Funds are regulated by The Financial Services Authority of Mauritius
Mauritius is situated in the south-west of the Indian Ocean about 800 km east of Madagascar. Together with Réunion and Rodrigues it belongs to the Mascarene Islands. It has an area of 1.865 km and is densely populated with approx. 1.074 million inhabitants. The island is of volcanic origin and mostly surrounded by coral-reefs.
Mauritius has a reputation for stability and racial harmony among its mixed population of Asians, Europeans and Africans.
The island has maintained one of the developing world’s most successful democracies and has enjoyed years of constitutional order. Mauritius gained independence in 1968.
The general legal framework in Mauritius has been strongly influenced by the course its history. Being a French colony and subsequently under the British rule, Mauritius has benefited from a hybrid legal system of French and English laws. English is the official language and the current business language. French is spoken by the majority of Mauritians and may be even used in the National Assembly.
Once reliant on sugar as its main crop export, Mauritius was hit by the removal of European trade preferences but has successfully diversified into textiles, up market tourism, banking and business outsourcing.
Mauritius is considered a stable and efficient offshore financial services centre alongside other jurisdictions as Jersey and Guernsey Channel Islands. Isle of Man etc.
MAURITIUS – FINANCIAL SERVICES COMMISSION (MFSC)
The Financial Services Commission (FSC) was established as the regulator for the non-bank financial services sector under the Financial Services Development Act 2001. The FSC is the integrated regulator for the industry and its remit encompasses those of the former regulatory bodies for securities (Stock Exchange Commission), insurance (Insurance Division of the Ministry of Economic Development, Financial Services and Corporate Affairs) and global business (Mauritius Offshore Business Activities Authority).The Commission licenses, regulates and supervises non-bank financial institutions in Mauritius.
In the latest report (Doing Business 2011) published by the World Bank Group International Financing Corporation, Mauritius ranks highest in doing business in Africa and outclasses European nations such as France ranked 26th and Italy ranked 80th and Asian countries such as India ranked 135th .
Globally Mauritius ranks 20th among 183 countries. Also Mauritius ranks 12th in starting a business and protecting investors and paying taxes. Mauritius came 3rd among countries that improved most in enforcing contracts.
Mauritius also ranks 1st out of 53 states for its quality of governance (2010 Ibrahim Index of Governance in Africa)The non-bank financial sector includes institutions involved in Insurance & Pensions, Capital Market operations, Leasing & Credit Finance as well as Global Business activities.The FSC is also committed to the sustained development of Mauritius as a sound, stable and competitive international financial services centre. Consequently, the Commission promotes the development, fairness, efficiency and transparency of non-bank financial institutions and capital markets in Mauritius whilst ensuring the protection of investors.