MAURITIUS Law and Practice Contributed by: Sameer Tegally, Sonia Xavier and Ashvan Luckraz, Venture Law
Limited partnerships A limited partnership (LP), established under the Lim - ited Partnerships Act 2011, may be set up with or
can investigate possible anti-competitive behaviour by businesses. • The Bank of Mauritius provides for its objects, powers and functions regarding the licensing, operation, regulation and supervision of banks and other financial institutions. • The Financial Intelligence Unit is responsible for requesting, receiving, analysing and disseminating financial information regarding suspected proceeds of crime and alleged money-laundering offences. • The Ombudsperson for Financial Services is responsible for providing better protection to con - sumers of financial services. 1.2 Regulatory Framework for FDI Restrictions on and Approval of Foreign Investments Foreign investors may invest in a number of fields, such as: • agro-industry; • aqua-culture and ocean economy; • education; • financial services; • healthcare; • hospitality; • property development and smart cities; • ICT-BPO (information and communications tech - nology and business process outsourcing); • life sciences; • logistics; • manufacturing; and • media and creative industries. Depending on the nature of the activity, some may require prior approval from the Economic Develop - ment Board (EDB) and/or other relevant authorities. Businesses engaged in unregulated activities may start operations immediately after registering with the Corporate and Business Registration Department. Investing in Certain Regulated Activities The following activities may be invested in when meet - ing the relevant requirement: • banking – licence from the Bank of Mauritius;
without a legal personality. Limited liability partnerships
Another widely used business vehicle in Mauritius is the limited liability partnership (LLP), established under the Limited Liability Partnerships Act 2016. Protected cell companies A protected cell company (PCC), established under the Protected Cell Company Act 1999, is a special type of corporate vehicle composed of different “cells” that are segregated from each other. Trusts Under the Trusts Act 2001, a trust is an arrangement for holding and administering property. The benefi - cial owner (known as the settlor) creates the trust and transfers property or legal rights to a trustee. Sociétés The Commercial Code and the Civil Code govern sociétés . The life of a société is limited to a maximum of 99 years. Regulatory Bodies • The Registrar of Companies of Mauritius (ROC) administers: (a) the Companies Act 2001; (b) the Business Registration Act 2002; (c) the Insolvency Act 2009; (d) the Limited Partnerships Act 2011; and (e) the Foundations Act 2012. • The Financial Services Commission of Mauritius (FSC) is the integrated regulator for the non-bank financial services sector and for global business. The FSC is mandated to license, regulate, monitor and supervise the conduct of business activities in these sectors. • The Stock Exchange of Mauritius (SEM) has full regulation over listing requirements, compliance and market supervision. • The Competition Commission is a statutory body established in 2009 to enforce the Competition Act 2007, under which the Competition Commission
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