The Republic of Mauritius is the offshore banking hub for both India and Africa. A former French then British colony, Mauritius gained independence in 1968. Mauritius has been noted as #1 in Doing Business in Africa, it also enjoys the highest living standards in Africa.
Mauritius has concluded no less than 43 Dual Tax Avoidance Treaties with other countries including a DTAA with India. Mauritius is one of the leaders in FDI into India. They system of treaties Mauritius has engaged in around the world not only help for tax efficiencies but also for investor protection. Mauritius is a low tax jurisdiction with an effective capital gains rate of 0%.
Mauritius is the wealthiest, best-governed country in Africa. The World Bank ranked Mauritius first of all African economies (and 20th worldwide). The Mo Ibrahim Foundation ranked it first in its Ibrahim Index, which measures African countries based on rule of law, human rights, human development and economic opportunity.
Mauritius ranks highly in the Index of Economic Freedom published by the Washington-based Heritage Foundation and The Wall Street Journal. In 2012, this index put Mauritius in 8th place (out of 179 countries). It was the first time an African country had placed in the index’s top 10 – surpassing the United States (in 10th place with a score of 76.3). Mauritius is a small multiracial Republic that has practiced free-market economics for years – and now has top 10 rankings in both democratic governance and economic performance.
The Financial Services Commission (FSC) is the regulatory authority responsible for the regulation, supervision and inspection of all financial services other than banking and global business in Mauritius. The FSC operates under the aegis of the Ministry of Finance and Economic Development within an internationally recognized legal framework which includes the Financial Services Act, the Securities Act and the Insurance Act.
- Mauritius has the distinct advantage of being a treaty-based jurisdiction – 38 Double Taxation Avoidance Agreements (DTA) including 13 with SADC and COMESA members
- Mauritius is the only International Financial Centre (IFC) which is a member of all African regional blocs such as SADC, COMESA and IOC
- The membership of Mauritius in various trading blocs gives some access to 450 million consumers in a regional market worth USD 360 billion
- Mauritius offers the traditional advantages of an IFC – no capital gains tax, no withholding tax, no capital duty on issued capital and no exchange controls
- Mauritius has signed an Investment Promotion and Protection Agreement (IPPA) with 15 African member states.