My Specialties
My Expertise Is at Your Service
Immigration Services
Let Haute Ltd be the solution for your Immigration Services needs. By combining a fundamental understanding of the big picture with the complexity of daily interactions and experiences,
Corporate Services
Accounting and Payroll Services
Accounting Services
Bookkeeping and accounting are integral components of any business. Bookkeeping services will ensure that reliable and accurate books are kept for your company, enabling you to make informed decisions promptly in order to minimise risks and maximise profits. An effective accounting system can have a significant impact on a company’s productivity as well as its profitability.
Companies incorporated in onshore jurisdictions will generally have to prepare and file accounts. Often these accounts must also be audited. In many IFCs there is a requirement under local company legislation that directors should prepare accounts and present them to the shareholders at the Annual General Meeting. However, where there is no tax to be assessed on the profits of the company, there is rarely a requirement to present the accounts to any government authority or file them on the public register.
We can either offer in-house bookkeeping and accounting services or can recommend a range of accountancy firms that we work with closely. By outsourcing these functions, you can reduce internal operational costs and devote more time and resources to value-added and revenue-generating tasks. A high level of accuracy will eliminate delays and administrative errors, as well potential fines and penalties
Payroll
Companies, wherever they are based, must pay the salaries of their employees in a timely manner. They must also ensure their income tax and social security compliance in terms of withholding, calculations and reporting. Every country’s employment and tax system is different.
Any organisation entering a foreign market faces a number of employment and tax related challenges. Outsourcing your payroll can free up valuable time and resources, while also ensuring that all obligations and responsibilities are met in a timely and efficient manner in every jurisdiction of operation.
We can provide a comprehensive but flexible outsourced payroll service that can be tailored to a client’s specific requirements. The first stage will involve registering the employer and its employees with the local tax office and the government employment department, recording employment notices and contracts, obtaining bank details of the employer and employee, issuing tax codes and, finally, inserting all that information our payroll system.
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Thereafter, on a monthly basis, payroll services will facilitate:
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Computing employees’ withholdings and net pay
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Ad hoc additional payments or deductions
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Producing and issuing employee pay slips
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Direct deposit pay into employee bank accounts
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Expenses and benefits processing and compliance
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Arranging documentation for new or departing employees
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Preparing revenues payable and remittance submissions to the tax office.
Year-end procedures will also encompass the preparation of tax returns for both the employer and employees and compiling payroll accounting records for the employer.
In addition, through the extended , we are able to provide private medical insurance and occupational pension plans that can be integrated into the payroll services system.
Irrespective of whether you are a small organisation taking your first steps in international expansion or an existing multinational business, Our payroll expertise and experience across many jurisdictions can ensure that you maximise the efficiency of your operations and remain in compliance with all local legislation and regulation.
Interested in Accounting and Payroll Services?
Contact Us
Interested in Accounting Services
GBC Companies
As defined under the Financial Services Act of Mauritius, a GBC is a company engaged in qualified global business and which is carried on from within Mauritius with persons all of whom are resident outside Mauritius and where business is conducted in a currency other than the Mauritian rupee.
It is the recommended structure for individuals, body corporate, trust or partnership including limited liability partnership or a société for investment and other high profile business. A GBC may be locally incorporated or may be registered as a branch of a foreign company. Public companies, those engaged in banking, insurance and fund management, and companies wishing to benefit from the provisions of Double Taxation Agreements (DTAs), can only be incorporated as GBC companies.
Confidentiality is strictly observed in terms of the Financial Services Act of Mauritius. No person or body is authorized to disclose information or present documentation to any court, tribunal, committee of inquiry or other authority in Mauritius unless ordered to do so by a Court of Law on application by the Director of Public Prosecution for inquiry into the trafficking of narcotics and dangerous drugs, arms trafficking or money laundering as defined under existing legislation. Upon application to the FSC, full disclosure is required on the beneficial owners of the company. However, such information is not available for public inspection.
Qualified Global Business
As per the Financial Services Act of Mauritius, a GBC can engage in the following Qualified Global Business Activities:
Aircraft Financing and Leasing
Asset Management
Consultancy Services
Financial Services
Fund Management
Information and Communication Technology Services
Insurance
Licensing and Franchising
Logistics and/or Marketing
Operational Headquarters
Pension Funds
Shipping and Ship Management
Trading
Such other qualified global business activity as approved by the FSC.
Capital, Shares & Shareholders
Capital
There is no minimum stated capital.
Capital can be denominated in any currency except Mauritian Rupee.
GBC companies are subject to no restrictions as to the distribution of their assets. They may purchase their own shares subject to the Solvency Test. The share may either be cancelled or held as treasury shares.
Shares & Shareholders
Registered shares, preference shares, redeemable shares and shares with or without voting rights.
Par value shares if any may be stated in more than one currency.
Minimum of 1 shareholder and same rule applies if the company is a wholly owned subsidiary.
Shareholders may be individual or corporate entity.
Shares may be subscribed by nominees but beneficial owners should be disclosed.
Annual meeting must be held every year not later than 15 months after previous meeting, and not later than 6 months after balance sheet date. Meetings need not be held in Mauritius.
Taxation & Tax Situation
Taxation
GBC companies are resident in Mauritius for tax purposes.
There are no capital gains tax, and no withholding tax on payment of dividends, interests or royalties.
No stamp duties or capital taxes.
No inheritance tax.
GBC companies are liable to taxes at the rate of 15%.
Tax Situation
Provided that the GBC owns at least 5% of an underlying company, credit will be available on foreign tax paid on the income out of which the dividend was paid ('underlying foreign tax credit').
When a company not resident in Mauritius, which pays a dividend, has itself received a dividend from another company not resident in Mauritius (a 'secondary dividend') of which it owns either directly or indirectly at least 5% of the share capital, such dividend will be allowable as foreign tax credit and an underlying foreign tax credit will also be available.
Mauritius has no thin capitalization rules.
Interest and royalty payments paid by GBC companies are tax exempt.
In exceptional circumstances, foreign tax credits can apply on certain types of income subject to specific conditions being met.
Tax Residency & Double Taxation Agreements
Tax Residency
A Global Business Category 1 Company wishing to benefit from the tax relief under the Double Taxation Agreements, requires a Tax Residence Certificate (TRC), which is issued by the Commissioner of Income Tax in Mauritius. To be tax resident, the company must demonstrate that the 'effective management and control' is in Mauritius. To satisfy this test the applicant company is required to:
Have at least two resident directors in Mauritius.
Chair and initiate Board Meetings from within Mauritius.
Maintain an account with a local bank through which funds must flow.
Maintain its registered office and all statutory records in Mauritius .
Have a local qualified company secretary.
Have a local auditor.
Minimum annual expenditure in proportion to its activity.
Other substance requirements that may apply on a case to case basis depending on business activity.
Investors should ensure that the above relevant conditions are also satisfied in the country of investment to guarantee eligibility of DTA benefits.
Alliance provides professional resident directors who will initiate and chair board meetings. Alliance opens and can provide signatories to the Mauritian bank account.
Double Taxation Agreements
Mauritius has an extensive network of Double Taxation Agreements (' DTA') which include: Belgium, Botswana, China, Croatia, Cyprus, France, Germany, India, Indonesia, Italy, Kuwait, Luxembourg, Madagascar, Malaysia, Mozambique, Namibia, Nepal, Oman, Pakistan, Rwanda, Senegal, Singapore, Sri Lanka, South Africa, Swaziland, Sweden, Thailand, United Kingdom, Zimbabwe and Uganda. The network provides for interesting tax planning opportunities thereby enhancing the image of the jurisdiction as a tax planning centre.
The attractive concessions provided by those treaties include:
Elimination of double taxation through tax credit equivalent to Mauritian tax.
Reduction in withholding taxes on dividends, interest and royalties.
Exemption from capital gains.
Possible exemption on interest payments on loans.
Requirements, Incorporation, Migration & Fees
Requirements
A GBC requires a minimum of one Director who must be a natural person. For treaty access, a minimum of two local Directors are required and board meetings must be held in Mauritius.
Must at all times have a registered office in Mauritius. Accounting records and statutory documents including register of members, debenture holders, and officers must be kept there. It is recommended that a Register of Charges and Register of Interests be kept.
Must at all times have a qualified company secretary (corporate or individual) who is resident in Mauritius .
Only a licensed and qualified Management Company such as Alliance Financial Services Limited can provide registered office and act as secretary.
A GBC needs not make annual returns, but must file audited profit & loss account and balance sheet annually with the Financial Services Commission, within 6 months of the financial year-end. The accounts must be prepared in accordance with internationally accepted accounting standards. Tax returns must also be filed with Income Tax Authorities
Mobility
A foreign company may transfer its seat to Mauritius and continue as a GBC.
A GBC may transfer its statutory seat to another jurisdiction.
A GBC may be converted into an Authorised Company.
Incorporation Process
Following the name reservation with the Registrar of Companies, application documents including a business plan are submitted to the Financial Services Commission. Upon meeting all licensing conditions, the Commission issues a letter of intent stating the conditions under which the licence will be issued. Once the approval in-principle has been received from the FSC, the application for incorporation is submitted to the Registrar of Companies. The incorporation and licensing is generally completed within 15 days, provided all details are submitted at the time of application.
Alliance Financial Services Limited uses nominee subscribers and professional directors to facilitate speedy incorporation. Changes can be made afterwards. Original signed Consent to Act as Directors forms will have to be filed in due course with the Registrar of Companies.
Documentation
Desired company name. A fee is payable to the Registrar of Companies for name reservation.
Details of all principals (name and address, nationality, country of residence, business track record, photocopies of first four pages of passport, etc.). In case of Corporate owner, profile and audited accounts of the company is required.
Detailed business plan with 3 year financial forecasts and amounts of investments to be made.
Bank reference letter.
Duly filled in and signed Statutory Application Form.
Fees
Annual Fees to Financial Services Commission: US$ 1,950.
Annual Fees to Registrar of Companies: approx: US$ 350.
Application Processing Fee to Financial Services Commission: US$ 750.
Constitution
The Constitution has replaced the Memorandum and Articles of Association. There is no requirement for a company to have a Constitution. Where a company does not have a Constitution, the company shall be governed by the provisions as set out in the Companies Act 2001 or the shareholders or members may adopt one through special resolution.