IMPORTANT ALERT: REFORM OF THE GLOBAL BUSINESS SECTOR – ACTION REQUIRED?

In the past few months, you should have read from the press and from the numerous communications and newsletters sent by us that the Mauritian Global Business Sector has undergone major reforms.

By way of summary, the Global Business Category 1 Licence (GBC1) has been renamed as Global Business Licence (GBL), with additional and enhanced substance requirements having been attached to the GBL, which will become effective as from 1 January 2019. The Global Business Category 2 Licence (GBC2) is being phased out, with the Financial Services Commission (FSC) having stopped entertaining applications for any such GBC2 licences since 8 October 2018. Additionally, a completely new regime known as the Authorised Company (AC) has been introduced.
Please refer to the separate briefs on the GBL and AC for additional details on their respective requirements and conditions.

How does this affect you?
Transitional provisions have also been introduced, with the important cut-off date being 16 October 2017, as seen from the table below:

GBC1 / GBC2 Issue Date Grandfathering Period
On or before 16 October 2017 Up to 30 June 2021
After 16 October 2017 Up to 31 December 2018
Type of Entity Action Required
GBC1 issued before cut-off date
  • No action required at the moment
  • After end of Grandfathering Period, GBC1 will be deemed to be converted to GBL
GBC1 issued after cut-off date
  • No action required at the moment
  • After end of Grandfathering Period, GBC1 will be deemed to be converted to GBL
GBC2 issued before cut-off date
  • No action required at the moment
  • But may wish to convert to AC at any time within Grandfathering Period*
  • After end of Grandfathering Period, GBC2 will have the following options:

(i) Convert into GBL company (if eligible)
(ii) Convert into AC

GBC2 issued after cut-off date
  • Have until 31 December 2018 to convert into AC*

*Any GBC2 wishing to convert to AC shall not be subject to any processing or annual fees from the FSC, provided that the application for conversion is submitted by latest 31 December 2018
How Tripro shall assist you.
Do not hesitate to contact us if you would like to discuss further on how all of the above might/will impact your business. We shall also personally contact you within the next few days to assist with any conversion, if needed, or with any other required action.

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