The Chairperson of the Financial Services Commission, Harvesh Seegolam, highlighted the FSC’s commitment to enhancing the financial ecosystem by rolling out “red carpet” treatment for major funds and international operators that contribute to value and job creation. He also unveiled the FSC’s initiative to develop a new strategic vision, as the current financial sector blueprint approaches its conclusion in 2027. Lastly, the announcement of the upcoming visit by the Secretary-General of the OECD further emphasized the importance of international cooperation in shaping the future of Mauritius as a leading financial hub. The announcements came during his keynote address at the 15th Asia/Africa International Fiscal Association conference. 

The Governor of the Bank of Mauritius and Chairperson of the Financial Services Commission (FSC) made three significant announcements, last Friday, during his keynote address at the 15th Asia/Africa International Fiscal Association (IFA) conference. Harvesh Seegolam firstly emphasized that the FSC will be offering “red carpet” treatment to major funds and prominent international operators whose activities contribute to value creation and job creation in Mauritius. Secondly, the FSC has begun the process of developing a new strategic vision, as the current blueprint for the Financial Services Sector nears its conclusion in 2027. This strategic initiative will include a series of workshops where industry stakeholders will be actively encouraged to share their ideas with the Commission. Lastly, Mr. Seegolam announced that the Secretary-General of the OECD is scheduled to visit Mauritius in the coming weeks, highlighting the importance of international cooperation and dialogue in shaping the future of the financial sector.

The 15th Asia/Africa International Fiscal Association (IFA) conference in Mauritius was a key event that brought together experts from across the globe to discuss the evolving landscape of international taxation. Indeed, Harvesh Seegolam emphasized the critical need for cooperation, clarity, and compliance in navigating the complexities of global tax policy.

“When you look at international taxation, I think cooperation remains a very important element,” the Chairperson said. 

He underscored the ongoing debates between countries over taxing rights, likening them to a “war” where each nation claims its right to tax income generated within its borders. He stressed that the only way to resolve these disputes is through enhanced coordination and cooperation. “We live in a global economy where cooperation cannot be avoided,” he stated, adding that for Mauritius, cooperation is essential to maintaining its status as an international financial center.

The Chairperson of the FSC highlighted the proactive role of the Commission in this global ecosystem. “While we ensure adherence, while we ensure clarity and certainty, while we ensure cooperation, as well as the ongoing debate about reforms, it is important that the regulator plays a very proactive role,” he remarked. He emphasized that a strong regulatory framework is crucial, but it must be implemented pragmatically to avoid becoming a hindrance to business operations. “It does not mean that we adopt leniency as a regulator, but we have to be proactive and reasonable, and certainly timely in whatever we do,” he added.

It does not mean that we adopt leniency as a regulator, but we have to be proactive and reasonable, and certainly timely in whatever we do

To this end, Mr. Seegolam announced several initiatives aimed at enhancing the efficiency of the FSC. One key initiative is the “Known to the Commission” concept, which fast-tracks applications from licensees already recognized by the FSC. “If a licensee is already known to the Commission, the way other applications would be treated coming from that very licensee would be different. It would be treated in a much more fast-tracked manner,” he explained.

In addition, the FSC has introduced a “red carpet” system for large funds and international operators seeking licenses in Mauritius. This system is designed to facilitate value creation and job generation, with dedicated account managers assigned to key clients. “We are rolling out the red carpet treatment for the big funds, as well as the big international operators who are asking for licenses in Mauritius, and whose operations actually are leading to value creation as well as job creation. For those particular kinds of applications, there is a red carpet system that is being put in place. In a nutshell, as we continue building the right ecosystem for our company – Mauritius as an international financial centre – the FSC continues to play and will continue to play a very proactive and pragmatic role, and ensuring that efficiency is there when it comes to regulatory robustness and proactiveness. As I said, this does not mean, however, that the FSC will be lenient. The FSC will continue to fulfil its role as a very robust regulator for the non-banking sector, and we will be ensuring that those who unfortunately do not comply with the parameters that we are setting will have to pay the price for not complying,” the Chairperson announced.

Looking ahead, Harvesh Seegolam discussed the ongoing reflection on the next ten years of Mauritius as a financial centre. He mentioned the 10-year blueprint developed in 2017, which has guided the industry’s focus and strategy. As the blueprint approaches its conclusion in 2027, the FSC has already begun the process of developing a new strategic vision. “There will be a series of workshops where you will be called upon to share your ideas, and I would like to encourage you to share your ideas proactively with the FSC,” he urged.

The debate around taxation has gained significant momentum worldwide, with major international organizations like the United Nations, OECD, IMF, and World Bank placing tax reforms at the core of their agendas. Mr. Seegolam highlighted the importance of aligning with these global movements, warning that countries failing to conform to international standards risk falling out of favour. “Unless they conform to the international movement about the reflection that is happening on international taxation, those particular countries may not find themselves in the good books going forward,” he cautioned.

Reflecting on Mauritius’ history of navigating international tax challenges, the Chairperson of the FSC noted that the country has always prioritized long-term sustainability over short-term gains. “Compliance with international norms and best practices has always been on the top of the agenda when it comes to ensuring that Mauritius continues to grow and progress as an international financial centre,” he affirmed.

Mr. Seegolam outlined the four key principles—clarity, certainty, compliance, and cooperation—that have guided Mauritius’ approach to taxation. “These are the four Cs that Mauritius has always put at the forefront of whatever we do,” he said. He reiterated the importance of these principles in building trust and confidence in Mauritius’ tax system, ensuring that the country remains competitive on the global stage.

“You would recall that not later than last year, we received in Mauritius the visit of the Secretary General of the OECD, where, on the sidelines, enhanced discussions were held on the two-pillar solutions. We shall receive his visit again in the next couple of weeks. We will be discussing a lot of matters pertaining to fiscal best practices and the longer-term strategy, as we call it,” he explained. 

As the international tax landscape continues to evolve, Mr. Seegolam’s address serves as a reminder of the importance of cooperation and strategic planning. His vision for Mauritius as a forward-thinking financial centre reflects the country’s commitment to maintaining its reputation as a robust, compliant, and cooperative player in the global economy.