Trust . Tax . Corporate Services vuna capital trustees (mauritius) ltd

vuna capital trustees (mauritius) ltd

Vuna Capital Trustees (Mauritius) Ltd (VCT) is a multi-disciplinary, independently owned Management Company licensed and regulated by the Mauritius Financial Services Commission (FSC) to provide trust and company administration services. VCT is the latest addition to the Vuna network which is spread across 3 continents and has offices in London (head office), Madagascar, and Perth.

Vuna Limited in London, which started out as a resource focussed Venture Capitalist Company (Vuna London), has had resounding success in a relatively short period of time. Several major projects developed by Vuna London in Sub-Saharan Africa, resulting in successful oil, diamond, coal, uranium and gold mining companies, used Mauritius as a base. Impressed by what the jurisdiction had to offer, Vuna London decided to run a fully licensed office from Mauritius so that the jurisdiction could be introduced and used by its client network worldwide.

VCT has put together a team of competent and experienced staff with well diversified skills in the fields of corporate & trusts management, accountancy and law. By combining our professional competence with our international networks and affiliations, we are able to offer a bespoke service to fulfill our clients’ specific requirements in a cost effective and flexible manner.

VCT has also made significant investments in highly sophisticated information and communications technology systems in order to ensure communication with our international clients is secure, speedy and confidential. We offer a unique ‘on-line’ system which allows our clients to access vital information relating to their portfolio on a 24/7 basis.

The VUNA network spreads across 3 continents with offices in London (head office), Mauritius, Madagascar, and Perth

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our services

Being the holder of a management company licence, our core service is multi-jurisdictional trust and company set up & administration with a niche in the resources sector. Building on this foundation, we have become an efficient and cost effective “one stop shop” in Mauritius for a range of professional services to private and corporate clients as set out below:

•• Corporate Management & Secretarial Services;• Trust & Trustee services;• Family Office Services;• Back Office Administration & Accounting Services;• Structured Finance and Trade Services;• International Licensing and Collection Services;• Fund Services;• Human Resource & Payroll Services;• Relocation and Residency;• Property Services;• Ship and aircraft registration;• Bank account opening and operation;• Nominee shareholding services;• Tax computation services;• Registrar services.

Our aim is to provide the highest quality service in the fastest response time to match the expectations of our international clients, and to help them capitalise on opportunities arising anywhere in the world.

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a jurisdiction of choice and stability

Conveniently situated in the middle of the Indian Ocean, Mauritius is an established international financial centre with easy access to South Africa, Asia, the Middle East and Europe. It is within a convenient time zone in relation to the United States, Europe and Asia at GMT +4 hrs.

The Republic of Mauritius has had a democratic system of government since independence in 1968. The President is the Head of State whilst full executive power is vested in the Prime Minister who is the Head of Government. It has strong democratic institutions, including an independent and efficient judicial administration with the highest appellate court being the Privy Council in the United Kingdom. The country has a mixed legal system enabling local practitioners to be at ease with the laws in force in most major foreign jurisdictions. The use of both the English and French languages in the country provides Mauritius with easy access to the international business community.

The island’s exceptional political, social and economic stability continues to attract foreign investments which are actively encouraged. The Mauritian economy is based on free enterprise with the private sector playing a vital role in the development of the country. The government's role is generally limited to overall monitoring and providing appropriate infrastructure.

Through its membership of the Southern African Development Community (SADC), Indian Ocean Rim-Association for Regional Cooperation (IOR-ARC) and of the Common Market for Eastern and Southern Africa (COMESA), Mauritius offers access to a regional market of over 500 million consumers with a substantial import and export market value. For investors who are cautious about investing in Africa, Mauritius can offer access to the various investment Promotion and Protection Agreements (IPPA’s) which it has signed with African countries. These IPPA’s inter alia provide for free repatriation of investment capital and returns, guarantee against expropriation, most favoured nation rule with respect to treatment of investment, compensation for losses in case of armed conflict.

Mauritius has an established Stock Exchange with an average market capitalization exceeding US$1.5 billion. Trading is on a scripless basis. The Exchange is open to international funds seeking a primary or secondary listing and has adopted new listing rules in line with the UK yellow book.

Offshore financial services, now known as ‘Global Business’ financial services, were first introduced to Mauritius in 1992, when a progressive programme of comprehensive legislation was passed to enable their development. Since then, laws and regulations have been continuously updated resulting in a financial services industry that has quickly matured and embraced the highest standards of international practice. The Mauritius jurisdiction fully supports international initiatives (FATF, Basel, IOSCO and IAIS) aimed at combating money laundering and terrorist financing. The industry is closely regulated, with the Financial Services Commission acting as the regulator for non-banking financial institutions while the Bank of Mauritius, the Central Bank, regulates the banking sector.

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advantages of mauritius

The factors favouring Mauritius as a leading regional financial centre include:

•• Flexible company and trust legislation;

• Infrastructure and regulation for specialised financial services;

• Sound corporate governance code based on international norms;

• Economic and political stability;

• Excellent telecommunications, business and IT infrastructure;

• A pool of bilingual and able professionals;

• Low cost administration and support staff;

• Special relationship with SADC and COMESA;

• Favourable trade links with India, China, South Africa and the United States of America;

• Maximum 15% tax rate for corporates and individuals;

• Occupation and residence permits for eligible expatriates within 3 days, and business licences and

permits generally within 15 days;

• Growing network of Double Taxation Treaties;

• No reporting and disclosure requirements for tax exempt companies;

• No exchange control - Free repatriation of profits and capital;

• There are no other "hidden costs" such as stamp duties or levies;

• No withholding taxes are levied on dividends, interests and royalties;

• Capital gains on disposal of securities and other movable property are exempted from taxation;

• Well established banking and financial institutions and an international stock exchange;

• Frequent air links to major European, African and Asian cities with many daily international flights;

• State-of-the-art infrastructural and telecommunication facilities;

• Numerous Investment Promotion and Protection Agreements (IPPAs);

• Not on any blacklists;

• Confidentiality provisions enshrined in law.

international reputeA financial centre of

Mauritius

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CompaniesIn the Mauritius Global Business Sector, companies are engaged in global business activities and are required to hold a global business licence issued by the Financial Services Commission. They are regulated by the Financial Services Act 2007 ("FSA 2007”), the Companies Act 2001 ("CA 2001") and the Income Tax Act 1995. There are two types of corporate entities that can be set up namely, the Category 1 Global Business Licence Company (GBL1) and the Category 2 Global Business Licence Company (GBL2).

GBL1 Companies

A GBL1 is a tax incentive company, ordinarily resident in Mauritius and has access to the network of Double Taxation Treaties (DTT). The versatility of this structure is evidenced by the various forms a GBL1 can have:• Limited Life Company;• Protected Cell Company;• Investment Funds;• Company Limited by Guarantee;• Hybrid Companies (limited by shares and guarantee).

Category 1 Global Business Licence companies are liable to pay tax at 15% on net operating income with credit either for actual foreign tax paid or for deemed tax paid on foreign source income of up to 80%, which reduces the effective tax rate to a maximum of 3%.

GBL2 Companies

Category 2 Global Business Licence Companies are tax exempt and do not have access to any double taxation agreement. The attractive features of such companies include a great degree of flexibility and confidentiality. It is ideal for private wealth management, trading, and international billing and consultancy services.

Trusts

Trusts in Mauritius are set up under the Trust Act 2001, which is based on the British and New Zealand trust laws. Under the Act, only a ‘qualified trustee’ (i.e. a person authorised by the FSC) can act as trustee of a Mauritian trust. VCT, as the holder of a management company licence, is a ‘qualified trustee’. The latter entity is adaptable and modern which makes it a handy vehicle for wealth management and special purpose vehicles.

Tax wise, trusts in Mauritius are at par with other corporations and thus benefit from the Mauritian double tax treaty network. However Mauritius trusts may elect for tax exemption provided the requisite conditions are met.

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mauritius corporate vehicles & trusts designed for your specific needs

confidentiality enshrined in law

Whilst Mauritius fully co-operates with foreign countries and organisations in the fight against global terrorism and money laundering, confidentiality for legitimate businesses is guaranteed and cannot be fettered with. Strict confidentiality provisions are enshrined in the law, be it the Banking Act, the Financial Services Act 2007 or the Trust Act 2001.

Though financial services providers regulated by the FSC are obliged to disclose information to their regulator as and when required, no disclosure shall be made by the FSC to any court, tribunal, committee of enquiry or other authority in Mauritius or elsewhere except on a court order made only if the court is satisfied that the confidential information is bona fide required for the purpose of any enquiry or trial into, or relating to, the trafficking of narcotics, drugs, arms trafficking or money laundering.

The powers of the FSC to transmit information have been extended to include disclosure to foreign supervisory agencies but, this applies only with respect to financial services providers only and not to private holdings / special purpose vehicles.

Since Mauritius has in place a network of Double Taxation Agreements, the Mauritius Revenue Authority is allowed to obtain and exchange information under the relevant provisions of these treaties.

It is important to note that no documents relating to Global Business Companies and/or Trusts are open to public inspection.

The word‘VUNA’is derivedfrom Zuluwhich means‘to harvest’or ‘to reap’.

Vuna Capital Trustees (Mauritius) Ltd is licensed and regulated by the Financial Services Commission of Mauritius

DISCLAIMERThe information given is not exhaustive and readers are advised to consult professionals such as independent financial advisors, accountants, legal counsel and investment bankers before taking any formal action. While all reasonable care have been taken in the preparation of this brochure Vuna Capital Trustees (Mauritius) Ltd and any of its representative offices in London, Perth and Madagascar accept no responsibility for any inaccuracies it may contain, whether caused by negligence or otherwise, or for any loss, however caused, sustained by any person that relies on it.

We would welcome the opportunity to provide you and your clients with an individual tailor made solution for your particular circumstance or requirement.

For additional information, please contact us at the addresses below:

vuna capital trustees (mauritius) ltd53, Duperre Avenue, Quatre BornesMauritiusTel: +230 427 8343; +230 427 8352Fax: +230 427 8256E-mail: info@vunatrustees.com www.vunatrustees.com

vuna limitedLevel 4, Buckingham Palace RdLondon SW1W 9SAUnited KingdomTel: + 44 7841 140 990E-mail: timnelson@vunacapital.comwww.vunacapital.com