MAURITIUS INTERNATIONAL FINANCIAL CENTRE NEW OFFERINGS IN LINE WITH GLOBAL DEVELOPMENTS 2 nd DECEMBER 2016, FIT Conference, Mumbai
AGENDA SECTION 1: Mauritius as an IFC SECTION 2: Re-engineering the Mauritius IFC SECTION 3: Development of new segments
MAURITIUS AS AN IFC
Number of GBC 1 MAURITIUS IFC AT A GLANCE 12000 10000 No. of Global Business Companies (Category 1) Number of active Global Investment Funds: 967 8000 6000 4000 2000 Asset Under Management (AUM): > USD 85 billion Number of Domestic & International Banks: 23 Market Cap of the Stock Exchange of Mauritius: USD 6.3 billion 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Evolution of Financial Services sector, 1980 to 2016 Share in GDP (%) 11.6 12 10.1 10.1 6 1980-1989 1990-1999 2000-2009 2010-2015 2016
PROVEN IFC OF CHOICE
OFFERINGS OF THE MAURITIUS IFC Regional Headquarters Treasury Management Private Equity & LPs Global Funds Investment Holdings Trusts and Foundations Protected Cell Companies Debt Financing Crossborder investment & services Banking & Insurance Conventional & Islamic Banking Investment Banking Private Banking Insurance & Re-Insurance Captives International law firms Leading Arbitration Centre Top Accountancy firms BPO Services State-of-the art IT infrastructure Qualified professionals Support & Professional services Listing & Capital Raising Member of WFE List, Trade & Settle in EUR, ZAR, GBP and EUR Flexible Rules for Specialist Debt Instruments (Eurobonds) & Junior Mining & Early Exploration Companies
RE-ENGINEERING THE MAURITIUS IFC IN LINE WITH GLOBAL DEVELOPMENTS
COMMON REPORTING STANDARD (CRS) Mauritius - member of the OECD Early Adopters Group Committed to automatic exchange of information under: the Multilateral Convention on Mutual Administrative Assistance in Tax Matters the CRS Multilateral Competent Authority Agreement (CRS MCAA) First exchange of information as from September 2018
BASE EROSION AND PROFIT SHIFTING (BEPS) Mauritius is a participating jurisdiction of the Inclusive Framework of the BEPS Committed to tackle malpractices in the field of international taxation Graduating from a treaty-based jurisdiction to a substance-based jurisdiction
RETHINKING OUR MODEL DEVELOPMENT OF NEW SEGMENTS
WEALTH & ASSET MANAGEMENT OVERSEAS FAMILY OFFICES Overseas Family Offices High net worth single and multiple family offices Residency Scheme Tax Holidays for 5 years Eligibility to acquire luxurious residential properties in Mauritius Requirements Asset under management of a pre-determined liquid investment base Physical establishment in Mauritius
WEALTH & ASSET MANAGEMENT ASSET AND FUND MANAGERS Asset and Fund Managers 5-year tax holiday for professional fund and asset managers Activities: investment advisory, investment management and asset management services Requirements Professionals would have to: manage assets worth more than USD 100 million derive a monthly salary exceeding USD 14000
INTERNATIONAL LEGAL MANAGEMENT GLOBAL LEGAL ADVISORY SERVICES LICENCE Global Legal Advisory Services Licence Mauritius is opening up to flagship international law firms Eligibility to advise on: international and domestic laws alternative dispute resolution financial services and corporate laws Tax holiday of 5 years LLP legislation voted in Parliament
INVESTMENT BANKING INVESTMENT BANKING LICENCE Investment Banking Licence New license for investment banks in Mauritius, regulated by the non-banking financial services regulator Engage in mergers and acquisitions, listings, IPOs, cross-border investment structuring and financial advisory services 5-year tax holidays Requirements Minimum stated capital: USD 1.4 million
HEADQUARTERING & TREASURY MANAGEMENT GLOBAL HEADQUARTERS ADMINISTRATION LICENCE Global Headquarters Administration Licence Holding company belonging to a wellestablished international group Headquarter services to three or more foreign entities 8-year tax holidays Requirement Minimum annual operating expenditure and resident management personnel Minimum employment of residents
HEADQUARTERING & TREASURY MANAGEMENT GLOBAL TREASURY ACTIVITIES LICENCE Global Treasury Activities Licence Treasury nerve centre of multinational corporations Treasury management services to three or more foreign related entities 5-year tax holidays Requirements Minimum paid-up capital Minimum annual operating expenditure and resident management personnel Minimum employment of residents
ENHANCING THE MAURITIUS VALUE PROPOSITION FOR AFRICA THE AFRICA PLATFORM (TAP) The premier capital raising, CF & M&A hub for Africa Match-making platform to connect African bankable projects in need of finance with capital providers
FINANCE AFRICA CONFERENCE, MAURITIUS WWW.MAURITIUSIFC.MU
ENHANCING THE MAURITIUS VALUE PROPOSITION FOR AFRICA MINDEX - The Mauritius International Derivatives & Commodities Exchange Derivatives exchange platform to hedge African currencies First combined derivatives and spot trading platform of the region Trade in Gold, Diamond and other precious coloured stones State of the art Vault in Mauritius Location to be declared as a freezone Spillovers: Jewelry Manufacturing Refineries Polishing Units
The Financial Services Promotion Agency is mandated to promote and develop the Mauritius International Financial Centre. www.mauritiusifc.mu