Being one of the most developed countries in Africa, Mauritius attracts investors from all over the world to invest in the new business mushrooming here. According to the Doing Business 2020 statistics, Mauritius ranks 13 in ease of doing business among 190 nations. Thus, Mauritius is a terrain full of business opportunities, though yet to be fully explored. If you’re a Mauritian, it’s a great time to start your business, and here’s how you can get started.
Finding a business opportunity
- Jot down all your ideas: The big, crazy idea is the most important and primary point of building a business. All great businesses started with the idea. So, never ridicule your idea no matter how bizarre, massive or hard it appears to convert it to reality. The first step is to just write down all the ideas that come to your mind and how they can be of value to a particular set of people. Next, select which idea interests you the most.
- Research your market: Researching the market involves looking for gaps and inefficiencies in the existing ways of doing things. See if you find a gap that you can probably fill and make the existing process more efficient or convenient for a specific set of people.
- Define your value proposition: This involves clearly defining which specific problem you aim to address for the specific target group. It is the answer to the promise you will make your prospective customers. Also this one solution should give you a competitive advantage over the existing solutions offered by others.
Giving a structure to the opportunity
- Draw a business plan: Drawing your business plan will not only give you great clarity in your idea but will also create the foundation for your business success. Treat it like a roadmap and organise it in terms of small steps to be taken to reach a milestone. Some major milestones include defining the mission and vision, building a team, defining the product/service, etc.
- Bring in the capital: To achieve almost every milestone, you’ll need funds. Therefore, the business plan will tell you how much funds you need to have to pump life into the business. Normally, you’ll need to borrow or raise money to fuel the business. So, find out the different sources from which you can accumulate the capital.
- Pick a location: Picking an appropriate location for setting up your business is a crucial decision. By location, we don’t just mean a brick-and-mortar business, but even an online one. Accessibility, look-and-feel, ease of purchase are some important factors you need to keep in mind while fixing the location for your business.
Formalising the opportunity
To formalise the opportunity, you need to register your company under the Companies Act 2001. The process involves a simple prescribed procedure that can be done in person or online. On the Business Registration portal, you can start by filling up an application containing the following information:
- The name of the company (Do check if it’s available, here);
- The full names, residential address and service address of every director and secretary of the company;
- The particulars of any business occupation and directorships in any public company or subsidiary of a public company held by each director;
- The full name, the usual residential address and the service address of every shareholder, the number of shares to be taken and the amount to be paid for those shares;
- Whether the company is limited or unlimited;
- Whether the company is a private or a public company;
- The registered office address of the company;
- In the case of a single-member company, the full name, the usual residential address and the service address of the person nominated by the proposed director to act as secretary;
- The business activities and the location of the business; and
- The full name of the applicant.
You also need to provide some supporting documents along with the application form and that include:
- A certified copy of the constitution of the company, if any;
- Consent and certificate of every director (Form 7);
- Consent and certificate of the secretary (Form 8);
- The shareholders’ consent (Form 9);
- In the case of a company limited by guarantee, a document signed by each member, recording their consent to be a member and the amount to be contributed in the event of the company’s winding up (Form 10);
- Written authority of the agent that signed the form of consent, if applicable;
- The notice of reservation of name, if applicable;
- A copy of the passports for non-residents, if applicable;
- A copy of the Residence Permit if there is only one director who is a foreigner;
- A proof of the director’s address; and
- A proof of the secretary’s address (for single-member company).
It has is mandated by the Companies Act 2001 that at least one director of a new entity incorporated and domiciled in Mauritius be a resident in the Republic of Mauritius. Finally, there is the payment of applicable fees that must be made and once the company registered, the Registrar of Companies will issue:-
- A certificate of incorporation;
- Enter the particulars of the company in the online Central Business Registration database; and
- Issue a Business registration card (BRC).
Appreciably, a domestic company can be incorporated within 24 hours from the time of submission of a duly completed application. The corporate tax to be paid by the registered companies is set at a flat rate of 15%.
At Turbine, we are ever-ready to empower start-ups by providing quality professional services and support to startups to help them grow and scale. For further assistance, write to us at email@example.com