Equinoxe Alternative Investment Services (Mauritius) Ltd. is a one-stop shop for the set-up and structuring of investment funds & SPVs into Africa and India, with a focus on hedge funds, private equity funds and real estate funds.
The use of Mauritius as a fund domicile has recently surged in the wake of new fund and securities regulations, giving confidence and impetus to Mauritius as a jurisdiction. The combination of relatively low rates of taxation, together with the vast network of Double Taxation Agreement treaties, make Mauritius one of the preferred routes for foreign investment into emerging economies, Africa and India.
Category 1 Global Business Companies (GBC1)
Companies holding a Category One Global Business Licence (“GBC1”) are governed and regulated by the Companies Act 2001 and the Financial Services Act 2007.
A GBC1 may, by fulfilling certain conditions, take advantage of double taxation avoidance agreements (“DTAs”) which Mauritius has with a number of countries. Tax incentives granted to GBC1 include:
- Low taxation (between 0 and 3%) and generous tax credits for GBC1′s
- Capital gains exempt from taxation
- No withholding taxes on dividends, interest and royalty payments from Mauritius
- No foreign exchange controls
Key features of a GBC1
- Registered Office must be in Mauritius
- Must have a resident secretary
- Must have two resident directors of appropriate calibre and capable of exercising independence of mind and judgment;
- Board meetings should be held, chaired and minuted in Mauritius
- Primary bank account should be in Mauritius
- Does not have a minimum capital requirement except for specific activities
- May have access to Double Taxation Agreement (see Tax Treaty Network)
- Maintain all accounting records in Mauritius
- Must file annual audited Financial Statements with the Financial Services Commission (“FSC”)
- Must File Tax Return with Mauritius
Category 2 Global Business Companies (GBC2)
The Category Two Global Business Company (“GBC2”) is a tax exempt vehicle which, however, does not benefit from the DTAs that Mauritius has entered into with other countries.
Key features of a GBC2:
- Should have a registered office and agent in Mauritius, and its register of members, directors and secretary must be filed
- Corporate director is permitted
- Bearer shares are not allowed
- Board meetings may be held in or outside Mauritius
- An annual unaudited financial summary must be filed with the FSC within six months of the balance sheet date
- A foreign company may be redomiciled to Mauritius as a GBC1, if the foreign law so permits
A GBC2 can be a cost effective way to setup a Global Business Company which can then be converted to a GBC1 company to avail of treaty and other benefits of being a GBC1.
Corporate Management Services
Equinoxe provides corporate management services including corporate secretarial services, directorship and other administrative services such as:
- Opening of bank account
- Provision of registered office
- Provision of nominee shareholder and corporate director
- Handling transactions involving letters of credit
- Accounting services such as book keeping, preparation of monthly accounts and preparation of yearly financial statements
- Any other activities connected with the administration of the commercial activity of the client
Equinoxe has vast experience in company and fund formation (see Fund set-up). Equinoxe has set up and administered a number of entities with diverse structures and legal forms.
Equinoxe is licensed by the FSC to provide formation services of Mauritian Global Business Companies.
Equinoxe assumes all the statutory responsibilities of a Company Secretary under Mauritius laws for each and every structure it administers, such as:
- Ensuring that all statutory books and records are kept at the registered office
- Maintenance of all statutory registers
- Register of investors for funds
- Maintenance of the minute book
- Notifying the board with respect to meetings
Equinoxe provides professional directors of high calibre, capable of exercising independence of mind and judgement with the requisite experience of company and fund administration and management.
It is a core requirement that a company is tax resident in a jurisdiction where its central management and control is located. Central management and control is deemed to take place in the jurisdiction where the board of directors of the entity meets to conduct business and take important strategic decisions of the entity.
General Back-office Administration
Equinoxe provides services which cover all aspects of business administration:
- Opening and operation of bank, custody and prime brokerage accounts
- Processing of bank transfer instructions
- Effecting payments on behalf of the client entities
- Effecting all regulatory filings
- Signing of agreements
- Liaising with investee company
- Processing subscription & redemption notices
- Issuing capital call notices (Private Equity Funds)
- Issuing contract notes for subscriptions
Private Equity Platform
Our integrated administration services apply to the full range of private equity strategies:
- Venture capital
- Mezzanine financing
- Real estate
- Funds of PE Funds
- Growth capital
The fully integrated system provides a complete back office solution that includes a general ledger, investment module, carry waterfall distribution module and investor module, General Partner services, Portfolio Investor, and Limited Partners services. We can produce call and distribution letters, enter investment related expenses and valuations, and produce financial Reporting packages.