Authorised Company / IBC
- August 24, 2020
- Posted by: DeenE
What is an Authorised Company (AC)?
An Authorised Company (AC) is a Mauritius offshore company setup in Mauritius to conduct business principally outside of Mauritius and elected as non-resident in Mauritius for tax purposes, hence not taxable in Mauritius on its foreign sourced income.
The majority of shares or beneficial interest of an AC must be held by a non-Mauritius citizen and it is of utmost importance for the AC to be controlled and managed outside of Mauritius to maintain its tax-exempt status.
An AC may opt to have its bank in Mauritius although it is not compulsory to do so.
It is compulsory for an AC to appoint a registered agent in Mauritius. In order to comply with the laws, a registered office is also required due to the fact that all constitutive documents, registers, accounting records, due diligence reports and agreements must be kept there for authorities’ control.
- Minimum paid up capital: USD1
- No par value shares allowed
- Permitted currencies: Any except MUR
- No bearer shares allowed
- Minimum required: One
- Corporate shareholder (e.g. trust, company): Allowed
- Records accessible for public inspection: No
- Annual shareholders meeting: Required
- Minimum Required: One
- Corporate director: Allowed
- Meeting location: Abroad
- Required: Optional
- Needs to be local or qualified: No
- Accounts to be prepared: Financial Summary (no audited accounts required)
- Filing of financial summary required: Yes
- Filing of tax return required: No tax return, rather a return of income is filed with the Mauritius Revenue Authority
The bank account
Should you choose to open a bank account account with a bank in Mauritius, Blue Azurite will then open the bank account in any major currency with any of the following banks:
- ABC Banking
- Bank One
- BCP Bank Mauritius
- The Mauritius Commercial Bank (MCB)
- SBI Mauritius Ltd
- State Bank of Mauritius (SBM)
- Silver Bank
- Standard Bank
- Standard Chartered