Depending on where you are in the world, the process of registering a business can be marred with all kinds of legal, political, and financial red tape. The challenges come in varying degrees, so there’s a wide scope of solutions and alternatives that you can consider. One of the options to consider is forming an offshore company in Mauritius. “Why this island in particular?”, you may ask. The answer is simple. The island of Mauritius is among the most stable economies in the world, with an uncomplicated approach to registering a company that may end up saving you time, money and paperwork.
Defining An Offshore Company
Mauritius’ friendly economic environment allows entrepreneurs from across the world to form two different types of companies, namely: a GBC1 Company (also referred to as a Resident Company) or a GBC2 (also referred to as an Offshore Company). An offshore company is a private organisation that operates strictly outside Mauritius but is allowed to be listed as a locally incorporated company or a subsidiary of a foreign company. The advantages of forming one include:
#1: The Company Doesn’t Have To Pay Stamp Duty Or Transfer Shares
Offshore business owners aren’t required to pay taxes for the documents that need to be issued for the business to exist. This saves on admin and costs, so you can spend valuable resources towards running and growing your business.
#2: There’s No Need To Partner Up With Anyone Else
In some countries, a board of directors with multiple members and shareholders is a prerequisite. This isn’t the case in Mauritius, so you can still thrive as a lone entrepreneur.
#3: Offshore Companies Don’t Have To Submit Financial Or Accounting Reports
A lot of time, money and human capital goes into monitoring your business’s accounting, so you’ll be glad to know that periodical reports aren’t a necessity in Mauritius. You can do it for yourself in your own time, but there’s no added pressure from government authorities.
#4: Any Money An Offshore Company Makes Doesn’t Have To Go Back To Mauritius
Repatriation of profits and income is a common condition for conducting offshore business in many countries. However, Mauritius allows offshore businesses to earn their keep, which will sustain the growth of the company.
#5: There’s Always The Opportunity To Change From Offshore To Residential
You’re not stuck as an offshore company owner if your circumstances change. You can always submit new paperwork to localise your business should you wish to make things permanent.
Mauritius offshore company formation is a simple process, with prospects for prosperity. All you have to do is play your cards right. Move To Mauritius can show you how.