- August 24, 2023
- Posted by: Aurélie
- Category: Mauritius
Mauritius’ innovation and technology sector has evolved considerably over the past decade, gaining in attractivity with foreign investors. This island nation is indeed known for its huge potential beyond its heavenly beaches and vibrant cultural scene. The government has introduced a series of incentives for investors seeking new ventures in a dynamic business landscape. Let’s delve into the benefits of investing in Mauritius’s innovation and technology sector.
Mauritius can boast a dynamic and developing startup system with opportunities in various fields. In fact, pushing for economic diversification, the country is keen on attracting foreign investors who can contribute to the growth of the technology sector. This includes opportunities and incentives for foreign entrepreneurs who are in the early stages of their innovative business ventures.
Investment opportunities in the Mauritian innovation and technology sector
Below are some of the most promising fields for innovation and technological investment in Mauritius.
Fintech and Digital banking
This is one of the most flourishing areas in Mauritius’ innovation and technology sector due to the growing need for efficient financial services, such as digital payment solutions, mobile banking apps, blockchain-based services, and peer-to-peer lending platforms, among others.
E-commerce and Online marketplaces
Thanks to the booming e-commerce sector, there is a growing demand for professionals who can provide efficient solutions for marketplaces, connecting local and global businesses and customers while contributing to economic growth and job creation.
Cybersecurity and Data privacy
Cybersecurity and data privacy have become a top priority in Mauritius as anywhere else in the world. Foreign investors with know-how in this sector can explore opportunities available in terms of providing solutions for data protection and threat detection while ensuring privacy compliance.
To ensure sustainable development, Mauritius has embarked on an ambitious project consisting of the creation of Smart Cities. The current Smart Cities are Ebene Cybercity, which is an integrated ICT and business services centre hosting branches of companies from around the world, and Côte d’Or Smart City, which is in development. These Smart Cities aim to offer foreign investors a modern and efficient infrastructure in a conducive business environment, along with high-speed connectivity. Other similar projects to be considered by foreign investors are the Beau Plan Smart City, Moka Smart City, Mon Choisy Smart City, etc., where further development is expected.
E-Government and Digital services
Digitization has become a top priority for the Mauritian government over the past years, which means that opportunities exist for foreign investors in areas like e-government services, digital identity solutions, as well as urban planning, energy efficiency, waste reduction and traffic management, among others. Foreign investors can thus actively contribute to making Mauritius a sustainable nation.
Other prospective sectors
Foreign investors can also tap into opportunities in various other sectors, including health tech and telemedicine, which have been facing a growing demand since the COVID-19 pandemic, agricultural technology, renewable energy, etc. Besides, the past few years have witnessed an increasing demand for online learning and remote education solutions, too.
Incentives available for foreign investors in the technology and innovation sector
To attract foreign investors in the innovation and technology sectors, Mauritius has implemented a series of incentives in the past few years. For instance, they can benefit from low corporate tax rates by starting their business venture in Mauritius. Depending on their activity, eligible tech companies can also benefit from tax holidays. Moreover, some technology-related equipment and components might be exempt from customs duties and taxes. Let’s not forget that Mauritius has signed Double Taxation Avoidance Agreements (DTAs) with numerous countries, which means that foreign investors can avoid double taxation on their income and dividends.
By investing in Mauritius, foreign entrepreneurs can also benefit from access to a broader regional market and free trade agreements, such as the African Continental Free Trade Area (AfCFTA), which means more development and growth opportunities. Another benefit of investing in Mauritius’ technology and innovation sector is access to government grants and venture capital funding, depending on the nature of the investment project. Since Mauritius is laying emphasis on Research and Development (R&D), incentives such as tax credits are also available.
Overall, Mauritius has a conducive business environment with streamlined business registration and licensing procedures, making it easier for foreign investors to start their new ventures. Still, it’s important to get expert advice and help for a smooth start. Blue Azurite is here to help you with the most up-to-date information regarding business opportunities and requirements to be met when investing in Mauritius and the know-how of its team of experts. Get in touch with us now!