Unlocking Global Efficiency
In today’s fast-paced, globalised economy, businesses are under constant pressure to streamline their operations and enhance efficiency. Companies must find innovative ways to manage costs, maintain quality, and ensure compliance across various jurisdictions. One effective solution is the establishment of Global Shared Services office, which consolidate various support functions into a single, centralised location.
Understanding the Global Shared Services (GSS) Licence
A Global Shared Services licence is a regulatory approval granted by the FSC of Mauritius, allowing businesses to provide centralised bak-office functions to related entities, including those offering financial services, irrespective of their geographical location.
Purpose
The primary purpose of a Global Shared Services licence is to facilitate the centralisation and consolidation of various business support functions. This centralisation leads to significant cost savings, enhanced efficiency, and improved service quality across the organisation.
Types of Services
Businesses operating under a Global Shared Services licence in Mauritius can offer a wide array of services, including:
- Finance and Accounting: Centralising financial operations such as accounts payable, accounts receivable, payroll, and financial reporting.
- Human Resources: Managing recruitment, employee benefits, training, and development from a central hub.
- IT Support: Providing technical support, network management, and software development services.
- Procurement: Streamlining the procurement process, vendor management, and inventory control.
- Other Back-Office Functions: Including legal, compliance, customer service, and marketing support.
Key Benefits of Acquiring a GSS Licence
Cost efficiency
By consolidating and centralising services, businesses can significantly reduce operational costs. Shared services models eliminate redundancies and leverage economies of scale, resulting in substantial cost savings.
Enhanced Focus
A shared services model allows companies to focus on their core business activities by outsourcing non-core functions. This enhances productivity and enables businesses to allocate resources more effectively.
scalability
The flexibility of a shared services centre allows companies to scale operations up or down based on business needs. This adaptability is crucial for managing growth and responding to market changes.
Quality and Consistency
Shared services ensure uniformity and high standards across different business units. Centralised operations lead to consistent processes, better quality control, and improved service delivery.
Requirements
Mandatory Conditions
To be eligible for a Global Shared Services licence, entities must meet the following conditions set out under the Financial Services (Global Shared Services) Rules 2022:
- Incorporation in Mauritius: The entity must be incorporated in Mauritius.
- Exclusive Licence: The entity should not hold any other licence, authorisation, registration, or approval under the relevant Acts, unless approved by the FSC.
- Restricted Services: The entity must only provide Global Shared Services and those specified in the Schedule.
Administrative and Organisational Rules
- Board of Directors: The company is required to have a board comprising of at least two directors who reside in Mauritius. One must serve as an executive director and the other as an independent non-executive director.
- Staffing: The organisation must maintain an appropriate number of employees that are proportionate to the size, nature, and complexity of its services.
- Bank Account: It is mandatory for the company to establish and maintain its main bank account within Mauritius.
- Internal Controls: The entity must implement a comprehensive internal control system, including a robust risk management and governance frameworks.
- Business Continuity: A well-documented business continuity and disaster recovery plan ,must be in place.
- Insurance: The organisation is required to have professional indemnity insurance coverage.
Discover the opportunities of acquiring a Global Shared Services licence in Mauritius. Contact us today for a consultation and take the first step towards establishing your shared services centre in Mauritius.
