How Safe in Your Investment?
We take security very seriously at International Investment Platform. Like many investment managers, we believe that the safest way of looking after your investments is to appoint a "custodian bank" to hold your money. We have two custodians - for listed securities custody is provided by Citibank; for funds we use the Mauritius Central Bank.
As well as safeguarding your assets, it is the Custodians responsibility to process payments to and from your clients' International Investment Platform account and to carry out the trades which we authorise. The Custodians hold each clients' investments in a segregated account for added security and never lends those assets to third parties. This means that the investments are protected in the unlikely event that either International Investment Platform or the Custodians are declared bankrupt.
Mauritius is situated in the south-west of the Indian Ocean about 800 km east ofMadagascar, and gained independence in 1968.Together with Réunion and Rodriguesit belongs to the Mascarene Islands. It has an area of 1.865 km and is densely populated with approx. 1.074 million inhabitants.
Mauritius has a reputation for stability and racial harmony among its mixed population of Asians, Europeans and Africans.
The island has maintained one of the developing world's most successful democracies and has enjoyed years of constitutional order.
The general legal framework in Mauritius has been strongly influenced by the course of its history. Being a French colony and subsequently under the British rule, Mauritius has benefited from a hybrid legal system of French and English laws. English is the official language and the current business language. French is spoken by the majority of Mauritians and may be even used in the National Assembly.
Once reliant on sugar as its main crop export, Mauritius was hit by the removal of European trade preferences but has successfully diversified into textiles, up market tourism, banking and business outsourcing.
Mauritius is considered a stable and efficient offshore financial services centre alongside other jurisdictions as Jersey and Guernsey Channel Islands. Luxembourg etc.
The Financial Services Commission (“FSC”)
The Financial Services Commission (FSC) was established as the regulator for the non-bank financial services sector under the Financial Services Development Act 2001. The FSC is the integrated regulator for the industry and its remit encompasses those of the former regulatory bodies for securities (Stock Exchange Commission), insurance (Insurance Division of the Ministry of Economic Development, Financial Services and Corporate Affairs) and global business (Mauritius Offshore Business Activities Authority). The Commission licenses, regulates and supervises non-bank financial institutions in Mauritius.
In the latest report (Doing Business 2011) published by the World Bank Group International Financing Corporation, Mauritius ranks highest in doing business in Africa and outclasses European nations such as France ranked 26thand Italy ranked 80th and Asian countries such as India ranked 135th.
Globally,Mauritius ranks 20thamong 183 countries. Also Mauritius ranks 12thin starting a business and protecting investors and paying taxes. Mauritius came 3rd among countries that improved most in enforcing contracts.
Mauritius also ranks 1stout of 53 states for its quality of governance (2010 Ibrahim Index of Governance in Africa)Thenon-bank financial sector includes institutions involved in Insurance & Pensions, Capital Market operations, Leasing & Credit Finance as well as Global Business activities.
The FSC is also committed to the sustained development of Mauritius as a sound, stable and competitive international financial services centre. Consequently, the Commission promotes the development, fairness, efficiency and transparency of non-bank financial institutions and capital markets in Mauritius whilst ensuring the protection of investors.
Offshore Jurisdiction of the future?
Following the G20 meeting and communiqué, the OECD Secretariat has issued a progress report on the jurisdictions that have implemented the internationally agreed tax standard. Mauritius is classified among the 40 jurisdictions that have substantially implemented these and is not treated as a tax haven.
- Is not a dependent or "overseas" territory of another country. It is an independent, sovereign country able to form its own internal and international policies in accordance with the wishes of its own parliament.
- Is not a member (or applicant member) of the EU, and is not subject to EU regulation or pressures.
- Is not on the OECD "blacklist" of tax havens (nor the FATF blacklist).
- Is not a member of the OECD, and is therefore not bound to accept its "consensus" recommendations and rulings.
Stock Exchange of Mauritius (SEM)
SEM’s designation as ‘recognised Stock Exchange’ by HMRC confers the following key potential benefits:
- UK pension schemes will be permitted to hold securities listed on the Official Market of the SEM, giving companies and funds listed on SEM access to a larger market of sophisticated, well-capitalisedinvestors.
- The designation reinforces SEM’s attractiveness as a listing venue for global funds and specialized products.
- Securities listed on the Official Market of the SEM may be held in tax- advantaged Individual Savings Accounts (ISA’s) and Personal Equity Plans (PEP’s) by UK investors.
- Holders of debt securities satisfying the Eurobond exemption and listed on the Official Market of the SEM are exempted from withholding tax on distributions underlying these debt securities.
- Inheritance tax advantages may accrue to UK holders of securities listed on the Official Market of the SEM.
- The designation reinforces the SEM’s position as a leading Exchange in Africa. The Stock Exchange of Mauritius (SEM) and the Johannesburg Stock Exchange (JSE) are currently the only two Exchanges in Africa designated as a ‘recognised Stock Exchange’ by HMRC.