SCI MAURICE ISLAND
An SCI is a structure whose legal form offers facilities in the management of real estate assets as well as the transmission of such assets. It allows the easy sharing of real estate between several people. Is it possible to invest via an ICS in Mauritius? How to create an SCI on site? How to find a good notary and draft statutes?
Is it possible to create an ICS in Mauritius?
The answer to this question is automatically ‘YES'. In addition, there are many advantages to creating an ICS in Mauritius. First, the creation of such a company, considered offshore, can become very profitable. Indeed, the country offers very interesting tax advantages. Like some countries around the world, Mauritius offers quite considerable tax savings. Therefore, the profitability of the investment is quite substantial. Moreover, the creation of a civil society on the island preserves the confidentiality of the partners' identities.
Is it possible to invest via an ICS in Mauritius?
Generally, investors opt for an investment in a country where the non-double taxation system is introduced. It is a system resulting from an agreement between France and other nations, including Luxembourg, Mauritius and England. It is possible to invest via an ICS in Mauritius. The high frequency of the creation of offshore companies whose ICS on the island is the result of tax advantages.
But before creating such a company to acquire real estate assets in Mauritius, advice should be sought from the Office of International Operations. And then ask for the services of a notary.
How to create an SCI on site?
The development of a statute is required before any company is set up in Mauritius. Thus, you must give society a well-defined legal form so that it is valid. Moreover, the purpose of the company must be explicitly defined. Of course, the company also requires a name. You must also specify:
- Its head office;
- Its social capital;
- Its lifespan.
Finally, you must explicitly include the contribution of each partner in the formation of social capital as well as the modalities of the operation of the real estate civil society.
Find a good notary
Attaching the advice of a professional, including specialized firms, can be very useful if you plan to create an offshore company such as an SCI in Mauritius. These professionals are experienced enough to provide advice on tax regimes. The fact is that each country has its own legislation with its subtleties.
For the creation of an SCI in Mauritius, the services of a notary will be very useful. This notary must be pretty good and very professional. In fact, it will be up to the company to draft the company's articles of association and if this document is sloppy, the company may later face disputes. If you don't have a problem, make sure everything is set right from the start.
Since you intend to invest on the island, it is more appropriate to choose a Mauritian notary. The latter is fully aware of the laws of his country. Subsequently, we advise you to have the statutes checked by a French notary. No problem should arise in this case since the majority of Mauritian notaries have done their notarial studies in France. Moreover, although they have made adjustments, the two countries continue to use the Napoleonic code. To get in touch with a notary, head to Mauritius' House of Notaries.
Can we invest in an IRS via an ICS?
In Mauritius, it is possible, if you have an ICS, to invest in an IRS via this company. But first, you have to think about following the previous steps for the creation of your real estate civil society. If you invest in an IRS for an amount above USD 500,000, you will be entitled to a permanent residence permit in Mauritius.
Partners
In creating an SCI, the law requires at least two persons. Since the law does not provide for a maximum of associates, you are free to have as many as you want. To be associated, the law does not require any qualification or nationality. The partners can all be natural persons or legal persons or the mixture of both. We draw your attention to the fact that in case of associate ‘name loan'The latter is liable to prosecution for offences or mismanagement. Moreover, for the same reasons, the company may be the subject of an action for annulment.
Stewardship
At the company's command, he may have one or more people called managers. These individuals may or may not be partners in the creation of the ICS. The appointment of the manager(s) must be indicated in the statutes or by a report or by the partners at a meeting. It is possible that the management of the ICS is entrusted to a company or company. Consequently, the managers of this company are subject to the same obligations as if they occupied the management of the SCI. They may be prosecuted for civil and criminal responsibilities.
Which associates will have the residence permit?
Only the principal manager can benefit from the famous residence permit (which most French people are looking for in this kind of investment). The law specifies this in order to prevent the issuance of this permit to all partners. If (if) she is married, this manager (or manager) will have to designate her concubine (or concubine) as the « dependent ». Therefore, the dependent person is required to renew his application every 6 months and every 3 years. Furthermore, the manager and his/her whole family may be granted a residence permit. However, it should be noted that only minor children can enjoy this advantage. Finally, the manager must prove his financial capacity sufficient to live in Mauritius.
SCI Mauritius: mistakes to avoid
The creation of an offshore company such as SCI in Mauritius exposes the partners to the risk of undivided ownership. A death on the person of either partner may occur at any time even though no action has been taken to anticipate this situation. This must therefore be ensured when the SCI is formed. To this end, you may agree on a clear agreement between partners on this matter.
Whether you have created the SCI in France or Mauritius, know that only taxes on real estate are applied in the jurisdiction where the property is built. So don't think because Mauritius offers very attractive tax benefits, you can create an SCI and buy it via the latter, a real estate in France and enjoy the advantages that Mauritius offers.
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