Mauritius (MU)

Jurisdiction Overview

IDQuestionAnswer
472 *LO Update: Is the update of information on the identity of legal owners mandatory? No
 Data Date: 2019

Notes

 
Some companies have to update information on legal ownership through submission of an annual return. However, companies holding a Global Business Licence (see following note on the abolishment of these companies), small private companies and companies registered under the Small and Medium Enterprises Development Authority Act are exempt entirely or for a set period. According to the Global Forum, "All companies, except for those holding a Global Business License, with net assets exceeding MUR 50 million (approx. EUR 1.3 million) and having an annual turnover of over MUR 20 million (EUR 500,000) must also submit to the Registrar an annual return updating the information submitted upon registration, including: the name and address of all shareholders, persons who ceased to be shareholders of the company, the number of shares held by each shareholder, and any shares transferred (s. 223 CA). Transfers of shares should be notified to the Registrar immediately, although the Companies Act does not include any penalties for failure to do so (s. 87(1) (b) CA). Small private companies with annual turnovers not exceeding MUR 20 million (approx. EUR 500,000) and net assets of less MUR 50 million (approx. EUR 1.3 million) are not required to file annual returns (s. 223(a)(1A)(b) CA). The same conditions will exempt companies registered under the Small and Medium Enterprises Development Authority Act from filing annual returns for eight years (s. 223(a)(1A)(b) CA)" (GF 2017: 34).
 
As regards tax laws, "the MRA [Mauritius Revenue Authority] does not maintain up-to-date legal or beneficial ownership information in its tax files as companies are not required to disclose their ownership structure in their annual tax returns. As such, the MRA is not a source of ownership or identity information for companies." (GF 2017: 37; [TJN's Notes]).
 
Mauritius has abolished Category 1 and 2 Global Business Licences (OECD HTP 2019: 22); however, grandfathering provisions allow these to be in place until 30 June 2021 (OECD HTP 2019: 16). Nevertheless, as per the first note, small private companies with an annual turnover not exceeding MUR 20 million (approx. EUR 500,000) and net assets of less MUR 50 million (EUR 1.3 million) are not required to file annual returns and therefore do not have to submit update legal ownership information.

Sources

GF 2017: 34
 
GF 2017: 37
 
OECD HTP 2019: 22
 
Section 23 of the Companies Act 2001.
 
http://companies.govmu.org/English/Legislation/Documents/amended%20acts290819/Companies%20Act%202001%20amended%20up%20to%20date%20(2).pdf