Global Business Company and Authorized Company
What is the difference between a Global Business Company (GBC) and an Authorized Company?
Global Business Companies (GBC)
- Must have at least 2 resident directors
- Be administered by a Management Company
- Keep and maintain its principal bank account in Mauritius
- Can be used for providing financial services: Fund Management, Insurance Broker, Investment dealer…
Authorized Company
- Must have at least 1 Director not necessarily resident
- At all times have a registered Agent
- Can appoint Corporate Director
- Conduct business outside Mauritius
- Can carry out activities such as Investment Holding, International trade, Management and Consultancy
Who can apply for incorporation of GBC/Authorised Companies?
Management Company/ Registered Agent which are licensed by the FSC
List of licensees are available on the website of FSC
What are the applicable fees for incorporation of GBC/ Auth. Companies?
- GBC Rs 3200
- Authorised USD 100
Who can apply for extract of file and current standing?
- Management Company/ Registered Agent
- Director
- Shareholder
- Representative of that Company
- A person qualified to act as Secretary under Section 165 of the Companies Act 2001
Which documents are required for an application for removal of company under S309 (1) (d)?
- Application form – F23
- Shareholder’s resolution
- Letter of no charges
- Clearance from MRA/ FSC for GBCs and only FSC for Authorised Companies
- Original copies of Govt Gazette + 2 daily newspapers
- Copy of Notice published
RESTORATION
Who can apply for the restoration of companies pursuant to sec 319 CA 2001?
- Shareholder
- Director
- Creditor
- Court
- Liquidator
- Registrar – as per section 319(2) of the Companies Act 2001
Grounds for restoration
- Company was still carrying on business
- The company was a party to legal proceedings
- The company was in receivership, or liquidation – as per sec 319(1) CA 2001
Procedures to be followed
➢Approval by ROC
➢ Letter issued to Applicant regarding conditions for restoration
➢ Restoration Fees of MUR 5000,
➢ Outstanding fees payable to ROC
➢ Declaration of Beneficial Owner/s
➢ Publication in Government Gazette