Business / Leisure trip October 2013

4POSTS

12 years ago

Hello!

Myself and my partner will be visiting Mauritius in October this year. Whilst we're there we want to visit and view some potential business ideas as well as a holiday. Our goal in the next few years is to buy an existing business or a property / parcel of land that could be used to develop an eco-tourism retreat. If anyone can point me in the direction of real estate agents or business brokers or the like on the island or if anyone might know someone looking to sell a business or property then we might be keen to discuss and perhaps meet when we arrive. We聮ve already arranged to meet with the BOI for an informal chat as well. To be clear, we are NOT wealthy property developers with millions to invest. We are an average hard working couple from London simply looking to change direction from the rat race here into a more rewarding business of our own.

Please message me if you want to know more or if you think you can help us.

Simon

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Kaviraj G Guest

0POSTS

12 years ago

Hi Shalamer,

If you have already arranged for a meeting with the BOI, then you most probably know about the conditions for investing/doing business in Mauritius.

You cannot buy land or property in Mauritius if you do not have citizenship. The Non-Citizen Property Restriction Act prevents this.
Foreigners can only buy into luxury estates called IRS or RES if they want to settle in Mauritius. This will grant you a residence permit as long as you own the unit.

Coming back to your business, a minimum investment of $100,000 is required for any project.

Shalamer New member

4POSTS

12 years ago

Hi!

Thanks for the quick reply!

Yes, we've done quite a bit of research already and know quite a bit about the various options but we're of course still learning and researching.

Our query is more around making some useful contacts before we get there who might be able to show us potential business's for sale or real estate agents that might have suitable properties or parcels of land we could view with a view to converting / renovating them to start our business on.

We will have the investment cash required and plenty of initial working capital it's more around help with finding a suitable location to develop on or property we could convert or refurbish before opening. I guess it's local knowledge and local recommendations of reputable agents that would be a good place to start or anyone looking to sell a business of this type we could renovate or redevelop.

Simon

Kaviraj G Guest

0POSTS

12 years ago

Again, you can buy businesses but not land or properties (besides IRS/RES/IHS) irrespective of the real estate agent. This is prevented by law and all agents and real estate agencies are tied to it.

And for eco-tourism projects, these are monitored by the Ministry of Environment and other local bodies like the National Parks and Conservation Services. If outside help is needed, the government issues contracts to foreign organisations.

Shalamer New member

4POSTS

12 years ago

Ok , thanks for this. I think more will become clear to us when we see the BOI team in October but the thing that confuses me is I keep hearing different answers.

Our 'business' will be a 'property' and thus we will 'own' the property which is the business of the guest house / retreat.

Sometimes I'm told we cannot own a property as we're foreign and other times I'm told we can as the property is in fact the business itself.

Hopefully you can see why we're getting a bit confused. Thanks for your help so far though.

Simon

Kaviraj G Guest

0POSTS

12 years ago

When you come under the investor scheme, the money you are investing are tied to the property being used for the business purpose like for a building being used to generate the turnover that will guarantee your Occupation permit remains viable.

A non-citizen can acquire an immovable property only if he is authorized by the Prime Minister's Office.

You can have a better outlook through this link.

Shalamer New member

4POSTS

12 years ago

Now that makes more sense! That's what we thought but we kept hearing different views.

So, we will be there in October, now we need to find something suitable to buy or invest in so if anyone reading this can help or advise then please message me!

Thanks again.

Simon