Following our article published in the October 2009’s Turnstone newsletter, regarding the amendments brought by the Finance (Miscellaneous) Act 2009, we would like to update you on the outcomes of further discussions that took place on the anticipated issues in the implementation of the Finance Act provisions.

Numerous representations were addressed, by a committee consisting of various governmental, regulatory bodies as well as a number of management companies, including measures to ensure the confidential aspect of Category 2 Global Business Companies (GBC2) and balance same with the recommendations issued by the Organisation for Economic Co-operation and Development (OECD). On the 03 February 2010, the Mauritius Financial Services Commission (FSC) announced that GBC2s are now required to submit a financial summary in the format of a condensed Profit & Loss account and Balance sheet on a yearly basis. Additional information was provided in respect of the accounting periods to be identified and determined and the relevant date of submission of the financial summary.

We see these developments very much in line with the international trends and will only add value to the efforts of the government in making Mauritius a secure and respected global business jurisdiction. Please do not hesitate to contact us should you require any additional information.

For any further information please contact your client executive or send us an email to marketing@turnstone-group.com

The main areas of focus of the Turnstone’s operation in Mauritian are private wealth, corporate and fund services, and serving in particular African markets. Turnstone Mauritius has big plans not only to take business forward but also to help raise the entire jurisdiction to a new threshold. “We want to promote Mauritius as the financial hub of Africa” Mr. Deva Marianen, acting MD of Turnstone Mauritius told to the Business Magazine in an interview. read more (PDF)...

August 5, 2009 - Intercontinental Hotel, Nairobi, Kenya

Hillary Clinton at the Launch of the Bilateral Investment Treaty with Mauritius, spoke highly of Mauritius:

“Now, Mauritius may be a small country, but it has the potential to make a big impact, both by contributing to Africa’s overall prosperity and by showing the way, providing an example of how other nations can stimulate growth by setting clear and fair rules for the benefit of those who wish to do business in Mauritius. I think that the Mauritian Government deserves a real vote of congratulations from us, because it wasn’t easy getting here.  This is not something that you wake up and say, well, I think we’ll try to create the climate for bilateral investment treaties.  And there were, I think, circumstances along the way that seemed somewhat daunting.  But the perseverance and persistence that has been demonstrated by the Mauritian Government over the years has paid off.  There are no easy or quick fixes.  AGOA provides a framework that is not yet fully utilized and which we are urging every country that is a partner with us to be creative, to look for ways to enhance business and investment opportunities.  And then to move on to the bilateral investment." read more in the speical news report issued by the Board of Investment (PDF)...

Inside this issue: The Isle of Man attracting variety of business; Multinational Companies relocating their Regional Headquarters to Mauritius; Exchange Controls for CMA Residents; Capital Markets — Licensing options in Mauritius; Isle of Man signed double taxation agreement with Estonia (EU Member); South Africa: The Inter vivos trust an excellent vehicle for estate planning.

read more in our newsletter (PDF)...

02/04/2009 — Following the G20 meeting and communiqué, the OECD Secretariat has provided a detailed report on progress by financial centres around the world towards implementation of an internationally agreed standard on exchange of information for tax purposes.welcomes the fact that the majority of jurisdictions where Turnstone operates are OECD “white-listed”, namely the Isle of Man, Mauritius, New Zealand, Seychelles, and South Africa. read more in our newsletter (PDF)...

Offshore centres are places which, like many onshore centres, compete on a mix of political and social stability, clusters of expert advisors, good infrastructure, sound regulation, good corporate governance, and tax neutrality. It is this tax neutrality which allows foreign denominated deposits to be invested into major onshore countries from overseas. Here are a few myths about offshore centres and some facts. read more (PDF)...

We would like to draw your attention to the Financial Times Special Report, published 12 March 2008 on Mauritius. Please follow this direct link to view the report in PDF format:

http://media.ft.com/cms/77f0b426-efa3-11dc-8a17-0000779fd2ac.pdf