The business of a GBC1 Company must be conducted in foreign currency other than for day-to-day transactions; and GBC1 companies must not do business in Mauritius, other than to take professional advice, employ local labour, and to rent property. As per the Second Schedule of the FSD Act, a GBL1 can engage in the following Qualified Global Business Activities:
It is the recommended structure for individuals, body corporate, trust or partnership including limited liability partnership or a societe for investment and other high profile business. A GBC1 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 GBC 1 companies. A GBC 1 who wishes to access Mauritius' network of double tax treaties must have a Tax Residence Certificate (TRC). In order to prove to be a tax resident the company must demonstrate that effective management and control is in Mauritius. To satisfy this test applicant must:
GBC1 is mostly used by people investing in India because of the favorable tax-treaties that exists between the two countries (Mauritius and India).
Resident: The treaty applies to any person who is resident in one or both states. Resident of a state means a person who is liable to tax under the laws of that state by reason of his domicile, residence, place of management or any other criterion of a similar nature. A person includes an individual, a company, and any non-corporate which is treated as a taxable unit under the taxation laws of the respective.
Permanent Establishment : A person resident in a state and carrying on business in the other state will be taxed in the other state only if he has a permanent establishment there. Permanent establishment essentially means substantial presence, e.g. a place of management, a branch, an office, etc. It also includes a building site or construction or assembly project lasting more than 9 months.
Dividends: Dividends may be taxed in the source country at rates not exceeding: 5% if shareholding is at least 10%; 15% otherwise. However, Mauritius does not levy tax on dividends paid by resident companies.
Interest: Interest may be taxed in the source country at the rate applicable under its domestic law but is tax free under certain conditions, eg if paid to the government of the other state or its agencies or to a bank resident in the other state or if the debt-claim is approved. Under Mauritius tax law, interest paid by a company holding a Global Business Licence Category 1 or a bank holding a Category 2 banking licence to a non-resident not carrying on any business in Mauritius is tax exempt.
Royalties : Royalties may be taxed in the source country at the rate not exceeding 15%. However, under Mauritius tax law royalties paid by a company holding a Global Business Licence category 1 to a non-resident are exempt from tax.
Capital Gains : Gains from the sale of shares are taxable only in the country where the shareholder is resident. While Mauritius does not levy capital gains tax, any gain or profit from the sale of securities or units is specifically exempt from Income tax.
Relief from Double Taxation: Double taxation is avoided by means of a tax credit allowed for tax paid in the other state. The treaty as well as Mauritius tax law provide for credit in respect of underlying tax relating to dividends and tax sparing relief for tax exemption or reduction granted by a state.
Mauritius GBC2: A Company holding a Category 2 global business licence (Global Business Company 2) must be incorporated under the Companies Act 2001 as a private company, it must not conduct business with any Mauritian resident (a Mauritian resident cannot have any beneficial interest in the company) and must not conduct business in Mauritian Rupees. GBC2 companies are relatively cost-effective, very flexible and completely tax-exempt offshore vehicles. Information relating to a GBC2 is confidential and not available for public examination. A GBC 2 company can carry out the following business: Non-financial consultancy, IT services, logistics, marketing, shipping, ship management, non-financial trading, passive investment holding. A GBC2 Company is prohibited from:
Belize IBC: is an independent country near Mexico with no capital gains tax or inheritance tax. The tax advantage is for non-residents where their Belize company is not subject to any taxes as long as the income has been generated outside Belize. Formation of a Belize IBC (international business companies) means no tax would be paid on any income generated by the Belize company from overseas activity. Belize also has a special tax rule for individuals who are resident but not domiciled there: you only pay tax on income derived in Belize. Income is therefore exempt from tax for most immigrants who usually keep their money invested offshore. With GR MORGAN FORMATIONS Ltd you can form an offshore Belize company and set up Belize offshore bank accounts. Belize offshore companies provide you with the anonymity that you would normally require when setting up offshore companies. Belize business through Belize offshore companies are quite useful since you only pay tax on trade in Belize but not that done outside the country. We can also help you open a bank account in Belize and take advantage of Belize banking rules and regulation which are less than many other countries. Belize Offshore formation or Belize offshore incorporation is quite simple and the process normally takes 3 - 4 days. Any changes made about the Official (Directors, Shareholders and Secretaries) of the Belize IBC are also very quick and easy.
BVI offshore company - The British Virgin Islands are one of the most famous tax heavens in the world. BVI IBC companies are wholly exempt from paying BVI tax. In BVI there is no Capital Gains tax, Income tax, Corporations tax, Inheritance tax nor sales tax. BVI uses the same rules as the UK to decide if a company is resident in the BVI or not. Any company that is incorporated there or is managed and controlled from there is treated as BVI resident. BVI offshore company (IBC) incorporation services allow you to form BVI companies and set up BVI offshore bank account.
Seychelles IBC: The IBC has proven to be the most popular product being offered by the Seychelles. The IBC is incorporated under the Seychelles International Business Companies Act of 1994 and regulated by SIBA. The IBC usually takes the form of a private company limited by shares and is subject to certain stipulation:
Business Start Up Services
Bank Account Opening: GR MORGAN FORMATIONS has the right team to provide you assistance with bank account opening. Our dedicated personnel will arrange for your bank meeting ,accompany you to the bank and fill-in the bank account application for you. In general most of UK banks will request to meet the client in person ,however offshore banks (banks which are located outside the UK) do not require to meet the client in person. The charges varies as per the bank policy and some banks also offer 12 month free banking. The banks we work with usually offer bank accounts in all major currencies as per client’s requirement. As soon as your bank account is active you will receive a sort code, an account number, an IBAN number , a swift number to enable you to commence your operations. You will also benefit from the use of online facilities ,debit cards, fax payments, cheque books etc. We can assist you to open UK bank accounts with major UK banks such as HSBC, Barclays, Natwest, Royal Bank of Scotland. We can help you open offshore banks accounts or overseas bank accounts in Standard bank (Isle of Man), Bank of Cyprus and FBME (Cyprus), Barclays (Mauritius), State bank of Mauritius (Mauritius), Afrasia Bank (Mauritius) and other more. Please contact our team for more information
Virtual Office Services:
Registered office - The registered office address is an address to which all the official and statutory documents can be sent. The registered address does not necessarily have to be the place of business of the company. GR MORGAN FORMATIONS offers Registered Office services in UK & Worldwide. It is mandatory for all companies registered in England and Wales to have a registered office address based in England or Wales. Most of the offshore entity will require a local address as well , this is usually the local agents’ address.
Mail Forwarding - The mail forwarding service is a service where we provide you with an address to receive business post such as bank statement and other business correspondence for your company. Having a business address will increase your companies credibility ,will reflect a more professional image of your company and gives a bigger perception of your operation which can consequently help to do business with larger companies and also open doors to other areas and countries. A mail forwarding service also reduce your overhead costs and we have no hidden fees. When you sign up for our mail forwarding service, you will be able to use the address on your business stationery , website ,marketing & advertising material etc. General business mails and small parcels can be received at this address and forwarded to you via mail (postage fee will apply), fax or email as appropriate .
Telephone and Fax services - Our telephone fax services is favored by our clients who are always on the move and who wants their call to answered by a professional and friendly individual. Our highly trained and professional receptionists will answer the phone under your company name. We will take the name and details of the caller and send you an immediate email to inform you of the phone call. When we receive a fax for your company, we will scan it and send it to you accordingly.
Please check our Full Virtual Office packagessection for our virtual office packages.
Nominee services - UK company director services | UK limited company director services | UK company secretaries | UK nominee shareholders. It is mandatory for a UK company to have at least 1 director and 1 shareholder. Although a company secretary is not mandatory , we recommend to have one as it give your company a more corporate image rather than a one man company.GR MORGAN FORMATIONS can provide you with nominee directors, nominee shareholders and nominee secretary. The details of the officers are accessible to the public via the Companies House website. For privacy reasons you may decide to take those nominee services in order to protect your privacy and avoid your details to be made publicly available.
Company Secretarial Services: Fulfilling the company’s statutory obligation and keeping the company records in good standing is an important and demanding responsibility. Automatic penalties and fines are imposed for late filings and directors & secretaries are at risk of being prosecuted under the Companies Act for non compliance if they consistently fail to keep up with the statutory obligation of the company. Our company administration and secretarial services ,are provided by a dedicated and experienced team. For an annual fee, GR MORGAN FORMATIONS can take away this burden from you and thus saving you valuable time and money. The company secretarial service includes:
Company Renewal: All companies have an annual statutory requirement. A UK company must deliver its annual return to the Companies House within 28 days of its last made-up annual return or the anniversary date of the incorporation. GR Morgan Formations has the right team to assist you with filing the annual return.
Change Of name: GR MORGAN FORMATIONS is able to help you in drafting your resolution for the change of name of your company and make the necessary amendment in order to change the name of your entity.
Company dissolution and restoration: Company Dissolution is a very simple and cheap way for closing down a private limited company which has stop trading. Such companies can apply for it to be struck off the company register. However, if you have a company that is going or will go through insolvency proceedings, then the application to be struck off cannot be done. A company can also be restored to the Companies House Register. The company ,its members or creditor may apply though the court for the restoration of a company if it was struck off. If the company has been struck off voluntarily , the any related person who has not signed the strike off application may apply for a restoration through the court.
Apostile and Legalisation: GR MORGAN FORMATIONS will be able to provide a range of apostille documents ,notarized or certified documents for all UK incorporated companies upon request. Notarised and apotille documents are usually required for opening a bank account or evidence to any overseas body etc.
Certificate of Goodstanding: A certificate of Good Standing is a certificate issued by the Registrar of Companies to confirm that your entity is in good standing in accordance with the Companies Act.A company is in good standing if it does not have any outstanding statutory requirement.Statutory requirements are for example filing of annual return & filing of account. A certificate of good standing may also contain at the client request the name of the directors, name of shareholders, registered office address etc. A certificate of good standing can also be required for the opening of a bank account. If a company is not in good standing, the board of directors has to take the necessary steps to file the necessary documents in order to bring the company in good standing following which a certificate of good standing can be requested.
GR MORGAN FORMATIONS has an specialist team who can give you the adequate support for all your bookkeeping and accounting requirement including preparing and filing your annual accounts. Our team of accountant will be collaborate closely with you to understand your business requirement. Our tailor made packages will relieve you all this administrative burden. Our goal is to ensure that you have full confidence in our ability to support your activities and peace of mind to know that your accountancy services are being provided by a reliable team of accountant. Our services and packages are cut to suit mostly small businesses, medium businesses and start-up companies. Please feel free to contact us for more information.
Bookkeeping: Keeping your books and accounting records can be daunting task ,especially when you are new to business. Even you if have the necessary skills, it can be time consuming or it can be expensive to seek the services of a specialist.GR MORGAN FORMATIONS has a team of bookkeeper with extensive skill who can look after your bookkeeping and accounting requirement. By outsourcing your accountancy services to us, you will have more time to focus and develop your business.
Statutory accounts: All UK Limited liability businesses are required to file accounts with Companies house and HM Revenue & Customs. Penalties and fines will be imposed on companies which fail to file its accounts in a timely manner. The accounts is also used to calculate the tax payable based on the profit. The account is a very important not only to provide information about the stability and profitability of the company or business to the board and shareholders but also to secure borrowings. Our team of specialist can prepare a set of statutory account for entity such as Private Limited Company (LTD),Public Limited Company (PLC), Limited Liability Partnership (LLP) or group consolidated accounts. GR MORGAN FORMATIONS can be prepared accounts for companies that are dormant , non-trading or trading. When a company is incorporated , the board has to ensure that the statutory accounts are filed within the filing deadline with the Companies House and HM Revenue & Customs. The Companies House ,for example , will require a small Private Limited Company to file a set of abbreviated accounts within 9 months of the end of the accounting period. The HM Revenue & Customs will require ,for example a Private Limited Company, to file a full set of accounts & its tax computation within 12 months of the end of the accounting period and to pay its corporation tax within 9 months of the end of the accounting period. A UK Private Limited company is qualify as small for the purpose of preparing its financial statement , thus may be exempted from an audit requirement, if it meets 2 of the 3 criteria below:
Value Added Tax (VAT): GR MORGAN FORMATIONS will support you in applying for a UK vat number. After the application has been granted, we can assist you all the way from the preparation of your vat return to filing those returns. If your turnover has exceeded £77 000 , it is compulsory for the company to register for a vat number. A company may also wish to register voluntarily even if it has not exceeded a turnover of £77 000. The Vat application process usually takes between 3-6 weeks from the submission date and once the VAT number is granted, the company will receive a VAT certificate. Usually after that , a quarterly vat preparation and declaration is required. The deadline to file a vat return is 1month and 7 days after the end of the period.
Payroll (PAYE): The PAYE scheme (PAY AS YOU EARN) is a scheme designed to collect tax at source from employees. The company must enroll on a PAYE scheme when taking any employees. Upon registration for a PAYE scheme, the employer will receive a PAYE reference number. From April 2013 , the HM REVENUE & CUSTOMS expect all companies to file any PAYE calculation on a monthly basis.GR MORGAN FORMATIONS can offer your company a comprehensive payroll service .Contact us for more information.
Personal tax return: GR MORGAN FORMATIONS also offers self assessment and tax return for individual. Contact our team for more details.