Accounting and Compliance in Mauritius

Why compliance is essential

Every company registered in Mauritius is subject to a set of accounting, tax and regulatory obligations, compliance with which conditions the maintenance of its licence, access to tax advantages and its credibility with banking and commercial partners. The Mauritian regulatory framework, supervised by the Financial Services Commission (FSC), the Mauritius Revenue Authority (MRA) and the Registrar of Companies, is aligned with OECD and FATF international standards.

Failure to comply with these obligations can lead to significant consequences: financial penalties, suspension or revocation of licence, removal from the register of companies, and, in the most serious cases, criminal proceedings against directors. Beyond sanctions, a non-compliant company loses its ability to operate effectively: banks may close its accounts, business partners turn away, and access to tax treaties is compromised.

In an international environment where tax transparency and regulatory compliance have become imperatives, Mauritius has considerably strengthened its requirements. The country is on the European Union whitelist and complies with the CRS and FATCA standards as well as FATF recommendations, which requires a high level of rigour from every entity registered in its territory.

Our accounting services

Sunibel Corporate Services, as an FSC-licensed management company, offers a comprehensive range of accounting services tailored to the needs of GBC companies, Authorised Companies and local companies.

Bookkeeping

Regular bookkeeping is the foundation of all compliance. We handle the recording of all your company's financial transactions, bank reconciliation, monitoring of receivables and payables, and cash management. Accounts are kept in accordance with IFRS or IFRS for SMEs, depending on your company's category.

Preparation of financial statements

We prepare your company's annual financial statements: balance sheet, income statement, cash flow statement and accompanying notes. These documents are prepared in accordance with the applicable accounting standards and form the basis for tax filings and the filing with the Registrar of Companies. For GBC companies, financial statements must be submitted to the FSC within the prescribed time limits.

Management accounting and management reporting

Beyond statutory obligations, we offer management accounting and management reporting services enabling directors to have a clear view of their company's performance: analysis by cost centre, budget monitoring, financial dashboards and key performance indicators.

Tax filings

Meeting tax deadlines is an imperative obligation for any company operating in Mauritius. The main filings include:

• Corporate Income Tax Return: annual corporate tax return, to be filed with the MRA within six months of the close of the financial year. It includes the calculation of taxable profit, allowable deductions and, where applicable, the claim for partial exemption under the taxation of Mauritian companies
• Annual Return: annual filing with the Registrar of Companies confirming the company's statutory information (directors, shareholders, registered office, secretary). Must be filed within 28 days of the anniversary of incorporation
• VAT returns: for VAT-registered companies, monthly or quarterly filing of VAT returns with the MRA, including output VAT and deductible VAT
• PAYE (Pay As You Earn): withholding tax on salaries paid to employees, to be declared and remitted monthly to the MRA
• CSG (Contribution Sociale Généralisée): employer and employee social contributions, declared and remitted monthly

Regulatory compliance

Regulatory compliance obligations go beyond taxation and concern the entire legal and regulatory framework applicable to your company.

CRS and FATCA reporting

Companies classified as Financial Institutions or Investment Entities within the meaning of the CRS are required to collect the tax identification information of their clients and beneficial owners, and to report it annually to the MRA. Failure to comply with these obligations exposes the company to substantial penalties and may affect Mauritius's compliance status at the international level.

Anti-money laundering (AML/KYC)

Mauritian legislation on anti-money laundering and counter-terrorist financing imposes strict obligations: verification of the identity of clients and beneficial owners, ongoing monitoring of transactions, retention of documents for at least seven years, and reporting of suspicious transactions to the Financial Intelligence Unit. Sunibel Corporate Services, as a Management Company, fulfils these obligations on behalf of the companies it administers.

Beneficial ownership register

Since the entry into force of the provisions on beneficial ownership transparency, Mauritian companies must maintain an up-to-date register of their beneficial owners, an obligation reinforced by the requirements of economic substance in Mauritius (beneficial owners), and communicate the information to the competent authorities. This register must identify any natural person holding, directly or indirectly, more than 25 % of the shares or voting rights, or exercising effective control over the company.

Audit

A statutory audit is an obligation for GBC companies and for local companies exceeding certain turnover thresholds. The auditor must be an independent firm registered with the Mauritius Institute of Professional Accountants (MIPA) and approved by the FSC for companies falling under its supervision.

The appointment of the auditor is a decision of the shareholders, formalised at a general meeting. The auditor issues an opinion on the fairness of the financial statements and reports any irregularity to the competent authorities. Sunibel Corporate Services coordinates the audit process by preparing the accounting files, liaising with the auditors and ensuring compliance with filing deadlines.

Calendar of obligations

The table below summarises the main deadlines to be met for a company whose accounting period ends on 30 June:

Important: exact dates may vary depending on your company's date of incorporation and the accounting period chosen. Late filing penalties apply systematically in the event of non-compliance with deadlines.