Through the Finance (Miscellaneous Provisions) Act 2018,
Mauritius has made substantial legislative reforms to its financial
services sector, and more specifically, its global business regime.
The aim of these changes is to enhance the country's
competitiveness and transparency as an international financial
centre.
This includes the abolition of the previous regimes of the
Global Business Category 1 ("GBC1") and
Global Business Category 2 ("GBC2")
companies, to be replaced by the Global Business Company
("GBC") and the Authorised Company
("AC"), along with changes in the
taxation regime of these newly introduced entities.
Grandfathering provisions have also been introduced as part of
the Act to ensure a smooth transition into the new framework
until 30 June 2021. As such, all GBC1s will have
automatically converted into GBCs and be deemed to
operate as GBCs post the grandfathering period.
