Financial Insights: The Directory of Financial Institutions 2024

The 2024 edition of “The Directory of Financial Institutions” has officially been released, providing a comprehensive overview of the key players shaping the financial landscape, including banks, insurance companies, management firms, and regulatory bodies.

Mauritius boasted over 30 years of expertise in cross-border investments and financing, supported by a transparent and well-regulated platform.

As an internationally recognized jurisdiction, Mauritius’ international financial center hosted numerous international banks, legal firms, corporate service providers, investment funds, and private equity funds.

Industry professionals, investors, and anyone looking to enhance their understanding of the financial sector will find “The Directory of Financial Institutions 2024” a valuable resource, offering clear and precise information about these institutions and their roles within the local economy.

Built on a robust infrastructure, a cutting-edge legal framework, and a business-friendly environment, Mauritius’ financial sector offers a wide array of competitive financial products and services.

These included private banking, global business operations, insurance and reinsurance, trusts and foundations, and investment banking, among others.

The Mauritian banking sector stood out for its high level of development, a notable achievement considering the country’s market size.

This success is attributed to various factors, including the nation’s strategic geographical location, the absence of exchange controls, and a simplified tax system free from capital gains, property, or inheritance taxes.

As a result, Mauritius has emerged as one of Africa’s most advanced financial service sectors, having established double taxation agreements with 46 countries, including India and 20 African nations.

Moreover, Mauritian banks are well positioned to facilitate investments and expand into the growing markets of Sub-Saharan Africa, particularly within the East African Community.

The rapidly growing sectors, such as real estate and medical tourism, present promising opportunities for financial services.

Richard Le Bon, the editor of Business Magazine, emphasized that after three decades of development, Mauritius is rightly acknowledged as a jurisdiction of substance.

Beyond providing back-office services, the island is equipped to offer a range of value-added services to private equity funds, hedge funds, and cryptocurrency funds, as well as manage the assets of high-net-worth individuals.

“It is evident that the International Financial Centre of Mauritius has become increasingly competitive,” Le Bon noted.

“This is reflected in our seven-place improvement in the 2023 Global Financial Centres Index, where we are currently ranked 61st. However, we still trail behind direct competitors such as GIFT City (57th place), Dubai (20th place), and Abu Dhabi (37th place).

Nevertheless, competitiveness in the realm of international business is relative, influenced by domestic policies and external factors, such as changes in other jurisdictions’ grey lists from the Financial Action Task Force (FATF).”

Le Bon further highlighted that the global business sector is a key driver for Mauritius, contributing significantly to national wealth (14% of GDP) and employment (nearly 17,000 professionals).

Additionally, according to recent figures from AXYS, the assets of Global Business Companies (GBCs) registered in Mauritius totaled $705 billion at the end of June 2023, equivalent to over Rs 30 trillion.

Source: l’Express