AFRICA Mauritius
Tax, International Trusts and Business
ERRIAH CHAMBERS was set up in response to the demand for Mauritius-based lawyers with international exposure and specialized expertise in the fields of International tax law, International trusts law, International Business laws, and all aspect of offshore business activities. The Chambers specialises in International Trust, International Finance, Banking Law, Shipping Law, Aircraft Finance and Leasing, Project Finance, Corporate & Commercial Law, Litigation and cross border insolvency, tracing and debts recovery, enforcement of foreign judgments and arbitral awards, arrest of foreign vessels, drafting of transactional documents.
In 2012, the Parliament of Mauritius has enacted the Foundations Act (the “Act”) whose aim is to allow the incorporation of foundations (“Foundation”) in Mauritius.
A Foundation is a wealth management vehicle that is of particular appeal to countries which are not very familiar with the concept of trusts. It has some hybrid features of both a trust and a company. The Act provides that a Foundation can be incorporated in Mauritius for such purposes as may be provided in its charter (“Charter”) and can be established through a will. Furthermore, it may be charitable or non-charitable (or both) to benefit a person or a class of persons. It is attractive to High Net Worth Individuals (“HNWI”) from civil law jurisdictions who may find in it an ideal platform for succession planning and private wealth management. It can elect to have a legal personality through registration with the Registrar of Companies (acting also as Registrar ofFoundations) and can accordingly have full capacity to transact and enter legal proceedings in its own name. The latter feature is one of the main characteristics that distinguish a Foundation from a trust for example. In a Foundation, ownership of the assets is transferred to the Foundation itself by the founder in order to achieve the purposes and objects of the foundation.
Upon application to the Financial Services Commission (“FSC”), it can also hold a Global Business Licence (“GBL”). However, in order to hold a GBL, the application can only be submitted through a licensed management company pursuant to the Financial Services Act 2007.
A Foundation acts through its council which is charged with the administration of the Foundation’s assets and the fulfillment of its objectives. For Foundations established through a will, there must be one founder who shall also be the testator.
Contact: Erriah Chambers
2nd Floor Jamalacs Building Vieux Conseil Street Port-Louis Mauritius
Tel: +230 208 2220
Direct: +230 208 3220 Mobile: +230 254 5116 Fax: +230 212 6967
Email: E-mail:
deverriah@intnet.mu Office Email:
eclaw@orange.mu
The Chambers specialises in International Trust, International Finance, Banking Law, Shipping Law, Aircraft Finance and Leasing, Project Finance, Corporate &Commercial Law, Litigation and cross border insolvency, tracing and debtsrecovery, enforcement of foreign judgments and arbitral awards, arrest offoreign vessels, drafting of transactional documents.
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