Why invest in Mauritius in 2023?
Since the beginning of this year, many foreign investors have been looking for new opportunities, and Mauritius is the ideal destination for many reasons. So here’s why you should consider investing in this Democratic Republic located in the heart of the Indian Ocean.
Overview of Mauritius
Since its independence in 1968, Mauritius has developed and made a lot of progress. Years ago, sugar production used to be the key economic pillar, but today, the country can boast a modern and diverse economy that’s looked upon as an example in Africa and the Indian Ocean region. For several decades now, Mauritius has had a stable and growing economy, a favourable tax policy, a skilled and multilingual workforce, and a developed infrastructure, not to mention an expanding market thanks to its many sectors, such as tourism and financial services, amongst others.
The Mauritian economy in the post-pandemic era
The Mauritian economy has been significantly affected by the COVID-19 pandemic, as has been the case for many countries worldwide. However, it remained resilient and is currently considered stable and growing. The island can rely on a growing GDP and relatively low unemployment compared to many countries in the region and elsewhere. Its economy is mainly driven by tourism, financial services, telecommunications and manufacturing, etc. The government, as well as businesses, have been making substantial efforts not only to revive the economy but also to guarantee a long-term recovery.
Who can invest in Mauritius?
Any foreign individual or company can invest in Mauritius as long as they comply with existing laws and regulations. So whether you are an individual, a company, a partnership or an investment fund, and regardless of your country of origin, you are eligible to invest in one of the many sectors that drive the Mauritian economy.
It’s worth noting that foreign investments in Mauritius can be made in the form of equity, partnership or joint venture.
What are the most prominent sectors for foreign investors in Mauritius in 2023?
Mauritius is characterized by its economic diversity, which has been seducing many foreign investors over the past years. Let’s take a closer look at the main growth sectors that are worth your consideration:
Mauritius has been a popular tourist destination well before the pandemic and is looking forward to recover quickly. In 2022, the country welcomed 674,511 travellers from Europe and 96,316 African nationals.
The country is a developing financial hub with a diversified economy and a strong banking sector.
Information and Communication Technology
Mauritius is a hub for ICT services, with a skilled workforce and competitive labour costs.
Mauritius has a diversified manufacturing sector, with the textile and food industries playing key roles.
Mauritius is making efforts to become a leader in renewable energy throughout the region, primarily through massive investments in wind and solar projects.
How to invest in Mauritius?
Mauritius can be the ideal destination for foreign investors having proper guidance. Below is an overview of the main steps to follow for investing or starting a business in Mauritius:
Making a market analysis
Start by conducting a thorough analysis of the market and potential investment sectors to find the right opportunity to meet your objectives.
Obtaining an investment permit
Get in touch with the organization managing permits for foreign investors that will also advise you on the steps to follow.
Setting up a company
This step involves registering your business as a local company with the relevant authorities.
Obtaining work and residence permits
If you wish to settle in Mauritius to supervise your investment, you will need to obtain a work and residence permit.
This step is about gathering the necessary funds to finance your investment project.
Implementation of the project
This has to be done in compliance with Mauritian laws and regulations.
Investing in Mauritius: Magellan is here to guide you
Magellan is here to assist you in your investment project in Mauritius, from applying for a permanent residence permit to facilitating your installation, including the setting up and management of your business. Our services are tailor-made to your needs.