Mauritius: The gateway to African expansion

mauritiusBy GIFT NDOLWANE
JOHANNESBURG, (CAJ News) – MAURITIUS, the Indian Ocean island nation, has been hailed as an investment destination of choice owing to its enviable democratic history, sound infrastructure and an efficient banking system.
According to analysts, the country is thus a highly attractive jurisdiction in which to do business and certainly one that facilitates expansion into Africa, and likewise, from Africa into the rest of the world.Aptly, some investors are even calling it “Africa’s Singapore.”
Coreen van der Merwe, Managing Director of Sovereign Trust in South Africa, said Mauritius’ democratic history is underpinned by the rule of law formulated by an elected legislature, and administered by an independent judiciary with the ultimate appellant body being the Queen’s Privy Council.This is a unique asset and provides essential comfort to investors and economic operators, the expert said.”Further, the commercial, civil and criminal law codes are well developed and are, by and large, based on and inspired from the French code and English law,” van der Merwe said.
“Mauritius also has a strong banking regulator in the Bank of Mauritius (the island’s Reserve Bank equivalent). Its payment system operates on a real-time basis through the Mauritius Automated Clearing and Settlement System (MACSS) and is linked to SWIFT, an efficient and reliable international payment system infrastructure.
Van der Merwe added there was no foreign exchange control, meaning that funds generated by a Mauritian company could be easily withdrawn without prior approval from the Bank of Mauritius.
An offshore company (GBC 2 company) is not a tax resident of Mauritius.The upshot is that Mauritius does not levy tax on the worldwide profits of GBC 2 companies.The analysts pointed out detractors said that the exchange of information between Mauritius and South Africa was so high it would negate any benefit accruing from setting up a Mauritian entity.Mauritius is one of the just-on 100 signatory states that have committed to the automatic exchange of information (AEOI), but, says van der Merwe,with the advent of Common Reporting Standards, there are not many countries that will not begin reporting accounts held to other signatory
states.
Sovereign Trust SA is an internationally-affiliated advisor and provider of structuring international companies, trusts and pension plans.
– CAJ News

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Posted by on Jul 7 2017. Filed under Africa & World, Featured, Investing, National, News, Regional. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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