Very much similar to its GBC1 counterpart, a GBC2’s incorporation and running is governed by the Companies Act 2001 and its whole supervision and monitoring is made by the Mauritius Financial Services Commission (FSC) under the Financial Services Act 2007 (FSA). The Category 2 Global Business Licence (GBC2) is also issued with a valid global business license; it can conduct any lawful business activities outside Mauritius, except those mentioned in the Fourth Schedule of the FSA:
- Financial Services other than operating leases
- Carrying out the business of holding or managing as a professional functionary
- Dealing with a collective investment fund or scheme as a professional functionary
- Providing such corporate services as registered office facilities, nominee services, directorship services, secretarial services and other
- Conducting business to provide trusteeship services
- A GBC2 is entirely exempt from paying tax in Mauritius. As such, it is not even considered to be a Mauritius Tax Resident and will therefore not benefit from the DTA Network.