International clients are now able to incorporate foundations in Mauritius, a flexible vehicle which expands the scope of financial services industry in Mauritius. A foundation is an entity which is incorporated and has a legal personality. It has its own specific and unique features even if it has some common features with limited companies and trusts.

A foundation is formed for the purposes provided in its charter, including carrying out the objects specified therein and according to Mauritius law. It may be charitable or non-charitable or both and for the benefit of a person or a class of persons or carry out a specified purpose or both. Foundations in Mauritius may also, upon application to the Financial Services Commission (‘FSC’), hold a Global Business Category 1 License (“GBL1”) and be entitled to have access to vast DTAA network of Mauritius.

Mauritius Foundation

Corporate Details

General

  • Language

English

  • Time to Establish

1-3 Days

  • Registered Agent and Office

Yes

  • Type of Entity

Foundation

  • Taxation

No

  • Forced Heirship

No

  • Re-domiciling

Yes

Assets

  • Minimum Requirements

$1 initial assets

  • Beneficial Owner

Yes

  • Holding Company

GBC 1

Founder

  • Minimum No Founders

2

  • Nominee

Yes

  • Qualifications 1

An Individual or Legal Entity

  • Qualification 2

Beneficiary

Foundation Council

  • Minimum No of Councillors

1

  • Qualifications 1

Founder may be a Councillor but not the sole Councillor

  • Qualification 2

May be natural persons or legal entities

  • Publicly Accessibility

No

Protector

  • Requirements

Yes

  • Qualification

A Founder, Councillor or beneficiary may be appointed as the Protector except that a sole Councillor or sole beneficiary shall not act as a Protector

Foundation Charter

  • Requirements to Prepare

Yes

  • Public Accessibility

Yes

Accounts

  • Requirements to Prepare

Yes

  • Requirements to file accounts

Yes

  • Publicly accessible accounts

Yes

Practical Uses of Foundations

  1. Private relationship: For example, the founder’s wishes are not publicly registered;
  2. Accumulation and preservation of wealth;
  3. Succession and estate planning;
  4. Avoidance of forced-heirship rules;
  5. Separation of voting and economic benefits;
  6. Employee share option schemes;
  7. Pension funds;
  8. Charitable purposes;
  9. International tax planning.

Advantages

  1. Popular with those not familiar with the concept of trusts.
  2. Allows individuals an element of control over how assets are managed through the appointment of a guardian.
  3. Separate legal personality so that it may enter into contracts in its own right.
  4. More flexibility in than it can be established to reflect the characteristics of either a trust or company.
  5. The foundation council is not accountable to the beneficiaries.

The Valsen Advantage

  • Speedy, Efficient and consistent Services.
  • Relentless effort to obtain bank accounts.
  • Expert advice on structuring options.
  • Dedicated ongoing compliance support.