The introduction of the Variable Capital Companies Act 2022
The enactment of the Variable Capital Companies Act 2022 (the ”Act”) in April 2022 marks yet another milestone for Mauritius as it cements its position as the International Financial Centre of choice for the region.
First announced in April 2021, it will be recalled that the introduction of the Variable Capital Company (VCC) was one of the action points that emanated from the National Budget 2020/2021 in line with the 10-year Blueprint that was established for the Mauritius IFC. The VCC will aim to deliver on the increasing demands for innovation in the fund market space, and will indubitably be of interest to international investors looking at a cost effective and flexible structure.
The Act has also ensured that the legislative framework regulating the VCC complies with the requirements of the Anti-Money Laundering/Combatting the Financing of Terrorism.
Established in 1999, Intercontinental Trust Limited (ITL) provides a plethora of financial and fiduciary services to a diversified client base including private equity firms, real estate multinationals, financial institutions, investment managers and high-net-worth individuals among others.
ITL is located in Ebene, the financial centre of Mauritius and has offices in Singapore, Seychelles and representative offices in South Africa and Kenya.