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UAE sets out legal overhaul of personal and family law
Categories News

UAE SETS OUT A LEGAL OVERHAUL OF PERSONAL AND FAMILY LAW

The government of the UAE has made the biggest reforms in the legal system in years. The changes in the family law and other laws were announced on Saturday with immediate effect. This revision of the laws will mirror steadily in the measures to improve living standards and making UAE a destination for people all around the world along with foreign direct investment. The new amendments made to the existing laws allow expats to have their personal affairs dealt with under their home country laws. There are around 200 different nationalities in the UAE and the reforms made in the laws relate to wills and assets, divorce and separation, alcohol, women protection, suicide. These changes being made means the Islamic law or Sharia is rarely used when it comes to family law cases that involves expatriates. A persons' country of origin laws is used for inheritance, and divorce according to the new changes. Divorce and Inheritance A significant development in case of divorce and assets breakdown has been made. In case of a couple married in their home country, filing for a divorce in the UAE, the laws of the country where the marriage took place will be applied. Under the new law joint account and assets are mentioned, and mediation by the court can take place if both parties are not in agreement. Modifications in wills and inheritance are also made. Previously the assets of a deceased person were found to be divided under the Sharia, which the expats are unused to. With the amendment, the citizenship of the person determines the partition. But, if there is a written will things take place according to it. In cases of property purchased in the UAE, it is managed according to UAE law. Non-Muslims in Dubai are registering their wills at Dubai International Financial Centre’s wills and probate registry. This is linked to the government but not to Dubai's state-run civil courts; whereas non-Muslims in Abu Dhabi are registering their will at the Emirate’s Judicial Department since 2017. Suicide According to the new amendments, suicide and attempted suicide are not punishable by law. Previously such people who survived were prosecuted, instances being rare. The new amendment ensures vulnerable people be sent to mental health support centers, but anyone found assisting attempted suicide will face a jail sentence. The new law also ensures that people who end up hurting a person while trying to help a person in need are not held accountable. Earlier under the aforesaid conditions, the one who hurts a person unintentionally while trying to help in case of need was punishable. Assault and Honor crimes Hereon, there are no honor crimes, where a male relative gets a lighter sentence while assaulting a female relative. These incidents are treated as crimes. Also, severe punishments are being put forth against women's harassment, and this includes stalking and street harassment. Also, the law acknowledges that men could be victims of stalking and harassment. Punishments in case of rape of minors or one with limited mental capacity are executed. Alcohol According to the new laws, alcohol consumption is no longer a criminal offense, and people who drink, possess, or sell alcohol in authorized areas without an alcohol license are unpunishable. Earlier persons are charged if found consuming alcohol while getting arrested for another criminal offense. In order to consume alcohol legally in the UAE, a person must be 21 years of age, and anyone selling alcohol to an underage person is found guilty. Alcohol consumption should be done privately or in licensed public places. Abu Dhabi ended the alcohol license system for its residents during September, and this federal law is now applicable to all the emirates. The cohabitation of unmarried couples The law now allows legal cohabitation of unmarried couples, previously which was illegal. Judicial procedures The new law requires providing translators for defendants and witnesses in court in case they do not speak Arabic. The court ensures the presence of legal translators. The new privacy law ensures that pieces of evidence of indecent acts are protected and are not publicly disclosed.
Steps to Setting up a New Business in Dubai
Categories Business Setup

Steps to Setting up a New Business in Dubai

Steps to Setting up a New Business in Dubai: Dubai is a leading economic power in the middle east. Business creation is booming, and if you are looking to join the bandwagon, now is the time.

Selecting the name and location for your business

There are regulations regarding the names of the businesses in Dubai. Make sure the name you select adheres to the protocol. It would help if you researched the viability of your product or service in the market. Use it to choose your business location. You can set up shop in the city or in one of the free zones. Do market research and choose the perfect spot. Take into consideration the various costs, locations and permissions. Free zones usually are expensive.

Find a local sponsor

There are restrictions on starting a business in the Dubai mainland. You need a local license. You have to find a UAE or Dubai based citizen to partner with you. Your partner can take on an active role in your company or be a sleeping partner. Get a written agreement attested in court. The sponsor has to send you an invitation as the investor for you to get the proper visa.

Way to own 100% of your company

There is a way to have sole proprietorship of your company. You can start your business in one of the free zones. There are many free zones, each operating for various services or categories. You can later expand to the mainland by following the required norms and applying for permission from the Department of Economic Development(DED).

Licensing for your business

Apply for Memorandum of Association with the DED and get preliminary approval. Register the business name with the DED. Different businesses have different licenses. Some companies need more intermediate steps to cross before you can get a permit to start your business.

Hiring employees

This is a process that depends on your type of business and your license. Some allow you to hire staff while others have various restrictions. Ensure you have a clear idea about the rules relating to your business and licensing. The process is extremely efficient and provided all the documentation is submitted, and the business registration takes 7 days on average. If you are still unsure of how to set up your business, you can always hire a consultant!

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Process-of-setting-up-of--LLC-company-in-Oman
Categories Business, company, LLC COMPANY FORMATION, Oman

Process of Setting up of LLC Company in Oman

In Oman, an Omani LLC is the most frequently used business entity for foreigners who wish to do business in Oman for trading and manufacturing various business activities. To start a business in Oman, you should go through the setup process by the Omani authorities. The Oman company registration process are stated as follows:

The Reservation of Name

The Ministry of Commerce and Industry (MCI) must first approve the name of your company. Under the Omani law, a new company should not have the same name as the existing company. The MCI do require a higher starting share capital for the companies with certain words, such as “Oman”, in their name.

MCI Application

MCI application involves preparing and submitting the following documents as stated below:

The Foreign Shareholder Documents

Each shareholder having a corporate entity must substantially provide their constitutional documents, board resolution, certificate of incorporation, and power of attorney

Omani Shareholder Documents

Every shareholder must provide certificate of registration for the company, an MCI computer printout, authorized signatory form, Oman Chamber of Commerce and Industry (OCCI) certificate and shareholders’ resolution. A constitutive contract along with an authorized signatory form, frames a part of the constitutional documents of an LLC.

Bank Certificate

The bank certificate is obtained from a bank in Oman and it uses as evidence of compliance with the LLC’s capital requirements

The OCCI Registration

The essential step of the registration process is mainly obtained immediately after the MCI completes the registration examination of your registered company and thereby approve the certificate.

Other types of Approvals

Approvals depending on the LLC’s intends on business activities, and further governmental approvals may be required accordingly.

Post-Registration

Once the LLC registration gets approved and you get all the necessary Certificates from the Ministry, you need to organize and obtain the below documents as follows :
  • A municipality license for the registration.
  • Tax registration of the company.
  • Registration with the Ministry of Manpower for applying for visas and labour clearances.
  • The Registration of business with the Royal Oman Police.
  • Import or export license that depends on the nature of the business
  • Industrial, Environmental, other essential permits and licenses, depending on the nature of the business are required.
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Bookkeeping Services Provider in Duba uae
Categories Business Setup, dubai, uae

Bookkeeping Service Provider in Dubai

Bookkeeping Service Provider in Dubai : The bookkeeping refers to the systematic recording of finance in terms of business transaction inappropriate books of account. The first step in financial reporting or accounting. Bookkeeping has daily transactions posting in accounting software or ledger books. This can have a direct impact on financial statements and general ledger accounts. In Dubai, the role of bookkeeper gives prime importance due to the function of posting accounting transactions precisely and in a timely fashion.

The Benefits of Bookkeeping Services

The Financial Barometer
You have to maintain your account books that give you the crucial information for the efficient run of your company. Keep a track of the financial status of your business as a handy practice. This helps you estimate data points for income, billing and payroll management.
Safeguard from Fraud
When your financial books are regularly checked, fraudulent actions are apprehended, capital estimation for forthcoming payments are made and cheques can be prevented from bouncing. This helps your business from getting into a financial soup.
Monitor the Budget
The precise account of your company's spending and revenue compares actual results with the projections in an annual budget. When the bookkeeping is in place, the financial information of the business would remain up to date. This can check your overspend and can identify instances of underspending.
Tax
The proper bookkeeping aids in corporate tax filing for a company, also helps to spot possible tax deductions.

What Bookkeeping Services We Do Provide?

Blackswan helps you with the following bookkeeping services in the UAE. This records the business transactions as per International Financial Reporting Standards (IFRS) posting of general ledger and other ledgers. Can draft sale invoices accounting the reconciliation of bank statements and performing necessary adjustments. Records the accruals track of accounts payable as well receivable maintenance of sales and purchase ledger maintenance of fixed assets register.

Outsourcing the Bookkeeping Services

The bookkeeping imparts many procedural activities and has not specialized for any industry. It is fair common practice to outsource bookkeeping and accounting services in Dubai.

Why to Outsource Bookkeeping Services in Dubai and UAE?

The businesses preferably consider outsourcing their bookkeeping function.
Benefits of outsourcing your bookkeeping services in Dubai and UAE are:
You have to delegate the work of bookkeeping to a qualified professional allowing a businessperson to save their time that may be spent on the core functions of research and business development. This becomes critical when the business is managed by a small team. The scalability of an outsourced function is responsive and flexible. When the bookkeeping is outsourced and not handled in-house, it is adjusted to fit one's customized requirements of business troughs and extra workload. This becomes cost-effective as the need to employ highly qualified and expensive accountants handle your company's bookkeeping. The dedicated bookkeeping forms would employ experienced professionals to carry the outsourced bookkeeping services. The consultants would give professional advice to handle your financial matters as the company grows and develops.

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How to Start Import Export Business In Dubai
Categories Business Setup

How to Start Import Export Business In Dubai

One of the major business sectors in Dubai is trading. The Export and Import to and from the international markets support UAE's economic growth as well acts as a constant growth driver for the UAE's business landscape. Machinery, precious metals, foodstuffs and equipment trading occupy the largest share of imports to the UAE. The United Arab Emirates is the most preferred location for foreign entrepreneurs who look for business expansion due to logistics support and extensive business infrastructure. Streamline the export or import process in UAE and fast track the trading activities, as certain regulations set by the UAE Customs for trading companies operate in this region.

Logistics hub of the Middle East - Dubai

Logistics and infrastructure support where Dubai offers seems exceptional. It has robust and well-built transportation, distribution network and storage in place to support international trading activities in the United Arab Emirates. Important trade partners of UAE for imports are India, Japan, Thailand, Singapore and South Korea. It exports to the United Kingdom, the United States, France, Germany and Italy as the top trading partners.

To start an Import Company in Dubai

The foreign entrepreneurs could open trading companies in Free zones of UAE or Dubai mainland. As the company forms, the business owner should apply for an import-export permit with Dubai Customs. The import enables the trading company to bring goods from outside of UAE. Export allows for exporting or re-exporting locally made goods to other countries. All the export and import businesses of the UAE must get customs registration before initiating any trading activity. The imported goods of UAE must pass through the customs check at sea ports or airports of UAE and pass the clearance from UAE Customs. All the Export or Import to and from the Free Zone has no Customs Duty payable as Free Zones are out of the Customs scope in the United Arab Emirates. The import and export companies in Freezones are subjected to strict guidelines specified by the Freezone authorities and UAE customs.

Register with Dubai Customs for Export and Import activities

The initial step of a trading business after obtaining your trade license and company formation documents is to register with Dubai Customs for receiving the export or import permit. You would get an export or import code from the UAE Customs Department after the registration. The company has to apply for a trade license from the Mainland of Dubai or Free Zones of UAE and register the company with the Customs Department of Dubai to initiate the export or import business. The customs registration clearance is processed with the approval of the trade license. Then the Export or Import code is issued from the customs department. Companies with a valid trade license should obtain export or import codes for initiating any type of import or export activities in and out of the UAE.

Documents needed to import goods to Dubai

Following documents are submitted to Dubai Customs to import goods to Dubai
  • The declaration form for importing goods
  • The permit for importing certain restricted goods
  • The delivery order with the details of the shipment
  • The invoice accompanying the merchandise details
  • The detailed packing list
  • The certificate of origin for the shipment
  • The trade license of the importer
  • The DFSA (Dubai Financial Services Authority) declaration issued by Dubai Customs Services

Import or Export in Dubai Free Zones

The United Arab Emirate's Free Zones are within the territory of UAE geographically and are considered outside the scope of UAE Customs territory. Certain requirements and conditions are needed to conduct import-export business through a Free Zone in UAE.

The Import or Export Business Between the Free Zone Company and a Local UAE Company

The importer must have an importer code and goods to be the same as mentioned in the trade license of the company. The goods should reach the destination within 72 hours of the customs declaration. The goods are checked by the customs before entering the Free Trade Zone. Customs-Clearance Letter must be submitted to the concerned Freezone Authorities for storing goods in Freezone warehouses to trade in the UAE market. For trading in the local UAE market, the Free Zone company should appoint a local distributor or open the branch of Freezone company in the mainland or can export the goods to a mainland company with the UAE Customs regulations. For Export or Import business between Freezone and a foreign company, the Freezones can be exempted from customs duties to ship your goods to the UAE. Dubai is the easiest place to start a trading company. Their process is hassle-free and streamlined. Along with the help of expert business consultants, the complete process of opening an Export or Import company would make a reality at the fastest possible time.

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Technical Services License in UAE
Categories Business, Business Setup, dubai, License, uae

Technical Services License in Dubai, UAE

License that you need depends on the type of activity you undertake. For example, you’ll need a manufacturing license if you are going to manufacture goods. You’ll need a commercial license if going to sell goods. There is no specialised application process for a specialised license. you can obtain your license and be ready to trade within days with the help of a UAE company formation expert.

Activities In Technical Services

The license is correct if you carry out any of the following trades and services:
  • Air-conditioning and ventilation
  • Building cleaning services
  • Carpentry
  • Concrete works
  • Electrical fittings
  • Engraving
  • Flooring and tiling
  • Insulation works
  • Painting and decorating
  • Plumbing and sanitary works
  • Satellite equipment installation and maintenance
  • Solar equipment installation
Technical services license is also required by many more activities. A company formation specialist will help you find the best way to find out what type of license you require. At Blackswan Business Setup, we’ll take the time to get to know your business before advising on the most appropriate license and setup.

How To Get A Technical Services License In Dubai, UAE

We can manage the entire application process on your behalf , once we’re happy that you require a technical services license. This usually takes just five simple steps.
Step 1: Choose Your Business Activity
List a business activity on its business license and it is mandatory to list the activities during the application process. Fines or even license revocation may be provoked if we fail to do so.
Step 2: Choosing Your Company Name
Choosing a company name is the next step in accordance with naming conventions like, no blasphemous or offensive language, no references to well-known institutions or any abbreviations of your name. A legal entity like FZE or LLC has to be attached with no resemblance to any other company. Black Swan will help you with these initial decisions.
Step 3: Choosing Where To Set Up
We, at Blackswan, will work with you to decide the best type of setup for your business which may be either mainland or free zone. Business in a free zone is beneficial as it has tax exemptions and other advantages. But one can trade freely in the local UAE market, in mainland business setup. Once the decision is made, we will guide you through the license application process.
Step 4: Applying For Your License
There is a slight difference in the license application process whether you set up in the mainland or a free zone. Application should be submitted to to the local municipality or Department of Economic Development (DED), if setting up in the mainland and can be applied directly if in a free zone. Black Swan can manage the entire process for you to ensure smooth running. We’ll require the following documents to make your trade and NMC license applications on your behalf. This includes:
  • Your signed application form
  • A business plan
  • Passport copies of each individual (Shareholder/s and General Manager)
  • Original No Objection Certificate (if required)
Step 5: Applying For Your Visa
You can also help you apply for your UAE visa and Emirates ID which involves four stages including a medical fitness test and biometric capturing that usually takes less than a week. You can also sponsor others such as children, a spouse or domestic staff for their visas being holders of a UAE business license.

Technical Services License Cost In Dubai

Numerous factors affect the cost of your technical services license. For example, it is usually more cost-effective to set up in a free zone than in the mainland. The various factors may be
  • Whether you have employees,
  • Number of visas you apply for
  • Whether you require additional approval from industry bodies.
Payment ranges from AED 15,000 for a free zone license and AED 40,000+ for a mainland license.

Starting Your Technical Services Business In Dubai

It is possible to obtain your trade license and establish your business in Dubai by following the steps above said. So if you are planning to get a license in Dubai, feel free to talk to Blackswan.
Grow Your Business with the help of Business Consultant in Dubai
Categories Business, dubai

Grow Your Business with the help of Business Consultant in Dubai

Dubai is among the most favoured destination for foreign investors. This land of businesses does offer huge paying return, thereby helping businesses to start from scratch to become the industry leader. It is the business consultant, who can make this happen. The consultant can be described to be a person who offers expertise and valuable advice to matters pertaining to the business. They have rich experiences in their respective field, thereby being able to analyze competitors, market scenarios, strategies besides taking care of diversified areas. Given below are the ways by which you can make your business to grow in Dubai hiring the business consultants:

Market Dynamics

Any layman cannot easily understand Dubai’s market dynamics, as it is substantial and fast. Those interested to start their business here are to hire consultants who with their skills can make the tasks to seem easy and straightforward by analyzing market dynamics.

Identifying key strategies

To start business in Dubai, one essential aspect to consider is to strategize business plans as well as to simulate correctly. Your whole business can come down in a flash if you take one wrong approach. The business consultant having years of expertise, experience and knowledge will help promote your business and to thrive in today’s competitive environment.

Saves precious time & money

Trying to analyze the market aspect, risks involved and other crucial aspects associated with the company is likely to take plenty of time. The consultant will be able to tackle such matters efficiently, smoothly and effectively using years of expertise and data analyzation. This way, not only precious time, but also money is saved that can be used for other purposes.

Human Resourcing

It is essential to have the right set of people working in your company to grow any business. They need to have all the essential skills, so as to comply with business ethics and standards. They should also be aware of as to how their presence can help uplift the industry. The business consultant will be able to provide the necessary human resource necessary for your business.

Rules & regulations

There are several foreign investors who have been establishing businesses in Dubai. It is essential to adhere to numerous rules & regulations that exist and keep on changing frequently and needs to be adhered to. Follow-up of the same is best done by the consultants. They will keep you updated pertaining to updated information from the concerned authorities. They also will provide you with proper guidance with regards to license work that needs to be done with the Dubai government, including how they are to be implemented correctly for future development.

Advisory on Finance & Investment Management

For any business desiring to create an empire, investing and financing moves side by side. There will be required proper planning and strategizing to ensure that the business grows and thrives even in fluctuating markets and not get stagnated at any point of time. For this, there will be required to be hired external expertise such as the business consultant who does possess valuable knowledge, resources and can guide your business effectively.

Best results

Poor results are not likely to encourage any company to be in business. The consultant with rich experience and expertise can help gain the very best results for your type of business. They can work in any industry and be ready to adapt to whatever is found suitable for your business, therefore, offering 100% guaranteed results.

Risk Analyzation

There are plenty of factors to be considered in a business and ‘how to analyze risk factors and its conversion to profit’ is one among them. Proper and timely guidance will be provided by the business consultant to help convert all risks as well as explain the same in a better manner, including how to save the business without actually affecting it by taking risks.

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Establishing Business in UAE Freezone – Some points to remember
Categories Business Setup, Free Zone, FREE ZONE COMPANY

Establishing Business in UAE Freezone – Some points to remember

Establishing Business in UAE Free zone: In UAE, Freezone Business Setup is considered to be an assuring choice for start-up ventures in Dubai. Foreign investments are encouraged by the government prior to the 2020 Dubai Expo and to help entrepreneurs to derive lots of opportunities. Freezone company setup option is perhaps found to be the most preferred business setup in UAE.

The UAE Economy Ministry in coloration with different UAE free zones has concluded to strengthen mutual corporation means and to discover partnership. UAE freezone company setup, as globally known is stated to be economic freezone jurisdiction or free economic region offering business establishment within the region with optimum benefits like complete ownership, tax benefit, capital and profit repatriation, no charges on export and import, free fund transfers, no custom duty, less regulations and monitoring, work module freedom, etc. UAE’s Freezone business setup actually regarded to be every entrepreneur’s haven.

Moreover, UAE’s Freezone Business Setup is regarded to be a swift procedure to incorporate an establishment in the UAE and this is not any expensive affair. Having all good factors, some precautionary points are also to be taken into consideration from the entrepreneur’s prospective.

Given below are few points to consider prior to establishing business within UAE Freezone

Precise selection: Different options can be availed at UAE freezone related to legal type, jurisdiction, establishment process, legal structure, regulations, independent rules, numerous regions, etc. Prior to establishing business in the UAE freezone, precise selection of parasol is essential to ensure what suits your company and your specific requirements.

Be well informed: You need to have in-depth knowledge pertaining to company formation process in the freezone and about timely indication of implemented laws, which can prove to be an advantage. In such scenario, the best option is to avail proper guidance from the organization’s company formation advisors. You can now better focus upon your business, while your consultants will take care of the business formalities. This indicates business setup witnessing pattern changes and assures deriving the latest services.

Difference between FZCO & FZE: Getting to understand the difference between Freezone Company Formation and Freezone Establishment will be essential prior to formation of freezone company. Freezone company is considered to be a limited liability organization, bound by two or more share holders, while the Freezone Establishment is sole entity established and has just one shareholder. The major difference noticed is share capital requirements, although both offer similar operational recompenses.

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Benefits of Setting up a Business in Mauritius
Categories Business, Business Setup, How To, Mauritius

Benefits of Setting up a Business in Mauritius

Company Registration in Mauritius : Mauritius is an island country in the Indian Ocean that has become a premier, international business center. This country in the last two decades has enjoyed unprecedented socio-economic development and growth, while emerging as a stable political democracy. It wholeheartedly welcomes foreign businesses and investors to be a part of its rising economy. For offshore business formation, Mauritius has rather become a trustworthy and credible jurisdiction, providing investors with greater security and reliability through flexible regulatory framework. Foreign investment as well as offshore activity is encouraged actively by the Mauritian Government through the Investment Board. Different types of incentives have been introduced by the government for attracting foreign investments. Moreover, consolidation of fiscal and legal framework has only resulted in more user friendly and modern legislation, thereby contributing towards rise of the country as an important offshore financial service center. Development strategies brought out by the government focuses mainly on foreign investment. This in turn has resulted in Mauritius being able to successfully attract offshore entities in thousands. The country’s credibility for offshore investments is further solidified due to adherence to the latest international requirements that involves fighting money laundering and financial terrorism. It has only facilitated Mauritius to enjoy enhanced reputation as a well-regulated and trustworthy offshore center offering guaranteed confidentiality.

Benefits of registering company in Mauritius

Company formation in Mauritius is considered to be a straightforward and simple process, irrespective of you select an Offshore company (GBC2) or a Resident Company (GBC1 Company). The Mauritius Company, if structured correctly is regarded to be a low cost, efficient, legally tax-efficient entity to conduct business. Several benefits can be derived by incorporating GBC2 & GBC1 Company in Mauritius.

Benefits & Features of GBC1 Companies

GCB1 companies have been provided treatment as tax residents. They have the liability to pay taxes upon their earnings. This automatically entitles them to derive benefits offered by the extensive Double Tax Mauritian Treaties. GBC1 can be a foreign company’s branch or a company incorporated locally. Business needs to be conducted using foreign currency, while business cannot be engaged in Mauritius.
  • 2 shareholder minimum required of any nationality, not necessarily be a Mauritian resident. There are permitted Corporate Shareholders.
  • Minimum 1 Director required who needs to be natural person (nominee Directors can be provided by Eltoma)
  • There is required resident Company Secretary (Eltoma can offer this).
  • GBC1 Companies have been considered as resident and hence, provided with the benefit of Double Mauritian Tax Treaties. Tax treat is favorable specifically with India. For holding companies, including those investing or trading in India can find Mauritius to be a popular location.
  • Business could be internationally conducted.
  • GBC1 companies are eligible to use unilateral foreign-tax credit standing currently at 80 percent of Mauritian Tax Rate, thus leaving behind 20% residual liability of Mauritian rate, equal to 3%. Current discussions can be made on future potential reductions on the rate.
  • No limit on carrying forward the tax losses.
  • No withholding of taxes or capital gains levied.
  • No withholding of tax on interests, dividends, and redemption proceeds payment and royalties.
  • Tax exemption on interest received upon Mauritian bank account deposits.
  • Entitled to tax credits upon dividends, in case, Investee Company shareholding is more than 5%.
  • No registrar levies or duties and stamp duties.
  • Estate and gift tax and inheritance tax not applicable
  • The foreign company’s branch may have better access to tax treat network. But to avail this opportunity the local authorities need to be satisfied that the foreign branch’s control and effective management is in Mauritius.

Features & Benefits of GBC2 Companies

GBC 2 Companies are considered to be private entities which conduct business outside the country. However, GBC2 Company cannot conduct business within Mauritius. It can be registered as foreign company branch or locally incorporated. One major benefit derived by GBC2 is confidentiality, while the beneficial owner’s identity is kept largely confidential. The GBC2 is also stated to be a good structure to manage and hold private assets.
  • No stamp duty levied upon share transfer.
  • No withholding tax upon dividends.
  • Limited liability enjoyed by GBC2 company without requiring any paid-up capital (as there is not required any minimum capital)
  • GBC2 companies offered legal tax exemption. However, no access is provided to Mauritian Double-Taxation Treaty.
  •  There is required just one Shareholder and One Director.
  • Formation of Mauritius company allows 100% foreign ownership. This means, there is not required any local nominee.
  • Privacy protection offered to a greater extent (through use of shareholders and nominee Directors)
  • No reporting or accounting requirements, thus reducing maintenance expenses.
  • No taxation on Capital Gains
  • There is permitted conversion to GBC1
  • There will be required agent and registered office in Mauritius.
  • Directors and shareholders can meet anywhere.
  • There is permitted migration to/from Mauritius from any foreign company.
  • Free earnings repatriation.

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