Factually speaking, setting up a company or a trust can be a daunting process in many countries because it is too lengthy. Contrarily, the incorporation of companies and trusts in Mauritius is highly straightforward to locals and international investors.
Fundamental Steps for the Incorporation of Companies and Trusts in Mauritius
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Registration
A trust or company owner must register it with the appropriate government agency (registrar) to operate this entity legally. The government official will need all the crucial documents, such as a trust agreement, to prevent legal disputes in the future.
Ensure you agree on a suitable company or trustee name before embarking on the registration process.
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Transfer of Asset Control
Secondly, the Mauritius registrar will transfer control power to the board after authorization by the donor. Kindly add all the crucial information about the legal control of the included assets in the signed trust deed.
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Certificate of Incorporation
The next step is to receive this document once the government officials review and approve the trust or company registration.
The settlor and the board must include all the essential information in the deed, such as the duration of this entity, to prevent legal battles.
Mandatory Information During Trust Setup in Mauritius
Relevant government officials require particular details for a smooth trust set-up in Mauritius. These include:
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Trust Name
All trustee members must agree on a suitable name and then submit it during online or physical registration.
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Trust Objective
The board must attach a document detailing all the objectives and goals of their trust to enable the officials to understand what it’s about. Remember that the Mauritian government has stringent principles that govern the operation of this entity.
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Comprehensive Trust Deed
This document contains crucial information like the trust fund and all-encompassing beneficiaries’ details. Lastly, the donor must express their commitment in writing and surrender it to the right government official for trust registration.
2 Benefits of Incorporation of Companies and Trusts in Mauritius
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Responsibilities
A settler or company owner must stipulate the duties of each board member or shareholder to guarantee the smooth running of the entity.
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Property Management
Setting up a trust ensures that the settlers get excellent property management services for all their prime properties.
Conclusion
A settlor must authorize the incorporation of companies and trusts in Mauritius for the relevant registrar to approve the registration request. Technically, setting up this entity is highly beneficial if a settler has multiple properties spread across Mauritius.