In the 2018/2019 Budget, the Prime Minister and Minister of Finance announced several reforms to support and strengthen the Global Business Sector in Mauritius and to ensure that developments in the country are in accordance to international standards.

One of the decisions announced is that the FSC will stop issuing Category 2 Global Business licences (GBC2). This was implemented in January 2019. To replace this, the Financial Services Act was amended to introduce a new section 71A. It is titled ‘Authorised Companies’. This is a new type of company whose business activities and places of Management are outside of Mauritius. This implies that the company’s (other than a bank) majority of shares, voting rights or its the legal or beneficial interests are shared or controlled by someone who is not a citizen of Mauritius. This type of company, henceforth known as an Authorised one, is considered as a foreign company for tax purposes. Such a company will therefore not be subject to tax on foreign derived income. However, it does not have access to the Double Tax Avoidance Agreements networks of Mauritius.

If foreign investors wish to set up an Authorised company in Mauritius, they should apply for an authorisation from the FSC via a Management company. The latter is commissioned to act as a permanently-registered agent that is responsible for the administration of the company. What is its duty towards the non-Mauritian investor? The Management company is responsible for

  • filing of any return or document required under relevant Acts in Mauritius,
  • receiving and forwarding of any communication from and to the Financial Services Commission, the Mauritius Revenue Authority or the Registrar,
  • undertaking measures on combating money laundering and the financing of terrorism and related offences as required by guidelines issued by the Commission,
  • keeping of records, including board minutes and resolutions, transaction records and other such documents that the FSC may require,
  • and dealing with other services that the FSC might need.

Additionally, besides from having a registered agent to deal with the above-mentioned operations, the holder of an Authorised Company License must file a financial summary with the Commission once every year. It should also file the Company Tax Return with the Mauritius Revenue Authority every year (Authorised companies are tax-exempt in Mauritius but annual return has to be filed with the Tax Authority).  

What are the activities carried out by an Authorised Company?

The FSC has already delivered more than 859 Authorised Company Licences. What are these firms appropriate for? If you implement an Authorised Company in Mauritius, you will be able to carry out operations such as

  • investment holding,
  • property holding,
  • international trade,
  • management and consultancy,
  • IT services,
  • logistics,
  • marketing,
  • shipping and ship management or
  • One-off transaction using a Special Purpose Vehicle.

Nonetheless, the Financial Services Act state that Authorised Companies cannot perform financial services like banking; they cannot hold, manage or deal with a Collective Scheme (or Fund) as a professional administrator; they cannot provide registered office facilities, nominee, directorship or secretarial services and they are not allowed to provide trusteeship solutions. Moreover, they cannot conduct operations that may harm Mauritius’ reputation as an International Financial Centre and that are in contradiction to public interest.

Should you be interested in knowing more about Authorised Companies, feel free to contact us.

A previous article advanced that foreigners can apply for three types of permits if they wish to live and work in Mauritius. These are the Ocuppation Permit (OP), the Residence Permit (RP) and the Permanent Residence Permit. As discussed, the OP is a combined work and resident permit that allows a non-Mauritian investor, professional or self-employed to work and live in the country.

Retired-Non Citizen residence permit

A Residence Permit may be granted to a retired non-citizen who is more than 50 years old. This would allow him to reside in Mauritius and is applicable for a period of 3 years. It is renewable if established criteria are met. The applicant must be willing to make an initial transfer of at least USD 2,500 to his local bank account in Mauritius. After that, he should transfer at least USD 2,500 monthly or send instalments that amount to at least USD 30,000 per year. The spouse and children of a Residence Permit holder may also apply for residence permits that do not exceed the duration of that of the RP holder. This is also applicable for step children and lawfully adopted children.

A non-resident holding a residential property under the Property Development Scheme, the Integrated Resort Scheme or the Real Estate Scheme is also eligible to apply for a Residence Permit on the condition that the acquisition value is at least 500,000 USD.

The Permanent Residence Permit

The Permanent Residence Permit allows its holder, a non-citizen, to live and work in Mauritius for a period of 10 years. The following categories are eligible for this permit.

  • An investor having a valid Occupation Permit for three years preceding the date of application for the Permanent Residence permit and whose company has an aggregate turnover exceeding a cumulative amount of Rs45 million for a consecutive period of 3 years.
  • A self-employed with an Occupation Permit for three years immediately preceding the date of application for Permanent Residence Permit. His income should be more than Rs3 million every year during each of these three years.
  • A professional holding an Occupation or a Work Permit for three years. He must have drawn a basic salary of at least Rs150,000 per month during the entire three year period.
  • A retired non-citizen having a Residence Permit for three years. He must have transferred at least 40,000 USD or its equivalent in convertible currency annually during each of these three years to Mauritius.
  • A non-citizen who has invested a minimum of 500,000 USD in a qualifying activity in Mauritius. These sectors are :  Agro-based industry, Audio-visual, Cinema and Communication, Banking, Construction, Education, Environment-friendly and green energy products, Financial Services, Fisheries and Marine Resources, Freeport, Information Technology, Infrastructure, Insurance, Leisure, Manufacturing, Marina development, Tourism and Warehousing, Initial Public Offerings.
  • He must be registered as an investor with the Board of Investment.
  • A non-citizen who is a member of the Mauritian Diaspora. He must be registered with the Board of Investment under the Mauritian Diaspora scheme.
  • A non-citizen who acquires property priced at a minimum of USD 500 000.

When applying for an Occupation Permit or a Residence Permit as Retired Non-citizen, the applicant should be physically present in Mauritius


 [JD1]Permanent residence is also offered to people who buy property priced at a minimum of USD 500 000

 [Z2]I’m sorry but I cannot find this info neither in the PDF nor on the govt’s website. I added it but was unable to elaborate. Apologies.

The government and the Economic Development Board of Mauritius are working to position Mauritius as an International Financial Centre of excellence in the African continent. The 2019-2020 budget which was recently presented included several measures that will be taken to establish the country as a Fintech hub.

It was revealed that the Financial Services Commission will use technologies such as Robotics and Artificial Intelligence to develop innovative financial advisory services. These systems will help companies to study the businesses they are investing in and they will provide reliable recommendations based on an analysis of the market. Moreover, a new licence will be introduced for fintech Service providers and the government will encourage self-regulation for financial activities in consultation with the United Nations Office on Drugs and Crime. The introduction of e-signatures and e-licences on a pilot basis and the ability to create crowd-funding campaigns as licensable activities will also be part of the new innovations implemented.

For Mauritius to be recognised as a fintech hub of choice, a new taxation system for banks and regulatory guidelines are also required. This is because, currently, developments in the financial and technology sector are focussed on payment activities and this market is still dominated by traditional institutions. While there is a lot of interest among entrepreneurs to invest in new technologies, the fintech industry is still emerging. It is not completely part of the country’s financial regime and start-ups have not begun to displace conventional institutions yet. It is expected that the establishment of these organisations in the financial market will lead to two possible outcomes:

  1. In the long run, Mauritius’s financial regime will become more conversant with the fintech market and the products it offers. This will lead to new technologies and companies displacing traditional payment service providers.
  1. Traditional financial institutions, such as banks, will adopt new technologies to implement innovative solutions. It is very likely that they will partner with fintech companies for co-development of facilities and for testing among consumers.

Banks have already undertaken the necessary measures to keep up with the rapid changes taking place in the country so that they form part of the fintech sector and start-ups can get their activities running smoothly. For instance, The Bank of Mauritius has already issued specific guidelines. The first one is related to Internet Banking. This sets out a regulatory framework that all institutions should adopt if they offer Internet Banking services in Mauritius. This recommendation presents the strict minimum standards that firms must observe and it also lists out the requirements and processes involved in obtaining approval from the Bank of Mauritius to offer these services. It is to be noted that fintech firms are free to adopt standards and practices that are more stringent if they suit their operations and circumstances. Other changes are related to mobile banking and on the infrastructure behind this solution. They have been devised to promote a sound and reliable financial system in Mauritius. These are effective regulatory measures that will help Mauritius become the fintech hub of the African continent.

An important part of establishing a business in Mauritius is being aware of its economic policies and regulations with regards to its fiscal regime. The country’s current system is defined by transparency and fairness. This article will explore this in more depth.

The non-bank economic sector and the global business industry in Mauritius is regulated by the Financial Services Commission (FSC). Established in 2001, the FSC promotes the ‘development, fairness, efficiency and transparency of financial institutions and capital markets’ in the country. Together with the Financial Services Promotion Agency (FSPA), this institution works towards making Mauritius an International Financial Centre of excellence.  Both firms advance that Mauritius has always practised a policy transparency and exchange of information, which ensures than financial firms operating in the country are trustworthy and reliable. In 2015, it signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.

Besides that, the Mauritius International Financial Centre (IFC) is a guarantee of the country being an ideal environment for corporates to operate their business in Mauritius. They can trust in the fiscal regime because of a hybrid legal and conducive regulatory framework. The Mauritius IFC has forged a reputation as a safe, trusted and competitive organisation. Mauritius is now the preferred jurisdiction for FDI flows to the continent since it can serve both Francophone and Anglophone Africa. It has been at the forefront of driving quality investments into Africa. it is at the first position in the continent and at the 20th one worldwide for ease of doing business by the World Bank.

The fiscal regime in Mauritius is defined by a transparent mechanism which provides for a level playing field. Moreover, all businesses and individuals can benefit from a competitive tax bracket which is valued at a single rate of 15 percent. This regime has been successful across various sectors. It has generated substantive economic activities throughout Mauritius. The country also boasts 21 Double Tax Avoidance Agreements. These will give foreign investors the opportunity to be exempt from double taxation of the same income in two countries. They can also benefit from the Investment Promotion and Protection Agreement (IPPA). This is a bilateral agreement that protects and promotes foreign investments through legally binding rights and obligations. It guarantees free repatriation of investment capital and returns, arrangement for settlement of disputes between investors and the contracting states and it guarantees against expropriation.

Moreover, as advanced by the FSC and FSPA, Mauritius is an active member of the Eastern and Southern Africa Anti Money Laundering Group. This institution aims to reduce money laundering in Eastern and Southern Africa by implementing recommendations of the Financial Action Task Force. This demonstrates that Mauritius has always been striving to fight against international tax evasion and other illegal practices.

The above-mentioned developments demonstrate that Mauritius is a reliable country whose economic activities are regulated by both local and international institutions. This ensures the soundness and stability of its financial system.  It can be seen as the ideal hub for investing in growing regional markets.

The fintech industry is an evolving one in Mauritius. Those wishing to set up such a business in the country or to operate financial activities must be aware of the forms of legal entity and regulations involved.

Potential forms of charter

There are three types of companies that can be established in Mauritius. They are

  1. Domestic companies: these may operate in Mauritius subject to any licence that may be required for licenced activities.
  2. Firms holding a Global Business Licence of Category 1. These are tax-resident companies but can conduct only certain activities in the country.
  3. Authorised companies- a new category of company whose business activities and Place of Effective Management are outside of Mauritius.

There are key differences in form regarding these institutions. Domestic companies are liable to income tax at the rate of 15%. Those with a Global Business Licence of Category 1 can benefit from the Double Taxation Agreement that Mauritius has signed with various countries. On the other hand, authorised companies do not have access to the Double Tax Avoidance Agreements network of Mauritius.

Regulatory institutions

The Bank of Mauritius generally offers and oversees services related to banking institutions and the Financial Services Commission is responsible for non-banking activities. Currently, there are very few fintech companies in the country and to date, regulators have not been conducting examination of these firms. However, if this industry expands and becomes fully functional with several operators, it is expected that regulators will conduct regular examinations. Along the same lines, no laws or regulations have been issued with regards to capital and liquidity requirements, affiliate transaction limitations or other regulatory requirements for fintech companies but considering developments, this might soon happen.

Non-regulatory legal infrastructure

Fintech companies in Mauritius will have to access real-time gross settlement systems through regulated financial institutions. There are no special insolvency regimes that apply differently to fintech companies as compared to regulated financial institutions.

Foreign companies wishing to operate a business in Mauritius are concerned with the The Electronic Transactions Act. This stipulate that signatures will not be denied legal effect, validity or enforceability because it is in electronic form.
An “electronic signature” is an electronic sound, symbol or process attached to or logically associated with an electronic record. It is executed or adopted by a person with the intent to sign the electronic record. The Electronic Transactions Act ensures the safety of the process. An e-signature will be verified as a secure one if, at the time it was made, it was

  • Unique to the person using it,
  • Capable of identifying the said person,
  • Created using a means that in solely under the control of the person using it and
  • Linked to the related electronic record in such a way that it will not be invalidated in case the record has been changed.

The fintech, financial-technology, industry is still in its emerging stages in Mauritius. However, the government and other relevant bodies are taking several steps so that Mauritius becomes a jurisdiction which caters for the development and success of innovations in the financial sector. This involves the implementation of several regulatory measures. It is expected that this sector will be further monitored as interest in fintech increases.

Currently, there are no directives that will hinder fintech innovation in Mauritius. However, banking activities are regulated by the Bank of Mauritius and insurance activities are managed by the Financial Services Commission. Thus, all companies engaging in such activities will need to be licensed by either one of these two organisations. Besides that, the government has another regulatory regime’s approach to consumers and small business customers. This is the ‘Companies Act’ and it lists out specific provisions for “small private companies” in Mauritius. These firms are those who do not hold a Category 1 Global Business Licence and whose turnover of their last preceding accounting period is less than 50 million rupees or such other amount as may be prescribed.

A small company has less strict filing and regulatory requirements. The discrepancies are as follows.

  1. It does not need to appoint an auditor,
  2. It does not need to file financial statements. Instead it has to file a simpler financial summary with the Registrar of Companies,
  3. It is not required to prepare and present its accounts according to the International Accounting Standards,
  4. It does not have to file an annual return and
  5. It is not required to appoint a company secretary.

On the other hand, foreign fintech companies have to apply for a Regulatory Sandbox Licence and they should appoint a custodian for their digital assets if they wish to operate in Mauritius. These will facilitate the setting up of fintech companies and enable their development. The Regulatory Sandbox Licence gives investors the possibility to conduct a business activity for which there is neither a legal framework nor adequate provisions under existing legislation in Mauritius. It is issued by the Board of Investment to eligible companies who wish to invest in innovative projects according to an agreed set of terms and conditions for a defined period. Additionally, foreign companies should apply for the Digital Assets Custody Service Licence. This framework has been introduced in March 2019 to offer a regulated landscape for the custody of digital assets.

To further enhance the development of the fintech sector and to help companies thrive, regulators and government authorities reached to experts in this domain. Following this, the British High Commission, in partnership with the Financial Services Promotion Agency (FSPA) and the Board of Investment (BOI), hosted a conference on fintech in Mauritius. It explored the development of the country as a FinTech hub for the Sub-Saharan Africa region. The various panel discussions and a group of experts shared their view on how the British fintech model can be applied in Mauritius to implement innovative solutions in the financial services sector and drive economic growth. As such, it is expected that relevant bodies will introduce more regulations in the future.

The government and the Economic Development Board of Mauritius are working to position Mauritius as an International Financial Centre of excellence in the African continent. The 2019-2020 budget which was recently presented included several measures that will be taken to establish the country as a Fintech hub.

It was revealed that the Financial Services Commission will use technologies such as Robotics and Artificial Intelligence to develop innovative financial advisory services. These systems will help companies to study the businesses they are investing in and they will provide reliable recommendations based on an analysis of the market. Moreover, a new licence will be introduced for fintech Service providers and the government will encourage self-regulation for financial activities in consultation with the United Nations Office on Drugs and Crime. The introduction of e-signatures and e-licences on a pilot basis and the ability to create crowd-funding campaigns as licensable activities will also be part of the new innovations implemented.

For Mauritius to be recognised as a fintech hub of choice, a new taxation system for banks and regulatory guidelines are also required. This is because, currently, developments in the financial and technology sectors are focussed on payment activities and this market is still dominated by traditional institutions. While there is a lot of interest among entrepreneurs to invest in new technologies, the fintech industry is still emerging. It is not completely part of the country’s financial regime and start-ups have not begun to displace conventional institutions yet. It is expected that the establishment of these organisations in the financial market will lead to two possible outcomes:

  • In the long run, Mauritius’s financial regime will become more conversant with the fintech market and the products it offers. This will lead to new technologies and companies displacing traditional payment service providers.
  • Traditional financial institutions, such as banks, will adopt new technologies to implement innovative solutions. It is very likely that they will partner with fintech companies for co-development of facilities and for testing among consumers.

Banks have already undertaken the necessary measures to keep up with the rapid changes taking place in the country so that they form part of the fintech sector and start-ups can get their activities running smoothly. For instance, The Bank of Mauritius has already issued specific guidelines. The first one is related to Internet Banking. This sets out a regulatory framework that all institutions should adopt if they offer Internet Banking services in Mauritius. This recommendation presents the strict minimum standards that firms must observe and it also lists out the requirements and processes involved in obtaining approval from the Bank of Mauritius to offer these services. It is to be noted that fintech firms are free to adopt standards and practices that are more stringent if they suit their operations and circumstances. Other changes are related to mobile banking and on the infrastructure behind this solution. They have been devised to promote a sound and reliable financial system in Mauritius. These are effective regulatory measures that will help Mauritius become the fintech hub of the African continent.

The 2019-2020 budget of Mauritius was recently disclosed and the government announced several changes with regards to various areas of its tax regime. International tax reforms, value-added tax changes, new corporate tax relief measures and several other schemes were disclosed. The budget has revealed several measures that will be implemented to promote the development of the country’s financial sector.

Company tax measures

One of the announcement is the proposal for a generous patent box regime for start-ups. A newly set-up company that deals with activities driven by innovations and new technologies will benefit from a tax holiday for eight years on revenues gained from its intellectual property assets developed in Mauritius. Existing firms will also able to enjoy this eight-year income tax holiday on income derived from the same kind of assets since the 10th of June 2019. Moreover, companies introducing an e-commerce platform in Mauritius before the 30th of June 2025 will benefit from a five-year tax holiday.

The budget has also increased the limit for expensing of capital goods. Currently, capital costs of plants and machinery may be completely expensed if the amount does not exceed MUR 30,000 in that year. That threshold will be raised to MUR 60,000 per annum.

Peer-to-peer lending operators will also benefit from a five-year tax holiday on the condition that their company starts its operations before the 31st of December 2020. An individual receiving interest income from peer-to-peer lending will be subject to income tax at the rate of three percent. Any bad debt or fees payable to the peer-to-peer operator will be deductible from taxable interest income. However, no tax deduction at source will be applicable to peer-to-peer interest income. Lastly, a four-year tax holiday will be applied to income made from bunkering of low Sulphur Heavy Fuel Oil.

The government also proposes amendments with regards to carry forward losses in the 2019-2020 budget. Currently, the accumulated losses of a company lapse if its owner changes. However, in the case of a manufacturing company, the carry forward of its losses might be authorised if the relevant ministry is assured that it is in the public interest to do so. The decision will also be based on compliance with conditions related to the safeguard of employment. This derogation will be applied to any firm facing financial difficulties and that is taken over by another shareholder provided that the conditions set out by the ministry are met. This amendment will be operational as from the first of July 2019.

Moreover, the budget proposes amends to enhance Mauritius’s fiscal regime. Several measures to foster the development of new international financial services niches and to alter the tax rules for banks have been discussed. One of the projects consists on the introduction of Real Estate Investment Trusts (REITs). To support this development, the budget has announced new proposals and rules, as well as an attractive tax regime. Furthermore, as “umbrella licence” for related wealth management activities and a scheme for the headquartering of e-commerce activities have also been announced.

Since launching its international business sector in 1992, Mauritius has signed 43 tax agreements (non – double taxation agreements as well as Double Taxation Agreements – DTAs) with various countries and others are in the process of being negotiated. The island is definitely a commercially attractive destination for investors.

Since then, the country has developed its expertise in the field of taxation, becoming one of the local, regional and international leaders in business and trade.

What is the purpose of the tax treaty?

The tax treaty is not only used to negate double taxation for individuals and businesses alike. In addition to covering income taxes, VAT or other taxes, it also serves the purpose of:

  • Reducing taxes for residents of one of the two signatory countries
  • Eliminating double taxation in favour of a tax credit equivalent to Mauritian tax,
  • Reducing the withholding taxes on dividends, interest and royalties,
  • Exempting capital gains,
  • Conditionally exempting interest payments on loans,
  • Removing exchange controls

In addition, non-double taxation agreements (DTAs) provide tax planning opportunities, thus strengthening the image of the jurisdiction as a tax planning centre, allowing control over tax evasion as well as improving the efficiency of cross-border trade.

List of Mauritius’ non-double taxation agreements

  • Africa

Agreements signed

Botswana, Egypt, Lesotho, Madagascar, Mozambique, Namibia, Republic of the Congo, Rwanda, Senegal, Seychelles, South Africa, Swaziland, Tunisia, Uganda, Zambia, Zimbabwe

Pending ratification

Gabon, Ghana, Kenya, Morocco, Nigeria

To be signed by the country

Burkina Faso, Cape Verde, Côte d’Ivoire

Under negotiation

Algeria, Malawi, North Sudan, Tanzania

  • Asia

Agreements signed

Bangladesh, China, India, Malaysia, Nepal, Pakistan, Singapore, Sri Lanka, Thailand

Pending ratification

Russia

Under negotiation

Hong Kong, Vietnam

  • Europe

Agreements signed

Belgium, Croatia, Cyprus, France, Germany, Italy, Luxembourg, Malta, Sweden, United Kingdom

Under negotiation

Czech Republic, Greece, Montenegro, Portugal, Spain

  • Middle East

Agreements signed

Kuwait, Oman, Qatar, United Arab Emirates

Under negotiation

Iran, Saudi Arabia, Yemen

  • North America

Under negotiation

Canada

  • West Indies

Agreements signed

Barbados

Under negotiation

Saint Kitts and Nevis

  • Other

Agreements signed

Australia (partial), Guernsey, Monaco

To be signed by the country

Jersey

Under negotiation

Gibraltar

Mauritius has not hesitated to diversify its economy, which was previously based solely on an agricultural monoculture. Over the years, successive governments have trusted innovators by encouraging them through the help of programs dedicated to growth and investment. As an investor, what are the sectors and programs that can lead you to Mauritius?

Mauritius, one of the main leaders of the region of Africa

The Economic Development Board Mauritius recalls some essential facts about the island:

  • It ranks among the top six countries recommended for people wishing to change their lifestyle,
  • It is one of the leading states in the African region in terms of business facilitation and good governance,

Several reports rank it as first in Africa:

  • Countries of choice for doing business in Africa – World Bank’s Doing Business Survey 2017,
  • Most democratic nation in Africa – World Economic Forum – The Global Competitiveness Report 2016-2017,
  • A leader in terms of African economic freedom – 2017 Index of Economic Freedom (Heritage Foundation),
  • Success Story, economic success and good governance in Africa – The 2016 Ibrahim Index of African Governance

Why do investors choose Mauritius?

Mauritius’ economy currently rests on several pillars:

  • The development of smart cities,
  • The development of the ocean economy,
  • Re-supply and transhipment,
  • The implementation of the “duty-free shopping” concept on an international scale,
  • Medical tourism and biotechnology,
  • Port development and the improvement of Freeport services,
  • Engineering and high precision,
  • Renewable energy,
  • Technology, innovation and communications

Mauritius offers advantageous conditions for foreign investors who wish to establish themselves in the country to work. These include:

  • Infrastructure and connectivity,
  • A well thought through taxation system,
  • A secure business environment,
  • The benefits and security of a politically stable and innovative country with an educated population,
  • A favourable geographical location, the island being the crossroads of Africa, Asia and Australia

Good investment sectors in Mauritius

  • The Agro-Food sector, which accounts for 3.3% of GDP and 7% of jobs (processing, bio, dairy farming, e-farming),
  • Education, which accounted for 12% of public spending in 2017,
  • Health care, especially medical tourism,
  • ICT-BPO, more specifically, outsourcing, with approximately 24,000 jobs and 800 businesses,
  • Freeport logistics, supported by 7500 square meters of fast-rotation cargo storage facility,
  • The film industry, which weighed 1 billion rupees in 2017 and is supported by the Film Rebate Scheme,
  • Smart Cities, designed to raise the country’s standard of living through living spaces that integrate amenities, professional and leisure areas,
  • Financial Services, in an environment overseen by the Financial Services Commission,
  • The Stock Exchange of Mauritius, with a market capitalization of approximately 7 billion dollars,
  • Real estate and hotel development, thanks to many programs dedicated to foreign investors,
  • Life Sciences, supported by more than 1,300 professionals and nearly 30 companies,
  • The manufacturing sector, with approximately 98,700 employees, more than 700 businesses and 11.8% of GDP in 2017,
  • The ocean economy, which accounts for 10.5% of Mauritius’ GDP and 20,000 employees,
  • Renewable energy, with projects that are working to support growing consumer demand

While experts had predicted a bleak future in Mauritius at the time of its independence, the island has proved to be a key economic player in this part of the world, to the extent that every year, many investors settle for this firmly embedded Republic.