Official Notice on Beneficial Ownership Disclosure in Mauritian Domestic Companies
Introduction and Context
This official communication, issued by the Corporate and Business Registration Department (CBRD) on 19th May 2020, provides important guidance regarding the disclosure of beneficial ownership information for domestic companies registered in Mauritius. It underscores the government’s commitment to transparency and the fight against illicit activities such as money laundering and tax evasion, aligning with international standards for corporate transparency.
Scope and Purpose of the Notice
The notice is directed towards all companies incorporated under Mauritian law, requiring them to disclose information about their beneficial owners. This measure is part of broader efforts to enhance corporate accountability and ensure that the ultimate individuals who control or benefit from a company are properly identified and recorded in the official registry maintained by the Registrar of Companies.
Who Is Affected?
All domestic companies registered under the Companies Act 2001 are subject to this requirement. This includes private companies, public companies, and any other legal entities classified as companies under Mauritian law. The notice emphasizes that failure to comply with the disclosure obligations may result in administrative sanctions or penalties, as stipulated under the relevant legal framework.
Definition of Beneficial Owner
The notice clarifies that a ‘beneficial owner’ or ‘ultimate beneficial owner’ refers to a natural person who ultimately owns or controls a company. This includes individuals who directly or indirectly hold a significant stake, typically more than 25%, or who exercise control through other means. It also encompasses the natural person on whose behalf a transaction or activity is conducted in relation to the company, thereby ensuring comprehensive identification of controlling persons.
Implementation and Communication Process
In line with the notice, the Corporate and Business Registration Department (CBRD) is actively reaching out to companies via email or official correspondence. This communication process aims to facilitate the collection of accurate beneficial ownership data and to ensure compliance with the new disclosure requirements.
The department encourages companies to prepare and submit the necessary information through the designated digital platforms, in accordance with the government’s push for e-services and digital transparency initiatives. Companies are advised to review their ownership structures and ensure that the details provided are precise and up-to-date.
Legal and Administrative References
This initiative is supported by the legal framework established under the Companies Act 2001 and the guidelines issued by the Registrar of Companies. It aligns with Mauritius’s commitments under international standards such as the Financial Action Task Force (FATF) recommendations, which emphasize transparency of beneficial ownership as a key measure against financial crimes.
Further details and specific instructions for compliance can be obtained through the official channels of the Corporate and Business Registration Department or the government’s e-services portal.
Conclusion
This notice marks a significant step towards strengthening corporate transparency in Mauritius. Domestic companies are urged to cooperate fully by providing accurate beneficial ownership information within the stipulated deadlines. Such measures not only ensure legal compliance but also contribute to the integrity and reputation of Mauritius as a responsible financial center.
