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IECnet Annual General Meeting

Mauritius 09th ‚Äď 13th October 2024
TAMASSA, BEL OMBRE
Days
Hours
Minutes
Seconds

Organising Firm

NJC ASSOCIATES is a professional firm of Chartered Accountants in Mauritius. The firm which exists since 2014 currently has a workforce of over 15 staff.

The firm was formed by Mr Neeshal Jingree ACA FCCA and Mr Chelven Chengabroyan ACA FCCA both having rich accountancy and auditing experience with Big Fours.

Please visit https://njcassociates.mu/ for more information and contact details about NJC ASSOCIATES

 

Mr Chelven Chengabroyan

ACA FCCA
Mauritius

Mr Neeshal Jingree

ACA FCCA
Mauritius

NJC ASSOCIATES prides itself on creating and sustaining supportive relationships where objective and timely advice enables our clients to thrive and develop. This means addressing business problems with creative solutions that are grounded in practical experience and high levels of expertise. Our clients will benefit from an integrated approach based on understanding the key issues facing small and medium sized businesses. This enables us to meet their needs at each stage of development and allows them to focus on building the value of their business.

The principal services we provide include:

  • Audit & Assurance services
  • Taxation
  • Consultancy (including insolvency services)
 

NJC ASSOCIATES is affiliated with IECnet, an International Association of Accountants, Auditors and Tax Consultants formed in 1987 and having it’s headquarter in France.

 

The Venue

 

 TAMASSA, BEL OMBRE

Set on a dazzling white beach, Tamassa Bel Ombre is surrounded by dramatic mountains and dense sugarcane fields. Edged by a postcard-perfect turquoise lagoon with the Indian Ocean the hotel is blessed with some of the best sunsets on the island.
It is the best all-inclusive hotel in Mauritius on the wild south west coast of the island

Fabulous drinking and dining experiences available any time of day -all the more enjoyable when you’re on All Inclusive-, four spectacular swimming pools fringed by swaying palms and lush tropical gardens, a bedazzling lagoon fit for snorkelling and kitesurfing, an upbeat spa and a world of adventure waiting on both land and sea‚Ķ Paradise is calling your name.

Please visit https://www.tamassaresorts.com/ for more information

The Program

Schedule and events

Day ONE

WEDNESDAY 09TH OCTOBER
  • Arrival of members morning or evening
  • Airport transfer airport to hotel
  • Welcome of members at hotel
  • Welcome cocktail and dinner on the beach with sega show
  • Tropical night

Day TWO

THURSDAY 10TH OCTOBER
  • Breakfast of all members¬†
  • Outing of Family PORT LOUIS BAZARE AND CAUDAN and pamplemousse
  • Conference
  • Tea Breaks
  • Lunch members
  • Lunch Outing Family
  • Hotel Beach Diner

Day THREE

FRIDAY 11TH OCTOBER
  • Breakfast of all members
  • Outing of Family CHAMAREL/ GRAND BASSIN
  • Conference
  • Tea Breaks
  • Lunch members
  • Lunch Outing Family
  • Outdoor Group Dinner Ile aux deux cocos

Day FOUR

SATURDAY 12TH OCTOBER
  • Breakfast of all members
  • Outside event all members including outside lunch
  • CHAMAREL RHUM / 23 couleur
  • Gala night at Le Chamarel

Day FIVE

SUNDAY 13TH OCTOBER
  • Breakfast or brunch
  • Transfer to Airport

About

IECnet is an International Association of Accountants, Auditors and Tax Consultants. The Association was formed in 1987 and its members have established an infrastructure of mutual support and share the highest standards of professional duties and client service.

IECnet has over 70 members and, due to its medium size, extensive personal contacts have been established and strengthened between the members for their benefit and, more importantly, for the benefit of their clients. With members located in six continents, we can support our clients in all their international as well as local business requirements to an exceptionally high standard.

IECnet is a full member of the Forum of Firms, an association of International networks of accounting firms that perform transnational audits of financial statements that are or may be used across national borders.

All IECnet members are professionally qualified under the laws of their respective jurisdictions. The association and its members have established an infrastructure of mutual support and share the highest standards of professional duties and client service. With over 70 members around the world, the association can support our clients in all their international as well as local business requirements to an exceptionally high standard.

Please visit https://iecnet.net/ for more information and contact details about IECnet

About Mauritius and investment opportunities

Once dependent on sugar exports, the island has built up a strong outsourcing and financial services sector, as well as an important tourism industry, and now boasts one of Africa’s highest per capita incomes. The country is expected to experience wealth growth of 75% over the next decade (to 2032), making it the fourth fastest growing country in the world over this period in millionaire growth.¬† It shows that Mauritius is one of the fastest-growing economies on the continent and a top choice for global investors.

Strategically located in the ‚Äėgolden triangle‚Äô connecting Asia, Africa and Australia, Mauritius is the converging point of global financial civilizations ‚Äď a place where one can feel the cosmopolitan pulse of the world. Situated in a very appropriate time zone (GMT+4) business activities can be conducted with the Far East in the morning, Europe in the early-afternoon and the US in the late-afternoon.

Mauritius is recognized by international organisations for continuous improvement in its friendly doing business regime. The country is today acclaimed as a leading investment destination and has received several accolades in terms of ease of doing business and good governance by the World Bank and rating agencies such as the Mo Ibrahim index where Mauritius has come first for the last 5 years in Africa.

The Republic of Mauritius enjoys a mild tropical maritime climate throughout the year with a warm humid summer extending from November to April and a relatively cold dry winter from June to September. The months of May and October are commonly known as transitional months. The mean temperature over Mauritius is 24.7¬įC during summer and 21.0¬įC during winter. The temperature difference between the two seasons is relatively small and it varies from place to place and is usually larger over coastal areas when compared to the Central Plateau. February is the wettest month and October is the driest. The Republic of Mauritius is also located in the cyclone belt of the SWIO. Cyclone season is from November to mid-May

HISTORICAL FACTS

10th Century РMalay, African and Arab sailors visit island but do not settle.

1510 РPortuguese navigator Pedro Mascarenhas visits the island and names it Cirné but the Portuguese do not establish a permanent settlement.

1598 РDutch claim the uninhabited island and rename it after their head of state, Maurice, Prince of Orange and Count of Nassau.

1664-1710 РDutch withdraw after repeated attempts at colonisation. By this time the dodo Рa unique bird found only on Mauritius Рhas become extinct.

1710-1810 РFrench take possession, establishing a sugar industry based on slave labour.

1796 РSettlers break away from French control when the government in Paris attempts to abolish slavery.

1810 РBritish forces land in Mauritius after defeating French forces.

1814 РMauritius, Seychelles and Rodrigues ceded to Britain under Treaty of Paris.

1834 РBritish abolish slavery.

1835 РIndentured labour system introduced. In subsequent decades hundreds of thousands of workers arrive from India.

1966 РBritain expels some 2,000 residents of the Chagos archipelago, many to Mauritius, and leases islands to the US for 50 years. US builds a military base on the largest island, Diego Garcia.

1968 РIndependence declared.

1992 РMauritius becomes a republic.

REPUBLIC OF MAURITIUS: FACTS

  • Capital:¬†Port Louis
  • Area:¬†2,040 sq km
  • Population:¬†1.2 million
  • Languages:¬†English, French, Mauritian Creole
  • Life expectancy:¬†71 years (men) 78 years (women

 

What Makes Mauritius an Attractive Investment Destination?

Mauritius is one of the fastest-growing economies on the African continent and a top choice for global investors.

Financial services is one of the main pillars of the Mauritian economy.

In this era of global competition, Mauritius is constantly innovating to keep at pace and maintain its competitive edge. Within the last decade, Mauritius has come up with new legislation and regulations to expand the scope and depth of services that may be offered, which has resulted in a financial services industry that has quickly matured, with international banking institutions, insurance companies, investment companies, venture capital companies, fund managers, money changers, leasing companies, and management companies coming to establish business in Mauritius.

With innovative legislative framework, Mauritius offers investors with a diverse product base for planning and optimization of benefits. Global business companies (GBCs) benefit from a low to nil tax rates and can be organized as collective investment vehicles, protected cell companies (PCC), private trust companies (PTCs), trusts and partnerships amongst others. GBCs can also benefit from the Double Tax Avoidance Treaties with various countries.

The financial services sector is regulated by two main bodies who have adopted the best international practices in order to prevent misuse of the jurisdiction, each with specific statutory objectives:

  • The Bank of Mauritius set up in 1966, responsible for the regulation of banking services
  • The Financial Services Commission set up in 2001, as an integrated regulator for non-banking financial institutions and global business

Mauritius benefits from a low cost of operations and offers a series of attractive fiscal incentives such as no tax on dividends, no withholding tax on interest, royalties and dividends, no estate duty, inheritance, wealth or gift taxes, no stamp duties, registration duties and levies.

The jurisdiction is consolidating its reputation as a jurisdiction of substance for emerging market funds and is more and more being considered as a gateway for investments in Asia and Africa. To sustain its development as an international financial centre of substance, Mauritius has already embarked on a strategy of enhancing its range of financial products and moving towards the provision of higher end and value added services.

 

WHY CHOOSING MAURITIUS AS YOUR INVESTMENT PARTNER

A favourable tax regime

Investing in Mauritius comes with several tax advantages, including a low corporate tax with personal tax rate and access to a network of double taxation avoidance agreements. This makes the country an attractive destination for investors.

Political and economic stability

The country is politically and economically stable, has a skilled labour force, a low unemployment rate and a competitive and well-diversified economy. Mauritius is part of international organisations such as the World Trade Organisation, La Francophonie and the Commonwealth.

Strategic location

Its central location between Asia, the Middle East, and southern Africa makes it easy to reach, and its excellent air access makes it convenient for business people and travellers. The time zone (GMT +4 ) is also convenient for conducting business if you relocate to Mauritius

Business-friendly environment

Mauritius is a great place to do business. There are simple and friendly regulations that make it easy to run a business. According to the World Bank’s ease of doing business rankings, Mauritius is ranked 20th globally

Reliable infrastructure

The government has invested heavily in improving roads, telecommunications and Internet access throughout the country, making it easier to do business here. The airport and port can easily handle cargo and passenger traffic, and there are daily connections to the rest of the world

Availability of skilled labour

Mauritius has one of the highest literacy rates in Africa and has a young, well-educated, bilingual workforce. Training in Mauritius is available, tailored to specific business needs

Excellent quality of life

Mauritius is the perfect place to create a new lifestyle. With its beautiful beaches and breathtaking nature, it is easy to create an ideal balance between work and life.

Fiscal incentives

  • AC are tax exempt.
  • A GBC is liable to corporate tax of 15% on its profits. However it may benefit from a relief of 80% under the Partial Exemption Regime on certain types of income.
  • No withholding tax on remittance of branch profits.
  • No withholding tax on interest, royalties and dividends.
  • No capital gains tax.
  • Losses can be carried forward to offset against any future taxable profits up to a maximum of 5 income years.
  • Royalties, interest and service fees payable to foreign affiliates are allowed as expenses provided they are reasonable and correspond to actual expenses incurred.
  • Investment tax credit of 10% for capital expenditure.
  • Interest paid on deposits in Category 2 banks are tax exempt.
  • No estate duty, inheritance, wealth or gift taxes.
  • No stamp duties, registration duties and levy.
  • Zero rated Value Added Tax for global business transactions.

Partial Exemption Regime (PER)

A partial exemption system was introduced with effect from 01 January 2019 whereby companies deriving specific types of income may benefit from 80 % tax exemption subject to meeting conditions of substance. The PER only applies if the company carries on its Core Income Generating Activities (‚ÄúCIGA‚ÄĚ) in Mauritius. The CIGA applies to any Mauritian resident company. Therefore, it is also a legal requirement for a Global Business Company. The CIGA applies to the company, notwithstanding the fact that the company may not apply the Partial Exemption Regime. The company carries on its CIGA in Mauritius by:

  • employing, directly or indirectly, an adequate number of suitably qualified persons to conduct its CIGA.
  • having a minimum expenditure proportionate to its level of activities.

Activities which qualify as CIGA will depend on the business activity of a company. CIGA may include agreeing funding terms, identifying and acquiring assets to be leased, setting the terms and duration of any leasing, monitoring and revising any agreements and managing any risks.

The exemption will be granted to all tax resident companies in Mauritius, except banks, with the following income:

  • Income attributable to a foreign permanent establishment which a resident has in a foreign country
  • Foreign dividend derived by the company
  • Income from Collective Investment Scheme (CIS) / Closed-End Fund (CEF) / CIS Manager / CIS Administrator / Adviser / Asset Manager approved by the Financial Services Commission (FSC).
  • Interest income derived by a company other than banks
  • Income derived by companies engaged in ship and aircraft leasing other than banks
  • Reinsurance / Reinsurance brokering activities.
  • Leasing & provision of international fibre capacity.
  • Sale, financing, arrangement, asset management of aircraft and its spare parts and aviation advisory services related thereto.