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(Date Posted:13/06/2008 18:17:43)
The Government will continue its policy to further open the economy to the rest of the world, through more improvement in the ease of doing business, consolidation of productive sectors and constructing new pillars. The focus is also on consolidating the dynamism in the booming industries, giving a spur to emerging activities and providing support to sectors that need to reengineer. Main measures - The Board of Investment, with the assistance of the World Bank, will streamline and simplify the system of business licensing to make compliance easier, less time consuming and less costly.
- All investors with businesses in Mauritius having an annual turnover exceeding Rs 15 million for three consecutive years will now be able to apply for Permanent Residence. Up to now, this facility did not apply for investments made prior to October 2006.
- Cutting the time it takes to settle commercial disputes from around 2 years to 7 months, which is international best practice. A Commercial Division will be set up in the Supreme Court.
- Reducing the time it takes to register a property in Mauritius from in some cases up to 210 days to 15 working days. To make this possible, the necessary legislative amendments will be brought, along with the eventual introduction of the Land Administration, Valuation and Information Management Systems.
- Improving access to credit. The Bank of Mauritius Act will be amended to allow the Mauritius Credit Information Bureau to cover non-Bank financial institutions and utility companies in its database and to provide information to regulated service providers. The Banking Act will also be amended to allow for the setting up of private credit information bureaus.
- Significantly simplify the processes for exports and imports. The aim is to reduce the number of permits relating to imports and exports to the essential minimum, by 1st July 2009.
- Provisions will be made to suspend as from 1 July 2009 all permits relating to imports and exports, except those that are considered essential. Any justification from an organisation for maintaining a permit will have to be substantiated before a special committee.
- The Morcellement Act 1990 will be amended so as to allow all developers to take reservations and deposits equivalent to the cost of infrastructural works by providing a bank guarantee equivalent to the amount of such works, including offsite works.
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