Mauritius’ Financial Services Commission grants JTC licence to conduct operations
This strategic move to operate from Mauritius is the result of the island’s proximity to Africa, favourable time zone and extensive range of Double Tax Avoidance Agreements (DTAAs).
The Financial Services Commission of Mauritius, the island’s premier non-banking financial services regulator, has granted a licence to global financial services major JTC to provide their suite of corporate, fund and private client services from Mauritius.
The office will focus on establishing and servicing Mauritius Global Business Companies, funds, listings of securities on the Stock Exchange of Mauritius and private client structuring.
This strategic move to operate from Mauritius is the result of Mauritius’ proximity to Africa, favourable time zone and extensive range of Double Tax Avoidance Agreements (DTAAs).
Thus, JTC has chosen Mauritius as a desirable location from which to do international business, particularly into Africa and India.
“Obtaining this licence and investing in Mauritius reinforces our commitment to provide our clients and investors with a truly international service. Many of our clients are based in Africa and have shown a keen interest in Mauritius as a service centre. We are now able to fully meet their requirements,” said Philip Burgin, Group Head of Client Services.
Mauritius also boasts a modern legislative regime for establishing funds, companies, limited partnerships, trusts and foundations.
Consequently, it is a jurisdiction that is commonly used for investment structuring into Asia and Africa, and is well recognised by both fund managers and investors.
The Mauritius office will build on JTC’s existing fund, corporate and trust services for private and institutional clients.
“Mauritius is an exciting and necessary addition to our global footprint. It is seen as Africa’s financial offshore centre and according to the Economist Intelligence Unit, Sub Saharan Africa will continue to be one of the fastest growing regions in the world and well above the average, so it makes perfect sense for us to open an office there,” Philip Burgin said.
JTC has already a dedicated Africa team who has been working with clients and their advisors in East, West and Southern Africa for over 25 years, during which it has advised multiple client structures ranging from funds to private trusts.
JTC is a multi-jurisdictional, independent provider of corporate, fund and private client services. Established for over 25 years, the financial services major has significant global experience and over £25 billion (US$40 billion) assets under administration.
With a highly qualified and multilingual workforce of over 300 employees worldwide, JTC is able to provide global service to its clients. It has presence across Argentina, Brazil, British Virgin Islands, Cayman Islands, Guernsey, Jersey, Luxembourg, New Zealand, Switzerland, UK, US, Hong Kong, Labuan, Malaysia, Malta, Mauritius and Singapore.
JTC has significant experience working with clients in the natural resources sector and a Corporate Services team that focuses on the provision of administration services including investment holding vehicles, joint ventures, investment funds and employee and executive incentive services.
Source: Company Website