The new Companies Act 2001 introduced in December 2001, which replaces both the Companies Act 1984 and the International Companies Act 1994, has made the administration of companies considerably more complicated.

The company previously known as an International Company is now one with a Category 2 Global Business Licence (GBL2) and is similar in structure to the British Virgin Islands (BVI) International Business Company (IBC). It is not subject to taxation in Mauritius except for an annual government fee of USD135 which is payable to the Financial Services Commission (FSC) on each anniversary date of incorporation and an annual registration fee of USD65 which is payable to the Registrar of Companies (ROC) on 20th January every year.

The company previously known as an Offshore Company is now one with a Category 1 Global Business Licence (GBL1) and may be used to take advantage of an extensive and growing network of international tax treaties which the Mauritius Government is continually developing. GBL1 companies are subject to taxation at a rate of 15% as a Tax Incentive Company. However, companies can structure their affairs to take advantage of a series of tax credits which may significantly reduce the effective rate of taxation, or may elect to pay at a higher rate to satisfy controlled foreign company legislation in the country of residence of the parent company.

Companies which fail to pay annual fees to government and the officers of such companies are in default and could be subject to prosecution in Mauritius