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Structuring your investments into Africa Ben Lim, CEO, Intercontinental Trust Ltd Mauritius.

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Presentation on theme: "Structuring your investments into Africa Ben Lim, CEO, Intercontinental Trust Ltd Mauritius."— Presentation transcript:

1 Structuring your investments into Africa Ben Lim, CEO, Intercontinental Trust Ltd Mauritius

2 Investment into Africa

3 Investment into Africa – Tax Haven

4 4 4 Using a traditional Tax Haven African countries known to have high withholding tax rates No Protection from Double Taxation Agreements No Protection against Nationalisation or Confiscation of Assets

5 Investment into Africa via Mauritius

6 Why use Mauritius for Africa? Mauritius is part of Africa African Union Common Market for Eastern and Southern Africa (“COMESA”) Southern African Development Community (“SADC”) Indian Ocean Rim – Association for Regional Coorperation (“IOR-ARC”) Africa Growth and Opportunities Act (“AGOA”) Excellent Double Taxation Treaties Network Bilateral Investment Treaties Convenient Time Zones / Good Air Connectivity Dual Legal System – English & French

7 African Investment Funds Mauritius is the favoured jurisdiction for incorporating African Investment Funds African Development Bank (“ADB”) recommends Mauritius as an ideal location for the African Funds Member of the International Organisation of Securities Commissions (“IOSCO”) Over 600 Funds incorporated in Mauritius Modern legislation covering CIS and Fund Managers/Advisers

8 Mauritius – Recent Awards

9 Treaty Network: 36 DTAAs in force * 7 Treaties awaiting signature or ratification ** 10 Treaties being negotiated Treaty Network: 36 DTAAs in force * 7 Treaties awaiting signature or ratification ** 10 Treaties being negotiated Europe Belgium Cyprus Croatia France Germany Italy Luxembourg Sweden UK Russia* Europe Belgium Cyprus Croatia France Germany Italy Luxembourg Sweden UK Russia* Asia Bangladesh China India Malaysia Nepal Pakistan Singapore Sri Lanka Thaïland Vietnam* Asia Bangladesh China India Malaysia Nepal Pakistan Singapore Sri Lanka Thaïland Vietnam* Caribbean region Barbados Caribbean region Barbados Africa Botswana Lesotho Madagascar Mozambique Namibia Rwanda Senegal Seychelles South Africa Swaziland Tunisia Uganda Zimbabwe Egypt* Kenya* Malawi* Nigeria* Zambia* Africa Botswana Lesotho Madagascar Mozambique Namibia Rwanda Senegal Seychelles South Africa Swaziland Tunisia Uganda Zimbabwe Egypt* Kenya* Malawi* Nigeria* Zambia* Middle East Kuwait Oman United Arab Emirates Qatar Middle East Kuwait Oman United Arab Emirates Qatar In Negotiation Canada** Czech Republic** Greece** Portugal** Iran** Burkina Faso** Algeria** Yemen** Ghana** Saudi Arabia** In Negotiation Canada** Czech Republic** Greece** Portugal** Iran** Burkina Faso** Algeria** Yemen** Ghana** Saudi Arabia**

10 DTAs with African Countries

11 Africa Investment Promotion and Protection Agreements 20 Fully Operational, 13 *Awaiting Ratification Investment Promotion and Protection Agreements 20 Fully Operational, 13 *Awaiting Ratification Madagascar Mozambique South Africa Benin* Botswana* Burundi* Cameroon* Chad* Comores* Ghana* Guinea Republic* Mauritania* Rwanda* Senegal* Swaziland* Zimbabwe* Madagascar Mozambique South Africa Benin* Botswana* Burundi* Cameroon* Chad* Comores* Ghana* Guinea Republic* Mauritania* Rwanda* Senegal* Swaziland* Zimbabwe* Europe Belgium Czech Republic France Germany Ireland Luxembourg Portugal Romania Switzerland UK Belgium Czech Republic France Germany Ireland Luxembourg Portugal Romania Switzerland UK Asia China India Korea Nepal Pakistan Singapore China India Korea Nepal Pakistan Singapore Barbados Carribean Region

12 Investment Promotion & Protection Agreement (“IPPA”) Covers every kind of asset Includes concessions to search for, cultivate, extract or exploit natural resources Non-Discrimination Treatment of Investments. Compensation of losses owing to war / other armed conflict Expropriation Right to Compensation Disputes between Investor and Contracting Party Provision for International Arbitration after 6 months Disputes between Contracting Parties Provision for an Arbitral Tribunal Retroactive

13 Corporate Vehicles Global Business Companies (“GBC”) Category 1 – Tax Treaty Company (“GBC1”) Category 2 – Tax Exempt Company (“GBC2”) Activities Holding Companies Investment Funds Asset Management Companies Private Trusts Trading Companies

14 Set up a Mauritius Company Incorporation Two weeks Regulated by Financial Services Commission Re-domiciliation (Migration) Most offshore jurisdiction allow companies to migrate out Effective way to continue the company to Mauritius Immediately after re-domiciliation, the company can take advantage of the DTAAs Investment Protection Agreements

15 Redomiciliation of Companies

16 Countries Allowing Re-domiciliation AndorraBVIIrelandMaldivesSeychelles AnguillaBruneiIsle of ManMaltaSt Kitts & Nevis AntiguaCaymanIsraelMarshallSt Lucia ArubaCookJerseyMauritiusSt Vincent AustriaCosta RicaLatviaMontserratSwitzerland BahamasCyprusLebanonNauruTurks Caicos BahrainDominicaLiberiaNeth. AntillesUAE Dubai BarbadosGibraltarLiechtensteinPanamaUruguay BelgiumGrenadaLuxembourgPhilippinesUS Virgin BelizeGuernseyMacaoMadeiraUSA Delaware BermudaHungaryLabuanSamoaVanuatu

17 Tax Residence A Company is tax resident in Mauritius if it is either: Incorporated in Mauritius; or Managed and controlled from Mauritius Conditions to obtain a Tax Residence Certificate (“TRC”): Two local directors Local company secretary Local auditor Board meetings chaired from Mauritius Statutory records kept in Mauritius Accounting records kept in Mauritius Principal bank account in Mauritius TRC country specific and renewed yearly

18 Tax in Mauritius No Capital Gains Tax No Profits on Sale of Shares Maximum Corporate Tax of 3% (Most companies pay zero tax) No Withholding Tax on payments from Mauritius Advance Tax Rulings Whitelisted by OECD No Exchange Controls

19 19 Intercontinental Trust Ltd Intercontinental Trust has been in existence for over ten years Licensed and Regulated by the Financial Services Commission Principals have been active in this industry for over 15 years Over 100 staff Active participation in the legal and regulatory reform process of the financial services sector in Mauritius Among the leading Trust Companies in Mauritius

20 20 Services Incorporation & Administration of Companies Fund Formation and Administration International Tax Planning Trustee Services Accountancy Services Business Process Outsourcing

21 21 SAS 70 Intercontinental Trust Ltd and its subsidiaries recently obtained their SAS 70 Type II certificate Audit Report Unqualified by PricewaterhouseCoopers One of the first trust companies to have SAS 70 Type II

22 Thank You


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