The country provides a panoply of products such as Special Purpose Funds, Variable Capital Companies, and Limited Partnerships amongst others for investment into Africa and other emerging markets like India, with favourable tax regimes, double taxation avoidance agreements and investment promotion and protection agreements.
Dubai, UAE: The government of Mauritius recently launched a Special Purpose Fund (SPF) expected to broaden the country’s international offering to global investors seeking to safely venture onto the African continent; financial experts and government officials heard on the third day of the Mauritius Finance and Investment Week.
The revamped legislation will see global investors into the African island benefit from extensive incentives which are all aligned and certified by international bodies such as the Organisation for Economic Co-operation and Development (OECD).
The Mauritius Finance and Investment Week was a weeklong business forum, held at Waldorf Astoria Dubai International Financial Centre, that took a deep dive into the various financial services on offer in Mauritius, including private banking, wealth management, private equity, fund management and fintech.
Addressing members of the business community in attendance, the Honourable Mahen Kumar Seeruttun, the Minister of Financial Services and Good Governance, Republic of Mauritius, said: “Mauritius’ financial services sector contributes to approximately 13 per cent of the country’s GDP, and this figure is expected to double by 2030. There is no doubt our private investment sector is becoming increasingly attractive to foreign investors looking to venture in Africa and Asia. Over the last 15 years Mauritius has established itself as a trusted and stable jurisdiction for business and fund administration and offers a unique platform from which to structure international investment, particularly into Africa and Asia.”
“The Mauritius International Financial Centre has significant and sizable assets under management from various sovereign funds and global financial institutions, because it is noted as a gold standard for fund management and administration. Our country’s global ease of doing business ranking is the highest in Africa, and alongside our stable governance and regulatory systems, Mauritius offers an ideal business climate that will enable investors to benefit from favourable tax regimes, double taxation avoidance and investment promotion and protection agreements.”
Partial exemption tax regime
Adhering to commitments of international taxation standards, while also proposing a commercially viable and favourable solution for business, Mauritius offers investors and fund managers a competitive 3% taxation tax rate through its partial exemption regime. And during a panel comprising financial services and government experts, discussions explored how Mauritius’ unique tax regime attempts to balance the requirements of international law while simultaneously proposing a competitive global solution that has been tried, tested and approved by international regulatory bodies.
Stressing how the country’s new and existing regulations and financial services are constantly in a process of revamp, and refresh, to ensure they remain of relevance and service to the international business community; the panel also highlighted Mauritius’ political stability, solid regulatory framework, strong banking sector and various international trade agreements with global powers such as India and China. All for the purpose of illustrating the credible opportunities Mauritius presents as an investment gateway into Africa.
Developing a sustainable ecosystem
Speaking about Mauritius’ strategic vision, Mr Ken Poonoosamy, Chief Executive Officer, Economic Development Board, Mauritius, said: “When we look at Dubai and what it represents today in potential, consumer base, drive and vision, it is clear there is a whole strategy with a far-reaching vision. And similarly, what we are trying to achieve in Mauritius is the development of an ecosystem that enables people to live and work, and we are doing that by using the products and services we offer to establish a base for a sustainable and prosperous future for our nation, and the African continent at large.”
“Our unique jurisdiction, and regulatory system, provides a bridge into Africa that is well positioned to complement what the UAE and the rest of the GCC nations are doing. Which is why our strategy seeks to cement the bilateral relations we have with the UAE and Dubai-based agencies and players to then leverage the development of a sustainable ecosystem in Mauritius’,” he added.
The Mauritius Finance & Investment Week was held from 5th to 9th December at Waldorf Astoria Dubai International Financial Centre, as an extension to Mauritius’ participation at Expo 2020 Dubai.
About Mauritius Finance & Investment Week:
Mauritius Finance and Investment Week is an event hosted by the Economic Development Board (EDB) of Mauritius, under the patronage of the Government of Mauritius. The event will be held from 5th to 9th December in Dubai and will bring together leaders from Mauritius’ finance and investment sectors, along with industry experts, and in line with Mauritius’ participation at the Expo 2020 Dubai.
About Economic Development Board (EDB):
The Economic Development Board (EDB) marks a new beginning in the economic landscape of Mauritius. It heralds a new chapter in economic planning, investment, trade promotion and facilitation. The EDB commenced its operations as a statutory body in January 2018 following the merger between the Board of Investment, Enterprise Mauritius and the Financial Services Promotion Agency. The overarching objective of the EDB is to ensure greater coherence and effectiveness in implementing policies and draw the vision for the economic development path to be adopted to reach a high-income economy status, through sustainable and inclusive growth, whilst ensuring economic independence.
The mandate of EDB is to, inter alia, provide strong institutional support for strategic economic planning and ensure greater coherence and effectiveness in economic policy formulation; promote Mauritius as an attractive investment and business centre, a competitive export platform as well as an International Financial Centre (IFC); act as the main institution responsible for country branding for investment promotion; and facilitate both inward and outward investment and ensure a conducive business environment.
About Mauritius Pavilion:
The Mauritius Pavilion is located in the Opportunity District of Expo 2020 Dubai, close to the Al Wasl Plaza. The pavilion takes visitors on an interactive journey of the tropical paradise island of Mauritius. The design features floor projections and a textured seascape wall and forest, allowing the visitors to explore the splendid nature of Mauritius. The predominant colour of the pavilion is warm, bright, and inviting, reflecting Mauritian hospitality.
The Mauritius Pavilion also invites visitors to discover the country’s achievements and how they are intertwined with its past – “The Roots of the Future”. Visitors will also explore Mauritius’ role in linking the world to Africa.
