If you are looking to set up a business in Mauritius, learning about the island as well as its industries, and economics is vital. The island that borders Africa is seen by the continent as a role model for its capitalization on natural resources and innovation for its economic progress over the years. What was once a mono-crop economy relying solely on sugar cultivation and production, it has emerged into a diversified economy with innovation and services in various industries such as tourism, education, ICT, agri-business, and logistics to name a few. Mauritius has also secured itself as a platform for African investments and a global business hub. Doing business Mauritius puts you in the forefront as it is a regional player and part of a global parent network of the likes ofÂ SADC, COMESA, IORA, and IOC to name a few.
When doing business in Mauritius, you should be aware what it means to set up a business on the island. The island does not have many barriers to entry, and has a special counter at the Mauritius Board of Investments to assist any companies who are looking to set up shop on the island. The following are some items you should keep in mind to help you do business in Mauritius;
- Registration with the Companies Division. This can also be done online at the Corporate and Business Registration Department website.
- Getting your own office space through reliable real estate agents or via serviced offices are available for hire in focal business areas such as Port Louis. Often, depending on your type of business, establishing partnerships can enable you to share office space as opposed to getting office properties of your own.
- There are many banking and finance institutions that are well established in Mauritius, both local and international, therefore, finance related services can be catered to based on your requirement.
Popular exports from Australia to Mauritius include the following;
- Meat: $24.5 million
- Fish: $19.2 million
- Cereals: $17.6 million
- Dairy, eggs, honey: $17.5 million
- Gems, precious metals: $11.4 million
- Vegetables: $4.9 million
- Wool: $3.3 million
- Meat, seafood preparations: $2 million
- Live animals: $1.9 million
- Animal/vegetable fats and oils: $1.7 million
Source: Trade Map, International Trade Centre
In terms of tariffs, Mauritius works on a three-column system based on the Harmonised System, also known as the Harmonised Commodity Description and Coding System. This is an internationally recognised Â classification system used in trading developed by the World Customs Organisation (WCO), and aids in determining appropriate duty rates, negotiating trade agreements, maintaining trade statistics, and more. When doing business in Mauritius, most duties are considered ad valorem which essentially means it is proportionate to the estimated value of the goods or the transaction in question (often the CIF).
For more insight on the tariffs and duties and their pertaining items of goods, visiting The Mauritius Chamber of Commerce and Industry website will be able to offer more insight.