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A PERSONAL ENCOUNTER WITH ÓRAMA’S CEO ON HER THOUGHTS OF MAURITIUS AS A JURISDICTION OF SUBSTANCE

Órama Corporate Services > News > CEO > A PERSONAL ENCOUNTER WITH ÓRAMA’S CEO ON HER THOUGHTS OF MAURITIUS AS A JURISDICTION OF SUBSTANCE

A PERSONAL ENCOUNTER WITH ÓRAMA’S CEO ON HER THOUGHTS OF MAURITIUS AS A JURISDICTION OF SUBSTANCE

Posted by: Órama Corporate Services
Category: CEO

A myriad of Management Companies in Mauritius can attest to the long winding road and unwieldy process it takes to obtain an operating license from the Financial Services Commission (FSC). Órama’s journey in obtaining a license to operate as a Management Company (MC) in Mauritius was certainly not an exception, and even more chequered as our certification process coincided with the time when Mauritius was pulling all strings on compliance to ensure its transition from the EU blacklist to the EU whitelist.

As a Management Company we endured and experienced the strict compliance procedures we had to undergo through and equally understand the weight of duties and responsibilities we bear on our table to ensure our absolute best of corporation to be fully compliant.

As per my opinion, acquiring a German stock exchange listing is easier than acquiring the FSC license from Mauritius. If you ever happened to be affiliated with this sector, you will acknowledge how tough and cumbersome it is to get listed on the German stock exchange alongside the endless paperwork.

It is obviously apparent from this experience alone why Mauritius is a secure investment destination and has survived countless threats and compliance issues over the years.

While Mauritius is certainly not perfect and there is clearly room for improvement like any other jurisdiction, it had made some lapses in the past by onboarding questionable investors, yet was quick to comprehend and redress the situation.

Compliance is very robust and while Mauritius is ranked first in the Ease of Doing Business in Africa by the world bank despite regular compliance monitoring, one can be irked by the extensive amount of documentation needed for setting up in Mauritius.

As wearisome as it may be, if done properly incorporation process can be finalised within weeks. While it may take less than a week to set up foot in Mauritius, it often takes weeks for clients to gather the relevant documentation alongside the considerable queries from our internal team to ensure we satisfy all FSC and bank requirements.

The interlude, however, leads to a delightful set up – a base that allows our clients to spread their wings across the African Continent and worldwide, with a wave of peace, convinced that their base is strong and able to support their global dealings.

Having said that, I can never stop praising the banking system in Mauritius. USA has the best bank customer service for clients, however, there is no doubt that the banks in Mauritius reach high level standards that numerous countries have yet to reach.

In most countries where Mauritius or the banks have special agreements with, an international bank transfer is completed within 1-3 days. Moreover, on instances where there is a misappropriation of funds, wrong beneficiary information, or a recall of funds, etc. the fund is easily refunded to the proper account with the right procedures. As a result, I feel secure that our clients will surely receive their funds back within days.

One can open a bank account in multiple currencies including GBP, USD, and EUR amongst others. Modifications to the account is easy with extensive compliance, to ensure there is no fraud or unsolicited changes. Internet banking is fast, modern and works perfectly well, and its user-friendly nature is a relief to our clients.

The advantages that Mauritius as a jurisdiction provides, can be discussed at length – while Bali is my preferred holiday destination, we cannot deny the beauty of Mauritius – sparkling white sand beaches, great weather (whilst the locals grumble about winter at 16-17 degrees Celsius! which I was no exception to until I experienced real winter elsewhere. Now winter in Mauritius is likened to my spring/autumn elsewhere and I find that very comforting.

The landscape is beautifully filled with smaller mountains comparatively, yet so green and appealing, it is so amazing and breathe taking when driving around the island with those beautiful mountains in sight or easily having an improvised hiking day.

The traffic is reasonably endurable in comparison to Nigeria from what I have heard, but surely better than Senegal during peak hours. Once you arrive on the island, you quickly and seamlessly adapt to the slow, relaxed, and flexible easy life.

Mauritius remains a destination of choice. I always encourage European friends & clients that it is best to spend at least 9 months in Mauritius and the remaining 3 months in Europe during summer. That way, you enjoy summer all year round, you and/or your employees are elevated and exposed to multiple cultures, beautiful skies, nature, and a sea breeze in a less congested environment and subsequently become more productive.

Maximum income tax on employees is at 15% – which saves them more on income. For companies, corporate tax is at 15% with an additional incentive of 8 years tax holidays (on specific operational requirements) if headquartered in Mauritius. Theses extra saving allows you to reinvest into the company.

It is also interesting to experience the island exposed to diverse international cultures. After being exposed to the German work ethics – I concluded that their work culture and ethics are extraordinarily strong – and having locals exposed to this is a great asset for the island. Also, it would be an added advantage to have the workforce exposed to the Nigerian working ethics. I maintain that having Nigerian professionals mixed with the Mauritian team, our businesses will progress at 500KM/per hour.

Having a diverse workforce and a mix of cultures allows us to better serve our clients throughout the world – these gives us a competitive edge in meeting their needs. If we want to understand our clients and their business needs, we should not rely solely on a local workforce. I am proud of the value instilled in all members of our team, which allow us to serve our clients effectively.

We will be regularly conducting Webinars and attending international conferences across Africa over the next couple of months. We invite you to join us on our Webinars or meet us at the upcoming African Energy Week conference in Cape Town from the 18th to the 21st of October.

If you want to know more about Mauritius or would like to have a chat with us to find out if Mauritius is the right destination for you, feel free to reach out to us anytime on info@oramacorporate.com.

Alternatively follow us on LinkedIn, Instagram and on Twitter to keep apprise of updates and regular information we share on the company and Mauritius.