Email not displaying correctly or want a print friendly version? View it in your browser.


Welcome to Adansonia’s last Izindaba for 2018. Izindaba is the Zulu word for “NEWS” and we hope that you will find the articles contained in the newsletter of interest.

As the year draws to a close, the Adansonia Group would like to thank each and every person that has been part of making 2018 another memorable year. 2018 saw Adansonia expand both our product offering and, also the network of clients that we are proud to welcome to the Adansonia family.

In this edition:

  • Mauritius 2018 Recap: The Mauritius International Financial Centre landscape changes with an eye on a sustainable future;
  • Mauritius receives green light in Organisation for Economic Co-operation and Development (“OECD”) Peer Review on harmful tax practices & Mauritius Residency Schemes;
  • Adansonia CycleTour Ile Maurice 2019;
  • An update on the performance of Adansonia PE Opportunities,
  • Adansonia Executive Travel Schedules for 2019;
  • Dates of our office closure over the festive season; and
  • Mauritian Regulatory and Statutory Updates.

Please feel free to forward this newsletter onto anyone who may find it interesting, visit our website for more information on our services, and any comments can be directed to

We would also like to take this opportunity to wish everyone a very happy festive season and a prosperous 2019.


The Financial Services Commission of Mauritius and the Economic Development Board have gone to great lengths to prove their commitment to establishing Mauritius as a fully compliant jurisdiction of substance.

The Finance Act 2018 and 2018/2019 Budget have seen Mauritian regulators make wholesale changes to implement tax and global business regimes in line with requirements as set out by the OECD. Main changes include the abolishment of the Deemed Foreign Tax Credit regime in favour of a new Partial Exemption regime, the shift from GBC1 & GBC2 licences to the new Global Business Licence (“GBL”) & Authorised Company Licence (“AC”) and, also enhanced substance requirements.

Please click on the links below to see more about the changes implemented in 2018:


On 15th of November 2018, the OECD has released its report on Peer Review Results in its assessment of harmful tax practices of Preferential Regimes in 53 jurisdictions. Mauritius was deemed as “clearly not infringing OECD guidelines on Base Erosion and Profit Shifting”. Mauritius has also moved to enhance substance requirements, ensuring that businesses and investors making use of Mauritius are compliant with OECD requirements.

The OECD, which had initially included Mauritius in the list of CRS-committed countries that offer residence and citizenship by investment (“CBI/ RBI”) schemes that could potentially be detrimental to the integrity of the Common Reporting Standards (“CRS”), has on 22nd October overturned its previous assessment and has removed Mauritius from the list. This latest move by the OECD is a clear recognition of Mauritius’ endeavour to combat international tax avoidance and evasion and gives out a positive signal to the international investor community.

Please click on the link below to see Financial Services Commission (“FSC”) Communique on the OECD peer review on harmful tax practices:

Please click on the link below to view Global Finance Mauritius’ Press Communique on Mauritius Residency Scheme:


The Adansonia CycleTourIleMaurice, a 270km mountain bike tour (not a race), is a truly unique Mauritian experience and an opportunity to enjoy the island from an unmatched perspective. The tour sees riders circumnavigate the entire island with a chance to take in all the amazing scenery Mauritius has to offer as well as relax and unwind in some of the most prestigious hotels and resorts in the country.

2019 will be another opportunity for riders to enjoy the beautiful route, world-class hotels and good company the Adansonia CycleTourIleMaurice offers. Next year’s tour will be held from 6th – 10th June 2019 and is certain to be another memorable one. Starting from our base in Shandrani Hotel, riders will do a full clockwise circle of Mauritius at an average of 75km per day and make their way back down to end the tour in the south of the island.

Please click on the link below for next year’s invite and details of the event which will be hosted by Adansonia Holdings and Novare ( Spaces are limited and will be allocated on a first come first serve basis.


Adansonia PE Opportunities added two investments to the portfolio. APEO’s investment objective is to generate above average returns from the investment opportunities the APEO directors introduce through their involvement with various investment structures and/or corporate networks, mainly in Africa. APEO evaluates investment decisions with the aim to deliver a total US$ portfolio return of at least 12, 5% per annum above US inflation.

Please click on the link below to read the latest investment report dated 30th September 2018:


2019 will see our team visit a number of countries, please feel free to contact us to arrange a meeting:

South Africa:                  3rd – 8th February (to coincide with the Mining Indaba)

Zambia and Zimbabwe: 11th – 14th February

Dubai and London:        17th – 22nd March

United States:                20th – 28th January and 13th – 17th May

Singapore:                     11th – 14th June


In view of the festive season, our office will be closed on the following days:

1. Full day on 24th December 2018

2. Full day on 26th December 2018

3. Full day on 31st December 2018

In addition to the above, our office will be closed for the following Mauritian public and bank holidays:

1. 25th December 2018

2. 1st January 2019

3. 2nd January 2019


FSC Update On New Rules For Authorised Companies

As explained in our previous newsletter in August 2018, the FSC has decided to do away with the licence category known as a Global Business Category 2 licence (“GBC 2”) and replace it with what will be known as an Authorised Company Licence (“AC”).

Main changes:

  • There will be no changes in the activities permissible by an Authorised Company compared to that of a GBC2;
  • An Authorised Company will now be required to file an annual tax return with the Mauritius Revenue Authority (“MRA”);
  • Where a GBC2 was Tax Exempt, an Authorised Company will be deemed non-resident for Tax Purposes;
  • For existing GBC2’s to convert to an Authorised Company Licence, there will be no new processing or annual fees, provided the application is made to the Financial Services Commission of Mauritius on or before 31 December 2018;
  • The processing fee for a new Authorised Company will be USD150 and the annual fee will be USD350.

MRA Statement of Practice on Place of Effective Management

The Mauritius Revenue Authority has released a statement on 28 November 2018 detailing the amendment that has been made to the Income Tax Act by the Finance (Miscellaneous Provisions) Act 2018 to introduce a new Section 73A regarding ‘Place of Effective Management’.

The new section reads as follows:

(1)‘Notwithstanding section 73, a company which is incorporated in Mauritius shall be treated as non-resident if its place of effective management is situated outside Mauritius’.

(2)‘A company referred to in subsection (1) shall submit a return of income as required under section 116.’

In determining the ‘place of effective management’ all relevant facts and circumstances must be examined: such factors shall relate to the business activities of the company, including the use of information and communication technologies in the decision making process.

Generally, a company shall be deemed to have its place of effective management in Mauritius if:

(a) the strategic decisions relating to the company’s core income generating activities are taken in, or from, Mauritius; and

(b) any one of the following conditions is met:

    • The majority of the Board of directors’ meetings are held in Mauritius; or

    • The executive management of the company is regularly exercised in Mauritius;

Where a company does not meet the conditions mentioned in Paragraph 2 above, it will be treated as non-resident.