For demanding cross-border transactions, the laws applicable to commonly used credit agreements remain the laws of England and the United States. The concept of financial support in Mauritian law refers only to a company that provides a loan, guarantee or guarantee for that purpose or as part of the acquisition of its own shares. Mauritian company law states that the board of directors of the company must comply with the following for this financial support to be effectively approved, (a) the granting of support is in the interest of the company, (b) the conditions of support to the company and for all shareholders who are not support principals are fair and appropriate (an investor is the person, whose bonds are guaranteed or guaranteed by company (B. support) and (c) the company complies with a statutory credit check immediately after the granting of support. The solvency test is met when (a) the entity is able to pay its debts as they mature in the ordinary course of business, and (b) the value of the entity`s assets is greater than the sum of the value of its liabilities and reported capital. On February 24, the Japan International Cooperation Agency (JICA) signed a loan agreement with the Government of the Republic of Mauritius in Port Louis and Tokyo to provide a Japanese ODA loan of up to 30 billion yen for the emergency support loan for the response to the COVID-19 crisis. The objective of this programme is to strengthen the health and social security system and provide financial support to economic activities in Mauritius in order to mitigate the impact of the COVID-19 pandemic through budget support, thus contributing to the economic stabilisation and development of the country. This programme will contribute to the achievement of SDG Goals 1, 3 and 8. The program is co-financed by the African Development Bank (AfDB) and contributes to the joint AfDB-Government of Japan initiative “Enhanced Private Sector Assistance for Africa (EPSA)”. The details of the programme are presented as follows: 1. Conditions and amount of the loan 2.
Implementing body Ministry of Finance, Economic Planning and Development Address: Ground floor, Government Centre, Port Louis, Republic of Mauritius 3. Expected implementation timeline (1) Project completion: March 2021 after disbursement of the loan. (2) Issuance of letters of invitation for consulting services (including detailed planning work): No appointment of consultants is foreseen for this program loan. (3) Tender for the first contract for international tenders for the construction of projects: No work related to the call for tenders is foreseen for this programme loan. There is no concept of usurious interest rate in Mauritian law, so the parties are free to determine the interest rate under the loan agreement. However, the courts may review an agreement if they find that the lender is abusing its position or rights by setting an interest rate that is considered unfair. This decision is taken on a case-by-case basis. Mauritian law imposes conditions for the possibility of compound interest in certain cases. In cross-border transactions, Mauritian companies are often used as holding companies or special purpose entities for investments and benefit from a number of investment promotion and protection agreements as well as double taxation treaties.
In the case of a financing transaction, the Mauritian company would normally either be the borrower lending the borrowed funds or investing in the business unit based outside Mauritius, or acting as guarantor as the parent company of the business unit. Note that this policy may change if the SEC manages to SEC.gov to ensure that the site operates efficiently and remains available to all users. Current policies limit each user to a total of no more than 10 requests per second, regardless of the number of computers used to send requests. To ensure that SEC.gov remains available to all users, we reserve the right to block IP addresses that make excessive requests. Note: We do not provide technical support for developing or debugging scripted download processes. Unauthorized attempts to upload information and/or modify information on any part of this website are strictly prohibited and subject to prosecution under the Computer Fraud and Abuse Act of 1986 and the National Information Infrastructure Protection Act of 1996 (see 18 U.S.C. § 1001 and 1030). 2. This principle was reaffirmed in 2014 in a judgment of the Commercial Division of the Supreme Court (Atelier Etude Limousin & ors vs BPCE International and Outremer & anor 2014SCJ166). Mauritius offers a range of vehicles that can be adapted to maximise developers` investment opportunities and enable them to raise funds through debt or equity.
The vehicles available are limited liability companies, foreign companies registered in Mauritius, limited partnerships, protected cellular companies, trusts and foundations. By using this website, you agree to security monitoring and auditing. .
