20 years of service to the Mauritian Global Business industry
Since its formation, the ATMC has contributed a lot to the development and promotion of the Mauritius global business sector. The ATMC has teamed up with the then Financial Services Promotion Authority and the Board of Investment to actively promote Mauritius as a financial services centre of high business probity.
It has also worked closely with the Financial Services Commission, the Mauritius Revenue Authority and contributed to develop, maintain and upgrade the standing of Mauritius as a jurisdiction of international repute. The ATMC is also committed towards the development of new products and services to enhance the competiveness and attractiveness of Mauritius as an international financial services centre.
The Global business sector in Mauritius has grown significantly over the years since its inception in 1988 to become one of the main pillars of the economy. The sector employs young graduates and professionals and generates considerable business to stakeholders in the industry. The emergence and steady growth of the Global Business sector can be attributed to the necessary fiscal incentives and flexible regulatory and legislative framework in place, the establishment of a stock exchange in 1989 and an expanding network of double tax avoidance treaties and Investment Protection Agreements. link These provided the ideal environment to attract international investors and businesses to set up Global Business vehicles in Mauritius.
The growth of the sector over the years is quite notable, the number of management companies has grown from around 20 in the 1990’s to 140 in 2010 and Global Business entities has increased from around 4000 to over 30,000 over the past two decades. Over the years, the nature of Global Business activities offered in Mauritius, other than investment holding has become more complex and sophisticated and encompasses products such as global collective investment schemes, close-ended funds, expert funds, specialised collective investment schemes, CIS management, investment dealers and others.
The success of Mauritius as an international financial centre (IFC) is to a large extent due to the steadily increasing levels of expertise, professionalism, high end service offerings of service providers in the industry. This has been achieved through experience, investment in latest technology, constant training, and employment of qualified professionals.
The growth of the global business sector can also be linked to the fact that Mauritius has long been, since the past twenty years now, the traditional preferred route for investment in India. This is mainly because of the favourable tax treaty Mauritius has with India.
Mauritius has also developed good treaty network with African countries and to date has several well established tax treaties with 13 African countries and 5 treaties await signature. As such and given its geographical strategic location, Mauritius can rightly position itself as the gateway for investment in India and Africa.
Mauritius as an IFC provides a robust regulatory framework sensibly balanced with a business friendly environment. Mauritius fully supports international initiatives (FATF, Basel, IOSCO, and IAIS) in combating money laundering and terrorist financing. Mauritius recent classification on the White List of the OECD enhances its position as a reputable jurisdiction.
Mauritius is ranked as a top performer in the ‘World Bank Ease of Doing Business Report (June 2010), 1st in Africa and 20 among the 183 countries surveyed. This positions Mauritius as a highly attractive country for investment and business, especially in the region.
Mauritius is a reference for political stability, offers confidentiality, cost competiveness, wide range of services, certainty in tax and regulatory laws and compliance with world class anti money laundering laws while maintaining a flexible approach to doing business.
Mauritius offers modern physical and telecommunication infrastructures, highly educated work force, and an efficient domestic banking system coupled with an extensive network of 36 tax treaties and the availability of local legal and accounting expertise.