A GBC1 is a business entity created pursuant to Financial Services Act, 2007 as well as the Companies Act, 2001 both of Mauritius. As a Mauritian entity, its supervision and licensing is under the purview of the Financial Services Commission (FSC).
A GBC1 is enabled, by the Financial Services Act, 2007 to embark on diverse business activities such as investment holding, offshore insurance, international trading, IT Services as well as offshore funds management on a global scale outside Mauritius.
One major advantage of a GBC1 is the ability to qualify for benefits derivable from the Mauritius Double Taxation Treaty Network. In order to enjoy these benefits however, the company must qualify as a Mauritius Tax Resident. The Mauritius Revenue Authority (MRA) has the power to issue a company with a Tax Residency Certificate (TRC) upon application, having being ascertained as qualified. The certificate is valid for a period of one year and may be renewed thereafter.
There are conditions that must be met for issuance of the TRC to a company and these include among others:
Moss helps clients to arrange to meet all the requirements in order to qualify for the TRC and take advantage of the tax treaties to which Mauritius is a signatory.
As Mauritius is a party to the Double Taxation Agreements (DTA) with other countries, GBC1 that is a tax resident is qualified to enjoy the benefits of that treaty. It typically takes at most fifteen days from the date of application for the GBC1 to be incorporated and having the FSC release the constitutive documents.