Blue Ocean Management Ltd

Company Profile

 

Profile

Blue Ocean Management Ltd was incorporated in Mauritius on 6th September 2010 and is a licensed offshore management company with License Number MC10000108 by the Financial Services Commission in Mauritius.

 

Location

The company is located and headquartered in Port-Louis which is the capital city of Mauritius and operates its offshore business activities globally.

 

Office Address

 

The physical registered office and business office is 6th Floor, GM Tower Broadway, 7 Maupin Street, Port Louis, Mauritius.

 

Service

We provide Fiduciary, Trust, Company Formation Services and Bank Account opening in Mauritius and other Jurisdictions like Dubai, Belize, Seychelles, Singapore, Hongkong, Cyprus, BVI, Cayman Islands, Luxembourg and Switzerland.

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Our niche service has consistently increased our portfolio of HNWI (High Net Worth Individuals) through our personalised customer oriented approach as solution providers on residence permits, property acquisition, assistance on offshore bank account opening globally.

 

Our Area of Expertise

 

We provide specialized services to our clients in the application of GBL1 special licenses for Protected Cell Companies (PCC’s) and Securities or Capital Market Intermediaires.

 

Investment Dealer (ID) > (ID) Full Service including Underwriting / (ID) Broker / (ID) Discount Broker.

 

Investment Dealer (ID) > (ID) Commodity Derivatives Segment / (ID) Currency Segment / (ID) Equity Segment.

 

Foreign Investment Dealer (FID) > (FID) Commodity Derivatives Segment / (FID) Currency Segment / (FID) Equity Segment.

 

Collective Investment Schemes (CIS) > CIS - Single Funds / CIS - Multiple Funds / CIS – PCC’s.

 

Closed end Funds > CEF - Single Funds / CEF - Multiple Funds / CEF – PCC’s.

 

CIS Functionairies & Professionals / Custodian / CIS Manager / CIS Administrator.

 

Our main focus

Our main focus is customer satisfaction by providing custom based customer’s tailor made solutions through Costs Minimization Objectives, Tax Planning, Business Advisory Services in selecting the best jurisdiction to invest through Special Purpose Vehicles (SPV’s).

 

Our Team

Our Professional team is oriented to bring you the finest solution when it comes to Global Business and one dedicated Customer Relationship Manager is always at your service to reply to all your queries within one or two business days.

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Overview - GBC2 Company

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GBC2 Company

A Company holding a (GBC2) Global Business License Category 2 is regulated by the Financial Services Commission (Mauritius) and governed by the Companies Act 2001 and the FSA Act 2007.

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The Registered Agent

Blue Ocean Management Ltd (BO) is the Registered Agent, being a licensed offshore management company with License Number MC10000108 by the Financial Services Commission (Mauritius) will apply for the incorporation of the GBC2 on behalf of the Client once all certified documents are received and approved by our compliance department to proceed with the incorporation.

 

The company is incorporated within 3 to 5 working days. BO opens the bank account within 1 to 3 working days.

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Corporate Tax

A GBC2 is a non-resident for Tax purposes and does not pay Corporate Tax in Mauritius generated from its worldwide profits. The company and does not have access to Mauritius tax treaty network.

Conversion from GBC2 to GBC1

The company can be converted from GBC2 to GBC1 at any time by seeking conversion application approval with the Financial Services Commission (Mauritius) to access the tax treaty network and therefore become a resident company.

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Similarity

A GBC2 is similar to a British Virgin Island International Business Company (BVI IBC) and typical uses are for International Trade and Investment.

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Business Conduct

A GBC2 is a global company authorized to conduct business and trade with a GBC1 company and other global companies.

The company is not authorised to conduct business and trade with residents within Mauritius.

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Bank Account

The company is required to maintain its main offshore banking in Mauritius and can also open bank accounts in other Jurisdictions under the management of BO.

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Share Capital

The standard main functional currency is US Dollar. Other foreign currencies are permitted except Mauritian Rupees (MUR).

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The minimum paid up share capital is One US Dollar. The stated share capital can be unlimited and the company can have an authorized share capital which is usually 100,000 USD with all shares at par value.

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The company can have different classes of shares namely ordinary, preference, redeemable and shares with or without voting rights which is specified in the Constitution of the company

 

Directors

The company is required to have a minimum of one Director who is a resident or nonresident natural person or body corporate.

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The Law does not require the company to appoint a local resident director. The Shareholder can resolve to be appointed as the Director of the company.

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Directorship records of the company are not publicly available.

The Director can hold meetings anywhere in the world.

 

Shareholders

The company is required to have a minimum of one Shareholder who is a nonresident natural person or body corporate.

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In the event the Beneficial Owner does not want to disclose his identity as being the Shareholder, he can appoint a Nominee as a shareholder whereby a Nominee Agreement is done between the Beneficial Owner and the Nominee.

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Shareholder records of the company are not publicly available.

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The Shareholders can hold meetings anywhere in the world.

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Overview – GBC1 Company

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Overview – GBC1 Company

As defined under the Financial Services Act 2007, a GBL 1 is a company engaged in qualified global business and which is carried on from within Mauritius with persons all of whom are resident outside Mauritius and where business is conducted in a currency other than the Mauritian rupee.

It is the recommended structure for individuals, body corporate, trust or partnership including limited liability partnership or a société for investment and other high profile business. A GBL 1 may be locally incorporated or may be registered as a branch of a foreign company. Public companies, those engaged in banking, insurance and fund management, and companies wishing to benefit from the provisions of Double Taxation Agreements (DTAs), can only be incorporated as GBL 1 companies.

Confidentially is strictly observed in terms of the FSA Act. No person or body is authorized to disclose information or present documentation to any court, tribunal, committee of inquiry or other authority in Mauritius unless ordered to do so by a Court of Law on application by the Director of Public Prosecution for inquiry into the trafficking of narcotics and dangerous drugs, arms trafficking or money laundering as defined under existing legislation. Upon application to the FSC, full disclosure is required on the beneficial owners of the company. However, such information is not available for public inspection.

Qualified Global Business

A GBL1 can engage in the following Qualified Global Business Activities:
Aircraft Financing and Leasing
Asset Management
Consultancy Services
Financial Services
Fund Management
Information and Communication Technology Services 
Insurance
Licensing and Franchising
Logistics and/or Marketing
Operational Headquarters
Pension Funds
Shipping and Ship Management 
Trading
Such other qualified global business activity as approved by the FSC.

Capital
There is no minimum stated capital
Capital can be denominated in any currency except Mauritian Rupee
GBL1 are subject to no restrictions as to the distribution of their assets. They may purchase their own shares subject to the Solvency Test. The share may either be cancelled or held as treasury shares.

Shares & Shareholders 
Registered shares, preference shares, redeemable shares and shares with or without voting rights
Par value shares if any may be stated in more than one currency
Minimum of 1 shareholder and same rule applies if the company is a wholly owned subsidiary
Shareholders may be individual or corporate entity
Shares may be subscribed by nominees but beneficial owners should be disclosed 
Annual meeting must be held every year not later than 15 months after previous meeting, and not later than 6 months after balance sheet date. Meetings need not be held in Mauritius.

Taxation
• GBL 1 companies are resident in Mauritius for tax purposes
• There are no capital gains, tax, and no withholding tax on payment of dividends, interest or royalties
• No stamp duties or capital taxes
• No inheritance tax
• GBL 1 companies are liable to taxes at the rate of 15 %.

Tax Situation
• Provided that the GBL 1 owns at least 5% of and underlying company, credit will be available on foreign tax paid on the income out of which the dividend was paid (‘underlying foreign tax credit’)
• When a company not resident in Mauritius, which pays a dividend, has itself received a dividend from another company not resident in Mauritius ( a ‘secondary dividend’) of which it owns either directly or indirectly at least 5% of the share capital, such dividend will be allowable as foreign tax credit and an underlying foreign tax credit will also be available.
• Mauritius has no thin capitalization rules
Interest and royalty payments paid by GBL 1 companies are exempt
• Tax sparing credits are available. Under this regime the effective rate of taxation in Mauritius can be reduced. A long- stop provision exists whereby GBL1 companies may elect not to provide written evidence to the Mauritius Revenue Authority showing the amount of foreign tax charged and therefore enjoy a deemed taxation at 80% of the normal tax rate of 15%. Thus, the use of this long stop provision in isolation would reduce the effective rate of tax in Mauritius from 15 % to 3%.

Tax Residency
A Global Business Category Company wishing to benefit from the tax relief under the Double Taxation Agreements, requires a Tax Residence Certificate (TRC), which is issued by the Mauritius Revenue Authority. To be tax resident, the company must demonstrate that the ‘effective management and control’ is in Mauritius.

To satisfy this test the applicant company is requires to:
Have at least two resident directors in Mauritius.
Chair and initiate Board Meetings from within Mauritius.
Maintain an account with a local bank through which funds must flow.
Maintain its registered office and all statutory records in Mauritius.
Have a local qualified company secretary.
Have a local auditor.

DTA benefits
Investors should ensure that the above relevant conditions are also satisfied in the country of investment to guarantee eligibility of DTA benefits.
The network provides for interesting tax planning opportunities thereby enhancing the image of the jurisdiction as a tax planning centre.
The attractive concessions provided by those treaties include:
Elimination of double taxation through tax credit equivalent to Mauritian tax
Reduction in withholding taxes on dividends, interest and royalties
Exemption from capital gains
Possible exemption on interest payments on loans

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