In this article, guidelines on how to start a business in Mauritius will be explored. Mauritius is one of Africa’s most developed countries. It boasts of picturesque views such as her beaches that serve as a destination for tourism, her mountainous interior that includes the fascinating Black River Gorges National Park, her waterfalls which are an exquisite sight to behold and many more attractive sights.
Apart from her striking natural endowments, Mauritius has gained a reputation for herself in the sphere of international business. It has been accredited and recommended by global financial agencies such as; Organisation for Economic Cooperation and Development (OCED), the Financial Action Task Force (FATF) and the World Bank (WB) due to it’s fair share of substantial economic growth averaging 5% for the past two decades.
The Indian Ocean Island nation encourages entrepreneurs both home and abroad to establish businesses. Although, one cannot just decide to start a business in Mauritius without following the right protocols. The Small and Medium Enterprises Development Authority (SMEDA) is charged with the power to make such approvals. As business setup reveals,
“It requires a maximum of 3 days for opening a company in Mauritius, according to recent reports, due to its straightforward and efficient process” In a situation whereby you do not want to do the work yourself, there are 3rd party agencies such as Antrix,
an international corporate services provider specialized in delivering a wide range of fiduciary, financial, legal and advisory services across multi jurisdictions worldwide, can be of help. Without further ado, let’s jump right into how to start a business in Mauritius.
How to Start a Business in Mauritius
Business Idea Generation
Business Idea generation comes first on the list of how to start a business in Mauritius. Before a business start-up can be actualized, generating ideas of what the business will be, how it would look like, where it will be situated and many more is first considered. Generating ideas are what makes businesses unique. Without idea generation, all there would be is merely imitations which is mediocre for an entrepreneur with a vision. Although, it is advised that you carry out your research in case there are already business ideas like yours in Mauritius. You really do not want to come off as a copy cat. There is nothing wrong with doing similar business but it is advisable that you add a genius twist by doing common things in an exceptional way. That way, you stand to have an edge above other businesses in the industry of your choice.
A Business Plan
Now that you already have that business idea that will make your business standout, it is paramount that you draw a roadmap for the business. This road map is known as the business plan. It entails all the business requires to succeed from the capital needed and will serve as a guide when things become confusing. There will be times of confusion, definitely. Going back to your business plan is what will bring clarity and continuity of your business.
Decides the type of business
You need to have made up your mind on the type of business you are willing and about to start in Mauritius. SMEDA, recognizes 2 types of businesses namely; the private and the public business. It provides you with certain laws guiding whichever type of business you choose. For more information, click here.
Location of your Business
Choosing the perfect location for your business is very essential. As a wrong location could stagnate your business. Choosing a location for your business in Mauritia requires that you have a good geographical knowledge of the country. Thanks to the internet that has made it possible for a quick and in-depth research at the tip of your finger. So I admonish that you take advantage of technology if you can not go around Mauritius.
Of course, you can not just start a business like that because you have found a perfect location. There are registration processes in Mauritius that your business needs to go through before accreditation. Don’t worry, unlike in other African countries, the business registration process in Mauritius is not cumbersome. It takes only 4-5 steps. Click here to read more. Or in a case whereby you need an agency to help you get it done, you can visit Antrix .
Register with SMEDA
Mauritius has a body that is charged with the authority for regulating business in Mauritius. You need to register with them for easy guidance when it comes to taxation and other technicalities like land use permit. For more information, click here
Now that your business is ready to start. Financial disbursements is the next stage. You need money to build your business in the location you have found. You need money for a whole lot of things to get the business sailing smoothly. You need financial disbursements for marketing the business and paying for adverts.
These are the essentials about how to start a business in Mauritius.