Purposes
Can be used for the following:
- investment holding;
- estate planning;
- philanthropic activities.
A Foundation established in Mauritius, is governed by the Foundation Act 2012. It is a separate legal person consisting of a Founder, a Council, possibility a Protector or other supervisory persons and beneficiaries. The Foundation is a contractual arrangement, without fiduciary duties to the beneficiaries. It is in essence a hybrid of a trust and a company since it has traits of both.
The role of the Council is to manage the affairs of the Foundation to secure the wishes of the Founder. The Founder can appoint a Protector or some other supervisory person to ensure that the Council complies with the wishes of the Founder. The beneficiaries do not own any assets of the Foundation, or any interests in the Foundation itself. Until they receive a benefit from the assets of the Foundation, the assets remain in the beneficial ownership of the Foundation
At a glance
Mobility
- A Mauritian Foundation can be continued in another reciprocal territory.
- A foreign registered Foundation can also continue in Mauritius.
Administration
A Foundation shall keep proper records of:
- all sums of money received, expended and distributed, specifying the purpose of any such receipt, expense and distribution;
- all sales and purchases made by the Foundation; and
- the assets and liabilities of the Foundation.
A Foundation shall keep accounting records which shall:
- be sufficient to show and explain the transactions of the Foundation;
- disclose with reasonable accuracy, at any time, the financial position of the Foundation; and
- allow financial statements to be prepared.
Every Foundation shall keep at its registered
office:
- a file containing accurate records and a copy of all documents filed with the Registrar, including accurate copies of its charter and Articles, if any;
- the minutes of proceedings of any meeting of the Council; and a register showing the names and addresses of the members of its Council, any founder and any person who may have endowed assets to the Foundation.
Taxation
- liable to income tax on its chargeable income at the rate of 15%.
- a foundation of which the founder is a non-resident or holds a category 1 global business license; and all the beneficiaries appointed under the terms of the charter are, throughout the income tax year, non-resident or hold a category 1 Global Business Licence (GBC1) shall be exempted from income tax in respect of that year.
Products
Global Business Corporations (GBC)
A Global Business Corporation (GBC) can carry out any financial or non-financial business activity, e.g., investment holding, asset management…
https://lemuelgroup.com/gbc/read more
Authorised Company (AC)
An Authorised Company (AC) is an extremely versatile corporate entity for the purpose of e.g. a private portfolio holding company, trading company…
https://lemuelgroup.com/ac/read more
Protected Cell Companies (PCC)
A legal corporate entity having its own core cell of assets and liabilities and, at the same time operating any number of distinct segregated cells each one having its own cell assets and liabilities…
https://lemuelgroup.com/protected-cell-companies-pcc/read more
Funds
Mauritius has developed as an important centre for fund administration focused on Africa and Asia, where it’s expertise, fund legislation and stability make it the fund domicile of choice…
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Domestic Companies
A Mauritius Domestic Company is governed by the Companies Act 2001. It may either be public or private, and is resident in Mauritius and liable to…
https://lemuelgroup.com/domestic-companies/read more
Trusts
A legal arrangement in which an individual (the setlor) gives fiduciary control of property to a person or institution (the trustee) for the benefit of beneficiaries.
https://lemuelgroup.com/trusts/read more
Foundations
A Mauritian Foundation is governed by the Foundation Act 2012. It is a separate legal person consisting of a Founder, a Council, and the possibility of a Protector…
https://lemuelgroup.com/foundations/read more
Where to find us
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12, Morcellement Boucan Road
Phoenix, Mauritius
tel +230 606 2020 | Email Us