A Mauritian Limited Partnership is a combination of features found in a company and a partnership

A Mauritian Limited Partnership is a combination of features found in a company and a partnership. Owners are allowed to operate as a partnership with a separate legal personality. Thus, it offers a flexible vehicle that is ideal to conduct investment and funding activities, but it is also suitable for professionals such as lawyers, accountants and consultants. Limited Partnerships (LPs) are allowed to carry out any lawful business, in accordance to its partnership agreement, in Mauritius or from within Mauritius with individuals both in and outside the island. They are governed by the Limited Partnership Act 2011 and the Financial Services Act and Securities Act.

Partners of Limited Partnerships

A Limited Partnership must have at least one General Partner (GP) and one Limited Partner (LP). A person can be both a GP and LP at the same time. A partner may not be removed unless the ability to do so is stipulated in the partnership agreement.

General Partner

  • The GP can be an individual, body corporate or unincorporated, société or partnership or any other body of person in Mauritius or elsewhere,
  • He is the agent of the Limited Partnership and his acts are binding upon the Limited Partnership, and
  • He invests capital, manages the business and is liable for obligations and debts for partnership debts without any limitation.

Limited Partner

  • The LP can be an individual, body corporate or unincorporated, société or partnership or any other body of person in Mauritius or elsewhere,
  • The LP benefits from limitation of its liability to the capital contributed or agreed to be contributed to the LP,
  • The LP has no right to execute documents or take any decisions whatsoever in the partnership,
  • He cannot participate in the conduct and management of the partnership and
  • He not personally liable for the debts of the partnership beyond his capital contribution.

What are the key features of Limited Partnerships?

  • LPs can choose to have a legal personality or not at any time,
  • There are no restrictions on the number of partners,
  • The name of the LP must end with the words “Limited Partnership”, or “L.P.”, or “LP”,
  • The LP must have a registered agent in Mauritius, unless one General Partner is a resident of the country,
  • General Partners are equally responsible and liable for the debts and obligations of the LP but the limited partners are only liable to the extent of their agreed contributions, unless they participate in the management of the LP,
  • LPs must have a relationship agreement,
  • LPs must maintain a register of partners, account of the capital contributions and returns, accounting records, minutes of meeting of the GPs and copies of all statutory documents,
  • Financial statements must be filed with the registrar unless the LP holds a global business licence, in which case, the financial statements are filed with the FSC.
  • LPs must have a registered office in Mauritius. However, this may not be its principal place of business.
Strategically located on the trade route, Mauritius offers several advantages to anyone wishing to conduct business on the island.

Strategically located on the trade route between Europe, Asia and Africa, Mauritius offers several advantages to anyone wishing to conduct business on the island. It is the perfect jurisdiction for anyone looking for a global manufacturing hub. The benefits it offers are explored below.

Business environment

Mauritius is very famous for its ease of doing business. In fact, it is ranked at number one in Africa for almost every business indicator. Setting up a company and an offshore bank account in the country is very simple even for a foreigner. Along the same lines, it is not complicated to relocate to the island, buy property and get occupation permits. As expected from any jurisdiction, there are some documentary requirements and checks. Nonetheless, foreigners can easily go through the processes with the help of a company like ours. With our assistance, they can easily buy commercial property in Mauritius and rent factories and warehouses for low prices.

Modern infrastructure

The island has a Freeport and modern infrastructure with excellent global logistics by both air and sea. Additionally, if you plan on establishing a business in Mauritius, you will not have difficulties conducting your day-to-day operations. The local population is well-educated, cost-effective and bilingual, speaking English and French. Besides that, Madagascar is often used for outsourcing certain activities, especially for textiles and this considerably reduces the costs.

Preferential access to the market

Mauritius has in place several regional Agreements, such as SADC, COMESA and IOC but also AGOA and the Interim EPA with the US and the EU respectively. Each one of these will offer foreign investors different trade and access benefits, depending on where they are exporting to. Additionally, the country has several bilateral treaties with other jurisdictions in Africa that caters for more tax, business and protection advantages. Thanks to these agreements, Mauritius is a very popular choice for trading and holding companies.

Fiscal incentives

At the time of writing, companies can benefit from the following fiscal incentives

  • 8-year income tax-holiday for companies engaged in the manufacturing of pharmaceutical products, medical devices and high-tech products,
  • 3 per cent corporate tax on profits derived from exports of goods,
  • No import duties on equipment and raw material,
  • No export duties in Mauritius,
  • VAT on raw materials is payable at customs clearance but reimbursable on exports
  • Investment Tax Credit of 5% – 15% per year (i.e. 15% – 45% over three years) for investment in high-tech manufacturing equipment (the credit amount will depend on the nature of the activity),
  • Accelerated depreciation of 50% on machinery, equipment and construction of industrial premises dedicated to manufacturing activities,
  • Companies can claim a double deduction in respect of qualifying expenditure on R&D until income year 2021-2022,
  • No Registration Duty and Land Transfer Tax on any transfer of a building or land earmarked for the construction of a building, to be utilised for setup of qualifying high-tech manufacturing activities, and

Accelerated depreciation of 50 percent per annum on capital expenditure incurred on R&D.

The 2019-2020 Budget proposed several fiscal measures that aims at consolidating the existing tax framework and at aligning the island’s tax regime with international standards.

The 2019-2020 Budget proposed several fiscal measures that aims at consolidating the existing tax framework and at aligning the island’s tax regime with international standards. The government announced further investment in the public infrastructure and in incentives related to innovation-driven activities. These will establish Mauritius as a fintech hub. Additionally new legislations will be introduced in terms of controlled foreign companies.

Tax Holidays for companies

  • Innovation Box Regime: Companies that have been recently set up and that are engaged in innovation-driven activities will be able to benefit from a tax holiday of 8 years on income derived from their intellectual property assets developed in Mauritius. However, they must meet pre-defined requirements that are in line with BEPS regulations. Additionally, as from the 10th of June 2019, even existing companies could benefit from the eight-year tax holiday.
  • E-commerce platforms: Companies that aim to operate an e-commerce platform and that will be implemented before the 30th of June 2025 will be granted a 5 year tax holiday.
  • Peer-to-Peer landing: In 2018, the FSC published the Peer-to-Peer Lending Rules. Following this, it has been announced that Peer-to-Peer lending operators will benefit from a 5 year tax holiday on the condition that they become operational before the 31st of December 2020.

These measures are in line with the government’s vision to position Mauritius as a hub for innovation-driven activities.

Taxation of banks

  • Income derived by banks from Global Business Companies will not be subject to the levy under the Value Added Tax Act 1998.
  • Banking institutions with an operating income more than 1.2 billion MUR per year will attract a levy of 4.5% on their operating income. This levy will not be categorised as a deductible expense under corporate tax and no foreign tax credit will be allowed.
  • Banks which offer a minimum of 5% of their new banking facilities to SMEs in Mauritius, to companies operating in agricultural, manufacturing or production of renewable energy in Mauritius or to operators in African or Asian countries will be able to enjoy a tax rate of 5% on its chargeable income in excess of its chargeable income in the base year (2017/2018).

Carry Forward of Unrelieved Tax losses

The government further announced that a company will not be able to carry forward its accumulated losses if there is a change in the ownership of the company. However, in the case of a manufacturing company, the latter will be allowed to do so if the appropriate Minister deems that it is in the public interest to do so. This is subject to the fulfilment of conditions related to safeguard of employment. It should be noted that the above recommendations were announced by the current Prime Minister, Minister of Home Affairs, External Communications and National Development Unit and Minister of Finance and Economic Development as part of the 2019/2010 tax changes. However, the Budget proposals may be significantly amended before enactment. As such, do not hesitate to consult us if you wish to determine a specific investment strategy related to specific circumstances.

Now, a non-resident of Mauritius wishing to establish a business in Mauritius must apply for a Global Business Licence (GBL).

Following the Mauritius Budget Speech 2018-2019, the Finance act was amended to abolish Global Business Category 1 and 2 (GBC1, GBC2) Licences. This is part of reforms undertaken by the government to increase the country’s competiveness and transparency as a global financial centre. Now, a non-resident of Mauritius wishing to establish a business in Mauritius must apply for a Global Business Licence.

What is a Global Business Licence?

The Global Business Licence (GBL) regime has been implemented to replace GBC1. It states that a resident corporation held or controlled by a person who is not a citizen of Mauritius and that is running or proposing to run one principally outside Mauritius will need to apply for a GBL. However, its issuance will depend on certain requirements. These are:

  • The company’s core income-generating activities must be carried out in or from Mauritius,
  • It is required to employ, directly or indirectly, a reasonable number of qualified persons to conduct its core activities,
  • It should have a minimum level of expenditure which is proportionate to its level of activities,
  • It must be managed and controlled in Mauritius and
  • It should be administered by a management company.

Factors considered by the FSC

In line with provisions which have already been established, when determining management and control of a company, the Financial Services Commission (FSC) will take into consideration the following points:

  • Will the GBL have a minimum of two directors who are residents of Mauritius and have enough capability to exercise independence of mind and judgement,
  • Will the GBL maintain its principal bank account in Mauritius at all times,
  • Will the GBL prepare statutory financial statements and will cause said financial statements to be audited in Mauritius and
  • Will the GBL provide for meetings of directors to include at least two directors from Mauritius?

The assessments carried out by the FSC will depend on case-to-case basis and they will take into account the specific circumstances of each GBL.

Changes brought to the new tax regime

The introduction of GBL brought several changes to the country’s tax regime. Previously a GBC 1 was subject to a presumption that the amount of foreign tax charged on its foreign source income was equal to 80% of the Mauritius tax chargeable with respect to that income (‘Deemed Foreign Tax Credit’). This Deemed Foreign Tax Credit has now been abolished. In its place, a partial exemption regime has been implemented. The latter advocates that an income tax exemption of 80% on the following categories of income is applicable on the condition that the enhanced substance requirements are met.

  • Foreign source dividend provided that it has not been allowed as a deduction in the source country,
  • Foreign source interest income,
  • Profit attributable to a permanent establishment which a resident company has in a foreign country,
  • Income derived by a collective investment scheme (CIS), closed end fund, CIS manager, CIS administrator, investment adviser or asset manager and
  • Income derived by companies engaged in ship and aircraft leasing.

Nonetheless, GBL companies can still claim credit for actual foreign tax incurred.

If you are looking for a management company that will help you set up a GBL in Mauritius, do not hesitate to get in touch with us.

If you are fintech startup or any corporate entity, discover about all the benefits of joining the Mauritius Africa Fintech Hub!

80% of the population of the African continent is unbanked. As such there is the need for fintech firms to offer financial services that are different from traditional ones. Nowadays, with new technologies, as long as customers have a mobile phone, they can access life-changing and empowering solutions that fintech can bring. Some example of these are mobile money, mobile authentication, financial chat bots, social lending or even bitcoin wallets. These technologies are changing the way people do business and since clients are open to change, they have a large following and a good acceptance rate. As such, this sector seems a good one to invest in and Mauritius is the perfect location to establish a firm.

Why is Mauritius a good base to establish a company?

The island is a prime location to be a fintech hub for the African continent and not just because of its geographical position. Mauritius is an International Financial Centre. This means that it has a number of services that support the flow of traditional international financial systems already in place.

Additionally, the government has implemented various Investment Promotion and Protection Agreements (IPPAs) with several African countries. As such, it can act as a buffer between businesses, African governments and legislators, which is a huge benefit for start-ups looking to enter a new market or companies wishing to collaborate with businesses in the African continent. Lastly, corporate governance is an important part of the business culture in Mauritius. Thus, companies can benefit from a stable environment.

Why not join a fintech hub?

If you are fintech startup or any corporate entity, you must be aware that the environment is constantly changing and there are some risks while developing in-house technologies in response to market needs. The overall consensus agree that firms will have the most opportunity to grow if there are partnerships between more established FSPs or corporates and smaller companies with the ability to innovate. This would help all businesses grow and traditional firms can broaden their offerings with fresh products. As such, it would be a good idea to join the Mauritius Africa Fintech Hub.

Benefits of joining the Mauritius Africa Fintech Hub

  • The hub has an existing network of Mauritian, pan-African and international entrepreneurs, fintech businesses, tech experts, corporate entities and FSPs that are open to collaboration and innovation. As such, it will allow you to find the perfect partnership,
  • All businesses that are members of the Mauritius Africa Fintech Hub are vetted by the team and introductions can be arranged if collaboration is desired,
  • Members of the Hub, particularly corporate and FSP members, will be invited to roundtable events with regulatory and governing bodies to help inform future Fintech regulation and processes,
  • The Mauritius Africa Fintech Hub can assist with setting up innovation labs to help fast-track the development of specific products or solutions if required and viable, and
  • Currently there are a number of successful fintech businesses running their operations for the African market from Mauritius, providing a pool of knowledge to draw from in terms of collaboration and innovation.
While we are currently in an economic crisis, what options are there for offshore companies and bank account formations? What procedures to follow?

While we are currently in an economic crisis, it is very early to predict how the Covid-19 pandemic will impact the banking, financial and offshore sectors in Mauritius. At the time of writing, the virus has been contained in the island and but Mauritius is still in complete lockdown, which will have economic ramifications. So what options are there for offshore companies and bank account formations? What are the procedures that must be followed?

Foreign businesses can set up several companies remotely

Entrepreneurs, business owners and firms can establish bank accounts, companies and various types of Funds without even stepping foot in the island. These include Mauritian Business Registration of Global Business Companies (GBCs), Authorised Companies (ACs) and Mauritian domestic companies.

More complicated financial licences, such as a Payment Intermediary Services Licence (a PSP in other jurisdictions), an Investment Dealer Licence, an Investment Adviser Licence and a CIS Licence can be obtained as well.

Additionally, one can even invest in a property in Mauritius, set up an investment vehicle for buying the property and apply for a residence permit without coming the island. However, it is advised to liaise with a reliable firm, such as ours, to do so.

What type of financial services can they benefit from?

If you are living abroad and you want to establish a company in Mauritius, expand your business or you plan on moving to the island, it is not too early to look into the financial aspect of things. The following are some of the bank accounts that can be opened here:

  • Personal offshore bank accounts for people living abroad. These can be set up in a few weeks as long as compliance tests are passed.
  • Mauritian offshore bank accounts can be established for both Mauritian companies and foreign companies. These are very popular for firms incorporated in other locations such as Hong Kong, Dubai and Cyprus because of the strength and reliability of the banking sector in the country. It is worth noting that a company that is tax resident in Mauritius must have its primary bank account in the island.

What currency can be used to open a bank account?

To open a Mauritian offshore bank account, one of the main world currencies can be leveraged, therefore catering to several firms and individuals. As such, accounts can be created in EUR, GBP, USD and MUR. The internal exchange rate is very competitive with most of the banks and having multiple bank accounts is a significant benefit.

Several institutions are licensed by the Bank of Mauritius, so there are various options to choose from. Some examples are ABC, Absa, AfrAsia, Bank One, HSBC, Maubank, SBM, MCB or Warwyck, among others. There are niche banks and international names which differ in size, capability and offerings.

To know which institution would best suit your needs, how to open a bank account, the procedures to follow or how to set up a company, you can get in touch with our agents. They are trained professionals who are available to give you financial advice and guidance.

In the 2019 budget, the government introduced the Controlled Foreign Company (CFC) Rules. What are these?

In the 2019 budget, the government introduced several measures to enhance the island’s financial sector. For instance, it aims to improve the relevant infrastructure, encourage the use of new technologies and improve the ease of doing business. Subsequently, the Finance Act 2019 has been passed to implement these measures. The latter introduced the Controlled Foreign Company (CFC) Rules. What are these?

What is a CFC?

A Controlled Foreign Company (CFC) is defined as a company which

  1. Is not a resident in Mauritius,
  2. Has more than 50% of its participation rights held either directly or indirectly by a resident company or together with its associated enterprises and
  3. Includes a permanent establishment of the resident company.

An associated enterprise is an individual or entity in which the company directly or indirectly at least 25% of the participation rights/capital ownership or is entitled to receive at least 25% of its profits. It also includes an individual or entity which holds directly or indirectly a participation in terms of voting rights or capital ownership in the Resident Company of 25% or more.

CFC Rules

CFC rules, introduced in Mauritius’s income tax legislation, are designed to prevent a parent company from artificially moving its profits abroad to a controlled subsidiary in a country with a more favourable or lower tax rate. These regulations are regarded by the EU as subsidiary in a country with a more favourable or lower tax rate and they address the deficiencies identified by the EU Code of Conduct Group with regards to the partial exemption system under the specific criterion of substance.

Application of CFC Rules

If a Mauritius tax-resident company is conducting business through a CFC and the Mauritius Revenue Authority considers that the latter’s non-distributed income is the result of non-genuine agreement that has been established for the purpose of obtaining a tax benefit, then that income will be deemed as forming part of the chargeable income of the Resident Company.

Arrangements are considered as non-genuine if the CFC would not own the assets or would not have taken the risks which generate part or all of its income if it were not controlled by a company where the significant people functions are instrumental in generating the controlled company’s income.

When will CFC not be applied?

In many cases, companies will be exempt from the CFC rules. This will occur when

  1. The CFC’s accounting profits do not exceed more than EUR 750 000, and non-trading income is not more than EUR 75 000. Additionally, it should have effective cybersecurity programs on licensed fintech service providers and a dedicated in-house cybersecurity personnel,
  2. The CFC’s accounting profits amount to less than 10 per cent of its operating costs for the tax period. The operating costs must not include the cost of goods sold outside the country where the entity is resident for tax purposes and payments to associated enterprises, and when
  3. The tax rate in the country of residence of the CFC is more than 50 per cent of the tax rate in Mauritius.

As advanced in a previous article, a Collective Investment Scheme (CIS) is a scheme that is constituted as a company, a trust, or any other legal entity whose sole purpose is the collective investment of funds in a portfolio of securities, or other financial assets, real property or non-financial assets as may be approved by the Commission. It includes closed-end funds whose shares or units are listed on a securities exchange.

What are Closed-end Funds (CEFs)?

A Closed-end Fund is an arrangement or scheme, other than an Open-end Fund, that is constituted in a legal form that may be approved by the FSC. Its object is to invest in funds, collected from subscribers during an offering by way of a prospectus or from sophisticated investors, in a portfolio of securities or other financial or non-financial assets or real property. These must be approved by the FSC.

As opposed to an Open-end Fund, an investor in the CEF cannot redeem its investments at any time. As such, these schemes are more suited to Private Equity/Venture Capital Funds than Hedge Funds. Nonetheless, a CEF can appoint a CIS Manager or operate as a self-managed fund where the board of directors are subject to the provisions relating to a CIS Manager.

Categories of CEFs

There are several categories of Close-end Funds. These are:

  • Reporting issuer: It is defined by the Securities Act as an issuer:
  • who has, by way of a prospectus, made an offer of securities,
  • who has made a takeover offer by way of an exchange of securities or similar procedure,
  • whose securities are listed on a securities exchange in Mauritius or
  • who has no less than 100 shareholders.

CEFs which are reporting issuers are primarily those which are listed, which make a public offering and has at least 100 shareholders.

  • Offering under Part V: According to Part V of the Securities Act, no person shall make an offer to the public, or distribute to the public, or make an application for an offer of securities unless a prospectus in a prescribed form has been provisionally registered with the FSC.

A person makes an offer to the public when he/she invites another person to:

  • purchase or subscribe to securities never issued;
  • enter into an agreement for the underwriting of securities;
  • purchase securities underwritten;
  • distribute securities previously offered without a prospectus or
  • purchase securities, other than securities acquired on a securities exchange in normal market operations, previously issued and held by a person, including an issuer, and where the offer or distribution is made from Mauritius or received in Mauritius.

If an issuer complies with the FSC Rules relating to the issue, he/she may be exempt from the prospectus requirement.

Thus, CEFs under Part V are similar to reporting issuers in that they both make public rather than private offerings.

  • CEF – Professional CIS

CEFs which are not listed or do not make public offerings or do not have at least 100 shareholders are classified as PCIS in terms of Regulation 75(2) and have to follow the requirements applicable to PCIS.

Mauritius is recognised as a leading jurisdiction for setting up and administering funds by both fund managers and investors.

Mauritius is recognized as a leading jurisdiction for setting up and administering funds by both fund managers and investors. It is commonly used for structuring international investments under the Collective Investment Scheme.

What is the Collective Investment Scheme?

Also known as Open-end Funds, but more commonly CIS, the Collective Investment Scheme is a company, a trust or a legal entity that has been prescribed or approved by the Commission under the 2005 Securities Act. Its sole aim is the collective investment of funds in a portfolio of securities, or other financial assets, real property or non-financial assets. Its operation is based on the principle of diversification of risk and it has the obligation, on request of the holder of the securities, to redeem them at their net assets value, less commission or fees. This also involves cases in which the participants do not have day to day control over the management of the property.

Categories of CIS

There are several categories of Open-end Funds / CIS. These are:

  • Global Scheme: There is generally no prescribed minimum subscription amount from investors. However, in order to begin its operations, a Global Scheme must receive a minimum amount of subscription of at least 5% of the total amount to be raised from investors, that is, the amount prescribed under its offer document. If during the first 6 months of the offering period, the minimum amount of subscriptions mentioned under the offer document has not been reached, funds which have already been received have to be returned to investors alongside with interest earned. However, the CIS can request for a justified extension of six more months from the FSC. Moreover, the Securities Legislation have prescribed investment restrictions and practices for Global Schemes.  
  • Expert Funds: If a CIS is authorised as an expert fund, its services shall be made available to expert investors only. These are investors making an initial investment, for their own account, of not less than USD100 000 or is a sophisticated investor, such as a statutory authority established by enactment, banks, a CIS manager, an investment adviser or a dealer. Only those certified by the Board or the CIS manager as expert investors will be accepted in the fund. Its CIS manager does not necessarily have to be a resident of Mauritius. However, he/she must hold a CIS manager licence issued by the FSC Mauritius or a licence issued by a regulatory body in a jurisdiction having comparable regulation as Mauritius for investor protection.
  • Professional CIS: either offers its shares to sophisticated investors only or as private placements. It is exempt from complying with various provisions of the Securities Regulations on the condition that the shares acquired by its participants are not resold to the public. Participants are advised of this restriction at the moment of registration. A PCIS benefits from the exemptions on the condition that the regulator is notified 15 days before making an offering and filing a copy of the relevant offer document and on conclusion of the offering, the regulator must be informed of the total amount and value of shares sold.
  • Specialised CIS: invests in real estate, derivatives, commodities or any other product authorised by the FSC. An application must be made to the FSC for the approval of this scheme. The FSC will determine which of the regulations would apply and whether specific rules must be issued before making a decision.
In a report released in October, Mauritius is at the 13th position in the ‘Ease of doing business’ ranking out of the 190 countries analysed!

Mauritius has been an ideal location for entrepreneurs, companies and individuals to establish themselves in or to build a business for quite some time and there are several reasons behind this. For instance, the island is located at a strategic position which allows you to engage in useful cross-border investments. Moreover, firms can benefit from various regulations that have been put in place specifically to facilitate operations and businesses can benefit from workers who are extremely fluent in both English and French. Let us not forget the sunny beaches, picturesque landscape and a living environment which is safe and equipped with the latest technologies. 

Mauritius: its positions among the rankings

The factors mentioned above, and several others, have led to Mauritius moving up in the World Bank’s Ease of Doing Business rankings. In a report released in October, the island was ranked at the 13th position out of the 190 countries analysed; it was previously at 20. This is Mauritius’s best performance ever since it was first included in the report in 2006. The latest study demonstrates how rapidly Mauritius is improving its infrastructure and other features to facilitate things for companies. Just as recently as 2016, it was ranked 49th.

Additionally, it topped African countries, ahead of Rwanda (38th) and Kenya (56th) in Sub-Saharan Africa. Among the ‘upper middle-income’ category, it was second.

Reforms that have led to this growth

The latest report of the World Bank demonstrates that Mauritius is set to improving itself as a jurisdiction conducive to doing business and to modernising the economy through structural reforms. Some of these are automation of public services, reviewing of licensing procedures and regulatory amendments through the Business Facilitation (Miscellaneous Provisions) Act 2017 and the Business Facilitation (Miscellaneous Provisions) Act 2019 in line with international best practices. Moreover, the time needed to register property has dropped more than 12-fold while that for business incorporation has also dropped nearly 10 times

The World Bank’s index measures the ‘ease of doing business’ against 10 different indicators including paying taxes, starting a business, enforcing contracts, registering property and accessing credit. The institution recognised improvements in seven of these indicators for Mauritius. It is now among the top 10 countries in the ‘Paying Taxes’ and ‘Dealing with Construction Permits’ indicators.

What does this imply on a global scale?

Mauritius’s ease of doing business score has now grown to 81.5. This reduces the gap with the benchmark which is New Zealand with a score of 86.8.

Besides Mauritius, both Togo and Nigeria’s performance enhanced. They were named in the top ten ‘most improved’ countries. Nations in the Middle East and North African regions were among the strongest in ushering in business-friendly reforms. However, they remain among the most difficult locations for gaining access to credit.

According to the World Bank, “An entrepreneur’s experience differs wildly in high and low-performing economies. For example, it takes nearly six times as long, on average, to start a business in the economies ranked in the bottom 50 than in economies ranked in the top 20. Transferring property in the 20 top economies requires less than two weeks, compared to three months in the bottom 50”. As such, Mauritius is a strategic location to establish a business.