News

May 2016

Prime Minister's Statement on "Paradise papers"

The Prime Minister of Mauritius has issued a statement today in respect of the so-called "Paradise Papers". You may view the statement on the website of the Mauritius Financial Services Commission by clicking on "View article online".

View article online

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May 2016

Press release

L'EXPRESS (19.05.2016):
...of Global Business, BEPS, DTAs, Panama Papers, etc...

OYE! OYE! OYE! ...Attention, all discerning people of Mauritius!

Beware of the campaign of skewed information or misinformation (...out of sheer ignorance or by design?) that is being meted out by so called investigative journalists & certain writers internationally and unfortunately reinforced by our very own local Jacks of All Trades! The target is one of the economic sectors of Mauritius which the IMF itself, on page 61 of its 2015 ARTICLE IV CONSULTATION - PRESS RELEASE (the "Report") dated March 2016, describes as an "enormous Global Business Companies (GBC) sector"!

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May 2016

Social Media

TaxLinked.net (15.07.2016):
Mauritius Economy: BEPS, IPPAs, DTAs & More!

Taxlinked (TL): Besides geographic proximity, how has Mauritius established itself as an International Financial Centre (IFC) of choice for India and Africa-bound and outbound investments and businesses?

Kamal Hawabhay (KH): The Mauritius IFC was established in 1991 and is now a mature and well-established IFC known globally for several years now as the most favoured hub for inbound investments in India. Additionally, Africa-bound investment funds and SPVs today routinely access Africa through the efficient & cost-effective Mauritius IFC to minimize risks inherent in many African states and maximize returns to investors.

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April 2016

Press release

LE MATINAL (29.04.2016):
"Il ne faut pas dire des bêtises quand il s'agit de Maurice"

Je suis choqué que tout ce qu'on puisse attribuer à notre juridiction soit de faire du 'money laundering'

Quel est le mot du président de l'ATMC s'agissant toutes les informations qui circulent qui indique que Maurice serait un paradis fiscal?

Ce n'est pas aujourd'hui que les journalistes sont en train de dire cela, mais cela n'est pas vrai. Les journalistes ne sont pas des experts. Nous sommes classées sur la liste blanche, et le nom de Maurice ne figure ni sur la liste grise, ni sur la liste noire. Il existe une fiscalité à Maurice, qui est fixé à 15%. Il ne faut pas croire ce que disent les journalistes américains. Saviez-vous qu'il y a des Etats américains, comme le Nevada, Wyoming et Delaware, où on ne paie pas d'impôt!

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April 2016

Social Media

TaxLinked.net (18.04.2016):
Five minutes with Kamal Hawabhay

How did you first get into your practice area field?

I always wanted to work in an international environment. Upon my return from South Africa where I qualified as a CA (SA) and worked with KPMG, I discovered the Global Business sector in Mauritius, which was and is geared for international business and investments. I joined a firm that specialized in this area to gain expertise and experience and I realized that I seemed to have an uncanny affnity to deal with international taxation, structuring, set-up & administration of companies and trusts involved in cross-border activities and so I decided to "drop my bag" here and honed my skills further in various ways, including securing a post-graduate diploma in International Taxation with focus on certain African countries & Switzerland awarded by the Thomas Jefferson School of Law, San Diego, USA.

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April 2016

Press release

L'EXPRESS (13.04.2016):
Questions à Kamal HAWABHAY - directeur de Global Wealth Management Solutions

Des noms de mauriciens ont été cités comme faisant partie des investisseurs qui ont placé leur argent dans des sociétés offshore au Panama. Quelle pourrait-être la répercussion sur Maurice?

Il y a des doutes que les noms qui sont apparus comme émanant des Panama Papers ont en fait leurs sources dans d'autres "leaks", plus anciens, comme ceux d'Offshore Leaks ou Swiss Leaks...

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June 2014

Press release

AFRICA ASSET MANAGEMENT (June 2014):
Kamal Hawabhay, MD, Global Wealth Management Solutions

There is generally not much difference between the core services provided by one fund administration firm from another. Focusing solely on historical factors such as industry known names and cost may lead to unwanted surprises. A good administrator should not only have the skills and expertise to deliver timely and reliable reporting but should also understand the fund business, whether private equity or other types of funds.

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April 2014

Press release

BUSINESS MAGAZINE - FILES (23.04.2014):
GLOBAL WEALTH MANAGEMENT SOLUTIONS - Accessing the South African market more effectively

GLOBAL WEALTH MANAGEMENT SOLUTIONS (GWMS) is a Mauritius-based offshore fund administrator and Global Business corporate services provider licenced by the Financial Services Commission in Mauritius. GWMS delivers the following professional services tailored to suit the needs of High Net Worth Individuals, foreign corporates and institutional investors: Fund administration solutions to Mauritius-based global funds and foreign-based funds which include fund accounting, middle office, investor reporting services and fund formation services.

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October 2013

Interview

MAURITIUS TIMES (25.10.2013):
Kamal Hawabhay (President of the Association of Trust and Management Companies): "We should avoid harbouring any undue belief that Mauritius is so indispensable"

Allegations of round tripping have been levelled against our jurisdiction since a long time now but have never been established in fact.

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June 2013

Press release

BUSINESS MAGAZINE - FINANCE (12.06.2013):
Kamal Hawabhay (President of the Association of Trust and Management Companies): "Faltering Euro Zone makes Asia and Africa more attractive"

As our global business centre is drawing more and more attention, its success hinges on the economic health of Asia and Africa, according to Kamal Hawabhay, Managing Director of Global Wealth Management Solutions and President of the Association of Trust and Management Companies.

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March 2013

Press communiqué

MAURITIUS MINISTRY OF FINANCE ISSUES PRESS COMMUNIQUE ON TRC

Mauritius has taken note of the measures announced by the Indian Minister of Finance, the Honourable P. Chidambaram, during the presentation of the 2013-14 budget to the Indian Parliament on Thursday 28 February 2013.

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February 2013

NO SHELL COMPANIES IN MAURITIUS - KAMAL HAWABHAY QUERIES PROFESSOR SHARMAN

The Financial Services Commission of Mauritius, on Thursday 14th February 2013, hosted a talk by Professor Jason Sharman from the Centre for Governance & Public Policy, Griffith University, Australia on his report on "Shell Companies - Launderers Anonymous". Professor Sharman is particularly known for his contribution to the knowledge in the regulation of global finance, especially relating to money laundering, tax, corruption and international financial centres.

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February 2013

Press release

ASSOCIATION OF TRUST & MANAGEMENT COMPANIES:
ATMC comments on the recent GAAR announcements

The Government of India (GOI) has recently endorsed the recommendations of the Report of the Expert Committee headed by Dr Partharasathi Shome (the "Report"). Where deemed appropriate, it has taken account of the representations of the industry and has addressed certain potential grey areas which required due attention and clarification. In that regard, the Indian Union Finance Minister Shri P. Chidambaram announced in a press conference in New Delhi that the GOI has "carefully considered the Report on General Anti Avoidance Rules (GAAR) and accepted the major recommendations of the Expert Committee with some modifications." The Finance Minister then elaborated on the decisions that have been taken by the GOI in regard to GAAR. These decisions either clarify or explain the modifications to the major recommendations.

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April 2012

Press release

L'EXPRESS ECONOMIE (11.04.2012):
Les services financiers en quête de diversification

La planche de salut pour les services financiers serait-elle la diversification? Car, face à la crise économique, le secteur des services finaciers à été "affligé plus ou moins de la même façon que les autres secteurs de notre économie, même s'il y a toujours une croissance, certes, faible," explique Penny Hack, partenaire chez Mahons International (Mauritius).

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April 2012

Press release

CAPITAL Edition 73 (11.04.2012):
Shell Companies: La voie privilégiée du blanchiment d'argent

Des compagnies dont on entend parler, mais qui n'existent que sur papier. D'autres qui sont créées uniquement dans le but d'échapper aux impôts, voire celui de permettre le blanchiment d'argent. Ces 'shell companies', comme on les appelle, existent partout dans le monde. Maurice n'échappe pas à la règle, bien que leur nombre, sur notre territoire, soit minime.

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March 2012

GWMS becomes sole member for Mauritius of the Association of International Tax Consultants - AITC

Kamal Hawabhay, MD of GWMS, says: "GWMS is a fund administrator and trust and financial services provider licenced by the Financial Services Commission in Mauritius. Mauritius is strategically situated next to the emerging markets of Asia and is gradually emerging as the de facto jurisdiction to domicile Africa funds and to hold foreign direct investments bound for Africa. GWMS's capacity to service international clients with interests in Asia and Africa is now further enhanced through the AITC network which has strong members in India, Kenya, Egypt, China, Japan, Malaysia, Israel and South Korea."

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November 2011

Press release

CAPITAL Edition 54 (30.11.2011):
Kamal Hawabhay: Mauritius needs to talk to India on DTA issues

Kamal Hawabhay blasts at those who call Mauritius a tax haven and a centre for money laundering. Mauritius, he says, should not let its good economic reputation be tarnished as it is becoming India's favourite platform to do business in or invest in African market. The President of Trust and Management Companies Association in Mauritius believes the country should speak to India to put an end to critics and unfounded allegations concerning the double taxation avoidance (DTA) treaty.

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October 2011

Press release

L'EXPRESS (28.10.2011):
Offshore : L'Inde et Maurice ouvriront les négociations sur le traité fiscal en décembre

L'Inde et Maurice ont accepté de renégocier leur traité de non-double imposition, qui est un élément clé du développement de notre secteur offshore. Les discussions entre New Delhi et Port-Louis démarreront au cours de la deuxième semaine de décembre.

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June 2011

Press release

LE DEFI QUOTIDIEN (03.06.2011):
Allégations du Swami Ramdev sur le transfert illégal d'argent - Kamal Hawabhay: "Il est trop facile de citer le nom de Maurice"

De nouvelles allégations viennent, une fois de plus, porter atteinte à l'image de l'offshore mauricien. Et, cette fois encore, cela a un lien avec l'Inde. Selon le Swami Ramdev, gourou du yoga internationalement connu, plusieurs centaines de millions de dollars américains provenant de délits de corruptions en Inde auraient transité par l'offshore mauricien.

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October 2010

Press release

LE DEFI QUOTIDIEN (05.10.2010):
Le Direct Tax Code Bill Indien - Kamal Hawabhay: "Un projet de loi controversé"

Le gouvernement indien compte voter le Direct Tax Code Bill. Cette loi ferait, selon Kamal Hawabhay, président de l'Association of Trust & Management Companies, perdre son attrait, en tant que destination d'investissement, à la Grande Péninsule. Ce qui est, selon lui, une opportunité sans précédent pour plusieurs économies émergentes, notamment Maurice.

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September 2010

Press release

LE MATINAL (27.09.2010):
Rencontre entre Pravind Jugnauth et le secteur des services financiers

Les consultations prébudgétaires se sont poursuivies pendant toute la journée de lundi entre les différentes associations et le vice-Premier ministre et ministre des Finances, Pravind Jugnauth. Les rencontres ont été qualifiées de "très receptives" par toutes les parties.

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September 2010

Press release

LE MATINAL (10.09.2010):
Maurice is not concerned.

"Maurice is not concerned", said Kamal Hawabhay, president of the Association of Trust & Management Companies (ATMC). This statement follows a recent article published in an Indian newspaper, which calls into the question the double tax treaty (DTAA) between Mauritius and India.

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August 2010

Press release

LE DEFI QUOTIDIEN (13.08.2010):
Selon l'Association mauricienne des compagnies offshore, le traité Inde/Maurice revue de sitôt.

Kamal Hawabhay, président de l'Association of Trust & Management Companies (ATMC), est catégorique. Les autorités indiennes ne comptent pas revoir de sitôt le traité fiscal liant l'Inde à Maurice, dit-il.

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July 2010

Kamal Hawabhay is elected as a director of the Mauritius board of the Society of Trust and Estate Practitioners (Mauritius) Limited (STEP). STEP headquarters is in United Kingdom and is a unique professional body providing members with a local, national and international learning and business network focusing on the responsible stewardship of assets today and across generations.

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July 2010

Kamal Hawabhay is requested by the newly elected Executive Committee to continue his mandate as President of the ATMC for a second term.

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May 2009

Kamal Hawabhay becomes the President of the Association of Trust and Management Companies of Mauritius (ATMC), a substantial representative body of the Global Business Industry. The ATMC is a self-regulatory body that oversees the ethical and professional business practices of Trust, Corporate & Fund Service providers in Mauritius. Its aim is to ensure that the highest standards of business practices are maintained by our members so as to uphold the integrity and good repute of the Mauritius jurisdiction. Kamal was Vice President in 2008.

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April 2005

The MD of GWMS, Kamal Hawabhay becomes member (and also the secretary) of a 7 member-Board of the Mauritius Institute of Professional Accountants (MIPA), a recent statutory body set up by the Government of Mauritius, pursuant to the Financial Reporting Act 2004, to regulate (with full disciplinary powers) all professional and public accountants, both foreign & locals, practicing in Mauritius and ensure that the integrity and the standard of the accountancy profession is upheld & maintained in Mauritius.