Creating new opportunities in the Financial Services
- A new framework for fund administration and fund management is being established and the Special Purpose Fund regime is being revamped to enable companies to gain access into new markets
- A new agreement with the Gujarat International Finance Tec-City to enable Mauritian licensed funds and management companies to operate in the jurisdiction of Gujarat
- An ‘umbrella licence’ for wealth management activities, attractive tax regime to promote Real Estate Investment Trusts and a scheme for headquartering of ‘e-commerce activities’
- A framework for Green Finance in line with the ‘Marrakech pledge’ to foster green financing on the African continent
- A new trading platform will be established by the Stock Exchange of Mauritius to enable the medium sized profitable enterprises, which do not qualify for listing on the official and DEM markets, to raise capital and facilitate trading of shares.
Measures to support the Fintech sector
- A new licence for Fintech Service providers will be introduced in Mauritius
- The Regulatory Sandbox Licensing Framework will be upgraded to encourage self-regulation for Fintech activities
- A regime for Robotics and Artificial Intelligence (‘AI’) enabled financial advisory services will be established
- Introducing the use of e-signatures and e-licences on a pilot basis
- A new licensable activity, “Crowd Funding” will be created.
The above information has been extracted from the budget speech delivered by The Honourable Pravind Kumar Jugnauth, Prime Minister, Minister of Home Affairs, External Communications and National Development Unit and Minister of Finance and Economic Development, to the National Assembly, on 10 June 2019.
The Budget proposals may be amended significantly before enactment. The content of this summary is intended to provide a general guide to the subject matter and should not be regarded as a basis for ascertaining liability to tax or determining investment strategy in specific circumstances. In such cases specialist advice should be taken.