The Insurance and Brokerage Act, 2017 has been recently amended to make provisions for the licensing of offshore insurance companies, insurance managers and principal insurance representatives.
The Act regulates both domestic and non-domestic insurance business and serves as an excellent legal framework for conducting offshore insurance business. Full confidentiality is also ensured, except in the case of criminal investigation.
There are two forms of offshore insurance companies, it can either be a company limited by shares or an unlimited company incorporated or registered under the local Companies Act.
The tax treatment of offshore insurance companies is equivalent to that of offering by the most reputable offshore jurisdictions (corporation tax, withholding tax on dividends and interests, wealth tax, capital gains tax, customs duties, transfer tax on assets or securities, exchange control are non-existing).
Key features include:
No need to appoint resident directors;
Ability for captive insurance companies to re-domicile in Republic of Mauritius without being liquidated in the original territory;
Insurance companies incorporated outside Republic of Mauritius may apply for a license to carry on an insurance business from Republic of Mauritius;
licensed offshore insurance companies are exempt from corporation tax, customs duty, stamp duty, withholding taxes, employers contribution to the social security fund etc.;
Speedy and effective approval process;
Confidentiality guaranteed by law.