Global Business License 1 (GBL1) – Onshore Company
Global Business License 1 (GBL1) companies can be incorporated with the permission of the FSC (Financial Services Commission) to perform offshore activities. A GBL1 can become resident in Mauritius and thus benefit from the country’s double taxation agreements. However, a GBL1 cannot conduct financial transactions with residents or invest in real estate. It can carry out banking, insurance and fund management activities. A GBL1 company is taxed at 15% except on capital gains, and is not subject to a withholding tax.
A GBL1 must have at least two natural or legal persons as shareholders and must have at least two resident directors. Its headquarters must also be located in Mauritius and its license to operate costs 1 500 USD/year. Accounting is mandatory, as is the opening of a bank account for the company in Mauritius. A GBL1 may also be used to obtain a work/residence permit for Mauritius.
Global Business License 2 (GBL2) – Offshore Company
A Global Business License 2 (GBL2) company must also receive authorization from the FSC but, unlike the GBL1, is not considered to be resident in Mauritius. Therefore, it does not pay tax in Mauritius but nor does it benefit from double taxation agreements. GBL2s must be registered by a local registration agent. A GBL2 can perform any kind of activity (except banking, insurance activity, trustee services or operating investment funds) and is not subject to any tax or any withholding. A GBL2 can bank anywhere in the world and is not obliged to keep accounts. GBL2s must pay an annual licence fee of 200 USD.