Mauritius is an island that no longer needs an introduction. Nestled in the Indian Ocean, at the crossroads of Africa and Asia, the island has become a hotspot for foreign investors from around the world with a wide range of attractive opportunities. So, if you’re keen on investing and starting a business in Mauritius in 2024, Blue Azurite gives you an insight into the most prominent sectors and factors you need to look out for.
Foreign investors exploring opportunities in the burgeoning ICT-BPO sector, contributing to the development of smart cities, or venturing into healthcare or banking can find a welcoming environment in Mauritius. But while the country offers interesting investment opportunities in various sectors along with several benefits, it’s important for foreign investors to understand the regulatory framework and all the related formalities to be accomplished, depending on the industry they are targeting.
Investment opportunities in Mauritius
From official sources, the most prominent sectors for foreign investors currently are the following:
- Agro-industry;
- Aquaculture and ocean economy;
- Education;
- Financial services;
- Healthcare;
- Hospitality;
- Property development and smart cities;
- ICT-BPO (Information and Communications Technology and Business Process Outsourcing);
- Life sciences;
- Logistics;
- Manufacturing;
- Media and creative industries.
Distinguishing between regulated and unregulated activities
While the procedures related to many of these industries are quite straightforward, depending on the company structure you are opting for, some activities are regulated and, therefore, necessitate approvals from specific authorities. In most cases, companies need to register with the Corporate and Business Registration Department to be able to start operating.
Unregulated activities
In general, activities such as agro-industry, logistics, and manufacturing are unregulated, so they don’t require further procedures.
Regulated activities
Activities falling under the regulatory ambit demand careful consideration and adherence to specific approval processes. Below are some examples of activities that require appropriate permits before they can start operating:
- Banking: Investors venturing into banking activities need to obtain the appropriate license from the Bank of Mauritius. This not only ensures regulatory compliance but also underscores the nation’s commitment to maintaining the highest standards in financial services.
- Freeport activities: Investors involved in freeport activities must secure a Freeport Certificate issued by the Economic Development Board (EDB) of Mauritius. This certificate stands as a prerequisite for participation in a sector critical to Mauritius’ economic growth and global trade.
- Tourism-related activities: Those investing in tourism-related ventures need to secure a license from the Tourism Authority. This regulatory step ensures the sustainable growth of the tourism industry, safeguarding the nation’s natural and cultural treasures.
- Telecommunications: Telecommunications operations in Mauritius are regulated by the Information and Communication Technologies Authority, which issues the relevant licenses. This regulatory oversight is critical in a sector that plays a pivotal role in connecting the nation to the global digital landscape, fostering innovation and connectivity.
- Education and Training: Foreign investors considering the education and training sector must obtain a certificate of registration/license from the Early Childhood Care and Education Authority (ECEA), the Private Secondary Education Authority (PSEA), and/or the Higher Education Commission (HEC). This step ensures adherence to quality standards and underscores the nation’s commitment to education excellence.
- Healthcare activities: A license from the Ministry of Health and Wellness is mandatory for engaging in healthcare activities. This regulatory measure is in place to uphold the highest standards in healthcare delivery, ensuring the well-being of the population.
- Gambling and Gaming activities: Those venturing into gambling and gaming activities must secure a license from the Gambling Regulatory Authority. This regulatory framework ensures responsible and fair practices in an industry that demands transparency and ethical conduct.
The bottom line
Overall, Mauritius is an alluring destination for foreign investors seeking a dynamic and diverse investment landscape. The nation’s commitment to economic development, coupled with business-friendly policies, positions it as a promising hub for Foreign Direct Investment in 2024. Still, navigating the regulatory framework, obtaining requisite approvals, and staying informed about changes are pivotal to unlocking the full potential of these ventures. Blue Azurite is here to help you, from identifying opportunities in your targeted sectors to dealing with all the paperwork that it involves. Contact our team of experts now and get ready to start a new business venture in this tropical paradise.
