A Mauritius Trust is most commonly set up as part of a long term wealth management strategy. Many people choose to set up an offshore trust in Mauritius for a number of reasons. Setting up an offshore Mauritius trust means you are selecting a favorable location in which to set up your trust. Whether you are an individual or corporate entity, Starting Business can assist you in setting up a Mauritius trust to achieve complete and comprehensive asset protection.
Mauritius trusts are regulated by the Mauritius Trust Act 2001. When setting up an offshore Mauritius trust, by law, it must be initialized through written declaration; however, the trust itself must be registered with the financial services commission. A Mauritius trust must state the object, subject, intention, duties and powers of the trustees. Under the Mauritius Trust Act, trusts are very well protected and there is no requirement to disclose a trust’s beneficial owner. The Mauritius Trust Act also allows for a range of offshore trusts to be formed under their legislation.
A Mauritius trust requires the occupation of a ‘settlor’, a ‘trustee’, ‘beneficiaries’ and a ‘protector’ in order to be correctly configured. The settlor is the creator of the trust who transfers their assets into a trust deed. The trustee is the person or company responsible for the management and administration of the trust who must act with due diligence in compliance with the settlor’s wishes. The trustee’s main duty is to carry out the requirements as laid down in the trust deed for the benefit of the beneficiaries. The beneficiaries are essentially the individuals who benefit from the trust. The purpose of the ‘protector’ is to establish a level of satisfactory compliance of the trust and to monitor the trusts administration by the trustee. Once a trust is created, it does not take on its own legal identity but it does allow for the settlor to transfer his assets from his legal ownership to that of the trust.
There are a number of benefits involved in the creation of an offshore Mauritius trust, including, but not limited to:
Starting Business can assist you with all of your offshore Mauritius trust needs in compliance with the Mauritius Trust Act 2001. We offer many years of experience in trust formation and administration, and will be on hand to assist you with every stage of your trust formation needs.
To find out how Starting Business can assist you with your trust needs, please Contact Us.