Corporate setup and administration
Once the client has decided upon the ideal structure and completed the necessary due diligence verifications, we proceed with the application for incorporation including submitting applications for required licenses.
In the case of funds, once the license is obtained, we proceed with the implementation of the administration/operational framework and governance structures. We provide registered office address for the entities under our administration and provide our clients with a choice of local directors.
Where a company, trust, fund, or other entity has already been formed and licensed if applicable, we may be asked to take over the responsibilities from another administrator. In those circumstances we ensure that the change in service provider takes place as seamlessly as possible.
Company Secretary and Directorship services
We act as Company Secretary for the companies that we administer and also provide directorship services to our client companies. In this way we ensure that we continuously monitor each company’s governance and compliance activities.
Anti-money Laundering / Combating the Financing of Terrorism and FATCA Regulation
We conduct AML/CFT customer due diligence checks and maintain the relevant documentation as per local statutory requirements, mainly pursuant to the Code on the Prevention of Money Laundering & Terrorist Financing, as issued by the Financial Services Commission (FSC) pursuant to the Financial Services Act 2007 and the Financial Intelligence and Anti-Money Laundering Act 2002 (the Code).
For client companies that hold licenses issued by the FSC to provide financial services, they are required to
- adopt a documented manual setting out the written internal policies and procedures in respect of AML/CFT that is also periodically updated as required
- appoint a Money Laundering Reporting Officer (MLRO) and Alternate Money Laundering Reporting Officer (AMLRO) and
- keep records such as registers of suspicious transactions and Continuous Professional Development (CPD) of MLRO and AMLRO
We assist such companies by providing a documented AML/CFT Framework, taking on the due diligence duties in respect of the Code and also provide able officers to act as MLRO/AMLRO.
In view of implementing the US Foreign Account Tax Compliance Act (FATCA) in Mauritius, Mauritius signed a Tax Information Exchange Agreement (TIEA) and a Model 1 Intergovernmental Agreement (IGA) with the US in December 2013. The Mauritius IGA follows a Reciprocal Model 1A approach whereby all Reporting Mauritius Financial Institutions would be called to disclose information on reportable accounts substantially owned by US citizens and residents to the Mauritius Revenue Authority (“MRA”) for onward submission to the IRS. The agreements have now been incorporated in the local regulatory framework in regulations made under s76 of the Income Tax Act cited as the Agreement for the Exchange of Information Relating to Taxes (United States of America – FATCA Implementation) Regulations 2014 (Mauritius FATCA Regulations).
To ensure that our clients comply with their obligations under these new regulations, we provide registration with IRS and MRA, due-diligence and reporting services for all Financial Institutions that we administer. We also assist our clients in the determination of their FATCA status and classification through our network of local Tax Advisors.
Accounting and Tax
Our on-going Accounting services include:
- Preparation of Financial Statements (under IFRS or US GAAP)
- Liaison with external Auditors for the provision of accounting and corporate information
Our on-going Tax services include:
- Preparation and filing of annual tax returns
- Making tax payments where applicable
- Liaison with the Mauritius Revenue Authority in respect of tax issues
Winding up and Insolvency
Any winding-up process must comply with various legislative requirements before completion. We advise on the best approach to handle the termination of an entity.
We handle the winding-up process of client entities in accordance with the relevant section of the Companies Act 2001 and the administration process of client entities where we are appointed as administrator in accordance with the relevant section of the Companies Act 2001. In cases of liquidation, we work in close collaboration with liquidators in accordance with Insolvency Act 2007.
Our outsourcing services include fund administration and fund accounting, registrar and transfer agency and investor relations.
We also provide corporate secretarial services and accounting services on an outsourcing basis for entities that are not otherwise administered by us.