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Authorised Company / IBC

  • August 24, 2020
  • Posted by: audrey
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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.

Statutory Information

Share Capital

  • Minimum paid up capital: USD1
  • No par value shares allowed
  • Permitted currencies: Any except MUR
  • No bearer shares allowed

Shareholders

  • Minimum required: One
  • Corporate shareholder (e.g. trust, company): Allowed
  • Records accessible for public inspection: No
  • Annual shareholders meeting: Required

Directors

  • Minimum Required: One
  • Corporate director: Allowed
  • Meeting location: Abroad

Company Secretary

  • Required: Optional
  • Needs to be local or qualified: No

Accounts

  • 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
  • ABSA
  • Afrasia
  • Bank One
  • BCP Bank Mauritius
  • HSBC
  • Investec
  • Maubank
  • The Mauritius Commercial Bank (MCB)
  • SBI Mauritius Ltd
  • State Bank of Mauritius (SBM)
  • Silver Bank
  • Standard Bank
  • Standard Chartered
  • Warwyck

Set up your Authorised Company now

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