Several schemes & certain financial services are getting the privilege to uphold the Mauritian economy. Diversification strategy regarding wealth management reveals new doors towards financial growth. The concept of Overseas Family License came into light in its 2016 – 2017 budget speech.
Mauritius boasts political stability with a sound legislative framework on fiscal actions. Prevailing a conducive environment helps with the circulation of house family offices. Data protection, exchange control & a qualified workforce makes it one preferable option.
As of March 2020, Mauritian Financial Services Commission (FSC) issued Financial Services (Family Office) Rules 2020. It includes the licensing of both Overseas Family Office (Multiple) & Overseas Family Office (Single). The regulations allow family businesses in Mauritius to carry on.
The rules define the family as one group of interconnected individuals. Of course, there comes an enlisted schedule of family relations. It takes spouse, parents, in-laws, step-relations, descendants, grandparents/grandchildren, etc. into account.
There are two particular ways for any family office to go. Either the company is exclusively controlled by family members/entities or fully owned by family clients. Minimum unimpaired capital requirement is $35000 for a single office (SFO) & $70000 for multiple offices (MFO).
Family Office License Services
A holder of the license has to provide certain services to family clients. The extent of services is reasonably wide, implying the primary ones right below.
- Managing investment, assets & estate/estates.
- Managing any concierge & philanthropic services.
- Managing accounts with financial reporting.
- Offering training programs to incoming generations.
- Managing risk assessment & disaster recovery action.
- Providing administrative support for all services.
- International & domestic legislation compliance.
- Advising on tax planning, wealth management.
Movemomaurtius.mu has experienced professionals for each managerial sector. And the services are pretty excellent in favor of the business. It serves –
- Full setting & licensing support.
- Drafting all the constitutive docs.
- Preparing financial statements.
- Bookkeeping the reported docs.
- Proper legislative compliance.
- Complete administration service.
All the experts of Movemomaurtius.mu come ready to discuss the terms, conditions & other essentials.
Related Tag: Mauritius Offshore Company Formation