Section 71: Global business

71. Global business (1) Subject to the other provisions of this section, a resident corporation which proposes to conduct business outside Mauritius may apply to the Commission for a Category 1 Global Business Licence or a Category 2 Global Business Licence. (2) Where an applicant for a Category 1 Global Business Licence proposes to conduct any business for which a licence, authorisation, registration or approval is required under any relevant Act or other enactment, it shall apply for such licence, authorisation, registration or approval as may be required before commencing business. (3) No application for a Category 2 Global Business Licence shall be made by a resident corporation unless it is a private company and it proposes to conduct a business activity other than those set out in the Fourth Schedule. (4) (a) In considering an application for or a renewal of a Category 1 Global Business Licence, the Commission shall have regard to whether the conduct of business will be or is being managed and controlled from Mauritius. (b) In determining whether the conduct of business will be or is being managed and controlled from Mauritius, the Commission shall have regard to such matters as it may deem relevant in the circumstances and, without limitation to the foregoing, may have regard to whether the corporation— (i) shall have or has at least 2 directors, resident in Mauritius, of sufficient calibre to exercise independence of mind and judgement; [Issue 1] F10 – 42 Revised Laws of Mauritius (ii) shall maintain or maintains at all times its principal bank account in Mauritius; (iii) shall keep and maintain, or keeps and maintains, at all times, its accounting records at its registered office in Mauritius; (iv) prepares or proposes to prepare its statutory financial statements and causes or proposes to have such financial statements to be audited in Mauritius; (v) provides for meetings of directors to include at least 2 directors from Mauritius. (5) A corporation holding a Category 1 Global Business Licence shall at all times be administered by a management company. (6) (a) Notwithstanding subsection (1), a holder of a Category 1 Global Business Licence may conduct business in Mauritius subject to such restrictions, terms and conditions as may be provided in any guidelines issued by the Commission. (b) Where the holder of a Category 1 Global Business Licence fails to comply with any Rules or guidelines issued by the Commission relating to the conduct of business in Mauritius, the Commission may direct it to— (i) cease part or all of its business in Mauritius; or (ii) take such remedial action as the Commission thinks fit. (7) For the purposes of this section— “resident corporation” means a company incorporated or registered under the Companies Act, a société or partnership registered in Mauritius, a trust, or any other body of persons established under the laws of Mauritius. [S. 71 amended by s. 7 (e) of Act 10 of 2010 w.e.f. 24 December 2010; s. 13 (c) of Act 26 of 2012 w.e.f. 22 December 2012; s. 19 (c) of Act 27 of 2013 w.e.f. 21 December 2013.]