OVERSEAS FAMILY OFFICE SCHEME
The Overseas Family Office Scheme was introduced in 2016 and caters for the domiciliation of assets and wealth of high net worth families. The scheme consists of two licenses; Overseas Family Office (Single) and Overseas Family Office (Multiple)
“Overseas Family Office Licence, is an attractive offering for families and wealth managers worldwide seeking a stable and viable jurisdiction to domiciliate the Family Office “
- Detailed Business plan including details on promoter(s)/beneficial owner (s)/Shareholder (s),source of wealth, details on the family members to whom the Company will provide services and 3 years’ financial forecasts
- Details on the person who will provide services
- Draft copy of standard material contract( s) or agreement (s) to executed with clients in connection with the services
- Draft copy of Internal control manual which will include Corporate governance arrangements, policies and procedures on AML/CFT, measures taken to resolve any conflict of interest and sound administrative and accounting procedures
- A copy of lease agreement pertaining to the office in Mauritius
- Access to the Mauritius’s extensive network of double Taxation Treaties
- Eligibility to acquire immovable properties in Mauritius for residential or business purposes
- Opportunity to live and work in Mauritius
- Income Tax Holiday for 5 years on income derived from the activities covered under the licence
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In addition to the normal licensing requirements for Global Business Companies, a company holding Overseas Family Office Licence should also meet the following requirements
- It should have a physical office in Mauritius
- It should employ a minimum of 1 resident professional for a single family office and 3 resident professionals for a multiple family office.
- It must have assets under management of more than USD 5 million for each family
- It must have its principal bank account in Mauritius
- Detailed Business plan including details on promoter(s)/beneficial owner (s)/Shareholder (s),source of wealth, details on the family members to whom the Company will provide services and 3 years’ financial forecasts
- Details on the person who will provide services
- Draft copy of standard material contract( s) or agreement (s) to executed with clients in connection with the services
- Draft copy of Internal control manual which will include Corporate governance arrangements, policies and procedures on AML/CFT, measures taken to resolve any conflict of interest and sound administrative and accounting procedures
- A copy of lease agreement pertaining to the office in Mauritius
- Centralized management of the family investments and operations
- Management and administration of the day-to-day activities of the family portfolio of assets
- Accounting and reporting services
- Legal and Compliance assurance
- Reporting to the family