Mauritius: An Investment Platform for African Investments · African Private Equity Trends Africa has 12% of global oil reserves, 40% of gold and 80% of chromium and platinum - but

Mauritius: An Investment Platform for African

Investments

Agenda

➢ Welcome Remarks

➢ The African Investment Opportunity

➢ Mauritius – A Jurisdiction in Use

➢ An Overview of the Legal System in Mauritius

➢ A sound Banking Infrastructure

➢ Business and Tax Implications for Singapore based Investors with Mauritian Investment Structures

➢ Panel Discussion – the Practicalities of using Mauritius and doing Business in Africa

The Afr ican Investment Opportunity

2000 2011 2013 2018/2019


➢ The African continent is projected to grow at 4.5% per annum over the next few years, which is

set to outpace Asia’s regional growth rate of 4.3%;

➢ According to the World Bank, Africa’s population will be the fastest growing between 2015 –

2050, with an expected doubling of the population to 2.4 billion, representing more than 25% of

the worlds population. Asia’s growth will only be 19% during the same period;

➢ By 2025, an additional 190 million people in Africa are expected to be living in urban areas;

➢ Africa’s consumer-facing industries are expected to grow by $400 billion by 2020, representing its

single-largest business opportunity;

➢ Infrastructure deficiencies, which currently create bottlenecks are being addressed including:

▪ COMESA’s North-South Corridor, developing 6,000 miles of rail and roads across 7 countries;

▪ Tanzania's Bagamoyo Port will become Africa's largest port, capable of handling 20 million

containers per year;

▪ Kenya is getting Konza Technology City, a $14.5-billion software hub outside Nairobi;

▪ Nigerian, $11-billion Lagos-Calabar coastal railway, providing 871 miles of rail and is expected to

open in 2018;

▪ $4.8 billion, the Grand Ethiopian Renaissance Dam provides hydroelectric power to Ethiopia and

nearby countries.


African Private Equity Trends

➢ Africa has 12% of global oil reserves, 40% of gold and 80% of chromium and platinum -but still just 1% of global manufacturing and 2% of world exports;

➢ Africa has 39 million hectares of land physically suitable for irrigation but only 7% of that is irrigated;

➢ Since 2012, Investment entities from Mauritius have invested USD 3.5bn in high value projects in Africa;

➢ Focus appears to be on diversified Pan African companies with quality management;

➢ Growing trend of African based companies restructuring in Mauritius to:

▪ attract PE investment▪ position for exits▪ and/or facilitate Pan African expansion

➢ Investment in public infrastructure, increased agriculture production and buoyant services were the key drivers of growth, in particular investment in ports, electricity capacity and transportation;

➢ There is a perception that the risk/reward trade is often not compelling enough.

➢ According to the International Enterprise Singapore (“IES”):

▪ Singapore focussing on 10 African countries namely Nigeria, Ghana, Ivory Coast,

Ethiopia, Tanzania, Kenya, Rwanda, South Africa, Mozambique and Angola. According to

the World Economic Forum in 2016, 5 of these countries in bold are in the top 10 growth

countries in Africa;

▪ Trade between Singapore and Africa grew at a compounded annual growth rate of 5.2 per

cent since 2005 to reach S$11.5 billion in 2015, this is dwarfed by the US$271 billion trade

between the Asia-Pacific and Africa;

• IES has opened up three Investment Bureau offices, South Africa, Ghana and Kenya

(opening this year);

• The GIC is an anchor investment in African Rainbow Capital focussed on African Financial

Services and Temasek has co-invested with the Oppenheimer family in a pan-African

investment fund, Tana Africa;

• 50 Singapore firms operating across the continent in sectors ranging from agribusiness to

fast-moving consumer goods.


The Real Afr ican Investment Context

➢ Shortage of infrastructure, in particular road and power but large infrastructure project

potential which is currently in progress;

➢ Thin local management layer and experience available, however this is being addressed

by an increase in returning diaspora;

➢ A history of unstable Governments/Autocrats, although increasingly a robust democracy

(Total of 5 elections have been held in 2017 alone);

➢ Undeveloped Capital markets, creating an opportunity for private capital/equity deals;

➢ Unstable and depreciating currencies which have historically been dependent on natural

resources.

The Real Afr ican Investment Context

Why Maurit ius ?

▪ Is a well regulated tax efficient jurisdiction, which subscribes to internationally agreed best practice;

▪ Access to well educated human capital with a relatively low cost base;

▪ Has a robust legal framework modelled on English common law with reference to English based case law and with the Privy Council as the highest Court of Appeal;

▪ Regularly communicates to Licensees on updates issued by the United Nations Security Council (“UNSC”) on Money Laundering and Financing of Terrorism;

▪ Offers a wide range of diverse investment structures, governed by a simple regulatory and tax framework, which facilitates ease of doing business;

▪ Has a robust Double Taxation and Investment Protection and Promotion Agreement framework;

▪ Has no exchange control therefore the ability to transact freely;

▪ Signatory to the Common Reporting Standards (“CRS”),

▪ Established and growing air links to a number of major hubs including 2 daily A380 flights into Dubai, 4 flights a day to South Africa, Singapore, London and France.

KEY:

▲- IPPA in force

▲- IPPA awaiting ratification

- 44 globally (signed)

- 23 with African states

■- DTAA in force

■- DTAA awaiting ratification

- 50 globally (signed)

- 21 with Africa states

Extensive Network of Bi lateral Treaties

• Conventional & Islamic

Banking

• Investment Banking

• Private Banking

• Insurance & Re-Insurance

• Captives

Cross-border

investment & services

Banking & Insurance

Listing & Capital Raising

Support & Professional

services

• Regional Headquarters

• Treasury Management

• Private Equity & LPs

• Global Funds

• Investment Holdings

• Trusts and Foundations

• Protected Cell Companies

• Debt Financing

• International law firms

• Leading Arbitration Centre

• Top Accountancy firms

• BPO Services

• State-of-the art IT

infrastructure

• Qualified professionals

• Member of WFE

• List, Trade & Settle in EUR,

ZAR, GBP and EUR

• Flexible Rules for Specialist

Debt Instruments

(Eurobonds) & Junior Mining

& Early Exploration

Companies

Maur i t ius ’ IFC of fer ings

Geographical Leverage

7 hours flight to Major hubs, including SingaporeMAURITIUS IFC

Mauritius – A Jurisdiction in Use

➢ Adansonia Holdings Limited is a diversified financial services business including:

▪ Adansonia Management Services Limited – Financial Services Commission (“FSC”) regulated;

▪ Perrieri Office Suites Limited;

▪ Perrieri IT Solutions Limited;

▪ Adansonia PE Opportunities Limited;

➢ Adansonia Management Services Limited’s Core business competencies include:

▪ Company and Fund Incorporation services;

▪ Ongoing Company Secretarial and Accounting services;

▪ Recruitment services for local Mauritian staff and Non Executive Board of Directors;

➢ To date the Adansonia Management Services Limited, through the Mauritian entities it manages, has facilitated investment into no fewer than 16 African countries.

Adansonia Holdings Limited Overview

Corporate Structures

➢ Global Business Category 1 (“GBC1”):

▪ Governed by the Companies Act 2001 and Financial Services Act 2007, regulated by the FSC;

▪ Full disclosure of Beneficial ownership to the FSC, however a high level of confidentiality as information is not publicly available;

▪ May be locally incorporated or incorporated as a branch of a foreign company;

▪ No minimum share capital requirements;

▪ Two resident Directors for tax residency and locally licenced company secretary required;

▪ Annual audit required; tax filing within 6 months of year end and financials statements to be submitted to the FSC;

▪ By virtue of a GBC1 being tax resident, it can access both the DTA and IPPA treaty network;

▪ Uses include Investment holding, Consultancy services, IP licencing and Operational headquarters.

Corporate Structures

➢ Global Business Company 2 (GBC2):

▪ Tax free entity with no tax residence in Mauritius, hence does not benefit from the DTA/IPPA network;

▪ Similar to that of a BVI entity;

➢ Fund Structures:

▪ Regulated by the Financial Services Commission (FSC) under the Securities Act 2005, the Securities (Collective Investment Schemes and Closed-End Funds) Regulations 2008, Limited Partnership Act 2011 and the Protected Cell Companies Act 2011;

▪ Typical structures include:

▪ Open or Closed ended Collective Investment Scheme;

▪ Expert CIS Schemes;

▪ Protected Cell Company;

▪ Limited Partnership.

Corporate Structures Cont’d

➢ Discretionary Offshore Trusts:

▪ Provided neither settlor nor beneficiaries are resident in Mauritius, Trusts are tax exempt;

▪ Ability to licence trust under the GBC1 regime, allowing trust to access DTA’s;

➢ Domestic Companies:

▪ Flat tax rate of 15% and therefore able to transact domestically;

▪ Used as property holding structures to get around forced heirship.

Corporate Structures Cont’d

➢ The incorporation of any Global Business Entity, must be arranged through a licensed Offshore Management Company (“OMC”) such as Adansonia Management Services Limited;

➢ All licence applications are submitted to the FSC for approval, licences are provided on the basis of the business plan of the Company;

➢ Once the FSC has approved the business and clearance is provided, then the entity is incorporated by the Registrar of Companies;

➢ Key information to be submitted:

▪ Due diligence up to the Beneficial Owner, for any shareholder holding more than 10%;

▪ Comprehensive business plan detailing nature and geography of the proposed business including a 3 year financial forecast;

▪ Due diligence on all non resident Directors, including CV’s;

▪ Copies of all constitutive documents i.e. constitution, shareholders agreement etc.

Structure Incorporat ion Formali t ies

➢ Bank account opening is also facilitated by the licensed OMC, all major transactions are to be channelled through a locally operated bank account to ensure tax residency;

➢ Whilst agreements do not have to governed by Mauritian law, it is advisable that all agreements are vetted by local legal council to ensure that there are no conflicts with the Mauritian Companies Act 2001;

➢ The OMC will continue to represent the Promoters of the Company in dealings with the FSC and banks, any changes to the structure of the Company i.e. Shareholding, Directorships or nature of business needs to be communicated to the FSC;

➢ The OMC will continue to be responsible for all ongoing regulatory and statutory filings in its capacity as Company Secretary.

Structure Incorporat ion Formal i t ies Cont ’d

➢ Mauritian residents (Companies or Individuals), are subject to tax on their Mauritian and Foreign sourced income at a flat rate of 15%;

➢ A company holding a GBC1 with tax residency, subject to a maximum tax rate of 15% but is entitled to the higher of:

➢ The actual foreign tax suffered,

➢ 80% of the Mauritian tax payable on the foreign source income (deemed credit),

➢ No capital gains tax, dividend tax and/or inheritance tax;

➢ No withholding tax on dividends, interest and/or royalties;

➢ Exempt income includes dividends from a resident company, dividends or distributions between GBC companies, Interest from a locally regulated bank;

➢ Deductions include expenditure and losses incurred in the production of gross income;

➢ Uncomplicated and favourable Tax Legislation (for example, non-citizen individuals who become tax residents don’t pay tax on world wide income if not repatriated into Mauritius).

Taxation

Country and Policy Overview

➢ A parliamentary democracy with an entrenched constitution based on the English Westminster system, with a constitution entrenching a separation of powers between the Judiciary, the Legislative and the Executive;

➢ Gained independence from the United Kingdom in March 1968 and became a Republic in March 1992;

➢ Politics largely characterized by coalitions between the various parties from time to time -nevertheless centrist and remain supportive of democracy and an open economy;

➢ Regular democratic change in government in recent decades, most recently December 2014;

➢ Track record demonstrated in bringing the country compliant with international standards -Government appears both stable and supportive in its future global business platform endeavors.

Poli t ics

➢ Subscribes to Organisation for Economic and Commercial Development (“OECD”) “Level Playing Field Initiatives” and not labelled as a “tax haven”;

➢ Adheres to International Monetary Fund standards and review framework as a well regulated Offshore Financial Centre;

➢ In 2013, Mauritius and the United States of America signed a Tax Information Exchange Agreement and a Model 1 Inter-governmental Agreement, for implementation of the Foreign Account Tax Compliance Act;

➢ Mauritius is an early adopter of the new OECD Common Reporting Standards initiative;

➢ Member of COMESA, which is a free trade area with twenty member states, encompassing SADEC;

➢ Member of SADEC, aimed at socio-economic cooperation and integration as well as political and security cooperation among 15 Southern African states.

In ternat ional Best Pract ice and Regulat ion

Phone +230 269 4166 | Fax +230 269 7438

Suite C1-204, Level 4, Office Block C, La Croisette, Grand Baie, 30517, Mauritius

BRENDON JONES

[email protected]

+230 5 250 2791

An Overview of the Legal System in Mauritius

Mauritius – An Investment Platform for African Investments

October 25, 2017

Yannick FokPartner

HYBRID LEGAL SYSTEM

Eversheds Sutherland | 22 November 2017 |

❖ Inspired from French and English law.

❖ A blend of UK common law principles with civil law and having a written Constitution as the supreme law of the island.

❖ Mauritius was a former French (1715-1810) and British colony (1810-1968) and gained its independence in 1968. Substantive laws as the Civil Code, Civil Procedure Code, Criminal Code and the Commercial Code remained French whilst the English Judges sitting in the Mauritian courts preferred the English rules of procedure as they were more familiar with them. Historically, English law has gradually grafted on French law to fill it. Most modern laws in the areas of corporate, banking, finance, offshore, taxation, maritime and intellectual property are English inspired.

❖ This fusion in the Mauritian Law has brought flexibility which not only allows us to have structures such as trusts but it also enables the application of French principles to “English law” structures.

HYBRID LEGAL SYSTEM

Mauritius – An Investment Platform for African Investments 30

WHY CHOOSE MAURITIUS?


❖ A judicial system and legal framework which works and can be trusted❖ A written Constitution as the supreme law of the country❖ Provides for:

❖ the separation of powers between the legislature, executive and judiciary;❖ the protection of human rights and of its citizens;❖ right and protection to private property.

❖ Appeal Division of the Supreme Court of Mauritius is our court of higher instance

❖ Judicial Committee of the Privy Council in the UK is our court of final appeal

❖ Creation of a Mediation Division in 2010 with the aim of facilitating the disposal of civil and commercial cases. Under the Mediation Rules, any party to a civil suit, action, cause or matter which has been brought and is pending before the Supreme Court may apply to the Chief Justice for it to be referred for mediation before a Judge of the Supreme Court.

❖ Commercial Division in the Supreme Court to hear Company law, insolvency, commercial disputes, intellectual property, financial services.

❖ Introduction of e-filing on a trial basis for the Commercial Division which effectively “fast tracked” cases when compared to other courts.

WHY CHOOSE MAURITIUS?


Regional Arbitration Hub


❖ Mauritius is a signatory to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (“the New York Convention”).

❖ Following the enactment of our International Arbitration Act, Mauritius withdrew the reciprocity reservation which means that our laws will apply to the recognition and enforcement of all arbitral awards made outside of Mauritius, irrespective of whether or not there is reciprocity on the part of that State.

REGIONAL ARBITRATION HUB



❖ The Permanent Court of Arbitration (“PCA”)

❖ The PCA opened its first overseas office in Mauritius in September 2010 pursuant to the PCA-Mauritius host country agreement, which was concluded in April 2009, in order to assist with the discharge of the Secretary-General’s functions under the Mauritian International Arbitration Act 2008, and with the promotion of Mauritius as a venue for international arbitration and PCA services throughout the African region.




❖ LCIA-MIAC

❖ In July 2011, the Government of the Republic of Mauritius, the LCIA and the Mauritius International Arbitration Centre Limited (MIAC) entered into an agreement for the establishment and operation of a new arbitration centre in Mauritius, to be known as the LCIA-MIAC Arbitration Centre.

❖ Drawing upon the experience and expertise of the LCIA, one of the longest-established arbitral institutions in the world, it offers all the services offered by the LCIA in the UK, and with the same care to ensure the expeditious, cost effective and totally neutral administration of arbitration and other forms of ADR conducted under its auspices, whether according to LCIA-MIAC's own rules, or the UNCITRAL rules, or any other procedures agreed by the parties.



FORMS OF SECURITY UNDER MAURITIAN LAW


The common forms of security granted over immovable property are:

❖ Mortgage (Hypothèque)

❖ Fixed and/or floating charge

1. Security over Immovable Property



❖ Mortgage (Hypothèque) (Article 2163 et seq of the Civil Code)

▪ Created by way of deed before a notary

▪ The deed must contain the precise nature and location of each immovable property burdened by the mortgage

▪ The amount secured must show in the deed

▪ A mortgage is inscribed under the Inscription of Mortgages and Privileges Act 1946

▪ Can also be created judicially – the Court can, on the application of a creditor, order that a mortgage be created over a debtor’s immovable property where a debt is compromised by the debtor’s situation or behaviour

▪ A deed witnessing a mortgage must be registered with the Registrar General in Mauritius and the Conservator of Mortgages

▪ Failure to register a deed results in the mortgage being not enforceable against third parties, and therefore ranks after all duly-created mortgages

1. Security over Immovable Property - Mortgage



❖ Pledges of corporeal property – Possessory pledge (gage)/Non-possessory pledge (gage sans déplacement)

❖ Bank’s special pledge (le gage special au profit des banques)

❖ Pledges of shares

❖ Pledged of incorporeal property – rights under contracts (such as rights to a concession) can also be pledged

❖ Retention of title as guarantee (droit de rétention)

2. Security over Movable Property



Pledges of shares -

❖ In accordance with the provisions of article 2077 of the Civil Code:

▪ Perfected when the pledge is registered in the share register of the issuing company

▪ Duly executed share pledge agreement need not be registered

2. Security over Movable Property – Pledges of shares



Pledge of shares -

❖ In accordance with the provisions of the Code de Commerce:

▪ Perfected when the pledge is registered in the share register of the issuing company

▪ Duly executed share pledge agreement need not be registered

▪ self help remedy available through a blank share transfer form, signed and undated, authorising the sale of the shares – only available for shares issued by a company holdin a GBL1 or GBL2 licence.

2. Security over Movable Property – Pledges of Shares



❖ If the borrower is a corporate entity, you can provide in your security documents/agreements for the appointment of a Receiver Manager in the event of a default without the need for a court order.

3. Appointment of Receiver Manager outside of court process


LEGAL PROFESSIONALS/STATISTICS


❖ Legal Profession in Mauritius is made up of❖ Barristers 800+

❖ Attorneys/Solicitors 169

❖ Notaries 69

❖ Legal Consultants 20+

❖ Foreign Registered Lawyers 20+

❖ Total 1,080 +/-

❖ 83 lawyers per 100,000 inhabitants

LEGAL PROFESSIONALS/STATISTICS



QUESTIONS?


eversheds-sutherland.comThis information pack is intended as a guide only. Whilst the information it contains is believed to be correct, it is not a substitute for appropriate legal advice. Eversheds Sutherland (International) LLP can take no responsibility for actions taken based on the information contained in this pack.

© Eversheds Sutherland 2017. All rights reserved.

Yannick FokPartner

Eversheds Sutherland (Mauritius)Suite 3103rd Floor Barkly WharfLe Caudan WaterfrontPort Louis11307Mauritius

T: + 0211 0550M: +230 [email protected]

www.afrasiabank.com | Mauritius | South Africa

Mauritius – An Investment Platform for Africa Investments

A Sound Banking Infrastructure


WHY MAURITIUS ?

➢ Macro Economics

GDP (Market Prices) 12.16 USD Billion (2016)

GDP (Real Growth Rate) 4.4% (2017)

GDP per Capita 9812 USD (2016)

GDP (composition by sector)agriculture: 4% industry: 22.1%services: 73.9% (2016 est.)

➢ Imports & Exports

Total Exports USD 2.7 billion (2016 estimate)

Exports Commodities Clothing and textiles, sugar, cut flowers, molasses, fish, primates

Total Imports USD 4.4 billion (2016 estimate)

Imports Commodities Manufactured goods, capital equipment, foodstuffs, petroleum products, chemicals

49


• Only IFC in Africa

• Country rating: Baa1 (Moody’s)

• No restriction on flow of capital

• No restriction to open accounts in multiple foreign currencies

• Strong regulatory framework encompassing Banks & Intermediaries

Mauritius - IFC

• In-country professional service through Management Companies licensed by FSC

• Dual legal system, combining the advantages of Common & Civil Law

• Extensive network of DTAs

• Investment Promotion and Protection Agreements (IPPA’s) with 44 countries, of which 23 are with African countries

Regulatory Framework

50

Mauritius – An International Financial Centre .


• Member of regional economic forums - SADC, COMESA and IOC-ARC

• Strategic time zone

• Well developed communications infrastructure

Gateway to Africa

• Political stability (parliamentary democracy)

• Modern legislation• Protection of confidentiality

• Jurisdiction of Substance v/s Tax Haven

Political & Legal

Advantages

• No exchange control

• No WHT, No CGT• Corporate tax – 15% (reduced to 0-3% for Global Business)

Fiscal Advantages

51

Mauritius – An International Financial Centre .

www.afrasiabank.com | Mauritius | South Africa52

Mauritius – An International Financial Centre

Index Global Rank Africa Rank

World Bank Doing Business 2017 49 out of 190 countries 1st

Global Competitiveness Index 2016-2017 45 out of 138 countries 1st

2017 Index of Economic Freedom - (Heritage Foundation) 21 out of 180 countries 1st

Economic Freedom of the World 2016 - (Fraser Institute) 5 out of 159 countries 1st

Democracy Index 2016 - Economist Intelligence Unit - Full Democracy 18 out of 167 countries 1st

Global Enabling Trade Report 2016 - World Economic Forum 39 out of 136 countries 1st

Environmental Performance Index 2016 77 out of 180 countries 1st

Mercer’s 2016 Quality of Living Survey 83 out of 230 countries 1st

Global Information Technology Report 2016 49 out of 139 countries 1st

Forbes Survey of Best Countries for Business 2017 39 out of 139 countries 1st

Social Progress Index 2016 40 out of 133 countries 1st


The Banking Landscape

The Mauritian banking industry comprises of 23 banks, as follows:

5 local banks

10 foreign-owned subsidiaries,

1 is a joint venture,

4 are branches of foreign banks,

2 are licensed as private banks,

1 is Islamic Banking

53


Overview of the Banking Industry Performance

➢ Sustained various shocks facing the international banking landscape

➢ Decreasing in ROE noted due to increasing Capital requirement for Basle III, IFRS 9 requirements and excess unemployed

Liquidity

➢ Excess Hard Currency Liquidity resulting in the cheap cost of funding to investors

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

0

200

400

600

800

1000

1200

1400

2012 2013 2014 2015 2016

Mauritius Banking Industry -Key Financial Metrics

Assets Deposits Advances Return on Equity


Target Customers for Mauritius

Corporates & HNWI

Mauritius as a trading hub between Africa & Asia

Corporates Investing / Expanding into Africa

Corporates setting up Regional Treasury Centre in Mauritius

Corporates and HNWI requiring a safe jurisdictions to park surplus

External Asset Managers and HNWI portfolio management

Holding Companies of Global & Franchisee Corporates

Investors & Financial Institutions

Private Equity funds and Fund Houses

India flows through Mauritius Capabilities

Global Custodians with worldwide coverage

55


REINFORCING MAURITIUS PRESENCE IN AFRICA-AFRASIA BANK IS BUILDING BRIDGES BETWEEN AFRICA AND ASIA

Africa attracting attention of investors from allover the world for investment opportunities.

Young and largely unbanked population

Growth momentum of the continent

Potential high returns on offer

Increased frequency in big-dollar deals execution

AFRICA – A GOOD BET !

56


Principles

Greater regional integration in Africa between the regions would establish a good foundation for greater trade investment.

Mauritius is recognized by international organizations for the continuous improvement in its doing business regime and ranks 1st in Africa in a number of Indices (Annexure).

Mauritius direct much of its resources on actively engaging with Africa’s private sector

Mauritius has been leveraging on the good scores and been building privileged relationship with a number of African governments to implement a number of DTAs and bilateral Treaties

Mauritius Leveraging on it’s Privileged Relationship with Africa

57


Principles

The rise of the African urban consumer : Asian companies in the consumer related products and service sector are well positioned to help meet this burgeoning demand in Africa

The Infrastructure gap : approximately USD95 bn required to meet the need of it’s fast growing urban centres. USD40 Bn to come from Government and Public funding

Opportunity for USD 50 Bn gap annually to be channelled through Private Equity funds

While there is a growing interest from Private Capital to invest in African Infrastructure, we note a lack of well structured and bankable projects

Like any other emerging markets, Africa has it’s own sets of challenges – Mauritius being close to and part of Africa, is well placed to develop customised solutions and have the ability to advise.

The African opportunities and how Mauritius makes a difference

58


Endorsed by Presence of Leading names using Mauritius

Testimony to thesuccess of Mauritius asan IFC per excellenceare some of theleading names usingMauritius for theirTreasury, Procurementand Business centres

59


AFRASIA BANK’S CAPABILITIES & PRODUCTS OFFERINGS


Introduction to AfrAsia Bank


What Makes AfrAsia Bank ‘Different’?

AfrAsia Bank can assist the setting up of different types of bank accounts for:

Mauritius Global Business Companies

International Business Companies registered in jurisdictions other than Mauritius

Special Purpose Vehicles (SPVs) including Trusts, LLPs and Foundations

High Net Worth Individuals

Flexibility in procedures & quick decision making

Fully transactional secure Internet Banking with free SWIFT-copies and credit card statements available online

High remuneration – attractive rates on deposit accounts

Extended cut-off time (up to 3pm and even later on a case by case basis) for international transfers (using reputable correspondent banks)

Dedicated Relationship Managers providing professional, efficient and confidential service


Products Offering – What we do

The Bank’s entrepreneurial approach helps to develop flexible financing and investment solutions.

Corporate & Investment Banking

Short term FundingTerm fundingStructured productsTransactional Banking

Global Business Banking

Transactional & Payment servicesCash and Liquidity ManagementOther products & Services (Custody, Trade finance,…)

Treasury & Financial Markets

Foreign ExchangeMoney Markets & Fixed incomeStructuringFinancial Institutions

Private & Personal Banking

Personal BankingPrivate BankingWealth Management

Custody & External Assets Managers

Custodian ServicesExternal asset MangersTrading Services

Afrasia Capital Management

Investment ManagementCIS ManagementDistribution of Financial products


AfrAsia Bank has well established relationships with leading management companies throughout the world

Mauritius

Seychelles

UAE

South Africa

Hong Kong

Singapore

Europe- UK + Crown Dependencies- Switzerland- Liechtenstein- Gibraltar- Malta

IMCs in Mauritius

IMCs outside

Mauriti…

Network of International Partners

87 145

A Regional Banking Force with Global Reach


AfrAsia Bank showed solid Income & Balance sheet growth

The Bank closed its 2017 financial year with a Net Profit after Tax of MUR 804.7m compared to MUR 433.1m in 2016, achieving a 86% growth, year on year.

Total operating income growth reached 32%, from MUR 1.9bn in 2016 to MUR 2.5bn in 2017.

Our deposit base increased by 13% over the last year, reaching MUR 91.1bn (2016: MUR 80.4bn).

Loan book grew 25% across both segments, reaching MUR 27.5bn, net of any impairment charge

ABL has been ranked as the 99th Bank in Africa’s top 200 Banks and showed an improvement from previous year ranking of 118th .


AfrAsia’s Bank Business Contacts detail


THANK YOU

67

Documents

Mauritius: An Investment Platform for African Investments · African Private Equity Trends Africa has 12% of global oil reserves, 40% of gold and 80% of chromium and platinum - but