius has begun welcoming travelers back for resort tourism as part of its two-phased reopening strategy. The national vaccination campaign set forth by the local government has garnered major success so far; indeed...
Read ArticleMauritius lifts travel ban for South Africa and Brazil
Newsletter Published on 14 September 2021
Ahead of the full reopening of borders on 1 October 2021, the government has taken the decision to lift the longstanding travel ban for the following categories of travelers: 1. Passengers from South Africa and Brazil; and 2. Passeng...
Read ArticleNomad Beach Index 2021: Mauritius takes the 8th spot
Newsletter Published on 14 September 2021
Hong Kong-based consulting firm, Nomad Capitalist, has recently come out with its 2021 Nomad Beach Index (the “Report”). The Report sets out to rank the best beaches in the world, on the basis of not just beauty but also on how well-suited they a...
Read ArticleGlobal Mobility Report Q3 2021: Mauritius maintains favourable position in Africa and Worldwide
Newsletter Published on 14 September 2021
International travel is finally picking up after having faced a sustained and lengthy slump due to the Covid-19 pandemic. In its latest Global Mobility Report1, Henley & Partners provides exclusive insight into what is to be expected of th...
Read ArticleMauritius admitted to GFXC’s Global Index of Public Registers
Newsletter Published on 14 September 2021
On 15 July 2021, the Public Register for banks licensed in Mauritius by the Bank of Mauritius (BOM) was admitted to the Global Index of Public Registers. The Public Register is hosted by the Mauritius Bankers Association Limited (MBA) and provides a ...
Read ArticleBoM: Key Repo Rate maintained at 1.85%
Newsletter Published on 14 September 2021
Further to a meeting held by the Monetary Policy Committee (MPC) on 4 August 2021, the Bank of Mauritius (BoM) has announced that it is keeping the Key Repo Rate (KRR) unchanged at 1.85% per annum. The BoM projects real GDP growth of 5.5% ...
Read ArticleMauritius FATF Updates
Newsletter Published on 14 September 2021
We communicated in one of our past publications1 the decision of the Financial Action Task Force (FATF) to carry out an on-site visit to Mauritius further to the country having substantially completed its action plan at technical level. Th...
Read ArticleFSC & ARCA sign Cooperation agreement
Newsletter Published on 14 September 2021
On 9 August 2021, the Financial Services Commission (FSC) released a communique to inform its stakeholders of the recently signed cooperation agreement with the “Autorité de Régulation et de Contrôle des Assurances” of the Democratic Republic ...
Read ArticleFSC: Launch of FSC One platform
Newsletter Published on 14 September 2021
The use of technology in the financial services sector has been on the rise and in a bid to accommodate this global phenomenon, the Financial Services Commission (FSC) launched the FSC One Platform on 12 August 2021 in the presence of eminent politic...
Read ArticleFSC: Financial Services (Crowdfunding) Rules 2021
Newsletter Published on 14 September 2021
In line with its strategy to sustain the growth of the FinTech ecosystem in Mauritius, the Financial Services Commission (FSC) has introduced the Financial Services (Crowdfunding) Rules 2021. In a bid to cater for this new licence, the following rule...
Read ArticleWorld’s first ‘digital species’ for conservation comes from Seychelles
Newsletter Published on 03 August 2021
The launch of the Digital Nature Collectible project in July 2021 saw the digital version of the island’s Magpie-robin, a non-fungible token, being put up for sale as a limited edition in an effort from concerned parties to raise funds that will b...
Read ArticleGlobal Mobility Report 2021 (3rd Quarter): Seychelles takes topmost position in Africa
Newsletter Published on 03 August 2021
Seychelles ranks at the 28th position globally on the third quarterly report of the Global Mobility Report 2021 (the “Report”). The country offers visa-free access to 152 countries and boasts the highest ranking in Africa, followed closely by Ma...
Read ArticleSigning of an agreement to start African Trade Observatory project in Seychelles
Newsletter Published on 03 August 2021
The Seychelles government signed an agreement with the International Trade Centre (ITC) early in July 2021, with the objective of implementing the African Trade Observatory (ATO) project in the island. The ATO, being a trade information portal that ...
Read ArticleSeychelles News: National Assembly approves ratification of AfCFTA
Newsletter Published on 03 August 2021
In June 2021, the National Assembly of Seychelles approved the ratification of the agreement establishing the African Continental Free Trade Area (AfCFTA), which was initially signed in March 2018. The island is now set to join the list of official ...
Read ArticleSeychelles consolidates ‘B’ sovereign rating
Newsletter Published on 03 August 2021
Fitch Ratings, award-winning credit rating agency, has affirmed the Seychelles’ Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) at ‘B’ with a Stable Outlook. Seychelles therefore maintains the same rating received at the end of 2...
Read ArticleSeychelles and Angola secure two bilateral agreements and set to sign a bilateral air services agreement in September
Newsletter Published on 03 August 2021
In an effort to revive the prevailing diplomatic relation established between Seychelles and Angola in the 1980s, the two countries have signed two bilateral agreements in June 2021, set to widen the scope of cooperation across common areas of inter...
Read ArticleSeychelles News: Memorandum of Understanding signed between SRC & SIS
Newsletter Published on 03 August 2021
As part of a collective effort to reinforce an already existing working relationship, and by virtue of the nature of their services, the Seychelles Revenue Commission (SRC) and the Seychelles Intelligence Service (SIS) have signed a Memorandum of Und...
Read ArticleSeychelles News: Other Legal Updates
Newsletter Published on 03 August 2021
In July 2021, several changes were made to the existing legislation of legal entities operating in the Seychelles. Most of these changes were implemented to address the deficiencies identified by international standard setting bodies, namely the Glob...
Read ArticleSeychelles News: End of grandfathering provision for companies with special licences and other licensees
Newsletter Published on 03 August 2021
The Seychelles Financial Services Authority (FSA) issued a circular on 30 June 2021 (Circular No. 17 of 2021) to remind licensees of the cessation of the grandfathering provision for the following entities as from 1 July 2021: i. Companie...
Read ArticleRe-opening of Mauritian borders
Newsletter Published on 06 July 2021
As communicated in one of our recent publications1, Mauritius has moved to the third phase of its de-confinement plan as from 1 July 2021. With regard to travel restrictions, Mauritius is gearing up to re-open borders to vaccinated vis...
Read ArticleKearney’s GSLI 2021: Mauritius as the only African country to rank on the ‘Digital Resonance’ Index
Newsletter Published on 06 July 2021
The Global Services Location Index (GSLI) aims at providing an overview of emerging digital hubs across 60 countries through four major categories namely financial attractiveness, people skills and availability, business environment, and digital res...
Read ArticleGlobal Peace Index 2021: Mauritius remains the most peaceful country in Africa
Newsletter Published on 06 July 2021
With an overall score of 1.592, Mauritius has ranked 28th globally on the Global Peace Index 2021 (the “Index”) and maintains its position as the most peaceful country in the African region. With regard to the African continent, a slight deterio...
Read ArticlePromulgation of the Banking (Processing and Licence Fees) (Amendment) Regulations 2021
Newsletter Published on 06 July 2021
The Minister of Finance, Economic Planning and Development has approved the promulgation of the Banking (Processing and Licence Fees) (Amendment) Regulations 2021 (the “Regulations”). This would allow the Bank of Mauritius (BOM) to consider the p...
Read ArticlePromulgation of the Double Taxation Avoidance Agreement (Republic of Estonia) Regulations 2021
Newsletter Published on 06 July 2021
The Minister of Finance, Economic Planning and Development would promulgate the Double Taxation Avoidance Agreement (Republic of Estonia) Regulations 2021. The Double Taxation Avoidance Agreement with the Republic of Estonia (the “Agreement”) wh...
Read ArticlePromulgation of the Double Taxation Avoidance Agreement (Kingdom of Lesotho) Regulations 2021
Newsletter Published on 06 July 2021
The Minister of Finance, Economic Planning and Development promulgated the Double Taxation Avoidance agreement (Kingdom of Lesotho) Regulations 2021. The Double Taxation Avoidance Agreement with the Kingdom of Lesotho would: - provide certa...
Read ArticleFATCA FAQ published by the US Internal Revenue Service
Newsletter Published on 06 July 2021
The US Internal Revenue Service (IRS) issued a FAQ as Q6 under Reporting on the Foreign Accounts Tax Compliance Act (FATCA) FAQs page in a bid to provide all of the required information regarding the new optional TIN codes in the FATCA XML Schema....
Read ArticleMRA: Deadline for submission of Tax returns and application for TASS
Newsletter Published on 06 July 2021
In a communique released on 4 June 2021, the Mauritius Revenue Authority (MRA) informed the public of the deadline for the submission of the following returns and payment of tax, if any, which was on 28 June 2021: - Advance...
Read ArticleThe FSC and the QFCRA sign a Memorandum of Understanding
Newsletter Published on 06 July 2021
The Financial Services Commission (FSC) and the Qatar Financial Centre Regulatory Authority (QFCRA) have signed a Memorandum of Understanding (MoU) in a bid to promote cooperation in the fields of information exchange and regulatory assistance betwee...
Read ArticleFSC signs an Innovation Functions Co-operation Agreement with CSA
Newsletter Published on 06 July 2021
The Fintech hub has positioned itself as a fast-growing sector in Mauritius, and with more and more Fintech entrepreneurs looking to test their services on the market, there is a need to provide them with a sound regulatory framework to operate. ...
Read ArticleFSC releases FAQ on the new Special Purpose Fund
Newsletter Published on 06 July 2021
The Ministry of Financial Services and Good Governance in collaboration with the Financial Services Commission (FSC) launched the New Special Purpose Fund (SPF) on 9 June 2021. As a reminder, the Financial Services (Special Purpose Fund) Rules 2021 ...
Read ArticleFSC: Extension of due dates for filing of Financial Statements and Returns
Newsletter Published on 06 July 2021
The Financial Services Commission (FSC) released a communique on 30 June 2021 informing relevant stakeholders of the extension of the timeline for filing of financial statements, statutory returns, risk management framework, auditor’s report an...
Read ArticleMauritius FATF Updates
Newsletter Published on 06 July 2021
The Financial Action Task Force (FATF) announced during its latest Plenary session held from 21 to 25 June 2021 that Mauritius has substantially completed its action plan at technical level and that its delegates will be making an on-site visit to Ma...
Read ArticleFSC: Financial Services (Robotic and Artificial Intelligence Enabled Advisory Services) Rules 2021
Newsletter Published on 06 July 2021
In an effort to encourage licensed service providers in Mauritius to adopt new and emerging technologies, the Financial Services Commission (FSC) has taken the initiative to introduce a regulatory framework, reinforced by the issue of the Financial ...
Read ArticleFATF Grey list/EU Blacklist: A glimmer of light on the Mauritian horizons
Newsletter Published on 25 June 2021
At the latest FATF Plenary session held on 21-25 June 2021, the FATF confirmed that Mauritius has substantially completed its action plan at a technical level. An onsite visit will be arranged by the delegates of the FATF as soon as possible, Covid-...
Read ArticleNewsflash – Covid-19 update @ 24 June 2021: Moving into the 3rd phase of de-confinement plan as from 1 July 2021
Newsletter Published on 24 June 2021
Ever since the Mauritian government announced the deployment of its Covid-19 vaccination campaign at the end of last year, it has made clear of its objective of achieving herd immunity at the earliest. In fact, the government is moving from rhetoric ...
Read ArticleFinancial Services (Special Purpose Fund) (Amendment) Rules 2021
Newsletter Published on 13 May 2021
The existing framework for Special Purpose Funds (SPF), which was first introduced in 2013, has undergone several changes following the legislation of the Financial Services (Special Purpose Fund) Rules 2021 (“the Rules”) on 6 March 2021. The Fi...
Read ArticleLaunch of the Collateral Database Registry in Seychelles
Newsletter Published on 13 May 2021
The Collateral Database Registry (CDR) was launched in Seychelles on 3 May 2021. It will be recalled that the CDR was initiated by the Central Bank of Seychelles, in collaboration with the Office of Registrar General and the assistance of the World ...
Read ArticleCorruption Perceptions Index: Seychelles retains first position in Sub-Saharan Africa
Newsletter Published on 13 May 2021
The Corruption Perceptions Index (CPI) released by Berlin-based Transparency International, is a measure of the perception of corruption in the public sector. It is the most widely used indicator of corruption worldwide, and compiles data originatin...
Read ArticleCreation of the Financial Services Reform Committee in Seychelles
Newsletter Published on 13 May 2021
The growing need to further develop and implement reforms in the Seychelles financial sector has prompted the creation of the Financial Services Reform Committee (the “Committee”). Its main objectives are to: • act as an advisory body...
Read ArticleMauritius serves as primary filming location for mythological web series ‘Ramyug’
Newsletter Published on 13 May 2021
Mauritius has been a long-time favourite destination among Indian film producers. Kunal Kohli, Indian filmmaker, predominantly known for his coming-of-age ventures has finally brought his much–anticipated revamped rendition of the timeless tale ...
Read ArticleMauritian movie ‘Three Wise Men – Parallel Lives’ globally acclaimed
Newsletter Published on 13 May 2021
The Mauritius Film Industry has been thriving lately with the overseas success of Three Wise Men - Parallel Lives. The movie directed by Sada Rajiah and Desire Prevost - and featuring a mainly local cast - has received acclaims from prestigious even...
Read ArticleGlobal Mobility Report Q2 2021: Mauritius moves up two spots from last year’s ranking.
Newsletter Published on 13 May 2021
Amid travel uncertainty and selective re-opening of borders, Henley set out to analyse current mobility patterns in its second quarterly Global Mobility Report. With countries across the globe adopting Covid-19 vaccination programmes, the report giv...
Read ArticleThe Bank of Mauritius joins the OECD/INFE
Newsletter Published on 13 May 2021
The creation of the Organisation for Economic Co-operation and Development International Network on Financial Education (OECD/INFE) platform stemmed from the need to promote financial literacy. Comprising of central bankers and policy makers from o...
Read ArticleAmendment to the «Contribution Sociale Généralisée »
Newsletter Published on 13 May 2021
ITL released a newsletter1 in April to give key insights on the Contribution Sociale Généralisée (Amendment) Regulations 2021 (the “Regulations”). As per the Regulations, non-citizens employees, who are not tax resident in Mauritius...
Read ArticleVariable Capital Companies: a soon-to-be reality for the Mauritius IFC
Newsletter Published on 13 May 2021
The introduction of the Variable Capital Companies (VCC) in Mauritius formed part of the set of measures announced in the Budget Speech 2020–2021 in line with the recommendations of the 10-Year Blueprint for the Sector. On 16 April 2021, ...
Read ArticleFSC: Issuers can submit audited financial statements in accordance with national accounting standards for listing and ongoing disclosures
Newsletter Published on 13 May 2021
In a circular issued by the Financial Services Commission (FSC) on 8 April 2021, issuers are informed that audited financial statements prepared in accordance with the issuer’s national accounting standards, in compliance with its local generally ...
Read ArticleFSC: Guidelines for the ‘Conversion’ or ‘Shift’ of defined benefit pension schemes to defined contribution pension schemes (the “Guidelines”)
Newsletter Published on 13 May 2021
The Guidelines issued by the Financial Services (FSC) on 23 April 2021, aims at providing a regulatory framework to any conversion or shift of defined benefit pension schemes to defined contribution pension schemes. Prior to the conversion/...
Read ArticleSubmission of Returns & Payment of Taxes
Newsletter Published on 13 May 2021
The Mauritius Revenue Authority (MRA) issued a communique on 3 May 2021 to inform taxpayers and employers of the following: • For those who have missed the deadline for submission of returns and payment of taxes which were due during the lockd...
Read ArticleMRA: Online VAT registration on incorporation of a company
Newsletter Published on 13 May 2021
The Mauritius Revenue Authority (MRA) in collaboration with the Corporate and Business Registration Department (CBRD) has devised a simplified process for online VAT Registration of a company on incorporation. Going forward, applicants will...
Read ArticleProposed amendments to Securities Act 2005
Newsletter Published on 13 May 2021
On 16 April 2021, Cabinet agreed to amend the Securities Act 2005 as follows: • bringing in the concept of “retail investor” compared to “sophisticated investor” in the legislation; • enabling the licensing of other exchange...
Read ArticleRecent amendments brought to the legislation
Newsletter Published on 13 May 2021
Non-Citizens (Property Restriction) (Amendment) Act 2021 The Non-Citizens (Property Restriction) (Amendment) Act 2021 (the “Amendment Act”), legislated on 29 th April 2021, brings in several changes to the Non-Citizens ...
Read ArticleCovid-19 update @ 30 April 2021: ITL maintains work-from-home policy
Newsletter Published on 30 April 2021
As communicated previously, Mauritius will be moving to the second phase of its plan to ease out of lockdown as from Saturday 1 May 2021. While most economic activities will resume and free movement will be allowed under strict sanitary conditions, ...
Read ArticleBank Holiday due to Torrential Rain Warning in Mauritius
Newsletter Published on 27 April 2021
Following the Torrential Rain Warning issued by the Mauritius Meteorological Services, the Bank of Mauritius has, with the approval of the Minister of Finance, Economic Planning and Development, declared Wednesday 28 April 2021 a ban...
Read ArticleCovid-19 update @ 25 April 2021: Unfurling the 2nd phase of de-confinement plan as from 1 May 2021
Newsletter Published on 25 April 2021
The past few weeks have witnessed a marked improvement in the number of positive Covid-19 cases through local transmission thanks to the timely response of the government in tandem with the close collaboration of the public. New cases are promptly be...
Read ArticleCSG: Exclusion of foreign employees who are not tax resident in Mauritius
Newsletter Published on 21 April 2021
The Contribution Sociale Généralisée (Amendment) Regulations 2021 (referred hereinafter as the “Regulations”) was gazetted earlier this month to amend the Contribution Sociale Généralisée (CSG) framework. The main change brought i...
Read ArticleFSC: Regulatory relief from administrative penalties for late filing of financial statements – Deadline for due dates extended
Newsletter Published on 06 April 2021
With regards to the current lockdown situation, the Financial Services Commission (FSC) has taken the decision to extend the timeline for filing of financial statements, statutory returns, risk management framework, auditor’s report and actuary re...
Read ArticleExtension of Visas and Grant of Permission to Stay to Residence Permit and Occupation Holders in Mauritius
Newsletter Published on 06 April 2021
In view of the current Covid-19 lockdown situation in Mauritius, the Prime Minister’s Office (PMO) has taken the decision to extend the visa and grant permission to stay in Mauritius until 31 May 2021 (or until the lockdown is lifted, whichever oc...
Read ArticleLatest updates: Extension of lockdown in Mauritius until 30 April 2021
Newsletter Published on 06 April 2021
As at the date of this writing, the ongoing contact tracing and random testing exercises have led to the detection of 498 local cases since 5 March 2021. Out of these, 375 are still active and 117 have recovered. 2 deaths due to Covid-19 were also r...
Read ArticleEconomic Value of Peace 2021: Mauritius ranks among top 15 most peaceful countries
Newsletter Published on 06 April 2021
The Economic Value of Peace Report (the “Report”) by the Institute for Economic and Peace (IEP) is a gauge of the economic impact of violence and conflict on the global economy. The Report aims at bringing forward the costs –direct and indirec...
Read ArticleWorld Happiness Report 2021: Mauritius ranks 1st in Africa and 50th worldwide
Newsletter Published on 06 April 2021
The latest World Happiness Report, unsurprisingly, focused on how people from over the World have dealt with the effects of the Covid-19 pandemic in 2020. The report set out to understand the impact on the structure and quality of lives, as well as ...
Read ArticleDemocracy Index 2020: Mauritius ranks 1st in Africa and 20th wordwide
Newsletter Published on 06 April 2021
The Democracy Index (the “Index”) is a measure of the global state of democracy through the comprehensive analysis of multiple factors across 165 independent nations and two territories. The 2020 report published by the Economic Intelligence Uni...
Read ArticleMauritius joins the African Development Bank Bloomberg Index
Newsletter Published on 06 April 2021
An attested tool to measure and track African Sovereign Bond Markets, the Bloomberg African Bond Indices (ABABI) aims at deepening the continent’s sovereign local currency bond markets as well as providing reliable benchmark indices to investors. ...
Read ArticleBOM signs a MoU with and Bangko Sentral NG Pilipinas
Newsletter Published on 06 April 2021
The Bank of Mauritius (BoM) has announced through a communique on 18 March 2021 that it has signed a Memorandum of Understanding (MoU) with the central bank of Philippines - Bangko Sentral NG Pilipinas (BSP) - in a collective bid to reinforce the bi...
Read ArticleCOMESA: Online Portal for Covid-19 related activities
Newsletter Published on 06 April 2021
As part of its long-term regional integration agenda, the Common Market for Southern and Eastern Free Trade Agreement (COMESA) Free Trade Area was launched in October 2000 following the decision of nine member states (Djibouti, Kenya, Madagascar, Mal...
Read ArticleAfrican Continental Free Trade Area: Submission of draft schedule of tariff concessions
Newsletter Published on 06 April 2021
The African Continental Free Trade Area (AfCFTA) was signed in March 2018 and came to effect on 1 January 20211. With regards to the tariff concessions of Mauritius on the remaining 10 percent tariff lines, the submission of a draft sched...
Read ArticleComing into force of the Comprehensive Economic Cooperation and Partnership Agreement
Newsletter Published on 06 April 2021
As communicated in our previous e-news1, the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) between Mauritius and India was signed on 22 February 2021. It will be recalled that the CECPA became the first agreement si...
Read ArticleMRA: Deadline for Country by Country (CbC) Reporting extended
Newsletter Published on 06 April 2021
In view of the implementation of a nationwide lockdown, the Mauritius Revenue Authority (MRA) released a communique on 26 March informing the public that the deadline for the filing of CbC Report/notification to MRA under the Income Tax (Country-by-...
Read ArticleSEM: Extension of deadline for publication of abridged financial statement for year ended 31 December 2020
Newsletter Published on 06 April 2021
The Stock Exchange of Mauritius (SEM) has granted an extension of 1 month for the publication of the Abridged Audited Financial Statements for the year ended 31 December 2020 given the current lockdown situation. The new deadline being set ...
Read ArticleUpdates to the Anti-Money Laundering and Combatting the Financing of Terrorism Handbook 2020
Newsletter Published on 06 April 2021
The Financial Services Commission (FSC) has brought the following important updates to the Anti-Money Laundering and Combatting of Terrorism (AML/CFT) Handbook 2020 further to its first AML/CFT supervisory cycle 2020-2021: • A new chapter...
Read ArticleFSC: End of Grandfathering provision for GBC2
Newsletter Published on 06 April 2021
Pursuant to the enactment of the Finance (Miscellaneous Provisions) Act 2018 (the “Finance Act 2018”) in the same year, several changes were made to the Global Business regulatory framework as summarised below: - There would only be one...
Read ArticleCovid-19 update @ 31 March 2021: Extension of lockdown in Mauritius until 30 April 2021
Newsletter Published on 31 March 2021
In view of the rising number of covid-19 cases since the second wave of infection was confirmed a couple of weeks ago and the slightly increasing number of hospitalizations linked to the pandemic, the government of Mauritius has decided to extend the...
Read ArticleCovid-19 update @ 23 March 2021: Extension of lockdown in Mauritius until 31 March
Newsletter Published on 23 March 2021
In a communique aired tonight on national television, the Prime Minister of Mauritius announced that the national lockdown, which was initially scheduled to end on 25 March, will be extended until 31 March 2021. The Prime M...
Read ArticleTravel & Tourism: Travel restrictions to Mauritius
Newsletter Published on 18 March 2021
As previously communicated on our past e-news1, passengers from certain countries were barred from having access to the island. Following the recent development, the Government has taken the decision to enforce travel restrictions to Mauri...
Read ArticleSEM & CDS: Resumption of Trading and Settlement
Newsletter Published on 18 March 2021
Following the announcement of the implementation of a nationwide lockdown in Mauritius, trading and settlement activities were temporarily suspended on 10 March. In a joint communique issued on 10 March 2021, the Stock Exchange of Mauritius ...
Read ArticleFSC maintains service level during the lockdown
Newsletter Published on 18 March 2021
The Financial Services Commission (FSC) issued a communique on 10 March 2021 to inform stakeholders and the public in general that it has deployed its Work-From-Home protocol since the implementation of the lockdown. Services will be provided remote...
Read ArticleCovid 19- Implementation of nationwide lockdown in Mauritius.
Newsletter Published on 18 March 2021
As communicated in our recent newsflash1, following a resurgence in local Covid-19 cases since Friday 5 March 2021 after nearly 9 Covid-free months, the Government of Mauritius has implemented a nationwide lockdown, effective since 10 marc...
Read ArticleBoM : Key Repo Rate maintained at 1.85%
Newsletter Published on 18 March 2021
The Bank of Mauritius (BoM) keeps the Key Repo Rate (KRR) unchanged at 1.85% per annum following a meeting conducted by the Monetary Policy Committee (MPC) held on 4 February 2021. The MPC has agreed upon this decision after careful monitoring of th...
Read ArticleMauritius and India signs Comprehensive Economic Cooperation and Partnership Agreement
Newsletter Published on 18 March 2021
The Comprehensive Economic Cooperation and Partnership Agreement (CECPA) between Mauritius and India was signed on 22 February 2021 during the visit of His Excellency H.E Dr. Subrahmanyam Jaishankar to Mauritius. The CECPA marks the first agreement ...
Read ArticleThe Mauritius-China Free Trade Agreement
Newsletter Published on 18 March 2021
As communicated in a past edition1 of our newsletters, the Mauritius-China Free Trade Agreement (FTA), signed in October 2019 in Beijing, has entered into force on 1 January 2021. The FTA is expected to breathe new life into the economic r...
Read ArticleFATF Grey list: Mauritius Updates
Newsletter Published on 18 March 2021
The Government of Mauritius released a communique in January 2021 reiterating its commitment to exit FATF’s ‘countries under increased monitoring’ list (also referred to as the “FATF Grey List”) at the earliest. At a virtual face-...
Read ArticleLaunch of Mauritius Finance
Newsletter Published on 18 March 2021
Mauritius Finance (MF), a new platform regrouping key players of the finance sector such as management companies, banks, accounting firms and Stock Exchange of Mauritius amongst others, was launched on 10 February 2021. MF is the result of a merger b...
Read ArticleFinancial Services Commission: Amendment to the Guidelines on Stress Test Requirements for long-term insurers
Newsletter Published on 18 March 2021
The Financial Services Commission (FSC) released a Circular Letter on the Guidelines on stress test requirements for long-term insurers (the “Guidelines”). The FSC informs the public of an amendment to Part I of paragraph 2.5.8.3 (ITEM h(ii): Wor...
Read ArticleAdmission of the FSC Mauritius to the Monitoring Group Steering Committee of IOSCO
Newsletter Published on 18 March 2021
The International Organisation of Securities Commissions (IOSCO) regroups the world’s securities regulators and is recognized as the global standard setter for the securities sector. Recently, IOSCO has admitted the Financial Services Commission (F...
Read ArticleFSC: Regulatory relief from administrative penalties for late filing of financial statements
Newsletter Published on 18 March 2021
The Financial Services Commission (FSC) issued a communique on 8 March 2021 with regards to the waiving of administrative charges for the late filing of financial statements relating to certain year-end/quarter-end. The FSC hereby confirms that no a...
Read ArticleCovid-19 update @ 9 March 2021: Implementation of nationwide lockdown in Mauritius
Newsletter Published on 10 March 2021
As communicated in our recent newsflash*, Mauritius has witnessed a resurgence in local Covid-19 cases since Friday 5 March 2021 after nearly 9 covid-free months. As of today, the contact tracing exercise revealed 5 more positive cases, m...
Read ArticleCovid-19 update @ 7 March 2021: Reinstatement of WFH policy at ITL
Newsletter Published on 08 March 2021
Mauritius was declared covid-free since June last year, thanks to the timely response of the Government that required the close collaboration of the public. However, the Covid-19 being what it is - an invisible threat – has found its way back to th...
Read ArticleIntroduction of a Sandbox Framework
Newsletter Published on 11 January 2021
In a view to promote the use of novel technologies by Ministries and Departments, the cabinet has approved the introduction of a Sandbox Framework (the “Framework”). The framework would enable public organisations to bypass the lengthy procuremen...
Read ArticleAfrican Continental Free Trade Area effective as from 1st January 2021
Newsletter Published on 11 January 2021
Put in place with a view to create a single continent-wide market for goods and services and to promote the movement of capital and individuals, the African Continental Free Trade Area (AfCTA) takes effect as from January 1st 2021. Having signed the ...
Read ArticleBrexit: Entry into force of the UK-Eastern and Southern Africa Economic Partnership Agreement
Newsletter Published on 11 January 2021
In order to transition the trade agreements that the European Union (EU) has concluded with third countries, the UK agreed to continue the effect of its current arrangements through the EU by signing separate continuity agreements with many third cou...
Read ArticleMauritius-China Free Trade Agreement
Newsletter Published on 11 January 2021
On 1 January 2021, following the completion of ratification procedures by both countries, the Free Trade Agreement (FTA) signed in October 2019 between the Republic of Mauritius and the People’s Republic of China came into force. The FTA ...
Read ArticleFinancial Reporting Council: Rotation of Audit Firms for Listed entities
Newsletter Published on 11 January 2021
The Financial Reporting Council (FRC) released a correspondence on the rotation of audit firms. As per section 41A (1) of Financial Reporting Act (FRA), an audit firm cannot undertake the statutory audit of the same listed entity continuously for mor...
Read ArticleFSC: Submissions under the Insurance (Risk Management) Rules 2016
Newsletter Published on 11 January 2021
The Financial Services Commission (FSC) has released a circular letter on 29 December 2020 to inform Insurers licensed under Section 11 of the Insurance Act 2005 of the submission of their documentation and reports in relation to their Risk Managemen...
Read ArticleGlobal Mobility Report 2021 (1st Quarter): Mauritius passport allows visa-free access to 146 destinations
Newsletter Published on 11 January 2021
As the Covid-19 pandemic rages on, governments around the World are being forced to reinstate lockdowns and quarantine restrictions. In a year where mobility was highly impeded, The Global Mobility Report 2021 sets out the strengths of passports duri...
Read ArticleCovid-19 updates : Entry to Mauritius prohibited for UK and South African passengers
Newsletter Published on 11 January 2021
As communicated in our recent e-news, the government approved the extension of the quarantine period from 15 January 2021 to 15 February 20211. As an additional measure of precaution, following growing concerns in light of the new Covid-19...
Read ArticleExtension of Quarantine period in Mauritius
Newsletter Published on 22 December 2020
The Minister of Health and Wellness will amend the relevant legislation to extend the quarantine period from 15 January 2021 to 15 February 2021. In this regard, amendments will be made to extend the prohibition of entry of aircrafts and s...
Read ArticleThe Mauritius Premium Visa
Newsletter Published on 22 December 2020
As mentioned in one of our previous newsflashes1, the Government of Mauritius launched the Premium Visa (the “Visa”) on 16 November 2020. The Visa grants foreigners from countries listed in the Eight Schedule of the Passport Regulation...
Read Article2020 Legatum Prosperity Index: Mauritius is the most Prosperous country in Africa
Newsletter Published on 22 December 2020
The Legatum Institute’s 2020 Prosperity Index (the “Index”) aims at providing a comprehensive analysis of the Prosperity level- a multifaceted concept that takes into account both social and economic wellbeing -through 12 pillars encapsulated u...
Read ArticlefDi’s Global Free Zones of the Year 2020 – Mauritius ranked in the top 10
Newsletter Published on 22 December 2020
The fDi issued the “Global Free Zones of the Year 2020” report in October 2020, which recognises the World’s best free zones. Globally, the Mauritius Freeport ranked 9th, while it is “Highly Commended” for the African region. In ad...
Read ArticleMo Ibrahim Index 2020 – Mauritius retains the top spot
Newsletter Published on 22 December 2020
The IIAG gives a comprehensive overview of Governance across the African continent, defining it “as the provision of the political, social and economic public goods and services that every citizen has the right to expect from their state, and that ...
Read ArticleBank of Mauritius: Member of the Groupe des Superviseurs Bancaires Francophones
Newsletter Published on 22 December 2020
The Bank of Mauritius’ (BoM) request to integrate the Groupe des Superviseurs Bancaire Francophones (GSBF) was approved in September 2020. This membership will provide the BoM with the opportunity to promote affiliations with international supervi...
Read ArticleVisit of Minister of Foreign Affairs of Japan to Mauritius.
Newsletter Published on 22 December 2020
On his official visit to Mauritius, the Japanese Minister of Foreign Affairs -HE Toshimitsu Motegi - reiterated the long-term assistance from the Government of Japan to Mauritius in response to the MV Wakashio oil spill. The Minister effec...
Read ArticleMauritius and Seychelles: Strengthening economic ties
Newsletter Published on 22 December 2020
The President of the Republic of Seychelles – H.E. Wavel Ramkalawan – is all praise for Mauritius during his three-day state visit to the country at the beginning of December 2020. He commended the Mauritian private sector which has been a drivin...
Read ArticleAfrica Warehousing Scheme for Mauritian companies
Newsletter Published on 22 December 2020
In line with the proposals put forward in the 2020/2021 Budget, the Government has introduced the Africa Warehousing Scheme (AWS) whose aim is to subsidise the rental and administrative costs of warehouses in selected African countries. This will in...
Read ArticleEstablishment of review mechanism for Mauritius Treaties / Conventions/ International Agreements
Newsletter Published on 22 December 2020
The Ministry of Foreign Affairs, Regional Integration and International Trade intends to set up a mechanism to review the Treaties/Conventions/International Agreements (collectively referred to as the “Agreements”) that Mauritius is a party to. ...
Read ArticleMauritius renews membership to the World Alliance of International Financial Centres
Newsletter Published on 22 December 2020
Mauritius renewed its membership to the World Alliance of International Financial Centres (WAIFC) in July 2020, having joined this initiative a year before. The WAIFC is a strategic initiative regrouping reputable International Financial Cen...
Read ArticleMRA: Deferment of tax payment under APS and CPS & Renewal of TASS
Newsletter Published on 22 December 2020
In a view to assist taxpayers and employers in improving their cash flow, the Mauritius Revenue Authority (MRA) has made the following announcements through a communique on 6 November 2020: Deferment of tax payment under Advance Paym...
Read ArticleFSC: Repeal of the Code on the Prevention of Money Laundering & Terrorist Financing
Newsletter Published on 22 December 2020
In a communique issued on 6 November 2020, the Financial Services Commission (FSC) announced the repeal of the Code on the Prevention of Money Laundering & Terrorist Financing (the “Code”) in light of the revamping of the AML/CFT legal framework....
Read ArticleFSC –Introduction of the Settlement Framework
Newsletter Published on 22 December 2020
The Financial Services Commission (FSC) published the Settlement Framework (the “Framework”) on 11 December 2020. The purpose of the Framework is to assist in resolving certain cases instigated by the FSC against licensees who have committed bre...
Read ArticleEU Blacklist Update: FATF commends the tremendous progress made by Mauritius
Newsletter Published on 22 December 2020
As previously communicated in past editions1 of our newsletters, the inclusion of Mauritius on the EU list - on account of its addition to FATF’s ‘Jurisdiction under increased monitoring’ list -has taken effect since 1 October 2020....
Read ArticleITL recognised as a top African fund administrator at AGF Service Providers Awards
Newsletter Published on 04 November 2020
Intercontinental Trust Limited (ITL) has been named “Best Fund administrator – real estate & infrastructure funds” at the AGF Service Providers Awards 2020. The Awards, organised by Africa Global Funds, recognises outstanding efforts...
Read ArticleIntroduction of the Premium Visa
Newsletter Published on 27 October 2020
The Covid-19 pandemic crisis continues to make headlines and it has left no country unscathed. As the war against the virus rages on, Mauritius has successfully managed to contain its spread on the island thanks to the extreme measures imposed by t...
Read ArticleBank of Mauritius (BoM): Key Repo Rate maintained at 1.85%
Newsletter Published on 19 October 2020
At a meeting held on 23 September 2020, the Monetary Policy Committee (MPC) of the BoM unanimously decided to maintain the Key Repo Rate (KRR) at 1.85% amidst both local and global uncertainty. While the global economy has shown some signs of improv...
Read ArticleRe-opening of Mauritius borders
Newsletter Published on 19 October 2020
The Government of Mauritius approved and initiated the re-opening of its borders in a staggered manner as described below: Phase 1: Starting as from 1 September 2020 – Repatriation of Mauritians stranded abroad only Phase 2: Start...
Read ArticleGlobal Innovation Index Report 2020: Mauritius occupies 1st place in Africa
Newsletter Published on 19 October 2020
The 13th Edition of the Global Innovation Index Report (GIIR), which is a co-publication of Cornell University of New York, INSEAD (Institut Européen d’Administration des Affaires) and the World Intellectual Property Organisation, was released on ...
Read ArticleUpdate on the new Kenya-Mauritius DTAA
Newsletter Published on 19 October 2020
The ratification process of the new Kenya-Mauritius Double Taxation Avoidance Agreement (DTAA) is now complete following its publication in Kenya’s official gazette by the Cabinet Secretary for National Treasury and Planning on 30 June 2020. Ma...
Read ArticleProtocol amending the Eswatini-MRU Double Taxation Avoidance Agreement (DTAA)
Newsletter Published on 19 October 2020
A Protocol amending the Eswatini-Mauritius DTAA (the “Protocol”) was signed by the Mauritian Minister of Finance, Economic Planning and Development in September 2020. In addition to updating the name of the Kingdom of Eswatini (previously known a...
Read ArticleFSC issues revised Guidelines on Fitness and Propriety
Newsletter Published on 19 October 2020
In line with its objective to ensure the sound conduct of business in the financial services and global business sectors, the Financial Services Commissions (FSC) issued its revised Guidelines on Fitness and Propriety (the “Guidelines”) on 2 Octo...
Read ArticleFSC issues regulations for Peer-to-Peer lending
Newsletter Published on 19 October 2020
The Financial Services Commission (FSC) issued the Financial Services (Peer to Peer Lending) Rules 2020 on 31 August 2020 (Referred hereinafter as the “Rules”) which apply to Peer to Peer (P2P) Operators licensed by the FSC. The Rul...
Read ArticleEU list of High Risk Third Countries: Updates
Newsletter Published on 19 October 2020
In past editions of our newsletters1, we informed our valued clients of the European Union’s (EU) decision to include Mauritius on its list of High Risk Third Countries (the “EU List”). The EU List was subsequently approve...
Read ArticleSeychelles resume commercial flights
Newsletter Published on 07 August 2020
Effective as from 1st August 2020, the Seychelles have resumed their commercial flights operations albeit only with countries that have been assessed as having low to medium risks with regards to the Covid-19 pandemic spread. Inbound visitors will b...
Read ArticleEPI 2020: Seychelles 1st in Africa
Newsletter Published on 07 August 2020
The Yale University released its 12th edition of the Environment Performance Index (EPI 2020) in July 2020. The EPI is released every 2 years and provides a data-driven summary of the state of sustainability around the world. The EPI 2020 used 32 pe...
Read ArticleNew AML/CFT strategy adopted by Seychelles Government
Newsletter Published on 07 August 2020
In July 2020, the government of Seychelles approved its first National Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Strategy (the “Strategy”) which comprises 5 key strategic objectives which ultimately aim at addre...
Read ArticleThe Bank of Mauritius joins the NGFS
Newsletter Published on 07 August 2020
In a statement issued on 24th July, the Bank of Mauritius has confirmed its admission as a member of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). The NGFS’ mission is to help strengthening the global respo...
Read ArticleTax Transparency in Africa 2020: Mauritius a transparent jurisdiction
Newsletter Published on 07 August 2020
The Tax Transparency in Africa 2020 report (the “Report”), a joint publication by the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum), the African Union Commission and the African Tax Administration For...
Read ArticleFSC: exemption to Reporting Issuers for the physical distribution of audited financial statements
Newsletter Published on 07 August 2020
Following the Practice Direction (No.5 of 2020) pursuant to section 20(A) of the Companies Act 2001) issued by the Registrar of Companies which provides flexibility to reporting issuers in complying with their regulatory obligations with regards t...
Read ArticleFSC: extension of regulatory relief on filing and reporting obligations
Newsletter Published on 07 August 2020
The Covid-19 pandemic crisis has impacted on many licensees, including those registered as reporting issuers, and on their ability to meet their regulatory filing deadlines. This has prompted the Financial Services Commission (FSC) to adopt a fle...
Read ArticleLegislative Updates
Newsletter Published on 07 August 2020
The Finance Bill 2020, which aims at putting in place the legislative framework for the budgetary measures announced by the Finance Minister in June 2020, was voted with amendments on 4th August 2020 by the members of the National Assembly. Stay tune...
Read ArticleEntry into force of the Protocol amending the Mauritius- Botswana DTAA
Newsletter Published on 02 July 2020
It will be recalled that Mauritius had signed a Double Taxation Avoidance Agreement (DTAA) with Botswana on 26 September 1995 following which a protocol amending the DTAA was concluded in August 2015 (referred hereinafter as the “Protocol”). ...
Read ArticleMauritius-Turkey – Negotiation of a DTAA
Newsletter Published on 02 July 2020
On 25 June 2020, discussions revolving around the implementation of a Double Taxation Avoidance Agreement (DTAA) were initiated by Mauritius and Turkey and it is hoped that the DTAA will be concluded at the earliest. We will endeavor to keep...
Read ArticleMauritius and Zambia negotiates a new DTAA
Newsletter Published on 02 July 2020
A new double taxation avoidance agreement (DTAA) is being negotiated by Zambia and Mauritius following the decision taken by the government of the Republic of Zambia on 22 June 2020 to terminate the current DTAA signed with Mauritius. The new treaty...
Read ArticleMauritius joins the league of High-Income Countries
Newsletter Published on 02 July 2020
In an official communique issued on 1 July 2020, the World Bank has recognized Mauritius as a High-Income country for the first time. Mauritius is now the second country in Africa, after the Seychelles, to join the league of high-income countries....
Read ArticleMauritius: safe destination for travel
Newsletter Published on 19 June 2020
World Travel and Tourism Council which is the apex organization for worldwide travel and tourism has recognized Mauritius as a safe destination for travel with regards to the Covid-19 following the implementation of a series of compulsory health meas...
Read Article‘Jungle Beat: The Movie’ to be released on June 26th
Newsletter Published on 19 June 2020
The film is the first animation movie to have been entirely produced in Mauritius and is a spin-off of the international hit series ‘Jungle Beat’ that have amassed more than 1.3 billion YouTube views. ‘Jungle Beat: The Movie’ will be...
Read ArticleGlobal Talent Competitiveness Index 2020 (GTCI 2020): Mauritius 1st in Africa
Newsletter Published on 19 June 2020
The GTCI 2020 assesses 132 countries and attempts to explore how the development of Artificial Intelligence (AI) is not only changing the nature of work but also forcing a re-evaluation of workplace practices, corporate structures and innovation e...
Read ArticleGlobal Peace Index 2020: Mauritius takes top spot in Africa International Benchmarks
Newsletter Published on 19 June 2020
Mauritius ranks 1st in Africa and 23rd worldwide (a progression of 1 spot compared to the 2019 report) in terms of peaceful countries, according to the ‘Global Peace Index 2020: Measuring Peace in a Complex World’ issued by the Institute for Econ...
Read ArticleFSC publishes Enforcement Manual
Newsletter Published on 19 June 2020
The Financial Services Commission (FSC) published its Enforcement Manual on 12 June 2020 which provides an overview of its approach towards enforcement and the exercise of its enforcement powers conferred to it under the relevant sections of the F...
Read ArticleFSC issues Guidance Notes on Security Token Offerings (STO) & STO Trading Systems
Newsletter Published on 19 June 2020
On 15 June 2020, the Financial Services Commission (FSC) issued its guidance notes with regards to the implementation of a common set of standards for STO & the licensing of STO Trading systems In Mauritius. This initiative is a welcome move amid...
Read ArticleMRA communique – Extension of deadline for FATCA Reporting
Newsletter Published on 30 April 2020
Dear Client, The Mauritius Revenue Authority has issued a communique on 28 April 2020 to extend the deadline for reports due under Foreign Accounts Tax Compliance Act ( FA...
Read ArticleWorld Happiness Report 2020: Mauritius ranks 1st in Africa
Newsletter Published on 27 April 2020
The World Happiness Report 2020 (WHR 2020) shines a bright light on Mauritius as one of the choicest work and live destination for the region. With a score of 6.101, Mauritius takes the lead in Africa and ranks 49th worldwide (2019: 1st in Africa an...
Read ArticleCovid-19 Updates at 27 April 2020
Newsletter Published on 27 April 2020
The Covid-19 continues to make headlines around the globe. Its stealth transmission, whereby many infected persons can go asymptomatic for days before developing any kind of complications or even no complication, has been the cause of its rapid sprea...
Read ArticleCyber Security – A priority at ITL
Newsletter Published on 27 April 2020
The Covid-19 pandemic has increased our reliance on the digital space and the internet is more than ever, a critical tool for companies and anyone who wish to bring back a sense of normalcy into their lives. Unfortunately this also presents an unpre...
Read ArticleITL v/s Covid-19
Newsletter Published on 20 April 2020
Our Management Team is devoting a lot of its time and resources to minimize the impact of the pandemic crisis on our service level whilst ensuring the well-being of our employees. Our Pandemic Preparedness and Response plan has been activated since t...
Read ArticleIndex of Economic Freedom: Mauritius flagged as regional leader for Sub-Saharan Africa
Newsletter Published on 20 April 2020
The Heritage Foundation has released the 2020 Index of Economic Freedom (the “Index”). In this 26th edition of the Index, Mauritius progressed up on its 2019 ranking and is now positioned 21st out of 180 countries worldwide (2019 ranking: 25th o...
Read ArticleBank of Mauritius bites the “COVID-19 bullet”: Key Repo Rate cut by 100bps
Newsletter Published on 20 April 2020
The Monetary Policy Committee (MPC) of the Bank of Mauritius unanimously decided at its meeting held on 16 April 2020 to further adjust down the Key Repo Rate (KRR) by 100 basis points, bringing it to 1.85% per annum. The d...
Read ArticleEconomic Development Board: Occupation & Residence Permits
Newsletter Published on 20 April 2020
The Economic Development Board (EDB) issued a communique earlier this month informing applicants of delays in the processing of Occupation and Residence permits, as follows: • New applications for Occupation/Residence Permit All a...
Read ArticleMauritius Revenue Authority: Extension of the Wage Assistance Scheme
Newsletter Published on 20 April 2020
It will be recalled that the Government introduced the Wage Assistance Scheme (the “Scheme”) in March 2020 in a bid to ensure that all employees (both Mauritians and expats) in the private sector are duly paid their salary for the month of March ...
Read ArticleFinancial Services Commission: Filing and reporting obligations
Newsletter Published on 20 April 2020
As previously communicated, the Financial Services Commission (FSC) has committed to show flexibility towards licensees facing challenges in meeting with filing and reporting falling due during the confinement period. The FSC has issued...
Read ArticleMauritius v/s COVID-19: BBC interviews the Prime Minister
Newsletter Published on 20 April 2020
“While Corona virus lockdown measures around the world vary, one of the most stringent is in Mauritius” reports the BBC in a televised coverage aired on 18 April 2020 that highlights and salutes the main measures put in place by the government o...
Read ArticleCOVID-19 updates: Regulatory
Newsletter Published on 14 April 2020
Registrar of Companies - Corporate and Business Registration Department (CBRD) The CBRD issued a communique on 9 April 2020 informing of the following: 1. Companies having filing obligations under the Co...
Read ArticleCOVID-19: Mauritius scores a perfect “100” on Stringency Index
Newsletter Published on 14 April 2020
As the world grapples with the COVID-19 pandemic, policy makers around the world have been faced with some tough decisions in a bid to contain the spread of the virus. The Stringency Index, the world’s first COVID-19 government response tracker, w...
Read ArticleMauritius: Eligible country for India Category I FPI licence
Newsletter Published on 14 April 2020
Mauritius domiciled funds are now eligible for the preferential Category-I Foreign Portfolio Investor (“FPI”) licence following an order passed by the Indian Finance ministry on Monday 13 April 2020. This is a welcome move for the global busines...
Read ArticleCOVID-19 Mauritius Update: Extension of the Lockdown Period
Newsletter Published on 10 April 2020
In a press conference held earlier today, the Prime Minister of Mauritius announced that the Lockdown Period has been extended until 4th May 2020 (previously planned for 15th April 2020) in a bid to counter the spread of the COVID-...
Read Article2020 Henley Passport Index and Global Mobility Report
Newsletter Published on 26 March 2020
The 2020 Henley Passport Index and Global Mobility Report is a unique publication that offers exclusive insight into mobility and migration patterns, bringing together commentary from leading scholars and professional experts on the major and emergin...
Read ArticleHuman Freedom Index 2019
Newsletter Published on 26 March 2020
The 2019 Human Freedom Index report published by the Fraser Institute ranks Mauritius 1st in Sub Saharan Africa and 50th worldwide. A total of 162 countries participated. The index measures the degree to which the policies and institutions ...
Read ArticleThe Africa Prosperity Index
Newsletter Published on 26 March 2020
The Africa Prosperity Report provides a comprehensive and holistic picture of prosperity across the African continent. It assesses whether each nation has an inclusive society with strong institutions, an open economy, and empowered people who are he...
Read ArticleDemocracy Index 2019: Mauritius a “Full Democracy” and ranks 1st in Africa, 18th worldwide
Newsletter Published on 26 March 2020
The Economist Intelligence Unit’s Democracy Index 2019, released in January 2020, ranks Mauritius 1st in Africa and 18th worldwide. In this year’s report, which covers the period 2018-2019, a total of 165 independent states and two terri...
Read ArticleBank of Mauritius adjusts Key Repo Rate to 2.85%
Newsletter Published on 26 March 2020
At its meeting on 10 March 2020, the Monetary Policy Committee (MPC) of the Bank of Mauritius decided to slash the Key Repo Rate (KRR) by 50 basis points, bringing it down to 2.85% per annum. The Committee discussed economic and financial development...
Read ArticleCOVID-19 – Important Communiques from the Local Authorities
Newsletter Published on 26 March 2020
Further to recent announcements made by the Government with regard to the national confinement, the Mauritian Authorities have subsequently taken a number of proactive measures as described in their communiques, including the following: ...
Read ArticleCOVID-19 – Lockdown in Mauritius
Newsletter Published on 26 March 2020
The COVID-19 outbreak is a human tragedy and has a growing impact on the global economy. In Mauritius, the first cases of the COVID-19 were reported last week and the government has instituted a lockdown period of 14 days on the country since Friday ...
Read ArticleCOVID-19 Pandemic – Newsflash
Newsletter Published on 19 March 2020
The world witnessed a bleak start to 2020 due to the outbreak of the COVID-19 that quickly spiraled out of control and eventually found its way to Africa. On 18 March 2020, the Government of Mauritius confirmed the first 3 cases of the virus on the ...
Read ArticleTax Alert: Are you compliant with your Country by Country Reporting (CbCR) obligations?
Newsletter Published on 21 January 2020
One of the main recommendations of the OECD’s Base Erosion Profit Shifting Project, namely Action 13, has been to implement a Country by Country Reporting (“CbC Report”) in relation to Multinational Enterprises ...
Read ArticleGeneral Elections 2019: Results
Newsletter Published on 13 November 2019
The General Elections 2019 witnessed the victory of the outgoing government who secured a comfortable majority of 42 seats out of a total of 70 seats in the National Assembly. The results were proclaimed on Friday 8th November 2019 and the ministers...
Read ArticleEase of Doing Business: Remarkable progress for Mauritius
Newsletter Published on 24 October 2019
The World Bank issued its flagship report, Doing Business 2020, on 24 October 2019 according to which Mauritius still holds on to its pole position on the African continent, ranking 1st for the region. In addition, it has also made a considerable ...
Read ArticleSigning of a Protocol amending the DTAA with Kenya
Newsletter Published on 24 October 2019
A protocol amending the new Kenya-Mauritius Double Taxation Avoidance Agreement (“DTAA”) was signed on 16 October 2019, details of which will be disclosed once the new DTAA and the accompanying protocol are ratified by both states. It ...
Read ArticleESAAMLG: Follow-up report for Mauritius
Newsletter Published on 24 October 2019
At the 19th Council of Ministers Meeting of the the Eastern and Southern Africa Anti-Money Laundering Group (“ESAAMLG”) held in September 2019, it was declared that Mauritius complies with most of the recommendations of the Financial Action Tas...
Read ArticleMauritius deposits its definitive instrument of ratification for the multilateral BEPS Convention
Newsletter Published on 24 October 2019
In a past edition of our newsletter issued in July 2017, we informed our valued clients that Mauritius si...
Read ArticleAndersen Global now present in Mauritius
Newsletter Published on 30 September 2019
Mauritius becomes the 15th African country in which Andersen Global has a presence through its newly concluded collaboration agreement with ATax Advisors Limited (ATax), a leading tax and advisory firm in Mauritius. Andersen Global is an in...
Read ArticleThe African Continental Free Trade Area Agreement (AfCFTA)
Newsletter Published on 27 September 2019
The Mauritian government has ratified the Agreement establishing the African Continental Free Trade Area (AfCFTA) which would enable Mauritian operators to have preferential market access opportunities in the Western, Northern and Central African reg...
Read ArticleMauritius-China Free Trade Agreement
Newsletter Published on 27 September 2019
The Mauritian government has agreed to the signing of the Mauritius-China Free Trade Agreement (FTA) which comprises 17 Chapters encompassing: Trade in Goods, Sanitary and Phyto-sanitary Measures, Technical Barriers to Trade, Competition, Intellectua...
Read ArticleMauritius signs bilateral air services agreements with the Philippines
Newsletter Published on 27 September 2019
During recent negotiations held between the Republic of Mauritius and the Republic of the Philippines, it has been agreed that a Bilateral Air Services Agreement will be concluded with the Government of the Republic of the Philippines. A...
Read ArticleThe BOM slashes Key Repo Rate
Newsletter Published on 27 September 2019
On 9 august 2019, the Monetary Policy Committee (MPC) of the Bank of Mauritius (BOM) agreed to cut the Key Repo Rate (KRR) by 15 basis points to 3.35% p.a. amidst difficult global economic conditions. The MPC highlighted that the Mauritian ...
Read ArticleRelocation to Mauritius: Regulatory updates
Newsletter Published on 27 September 2019
The Business Facilitation (Miscellaneous Provisions) Act 2019 (the “Act”) was enacted in July 2019 with the main objective of improving the ease of doing business in Mauritius. Under the Act, several changes were made to the Economi...
Read ArticleVisit of the United Nations Office on Drugs and Crime (UNODC)
Newsletter Published on 27 September 2019
During a recent visit of a delegation of the United Nations Office on Drugs and Crime (UNODC) with the aim of exploring new avenues of cooperation with Mauritius, several agreements were signed: ...
Read ArticleFSC issues Cyber Security Risk Governance Circular Letter
Newsletter Published on 27 September 2019
The financial services industry is riding one great wave of change - that of digital transformation thanks to the inevitable introduction of disruptive technologies. But innovation and new technologies surely present new risks as hordes of cyber-...
Read ArticleMauritius – A key driver of quality investments into Africa
Newsletter Published on 27 September 2019
The FSC made a press release on 11 August 2019 that delves into the various reasons why the Mauritius International Financial Centre (IFC) is a driver of quality investments into Africa. Interestingly, out of the 10 largest recipients of investment ...
Read ArticleFSC issues communique on the Administrative Penalties Regulatory Framework
Newsletter Published on 27 September 2019
The Financial Services Commission (FSC) issued a communique in August 2019, in relation to the Administrative Penalties Regulato...
Read ArticleFSC signs the Marrakech Pledge
Newsletter Published on 27 September 2019
The effects of global warming and climate change are palpable. Responsible world leaders and policy makers are now moving beyond rhetoric and are joining forces to fight the effects of climate change. Several coalitions have been set up to foster g...
Read ArticleESAAMLG: Mauritius is a compliant jurisdiction
Newsletter Published on 27 September 2019
At the 19th Council of Ministers Meeting of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), held earlier this month in eSwatini (previously known as Swaziland), it was announced that Mauritius is now compliant with most of t...
Read ArticleBen Lim: «Un monde très incertain pour Maurice en 2021»
Newsletter Published on 20 September 2019
Ben Lim, CEO d’Intercontinental Trust, a brossé un tableau sombre des défis du “global business” : perception de Maurice, degré d’incertitude dans le monde, baisse d’importance de la taxe, substance et GIFT (Gujarat Internation...
Read ArticleKenya signs new tax treaty with Mauritius
Newsletter Published on 16 April 2019
President Uhuru Kenyatta was on a 4-day state visit to Mauritius from the 9th to 12th April in a bid to further consolidate economic and bilateral relations and discuss new avenues of cooperation between the 2 countries. During his visit...
Read ArticleMauritius: Tourist arrivals increased in 2018
Newsletter Published on 14 February 2019
Mauritius remains an attractive travel destination. Its Tourism Industry maintained a robust growth in 2018 as the island welcomed a total of 1,399,287 tourists to its sandy beaches, representing an increase of 4.3% compared to 2017. Th...
Read ArticleState visit of the President of Mozambique to Mauritius, signature of three MoUs between the two countries
Newsletter Published on 14 February 2019
The President of the Republic of Mozambique, Mr Filipe Jacinto Nyusi, paid a state visit to Mauritius from 30 January to 2 February 2019. Heading a 25-member delegation, the Mozambican President was the Chief Guest of the Government of Mauritius ...
Read Article‘Serenity’ premiere in New York
Newsletter Published on 14 February 2019
‘Serenity’, an American thriller which was entirely filmed in Mauritius, premiered in New York on 24th January 2019. It is the first major Hollywood feature to shoot in Mauritius. The USD 25 million mystery-thriller was written, pro...
Read ArticleRegulatory framework for the Custodian Services (Digital Asset) Licence
Newsletter Published on 14 February 2019
Over the past couple of years, digital assets have been a disruptive force in the financial services industry. Mauritius is positioning itself as the FinTech hub, in and for, Africa and has achieved significant progress as at date. For recall, i...
Read ArticleMauritius passport 2nd Best in Africa, according to Global Passport Index 2019
Newsletter Published on 14 February 2019
The Global Passport Index has recently been published by Henley & Partners, as part of its ‘Henley Passport Index and Global Mobility Report’. The Index, which ranks all of the world’s passports according to the number of destinations their ...
Read ArticleMauritius 1st in Africa, 51st worldwide in the KOF Globalisation Index 2018 (Revisited)
Newsletter Published on 14 February 2019
Mauritius ranks 1st in Africa and 51st out of 203 countries worldwide in the ‘KOF Globalisation Index 2018 - Revisited’ (’KOFGI 2018 – Revisited’), which was released in December 2018. In the Africa region, Mauritius leads and is follow...
Read ArticleForbes’ ‘Best Countries for Doing Business’: Mauritius ranks 1st in Africa, 39th worldwide
Newsletter Published on 14 February 2019
Forbes’ ‘Best Countries for Business 2019’ ranks Mauritius 1st in the African region and 39th worldwide. This rating reconfirms the position of Mauritius as a destination of choice for doing business and a platform of choice for investing i...
Read ArticleDemocracy Index 2018: Mauritius a “Full Democracy” and ranks 1st in Africa, 17th worldwide
Newsletter Published on 14 February 2019
The Economist Intelligence Unit’s Democracy Index 2018, released in January 2019, ranks Mauritius 1st in Africa and 17th worldwide. In this year’s report, which covers the period 2017-2018, a total of 165 independent states and tw...
Read ArticleFinancial Services (Global Business Corporations) Rules 2019
Newsletter Published on 07 February 2019
As mentioned in past issues of our newsletters relating to the changes emanating from the Finance Act 2018 and in line with the Financial Services Act, a corporation shall apply for a Global Business Licence (GBL) or an authoris...
Read ArticleMauritius: Not blacklisted by Netherlands
Newsletter Published on 08 January 2019
As part of its initiatives to combat tax avoidance, the Netherlands has drawn up a list of low-tax jurisdictions1 (the “Dutch List”) which will henceforth be subject to more stringent measures and scrutiny by the Dutch authorities. ...
Read ArticleMauritius Residence Schemes: Not harmful to the integrity of the CRS according to OECD
Newsletter Published on 28 November 2018
On 16th October 2018, the Organisation for Economic Co-operation and Development (OECD) published a list of the CRS-committed countries that offer Residence and citizenship by investment (CBI/RBI) schemes that could potentially be detrimental to the ...
Read ArticleFraser Institute’s 2018 Economic Freedom of the World Report: Mauritius ranks 1st in Africa, 8th worldwide
Newsletter Published on 22 November 2018
The 2018 Economic Freedom of the World Report recently published by the Fraser Institute ranks Mauritius 1st in Sub Saharan Africa and 8th worldwide. A total of 162 countries participated. The index measures the degree to which the policies...
Read ArticleThe 2018 Ibrahim Index of Africa Governance: Mauritius tops the list
Newsletter Published on 22 November 2018
This year again, Mauritius ranks first in Africa in the Ibrahim Index of Africa Governance, which was published by the Mo Ibrahim Foundation on 29th October 2018. A total of 54 African countries took part in the index. The Ibrahim Index of ...
Read ArticleEase of Doing Business 2019: Mauritius again 1st in Africa and joins the Top 20 worldwide
Newsletter Published on 22 November 2018
The World Bank ranks Mauritius 1st in Africa and 20th worldwide in its ‘Doing Business Report 2019’, which was released on 31st October 2018. The report assessed a total of 190 countries in the world, of which the top three countries are New Zeal...
Read ArticleOECD: Mauritius Tax regimes NOT harmful
Newsletter Published on 22 November 2018
On 15th November 2018, the Organisation for Economic Co-operation and Development (OECD) has, released its progress report on the Peer Review Results on Preferential Regimes which included 53 Jurisdictions. According to the Report, Maurit...
Read ArticleMauritius Cinema Week
Newsletter Published on 22 November 2018
The second edition of the Mauritius Cinema Week was successfully held from 18th – 21st October 2018. With the aim to promote the Mauritian Film Industry, the Mauritius Cinema Week is an annual event branded as ‘East meets West’ with t...
Read ArticleMorocco’s Banque Centrale Populaire (BCP) sets its presence in Mauritius, through the acquisition of Banque des Mascareignes
Newsletter Published on 22 November 2018
The Banque Centrale Populaire (BCP) of Morocco released a Communique on 16th October 2018 announcing the finalization of its acquisition of Banque des Mascareignes in Mauritius from Banque Populaire et Caisse D’épargne (BPCE), after receiving the ...
Read ArticleThe Monetary Policy Committee of the Bank of Mauritius keeps the Key Repo Rate unchanged
Newsletter Published on 22 November 2018
At its meeting on 9th November 2018, the Monetary Policy Committee (MPC) of the Bank of Mauritius (Bank) decided to keep the Key Repo Rate (KRR) unchanged at 3.50 per cent per annum. The decision was taken based on several considerations. Fi...
Read ArticleFirst blockchain securities exchange in Mauritius is launched by MINDEX, GMEX Group and HYBSE
Newsletter Published on 22 November 2018
On 6th November 2018, the HYBSE – a revolutionary blockchain exchange platform – was launched by a Mauritius –based joint venture between MINDEX Holdings Limited (MINDEX), GMEX Group Limited (GMEX) and Hybrid Stock Exchange Corporation Limited ...
Read ArticleStock Exchange of Mauritius launches the Africa Board
Newsletter Published on 22 November 2018
On 19th October 2018, the Stock Exchange of Mauritius (SEM) launched an Africa Board which has as purpose to showcase SEM’s listed issuers and products that have an Africa-centric orientation. According to the SEM, the objective of settin...
Read ArticleBank of Mauritius wins Capital Finance International’s Best Central Bank Governance 2018
Newsletter Published on 22 November 2018
The Bank of Mauritius (BoM) has, once again this year, been conferred the ‘Best Central Bank Governance – Indian Ocean’ award by the London- based Capital Finance International (CFI) magazine. The award, which covers the whole of th...
Read ArticleNew Rules for Authorised Companies and New Substance Requirements for Global Business Companies
Newsletter Published on 22 November 2018
As mentioned in our Newsletter on the Finance Act 2018, with the enactment of the Financial (Miscellaneous Provisions...
Read ArticleITL voted Best Fund Administrator: Investment Funds of the Year 2018
Newsletter Published on 23 October 2018
ITL is pleased to announce that it has been awarded the Best Fund Administrator: Investment Funds of the year 2018 by Africa Global Funds (AGF) magazine. This award is a recognition of ITL’s innovation and excellence in the level of ser...
Read ArticleNo passport required for Reunion Island residents visiting Mauritius between August and October 2018
Newsletter Published on 28 September 2018
In view to boost the number of visitors from Reunion Island, the Mauritius Government has put in place the ‘Maurice sans passport’ (Mauritius without passport) programme, under which Reunion Island residents can visit Mauritius without passport b...
Read ArticleMauritius and OECD sign Memorandum of Understanding
Newsletter Published on 28 September 2018
The Mauritius Government has agreed to the signature of a Memorandum of Understanding with the Organisation for Economic Co-operation and Development (OECD), with the aim to strengthen and support effective regulation, sound corporate governance and ...
Read ArticleMauritius and the Zhejiang Province of the People’s Republic of China sign MOU for tourism promotion
Newsletter Published on 28 September 2018
On 18th June 2018, Mauritius and Zhejiang Province of the People’s Republic of China signed an “MOU of Strategic Tourism Promotion Cooperation”, in view to further their mutual cooperation in the tourism sector. On this occasion, a de...
Read ArticleMauritius and China consolidate bilateral relations through the signature of six cooperation agreements
Newsletter Published on 28 September 2018
In the margins of the Forum on China-Africa Cooperation (FOCAC) held on 3rd and 4th September 2018 in Beijing, China, Mauritius and China signed six agreements to consolidate their bilateral relations. These included a Memorandum of Unde...
Read ArticleVisit of Chinese President Xi Jinping to Mauritius
Newsletter Published on 28 September 2018
The President of the People’s Republic of China, Mr Xi Jinping, paid a Friendship Visit to Mauritius from 27th-28th July 2018. President Xi was accompanied by his spouse and a delegation of 11 members. During his visit, President Xi had ...
Read ArticleLaunching of the Government’s E-Licensing Platform
Newsletter Published on 28 September 2018
The Government of Mauritius launched its E-licensing Platform, entitled “E-Licensing: Transformational initiatives to enhance the business environment”, on Thursday 10th May 2018. The project which was initially announced in the Budget 2016/2017,...
Read ArticleBank of Mauritius maintains Key Repo Rate at 3.50
Newsletter Published on 28 September 2018
At its meeting held on 20th August 2018, the Monetary Policy Committee (MPC) of the Bank of Mauritius decided to maintain the Key Repo Rate (KRR) at 3.50 per cent per annum. The Committee discussed economic and financial developments at the...
Read ArticleMauritius Financial Services Commission and France’s “Authorité des marchés financiers” sign agreement in the Fintech field
Newsletter Published on 28 September 2018
The Financial Services Commission, Mauritius (FSC) and France’s Authorité des marchés financiers (AMF), which is the independent public authority that regulates participants and products in France’s financial markets, have signed an agreement p...
Read ArticleFinancial Services Commission ‘Forward Looking’ Conference on the way forward for the Mauritius International Financial Sector
Newsletter Published on 28 September 2018
The Financial Commission (FSC) organised a high level two-day conference on 19th and 20th September 2018 at the Intercontinental Mauritius Resort in Balaclava, Mauritius. The Conference, entitled ‘Forward Looking’, focused on the latest...
Read ArticleGuidance Note on the ‘Recognition of Digital Assets as an asset-class for investment by Sophisticated and Expert Investors
Newsletter Published on 28 September 2018
On 17th September 2018, the Financial Services Commission (FSC) issued a Guidance Note on the ‘Recognition of Digital Assets as an asset-class for investment by Sophisticated and Expert Investors’. The FSC stated that it is highly sup...
Read ArticleFinance Act 2018
Newsletter Published on 28 September 2018
The Finance (Miscellaneous Provisions) Act 2018 (the “Finance Act 2018”), which contains provisions for the implementation of measures announced in the Budget Speech 2018-2019, was passed by the National Assembly on 31 July 2018. It is expected t...
Read ArticleGlobal Peace Index: Mauritius ranks 1st in Africa, 20th worldwide
Newsletter Published on 27 September 2018
Mauritius ranks 1st in Africa and 20th worldwide in terms of peaceful countries, according to the ‘Global Peace Index 2018: Measuring Peace in a Complex World’ issued by the Institute for Economics & Peace (IEP). The report compares 16...
Read ArticleWorld Happiness Report 2018: Mauritius ranks 1st in Africa and 55th worldwide
Newsletter Published on 30 April 2018
The World Happiness Report 2018 ranks Mauritius 1st in Africa and 55th worldwide. With a score of 5,981 points, Mauritius has taken the first place in Africa, moving from its second place last year and overtaking Algeria which was then in top positio...
Read ArticleMauritius updates data protection legislation to align with GDPR
Newsletter Published on 30 April 2018
Privacy is considered to be an international fundamental human right and it has become imperative for us to protect it given its vulnerable nature. The GDPR was adopted by the European Union in 2016, with the aim to better protect EU...
Read ArticleMauritius and China kick-off FTA talks
Newsletter Published on 30 April 2018
Earlier this month, Mauritius and China kicked off the first round of negotiations on the Mauritius-China Free Trade Agreement (FTA) at Balaclava, Mauritius. The first ever FTA between China and an Africa State, this agreement will n...
Read ArticleMauritius’ FSC and UK’s FCA sign MoU
Newsletter Published on 30 April 2018
The Financial Services Commission (FSC) of Mauritius and the Financial Conduct Authority (FCA) of the United Kingdom signed a Memorandum of Understanding (“MoU”) on 10th April 2018. The MoU establishes a formal framework for mutu...
Read ArticleFDI to Mauritius rises to MUR 14.2 billion in 2017
Newsletter Published on 30 April 2018
The Bank of Mauritius (BOM) has recently released the foreign direct investment (FDI) statistics for the year 2017. Inward FDI to Mauritius has surged to MUR 14.2 billion, representing an increase of 4.4% compared to the previous year. ...
Read ArticleMoody’s maintains Mauritius Baa1 credit rating
Newsletter Published on 30 April 2018
Moody’s published its annual Credit Analysis report on Mauritius on 27th March 2018. According to this report, the internationally reknown credit agency maintains Mauritius’ very good performance rating of ‘Baa1’ and qualified the Mauritius...
Read ArticleIndex of Economic Freedom: Mauritius first in the Sub-Saharan Africa region
Newsletter Published on 30 April 2018
The Heritage Foundation has released the Index of Economic Freedom for 2018. In this 24th edition of the international index, Mauritius is classified as the 21st freest economy out of 128 countries worldwide, and comes 1st among the 47 countries of t...
Read ArticleMonetary Policy Committee maintains Key Repo Rate at 3.50%
Newsletter Published on 30 April 2018
The Monetary Policy Committee (MPC) of the Bank of Mauritius decided to keep the key repo rate (KRR) unchanged at 3.5%, at its meeting held on 28th February 2018. This decision was taken after consideration of various elements. The M...
Read ArticleFDI into India: Mauritius remains the first source with USD 13.3 for the period April-December 2017
Newsletter Published on 30 April 2018
According to a recent release from the Department of Industrial Policy & Promotion (DIPP) of the Ministry of Commerce and Industry of India, Mauritius remains the first source of FDI to India for the period from April to December 2017. Mauritius thus...
Read ArticleMauritius-China Free Trade Agreement: Signature of MoU to launch negotiations
Newsletter Published on 12 February 2018
In view to launch negotiations for a Mauritius-China Free Trade Agreement, the Ministry of Foreign Affairs, Regional Integration and International Trade of Mauritius and the Ministry Commerce of the People’s Republic of China signed a Memorandum of...
Read ArticleEconomic Development Board officially operational
Newsletter Published on 12 February 2018
Further to the proclamation of the Economic Development Board Act 2017, the Economic Development Board (EDB) was officially set up on Monday 15th January 2018. The former institutions known as the Board of Investment, Enterprise Mauritiu...
Read ArticleEIU Democracy Index 2017: Mauritius ranked 16th worldwide and 1st in Africa
Newsletter Published on 12 February 2018
According to the Democracy Index released by the Economist Intelligence Unit (EIU) released on 31st January 2018, Mauritius ranks 16th out of 167 countries worldwide, and 1st in Africa. Thus, Mauritius gains two ranks this year compa...
Read ArticleFinancial Services Industry Highlights
Newsletter Published on 12 February 2018
According to the latest Performance Highlights released by the Financial Services Commission (FSC), as at 30th November 2017, there has been an increase in the number of Global Business Companies (GBCs) on register, with a total of 21,435 compared to...
Read ArticleSBM Holdings: First foreign bank to be granted a Wholly Owned Subsidiary Licence by the RBI
Newsletter Published on 12 February 2018
SBM Holdings, one of the main local banks in Mauritius, has successfully applied for and been granted a Wholly Owned Subsidiary Licence, for the operation of a subsidiary in India, by the Reserve Bank of India (RBI). It was previously operating as a...
Read ArticleRegulatory committee for Fintech and Innovation launched at the Financial Services Commission (FSC)
Newsletter Published on 12 February 2018
The Mauritius International Financial Center has gained a solid reputation as a well-regulated and transparent jurisdiction, and in a continuous effort to maintain the Mauritius International Financial Center as a leading jurisdiction worldwide, the ...
Read ArticleFDI to Mauritius increase to MUR 12.3 billion (January-September 2017)
Newsletter Published on 12 February 2018
The latest statistical release from the Bank of Mauritius (BOM) reveals a surge in inward Foreign Direct Investment (FDI) to Mauritius for the first three quarters of 2017, with FDI inflows reaching a total of MUR 12.3 billion. This amount represents...
Read ArticleBOI wins the United Nations Awards for Promoting Investment in Sustainable Development Goals
Newsletter Published on 21 December 2017
The Board of Investment (BOI) of Mauritius won the United Nations Awards for Promoting Investment in Sustainable Development Goals at a reception organised by the Investment Commission of the United Nations in Geneva, Switzerland, on 20th November 20...
Read ArticleMauritius and Russia strengthen cooperation
Newsletter Published on 21 December 2017
An official Mauritian delegation, headed by the Mauritian Minister of Foreign Affairs, visited Russia at the end of November 2017, at the invitation of Russian Minister of Foreign Affairs, Sergue? Lavrov. The objective was to boost the economic and f...
Read ArticleEconomic Development Board – Appointment of Chairperson
Newsletter Published on 21 December 2017
The Chairperson of the Economic Development Board (EDB) has been appointed in the person of Mr Joseph Charles Cartier on 20th November 2017. The EDB, an initiative that was announced in the Budget Speech 2017/2018, is a new entity wh...
Read ArticleMeasuring the Information Society Report 2017: Mauritius ranks 1st in Africa
Newsletter Published on 21 December 2017
According to the 9th edition of the Measuring the Information Society (MIS) Report published by the International Telecommunication Union and released on 15th November 2017, Mauritius ranks 1st in Africa and 72nd worldwide in the ICT development Inde...
Read ArticleEU Blacklist
Newsletter Published on 14 December 2017
A new EU list of non-cooperative jurisdictions for tax purposes (the “EU Blacklist”) was validated at the recent gathering of the Economic and Financial Affairs Council (ECOFIN) held on 5 December 2017. In a bid to combat tax malprac...
Read ArticleFDI into India: Mauritius tops the list once again
Newsletter Published on 14 December 2017
Mauritius reconfirms its position as top source of FDI to India, ahead of Singapore. Indeed, from April to September 2017, USD 11.5 billion transited through the Mauritius jurisdiction to India. According to the figures released by the Department of ...
Read ArticleGrowth of 4.4% for 2018 expected by MCCI
Newsletter Published on 14 December 2017
According to recently released forecasts of the Mauritius Chamber of Commerce and Industry (MCCI), economic perspectives for Mauritius should see an improvement next year. Indeed, the Mauritian economy is expected to see a growth of 4.4% in 2018. The...
Read ArticleBank of Mauritius maintains repo rate at 3.5%
Newsletter Published on 14 December 2017
The Monetary Policy Committee (MPC) met on 29th November 2017 and decided to maintain the repo rate at 3.5%. This rate will prevail until the Committee’s next meeting scheduled for 28th February 2018. The MPC’s principle function is...
Read ArticleParadise Papers: The FSC defends the Mauritius jurisdiction
Newsletter Published on 14 December 2017
In the context of the release of the Paradise Papers, the Financial Services Commission (FSC) published a press communique on 28th November 2017. The FSC reiterated that Mauritius has always been a transparent and collaborating jurisdiction that adhe...
Read ArticleMo Ibrahim Index 2017: Mauritius ranks First in Overall Governance in Africa
Newsletter Published on 14 December 2017
The recently released Mo Ibrahim Index 2017 of African Governance ranks Mauritius first in Africa. Mauritius achieved the highest overall score (81.4) out of a total of 53 African countries. The country is followed by Seychelles with a score of 73.4,...
Read ArticleGlobal Competitiveness Report 2017/2018: Mauritius in leading position in Sub-Saharan Africa
Newsletter Published on 09 November 2017
Mauritius tops the list as most competitive country in the Sub-Saharan Africa region for the fourth consecutive year, according to the Global Competitiveness Report 2017/2018, published by the World Economic Forum on 27th September 2017. Mauritius ra...
Read ArticleThe SEM wins the “Most Innovative African Stock Exchange for 2017”
Newsletter Published on 09 November 2017
The Stock Exchange of Mauritius (SEM) won the "Most Innovative African Stock Exchange of the year Award" at the Ai Institutional Investment Summit and Capital Markets Index Series Awards 2017 organised by the Africa investor (Ai), a leading internati...
Read ArticleParadise Papers: Mauritius Prime Minister releases official statement
Newsletter Published on 09 November 2017
The release of the Paradise Papers earlier this week took the whole media world by storm. The so-called “Paradise Papers” is the term coined by investigative journalists to refer to the leakage of seven decades' worth of information representing ...
Read ArticleState Visit of the Seychelles President to Mauritius
Newsletter Published on 09 November 2017
The President of Seychelles, H.E. Danny Antoine Rollen Faure headed a high level delegation of 23 members on an official visit to Mauritius from 26th to 28th October 2017. It is to be noted that the Presidential visit was preceded by the ...
Read ArticleDoing Business Report 2018: World Bank ranks Mauritius 25th worldwide, 1st in Africa
Newsletter Published on 09 November 2017
Mauritius has been ranked 25th out of 190 countries by the World Bank’s Doing Business Report 2018. From the last edition of the report, Mauritius’ score increased from 75.45 to 77.54, a progress of 2.09 points, which indicates improvements in t...
Read ArticleFirst Edition of the Mauritius Cinema Week successfully held
Newsletter Published on 09 November 2017
The first edition of the Mauritius Cinema Week successfully took place from 5th to 8th October 2017. The theme for this first edition was ‘East meets West’, a reference to the cultural melting pot represented by the rainbow island ...
Read ArticleMauritius and Micronesia establish diplomatic ties
Newsletter Published on 09 November 2017
The Republic of Mauritius and the Federated States of Micronesia formally established diplomatic relations on 10th October 2017, through the signature of a Joint Communiqué. As Small Island Developing States (SIDS), the two countrie...
Read ArticleBenchmarking visit by African Francophone delegation to Mauritius
Newsletter Published on 09 November 2017
Mauritius is further strengthening its ties with Francophone African countries and positioning itself as a platform for doing business with Africa. A delegation of Francophone African countries comprising re...
Read ArticleAir Mauritius welcomes new A-350 900 to its fleet
Newsletter Published on 09 November 2017
Air Mauritius welcomed the latest member of its fleet, an A-350 900 Airbus, a jewel of new technology and the first aircraft of its kind in the Indian Ocean. The aircraft has been named "Le Morne Brabant" after the island nation's iconic and histori...
Read ArticleMauritius residency schemes – the new ‘Innovator OP’ and other amendments
Newsletter Published on 09 November 2017
Mauritius is open to foreign investment and already offers attractive residency permit schemes, with the aim to bring foreign direct investment and expertise to the country. The Government of Mauritius has recently updated and brought changes to the ...
Read Article4AX – New Bourse successfully launches inaugural two listings
Newsletter Published on 04 October 2017
As mentioned in past issues of our newsletters, ITL is one of the proud promoters of 4 Africa Exchange Proprietary Limited (4AX), a groundbreaking new bourse for which an exchange licence was successfully filed and obtained from the Financial Service...
Read ArticleJapan sets up embassy in Mauritius
Newsletter Published on 20 September 2017
Japan set up an embassy in Mauritius earlier this year and the country’s first resident ambassador to Mauritius, Mr Yoshiharu Kato, has now taken office in Port Louis. Mauritius and Japan established diplomatic relations in 1969. ...
Read ArticleGlobal Financial Centres Index : Mauritius first international financial destination in Africa
Newsletter Published on 20 September 2017
The twenty-second edition of the Global Financial Centres Index (GFCI) was published on 11th September 2017. This publication ranks Mauritius as best international financial centre in Africa. Mauritius has gained two places compared to the previous e...
Read ArticleSaudi Arabian Airlines launches flights to Mauritius
Newsletter Published on 20 September 2017
Saudi Arabian Airlines (Saudia) started operating flights to Mauritius on 14th September 2017. The three-times-weekly flights operates from Riyadh to Mauritius with a brief one hour stop in Jeddah, taking 9 hours from Riyadh and 7 hours 20 minutes fr...
Read ArticleRegulatory Sandbox Licence – ITL proud to be associated with 2nd issue of RSL by the BOI
Newsletter Published on 20 September 2017
The Regulatory Sandbox Licence (RSL) is an initiative proceeding from the Mauritius 2016/2017 National Budget. The RSL regulation was promulgated under the Investment Promotion Act in October last year and the relevant guidelines were subsequently p...
Read ArticleBank of Mauritius wins ‘Best Central Bank Governance – Indian Ocean 2017’ award
Newsletter Published on 20 September 2017
The Bank of Mauritius (BoM) has been conferred ‘Best Central Bank Governance – Indian Ocean 2017’ by the London-based Capital Finance International (CFI.co) magazine. The judging panel lauded the BoM’s commitment to technolog...
Read ArticleIMF Staff completes 2017 Article IV Mission to Mauritius
Newsletter Published on 20 September 2017
An International Monetary Fund mission led by Amadou Sy, advisor for the development of the African continent, visited Mauritius from 21st July to 31st August 2017. This visit took place on the context of regular consultative meetings held with the I...
Read ArticleCyber Security – Mauritius ranks 1st in Africa and 6th worldwide
Newsletter Published on 20 September 2017
The recently released Global Security Index (GCI) 2017 ranks Mauritius 1st in Africa and 6th worldwide. These rankings reconfirm the strong positioning of Mauritius in the area of cyber security and as one of the safest places for doing business. ...
Read ArticleFDI to Mauritius progresses 22.2% for first semester 2017
Newsletter Published on 20 September 2017
The Bank of Mauritius has released the latest figures on FDI inflows into Mauritius for the first semester of 2017. FDI to the island is estimated at MUR 9.7 billion (approximately USD 278 million), representing an increase of 22.2% compared to the c...
Read ArticleUnicity – Medine’s Smart City launched
Newsletter Published on 20 September 2017
The Medine Group launched its Smart City project on 7th September. ‘Unicity’ will be developed on 823 acres of land and will comprise residential, business, leisure and educational components, developed along a Live-Work-Enjoy-Learn approach. ...
Read ArticleKey Repo Rate brought down to 3.50%
Newsletter Published on 20 September 2017
The Monetary Policy Committee (MPC) of the Bank of Mauritius brought down the Key Repo Rate from 4.00 % per annum to 3.50 % per annum, with effect from 6th September 2017. This decision was taken after weighing the risks to growth and inflation. ...
Read ArticleDirect flights to be launched from Amsterdam to Mauritius
Newsletter Published on 20 September 2017
As from 30th October 2017, KLM Royal Dutch Airlines will operate a direct flight from Amsterdam to Mauritius in cooperation with Air Mauritius. Through this partnership, KLM and Air Mauritius will offer their customers with a year-rou...
Read ArticleFirst Mauritius International Film Festival to be held in October 2017
Newsletter Published on 20 September 2017
The Board of Investment in collaboration with Air Mauritius, the Mauritius Tourism Promotion Authority and the Mauritius Film Development Corporation, will organise the very first edition of the Mauritius International Film Festival next month. ...
Read ArticleUpcoming Hollywood blockbuster to be shot in Mauritius
Newsletter Published on 18 May 2017
As previously communicated to our readers in a past edition of our newsletter, the Government of Mauritius, through its investment promotion agency – the Board of Investment (BOI), is actively promoting the island as an attractive filming destinati...
Read ArticleFSB grants exchange licence to 4AX
Newsletter Published on 02 September 2016
In our March 2015 newsletter, we informed our valued readers of ITL’s groundbreaking initiative to file an application with the Financial Services Board (FSB) alongside a consortium of other stakeholders including Bravura, Tri...
Read ArticleProtocol amending the India-Mauritius Double Taxation Avoidance Agreement (DTAA)
Newsletter Published on 19 August 2016
In a previous edition of our newsletter, we informed our readers that a protocol amending the India-Mauritius DTAA was signed by both Contracting States on 10th May 2016 (the “Protocol”). The Protocol has...
Read ArticleFATCA Reporting deadline extended to 31 August 2016
Newsletter Published on 29 July 2016
As per the Model-1 Intergovernmental Agreement signed between Mauritius and the US, all Mauritius Financial Institutions shall report certain information on identified US Reportable Accounts to the Mauritian Competent Authority, i.e. the Maur...
Read ArticleNRI 2016: Mauritius maintains top spot in Africa
Newsletter Published on 29 July 2016
The World Economic Forum recently released the Global Information Technology Report 2016 (the “Report”) which measures the drivers and the progress of the information and communication technologies across 139 countries through the Network...
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