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Budget 2016–2017 Highlights: Measures to reach out to new markets for financial services

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Budget 2016–2017 Highlights: Measures to reach out to new markets for financial services

The range of measures spelt out in the budget 2016-2017 will take the financial services sector to a next level of development and reach out to new markets with a wider spectrum of products to adequately meet the numerous demands from international investors.

To give a new thrust to the development of the sector amidst the challenges facing the financial industry, Government is widening the scope of investment for companies willing to invest in Mauritius by allowing GBC2 companies to invest in listed securities. Companies holding a ‘Global Headquarters Administration License’ issued by the Financial Services Commission (FSC) will be eligible for an 8-year tax holiday.

A 5-year tax holiday will be granted to companies holding the following licenses: Treasury Management Centre License; Asset and Fund Managers License; ‘Investment Banking and Corporate Advisory License’; and an Overseas Family Corporation’ License.

Foreign Ultra High Net Worth individuals investing a minimum of USD 25 million in Mauritius will, subject to meeting conditions of employment creation and substance, be eligible for a 5-year tax holiday.

The new Mauritius International Derivatives & Commodities Exchange (MINDEX) will be accommodated at the Rose Belle Business Park, for which an amount of Rs 50 million has been allocated as seed capital for its initial setup.

In the pursuit of the diversification thrust, Government is also developing Mauritius as a full-fledged International Arbitration Centre with the capacity and expertise to resolve disputes. With regard to the banking sector, the Bank of Mauritius Act and Banking Act will be reviewed in the light of recent events and to adapt to change.

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