The Team was led by President Abdul Kabur Ibrahim and it was a pleasure meeting up with the new Ambassador HE Premdut Doongor. Ambassador Premdut had much to say and cited Mauritius as a Trading hub and compared its Location, stages and growth with that of Singapore in the Asian region.
President Kabur explained Mexpa’s cooperation with Matrade, assisting especially where no Matrade officer existed. Mr. Kabur also explained on Mexpa activities, such as Luncheon Talks, Trade missions, Visit by Business delegations. He further emphasized on setting up a distribution centre in Mauritius whereby Malaysia businesspeople could sell their products directly to all parties in the Europe & Africa markets. He spoke on measures taken by Mexpa to identify verified exports. He pointed out, Mexpa was willing to assist all Malaysia businesspeople to seek further business opportunities in Mauritius. Member of Mexpa team spoke at length their proposals and business opportunities.
Mr.Sandeep & Mr.Navin (of High Commisionnar Mauritius) assured Mexpa that they will do their best to encourage more business people to visit and trade in Mauritius.
Some information on Mauritius is listed below:
• Mauritius, A country on the move.
The economic history is one of the continuous re-invention to meet the challenges of a chaging global context. For a small open economy with no other resources than its people, its ability to innovate and its adaptability, Mauritius has successfully transformed itself into a dynamic, diversified, resilient, globally competitive and forward looking nation.
New buildings for up market residences, shopping malls, recreational facilities and high end office space are springing up and reshaping the landscape. Modern development calls for new generation solutions to cater for growing needs, and Mauritius addresses these under the MID %E banner – Maurice IIe Durable ( Mauritius sustainable Island) and integrated approach to all round sustainable development based on the five axes of Education, Employment, Energy, Environment and Equity.
To ensure that social progress accompanies the country’s economic development, the government has setup a Corporate Social Responsibility (CSR) fund to improve the quality of life at grass root levels. Besides creating a dwelling for all pilot integrated village projects are also being develop based on concepts such as environment preservation, promotion of education, food security, community development and the support of entrepreneurship
Above all, the country’s development and ecological stewardship is driven and supported by its people and the unity that harmonies diverse cultures to form a most delightful and welcoming rainbow nation turned towards green future and open to the world.
In response to investors needs, the government of Mauritius policy has been top open the economy and streamlines procedures for people to come, work and live in Mauritius, This is embodied in the business facilitation (Miscellaneous Provisions) Act 2006. Pro business policies make it easy to do business in Mauritius.
Entering Mauritius for Business
Non citizens travelling to Mauritius can opt for different visas to enter the country namely Toursit visa, Business Visa, Multiple Entry Visa and Transit Visa. For more informational, Please visit: www.gov.mu/potal/site/passportsite
Mauritius offers a low tax jurisdiction and an investors friendly environment to encourage local and foreign companies to set up business. The world banks doing business Survey 2011 ranks Mauritius 11th out 183 countries in terms of fiscal regimes. Some of the fiscal advantages offered include:
• Competitive corporate and income taxes set a 15%
• No withholding tax on interest and dividends
• 100% foreign ownership
• Exemption from customs duty on equipment
• Free repatriation of profits, dividends and capital
• No minimum foreign capital required
• No withholding tax on royalties
Registering a Business
Mauritius has open economic policy and provides a level playing field to local and foreign businesses. Incorporation of a domestic company is a simple process that is done within 3 working days by the Companies Division. All the information required for the setting up of business activity in Mauritius is available section of the BOI website: www.investmauritius.com
Employment in Mauritius
Employment righys and obligations in Mauritius are governed by the Rmploymnet Right Act 2008. This new legislation has been designed to cater for the needs of modern employment environment in Mauritius which includes the hiring of foreign talents. For further details, please visit the ‘Mauritius Advantage section of the BOI website
Work, Live Retire in Mauritius
Residence permits and work permits for foreign investors, self employed and professionals have been combined into single occupation permits, which are promptly processed. The residence permit scheme for retired Non citizens allows an eligible Non citizen to retire in Mauritius for three years.
The Board of Investment
The Board of Investment (BOI) is the official Investment Promotion Agency of the Government of Mauritius. The BOI plays a key role in country’s emergence as a strategically located and competitive global business platform and acts as a one stop for the international business community in Mauritius by providing a range of personalized services. An open economy, Mauritius is a vibrant democracy with spearheading innovation, exclusive business services with an exquisite lifestyle, a solid technological based with enormous talents.
Infrastructural Build Up
• The government of Mauritius is committed to endow the country with a reliable, efficient and supportive infrastructure set at par with developed countries. The island has an extensive road network including a multiple lane highway linking the airport from the southeast, to the north.
• The government is investing massively to modernize the infrastructural setup:
• The electricity and water distribution networks cover the whole of the island with future power and water needs being addressed through strategic investment plans
Furthermore, several business parks have emerged through the island during the past five years with state of the art building including inbuilt fibre optic networks, intergrated building management systems (IBMS) and plug and work concepts amongst others.
Ideal international Business Delivery Platform
Mauritius is ranked amongst the top 20 countries in the world for ease of doing business according to the world bank doing survey 2011 and has 12th freest economy in the worlds according to the index of Economic Freedom 2010 of the worlds Heritage Foundation. The country has a very competitive fiscal platform for corporate and income taxes and possibility to benefit from foreign tax credit for Global Business Companies incorporated in Mauritius. The fiscal regime has no stamp duty or royalties and no withholding tax on interest and dividends. In addition, the monetary regime has no foreign exchange control.
Gateway to Emerging Markets
Ideally located at the crossroads of Asia and Africa, Mauritius has been known as the star and key of the Indian Ocean since 18th century sea farers. Mauritius has optimized on its excellent cultural and commercial ties with Europe and Asia to successfully position itself as an investment gateway to both Asia and Africa. The emergence of increasing trade flows Asia and Africa also leads to new opportunities that can be captured by using Mauritian Platform.
World Class Regulatory Framework
For the past decade, Mauritius has crafted a business regulatory framework based on international best practices. The Business Facilitation Act 2066 provides for the setting up of companies within 3 working days. The companies Act 2011 clearly sets out the requirements for incorporation and administration of a business. A mediation division is planned for out of court dispute resolution. The commercial division of the Supreme Court instituted in 2009 also provides for fast track resolution commercial litigations. Mauritius is also planning itself regional centre arbitration
Home to MNEs
The business service facilities the competitive fiscal platform, the network of DTAAs and IPPAs asn the available talent pool make Mauritius a competitive destination for the setiing up of regional headquarters. Internationally accredited companies have established regional headquarters in Mauritius as stepping stone in Africa
At Arms reach
Mauritius has a strong and dynamic logistics platform with modern infrastructural facilities totaling 120,000 sq. M of dry warehouse cold room facilities and processing centers. The free ports success is endowed on the country’s air and sea link to the rest of the world coupled with level of service and infrastructure at the air and sea ports. Mauritius has regular air and sea connections to the rest if the world with major air and sea lines serving the island
Mauritius enjoys preferential market access to the US,EU and African countries (COMESA and SADC)
• COMESA provides duty free access subject to satisfying the rules of origin as per the COMESA trade protocol. (www.comesa.int/)
• The SADC Trade Protocol makes provision for gradual elimination of customs duties over a 12 year period on goods that’s satisfy the criteria established by SADC rules of origin. (www.sadc.int/)
• The economic Partnership agreement with EU provides preferential market access for goods of Mauritian origin
• The African Growth and Opportunities Act (AGOA) provides preferential market access for goods of Mauritian origin to the US market
Since the establishment of the first commercial bank in September 1838, Mauritius had progressed rapidly to become a respected International Financial Centre with financial intermediation accounting for more than 10% GDP on average
The financial services sector is regulated by a modern and innovative set of laws. A number of internationally recognized banks are actively involved in the Mauritius Financial Service arena. The country also has a dynamic insurance and reinsurance industry which has constantly seen positive growth over the last few years.
Mauritius has built its reputation as an undisputed and well regulated jurisdiction of substance for global investments specially targeting the Asian and African regions. In addition, there are number of professional financial services providers in the fields of accountancy, auditing, tax advisory, investment structuring and international legal services to mention but a few.
The Mauritian IFC has gained international recognition as a safe and trusted jurisdiction by the OECD,FETF, IOSCO,IAIS and IFSB amongst others. Mauritius is widely used by a number of global investment funds and equities with specific Asian and African mandates as well as by key international investment advisory firms.
The ICT BPO industry has witnessed significant transformation over the last 5 years. In 2010 the ICT BPO sector contributed to 6.4% of GDP and employed some 15,000 professionals. It is expected that this sector will contribution over 8% to GPD and will employ 25,000 people by 2015.
Through a well developed and reliable infrastructure, excellent telecommunications facilities and access to a scalable and stable power grid, Mauritius is emerging as a regional hub for the provision of outsourcing and telecom services. The government has set the building blocks to potion the island as a global centre for data hosting, disaster recovery, shared services and other high value services delivery.
Leading global companies have trusted Mauritius for its enabling business environment, qualified bilingual talent pool as well as for its political and social stability
Mauritius has considerable natural advantages as a dream destination- beautiful coral beaches warm clear lagoons, picturesque mountains, a subtropical climate, a southern hemisphere location, an atmosphere that is exotically different yet safe and stable, warm and friendly people with a mixed cultural diversity.
The hospitality sector had developed into a key pillar of the Mauritian economy with a contribution of 18% to GDP.
Mauritius your information “Bus Hub’, taking this slogan in mind , Mexpa members after attending this attractive and fruitful visit.
Prepared By Madam Sevaran JP