Mauritius client case studies
A South African fragrance manufacturer establishes a company in Mauritius.
Our Client manufactures flavours and fragrances in South Africa as their primary business. They had an interest in obtaining an entity that could i) ease their South African – European trading activities and ii) create a broader African investment vehicle.
Kunal Fabiani, attended a call with our Client and outlined a few solutions and best available options our Client had to achieve their desired goals.
Healy Consultants Group PLC prepared and emailed our Client an engagement advancement proposal including a formal invoice, engagement letter, due diligence checklist and a list of our existing and past clients for professional reference. Our Client provided us with the due diligence documents over the next few weeks and settled our fees in full. Thereafter, Healy Consultants Group PLC prepared a detailed engagement project plan mapping out a step by step plan to engagement completion as well as a quality business plan to assist with corporate bank account opening.
Promptly after our Client confirmed their preferred company name, Healy Consultants Group reserved the name of the company with the Mauritius Registrar.
Healy Consultants Group compiled all the necessary documents and prepared the company incorporation application on the Client’s behalf. Upon completing the application, Healy Consultants Group requested our Client to review and approve all of the above. Once the client had confirmed, the same was then submitted to the registrar via email.
Due to large policy overhauls within Mauritius during this time, the company incorporation was completed 6 weeks after application submission. Upon receiving the approval, the Certificate of Incorporation was promptly received by Healy Consultants Group which was then immediately provided to our Client.
Corporate bank account opening
Healy Consultants Group begin discussing our Clients profile with numerous banks prior to the completion of incorporation for our Client’s new company. A pre-application profile was prepared by Healy Consultants Group and submitted to various Mauritian banks to secure pre-liminary interest in our client’s business.
Upon completion of the business incorporation, Healy Consultants Group secured interest from multiple banks willing to onboard our client. The banks were happy to open the bank account for our Client without them needing to travel however, as the client was due to be in Mauritius, Healy Consultants Group arranged the time and meeting locations with the numerous banks. Our client then travelled to Mauritius and i) signed account opening forms and ii) complied with the banks KYC requirements. Upon meeting the first bank, our Client was satisfied with the same and decided not to meet with representatives of other banks.
Within 4 weeks of meeting with the bank, our Client was provided with the bank account numbers. The Client then proceeded to transfer the minimum deposit into the bank account and the bank then proceeded to activate online banking.
Healy Consultants Group was engaged to manage annual company renewals for the Client’s new Mauritius authorised company.
Global expansion for successful financial consultant
Our Client, Bill King is a British citizen living and working in London, UK. He has many years of experience in the financial sector, and for many years has been a senior consultant to a large financial advisory firm in the UK. Our Client wanted to expand on the success of his investment strategies business by offering his skills to a new Client base in Asia. He also wanted a corporate vehicle through which he could develop financial e-Products that he could offer over the Internet.
Bill contacted Healy Consultants Group PLC, having found our website during a Google search. Our global expertise appeared to meet his requirements, and we initiated an e-mail dialogue and convened a phone discussion with him to better understand his business objectives, and then recommend a strategy. Following a comparison of the different corporate structures available, it was decided that a Mauritius GBC2 (Global Business Category 2) company, supported by a corporate bank account with HSBC Hong Kong, would be the optimum structure to fulfil his requirements.
The first step in the incorporation phase was for Healy Consultants Group PLC’s local agent to check whether Bill’s preferred company name was available for incorporation at the Mauritius Registrar of Companies (ROC) in Port Louis, and to reserve the name once this had been confirmed.
Our Mauritius local agent then completed a ROC incorporation application on behalf of the Client, identifying directors and shareholders and the registered office address in Mauritius. In accordance with the Mauritius Offshore Companies Act 1990, a Mauritius company also requires a Mauritius company secretary, and Healy Consultants Group PLC’s local agent agreed to act in this capacity. Our local agent also prepared other pre-incorporation documents for Bill’s signature, and Healy Consultants Group PLC couriered them to London for Bill’s signature. Once complete, these were couriered to our Mauritius local agent’s office, who then visited the ROC offices to submit the application documents and pay the statutory government registration fee of US$350 to complete incorporation.
Our Mauritius local agent couriered the company kit to our Singapore office ten days after incorporation, during which time our Banking Team prepared the HSBC Hong Kong corporate bank account application.
Since our Client was based in the UK, it was inconvenient for him to visit Hong Kong just to attend a bank interview. As such, we sent Bill the HSBC Hong Kong bank account application forms and asked him to sign them in the presence of an HSBC officer at his local branch in London.
Thanks to Bill’s cooperation, we receive the signed and witnessed forms within one week of them leaving our Singapore office, and our Banking Team immediately sent this, along with the corporate documents for the Mauritius company, a business plan detailing the activities of the company, and due diligence on bank signatories, as required by HSBC Hong Kong.
Two days later Tammy, our Hong Kong officer, visited the HSBC branch in Hong Kong to submit the application, attend an interview to explain the company’s activities and why it required an HSBC Hong Kong corporate bank account, and pay in the US$2,000 minimum deposit, as per bank policy. Tammy then e-mailed a scanned copy of the deposit slip to Bill as proof that the deposit had been paid.
The bank account application requested Internet banking facilities, a corporate credit card, an ATM card and cheque book. These products were delivered to our Hong Kong office in sealed envelopes over the course of the following three weeks, and we forwarded them to Bill in the UK as soon as they were delivered. In addition, our Hong Kong office received Internet banking PIN numbers in sealed envelopes, and were also forwarded to Bill, enabling them to begin online transactions.
For ongoing support to Bill’s company, we allow him to use our Singapore address on his correspondence and invoices as part of our Dormant Virtual Office service.
Disclaimer: Healy Consultants Group PLC neither has an office nor staff in Mauritius nor is it licenced as a management company under Section 77(1) of the Financial Services Act of 2007 or in any other way by the Financial Services Commission.