How to start a business in Mauritius- A must-read for aspiring entrepreneurs. (Dull but perceptive!)
One of you guys asked us how to start a business from scratch in Mauritius, so we came up with all the relevant bits in our short article today. It covers all the legal, administrative and shall we add, boring aspects of the very start of your future.
If you’re curious to know about the very foundation of a business, check out this link https://www.instagram.com/p/CAGqLnkg3rN/ it’s all about that B…Business Plan!
Albeit, we tried to list all the necessary parts of starting a business in Mauritius, we are no experts and hence, we would advise getting a professional’s help or asking your entrepreneur friends for theirs. We keep saying it repeatedly- at this stage, you should be ready to seek out any kind of help and advice that others might offer.
Entrepreneurship is all about learning- bear this in mind and you’ll thank us later. As for the financial part, we suggest considering SME Schemes which might help you with loans, although we have to admit that we personally don’t know about eligibility. (We’ll keep that for some other time.)
Secondly it is important to know that the requirements for foreigners and locals varies, more info from the MCCI here :
After designing your business plan, the next step is to decide the type of business that you wish to carry, most entrepreneurs with a limited budget, go for a sole proprietorship, you can also opt for a partnership, a limited liability company or a co-operative society which is quite common in Mauritius particularly in the agricultural sector.
Prior to the registration, choose a location to operate as you will need to specify it later when filling out forms.
Find a suitable name for your company, the name should be unique- you can verify this on the Registrar of Companies’ website:
Check the availability of the name here:[https://companies.govmu.org:4343/MNSOnlineSearch/]
To register your business, you can either go the Registrar itself, ask a corporate service provider to do it or simply download a form online and fill it in and submit it to the Registrar of Companies.
Download forms here:
You will need to provide the name of your business, , the nature of business, location, postal address, number of people working, proposed date of launching your business, contact details and most likely you will be required to pay a fee of Rs 100 (1-10 persons).The fee will depend on the number of people employed at the time of registration of the business. This step usually takes some days and is usually carried straightforwardly. This step also enables you to acquire a BRN (Business Registration Number) which will often be necessary while trading.
Should you wish to incorporate a company, with directors and shareholders and having a legal personality, do check out portalmns.mu/cbris-F1Dom/login, you can actually complete all formalities online and make a bank transfer (of around Rs3000) and get your certificate of incorporation within 1 week. ( Yes! You need to incorporate your business to secure your business idea, products and services- companies benefit also from some form of secrecy as to the owners .
If you wish to rent or invest in a commercial space, then it is necessary to apply for a trade permit, you will first have to obtain a list of documents and forms from the municipal council of the town/village in which you will be operating and relevant documents from the owner in order to obtain a trade license before operating. This procedure might be lengthy and is always speeded up with the help of the owner.
More info or building or land permit use here:
As for funding, you can either contact banking institutions or leasing companies.
A small business is not made up solely of creativity and resources, a lot of work has to be done in terms of advertising, accounting, procurement and paperwork, you can always do everything by yourself which might seem like a load but not as long as you do it regularly. Procrastination is your worst enemy as a small business owner.
As your business grows bigger, it is always wise to hire people to take care of parts of running a business that you don’t fully comprehend, such as accountants or legal advisers.
We hope our short article has enabled you to have an overview of the procedures behind setting up a business! This part is certainly even less fun than the business plan but it is worth getting everything done in the right way to avoid any disruption or hassle in the future.