The Mauritius Financial Services Commission (the "FSC") has a New Policy Stand which is effective as from 1st January 2022 on the application of the "Core Income Generating Activities" (the "CIGA") requirement, as provided under section 71(3)(a)(i) of the Financial Services Act (the "FSA").

According to the FSC, holders of Global Business Licence or applicants for a Global Business Licence must ensure that, at all times, their CIGA are being carried out in or from Mauritius, by:

• employing, either directly or indirectly, an adequate number of suitably qualified persons to conduct its core income generating activities; and
• incurs a minimum expenditure proportionate to their level of activities.

The above requirement will therefore be imposed on entities claiming for a preferential tax advantage.