THE INVESTMENT PROMOTION ACT

PART II - THE BOARD OF INVESTMENT
1. s. 3 - Establishment of the Board of Investment
  1. The Board of Investment shall be a body corporate.
  2. s. 4 - The Board
    1. shall be administered and managed by a Board.
    2. Chairperson appointed by the Prime Minister, after consultation with the Leader of the Opposition and not less than 6 and not more than 12 other members appointed by the Prime Minister from representatives of the public sector, private sector, academia and trade unions.
    3. shall hold office for a period of 3 years on such terms and conditions as the Prime Minister may determine and shall be eligible for re- appointment.
2. s. 5 - Objects of the Board of Investment
  1. to stimulate the development, expansion and growth of the economy by promoting Mauritius as an international investment, business and service centre
  2. to promote and facilitate the development of all forms of investment and business activities
  3. to formulate investment promotion policies and plans and marketing strategies and undertake promotion to attract foreign and local investments
  4. to advise Government on strategies for investment policies, national investment marketing and investment after care, economic and industrial planning and country image building
3. s. 6 Functions of the Board of Investment
  1. to improve investment and business environment and undertake such other activities as may be necessary to promote Mauritius as an attractive base for investments and as an international financial centre
  2. to prepare, fund, implement and monitor programmes relating to strategies for promoting investments in Mauritius
  3. to conduct research and studies in identifying investment opportunities
  4. to maximise opportunities and arrangements for the development of all forms of investments and business activities in Mauritius
  5. to act as a think tank in highlighting policy issues and making policy recommendations to Government to boost investment and attain Government economic objectives
  6. to co-ordinate multi-sectoral promotional activities and be the focal point for all investment-related promotional and marketing activities for Mauritius
  7. to consider and register investment proposals from investors and self-employed persons and provide necessary assistance for implementation of projects
  8. to provide support services to investors and self-employed persons, including assistance to procure authorisations and permits required for establishment and operation of enterprises and to lease or purchase real estate, for activities promoted by the Board of Investment
  9. to ensure co-ordination and cooperation between the public sector and the private sector on matters of investments and for policy decisions impacting on investment
  10. to act as the single interface with all investors and liaise with relevant authorities for the granting of occupation permits, residence permits and other relevant permits required by the investor to operate in Mauritius
  11. to provide all relevant information to potential investors on any matter relating to investments
  12. to do such things as are incidental or conducive to the performance of any of its functions
4. s. 7 - Powers of the Board of Investment
  1. periodically carry out surveys to assess the socio-economic impact of investments registered with the Board and the general investment climate prevailing in Mauritius
  2. act as Government’s representative in coordinating, facilitating and implementing public-private partnership projects
  3. engage the services of any consultant, or other person, suitably qualified to provide such services to the Board as it thinks fit on such terms and conditions as the Board may determine
  4. set up such technical committees as it deems fit to assist it in the discharge of its functions
  5. do such acts and things as are incidental or conducive to the attainment of its objects
5. s. 8 - Meetings of the Board
  1. The Board shall meet as often as is necessary but at least once every three months and at such time and place, and may use such medium, as the Chairperson thinks fit.
  2. In the absence of the Chairperson at a meeting of the Board, the members present shall elect a member to act as Chairperson for that meeting.
  3. a simple majority of the members present and voting.
  4. 7 members shall constitute a quorum.
  5. such other person as may be of assistance in relation to any matter before the Board.
  6. shall have no right to vote on any matter before the Board.
  7. the Board shall regulate its meetings and proceedings in such manner as it thinks fit.
6. s. 9 - Powers of the Minister
  1. give such directions of a general character to the Board as he considers necessary in the public interest, and the Board shall comply with those directions.
  2. The Board shall furnish to the Minister such information with respect to its activities as he may require.
7. s. 10 - The Managing Director
  1. a chief executive officer of the Board of Investment
  2. be appointed by the Board with the approval of the Minister, on such terms and conditions as it thinks fit.
  3. responsible for the execution of the policy of the Board and for the control and management of the day-to-day business of the Board of Investment.
  4. act in accordance with such directions as he may receive from the Board.
  5. delegate his functions or any power delegated to him under section 11 to an employee.
  6. attend every meeting of the Board and may take part in its deliberations but shall not be entitled to vote on any matter before the Board.
8. s. 11 - Delegation of powers
  1. other than the power
    1. to borrow money
    2. to raise loans
    3. to enter into any transaction in respect of capital expenditure which exceeds one million rupees
  2. No document shall be executed or signed by or on behalf of the Board of Investment, unless it is signed by the Chairperson and the Managing Director, or, in the absence of the Chairperson, any other member appointed by the Board for that purpose.
PART III – REGISTRATION OF INVESTOR, SELF EMPLOYED PERSON, PROFESSIONAL AND RETIRED NON-CITIZEN
1. s. 12 - Registration of investor, self-employed person, professional and retired non-citizen
  1. Any investor or a self-employed person who is registered with the Registrar of Businesses under the Business Registration Act 2002 or any professional or retired non-citizen may register with the Board of Investment provided he satisfies the appropriate criteria specified in Part I of the Schedule.
  2. shall include an investor who, prior to 1 October 2006, would have satisfied the criteria for eligibility for permanent residence permit, as specified in item 1 of Part III of the Schedule.
  3. a non-citizen coming to serve in Government to service the public sector within the SERVICE TO MAURITIUS PROGRAMME for a period not exceeding 3 years.
  4. Every application to register with the Board of Investment shall be made in such form and manner as may be approved by the Managing Director
    1. in the case of an investor or a self-employed person
      1. the proposed investment
      2. the amount of investment to be transferred to Mauritius
      3. the estimated annual turnover or gross income
      4. the nature of the professional activity
    2. a professional
      1. , his monthly salary
    3. a retired non-citizen
      1. the annual amount to be transferred to Mauritius
      2. the bank through which the transfer is to be effected
      3. any other information as may be specified in the form of application.
    4. the Managing Director shall register the applicant and issue a registration certificate on such terms and conditions as may be determined by the Board.
2. s. 12A - Monitoring compliance
  1. The Ministry shall, together with the Authority and the Board of Investment, monitor compliance for the purposes of section 12(4) of this Act and section 5A(5AA) of the Immigration Act.
3. s. 15 - Deregistration of persons
  1. has given in his application for registration, any information, document or particulars which is false or misleading in any material particular
  2. has contravened the Immigration Act under which an occupation permit, residence permit or permanent residence permit has been issued to him
  3. no more satisfies the criteria and conditions of his registration
  4. has acted in such a way as to tarnish the good repute of Mauritius
  5. is acting or has acted in contravention to any laws of Mauritius
  6. the Board may, by written notice, require the person to show cause, within 30 days of the date of service of the notice, why he should not be deregistered and his occupation permit, residence permit or permanent residence permit, as the case may be, should not be revoked, and where the Board is satisfied that, having regard to all the circumstances of the case, it is expedient to do so, it shall deregister the person and notify the immigration officer to cancel the occupation permit, residence permit or permanent residence permit, as the case may be, of the person.
    1. the occupation permit, residence permit or permanent residence permit, as the case may be, shall lapse immediately.
  7. Where a registered investor or self-employed person intends to cease his activities in Mauritius, he shall immediately give notice in writing thereof to the Managing Director for deregistration.
    1. shall commit an offence.
PART IV – IRS CERTIFICATE, RES CERTIFICATE AND FREEPORT CERTIFICATE
1. Any person who intends to engage in activities regulated under the Real Estate Development Scheme or Invest Hotel Scheme prescribed under this Act shall apply to the Managing Director for an IRS certificate, a RES certificate or an IHS certificate, as the case may be, in such form and manner as may be approved by the Managing Director.
2. apprise the Board of the application
3. communicate a copy of the application to the relevant Ministries and keep the Ministries concerned informed of any matter concerning the consideration and outcome of the application
4. cause the application to be processed in accordance
5. s. 17 - Technical Committee
  1. necessary to examine and report on an application for an IRS certificate a RES certificate or an IHS certificate and facilitate its implementation.
  2. include one or more officers of a public sector agency qualified, or having experience in the subject matter of the application.
  3. shall meet as often as may be necessary and at such time and place as the Chairperson of the committee thinks fit
  4. shall meet when required to do so by the Board
  5. regulate its meetings in such manner as it thinks fit.
  6. A technical committee shall submit its report within such time as may be fixed by the Board and the report shall contain the observations, comments and recommendations of the technical committee on any matter referred to it by the Board.
6. s.18 - Issue of IRS certificate RES certificate or IHS certificate
  1. Where the Board considers that the investor has satisfied the requirements of the Real Estate Development Scheme prescribed under this Act for the issue of an IRS certificate a RES certificate or an IHS certificate, it shall, within 30 days of the date of receipt of the application under section 16, approve the scheme and issue an IRS certificate a RES certificate or an IHS certificate on such terms and conditions as the Board may determine.
PART IVA - BUSINESS FACILITATION AND PUBLIC – PRIVATE PARTNERSHIP
1. s. 18B - Facilitation by Board of Investment
  1. Any registered investor or self-employed person may request the Board of Investment to provide assistance, support, coordination and cooperation with public sector agencies to facilitate and implement his project or business.
    1. may give such directions as may be required to expedite the processing of applications, to relevant public sector agencies in accordance with relevant guidelines;
      1. shall ensure that any application made for a permit or authorisation is processed within the time limit set by the public sector agency
        may convene committees and meetings with public sector agencies to facilitate and coordinate the implementation of projects by registered investors or self-employed persons
  2. The guidelines
    1. available for consultation at the office of the public sector agency and the Board of Investment
    2. posted on the website of the Board of Investment
2. s. 18C - Public-Private Partnerships
  1. Notwithstanding the Public-Private Partnership Act 2004, the Board of Investment may act as a coordinator and facilitator between the Public- Private Partnership Unit and the private sector for the assessment of a public-private partnership project, its implementation, development and monitoring.
PART V – ADMINISTRATION
1. s. 19 - Appointment of employees
  1. such employees as may be necessary for the proper discharge of its functions under the Act.
  2. under the administrative control of the Managing Director.
2. s. 20 - Conditions of service of employees
  1. to govern the conditions of service of employees and to deal with
    1. the appointment, dismissal, discipline, pay and leave of, and the security to be given by, employees;
    2. appeals by employees against dismissals or other disciplinary measures
    3. the establishment and maintenance of provident and pension fund schemes and the contributions payable to and the benefits recoverable from those schemes
3. s. 22 - Disclosure of interest
  1. Where any member of the Board, the technical committee or the Managing Director or their spouse or next of kin has any direct or indirect interest in relation to any matter before the Board or committee, as the case may be, he shall
    1. disclose at or before the meeting convened to discuss that matter, the nature of his interest
    2. not take part in any deliberation or any decision-making process in relation to that matter
    3. A disclosure of interest made under this section shall be recorded in the minutes of the Board or committee, as the case may be.
4. s. 23 - Confidentiality
  1. every member of the Board, the technical committee or the Managing Director or employee of the Board shall maintain during or after his relationship with the Board of Investment, the confidentiality of any matter relating to this Act which comes to his knowledge.
    1. no member or person shall communicate to any unauthorised person any matter
  2. The Board may give public notice
    1. with the consent of the applicant, of the particulars of his application
    2. of the particulars of an IRS certificate, a RES certificate, an IHS certificate or a freeport certificate
  3. Any person who, without lawful excuse, contravenes shall commit an offence and shall, on conviction, be liable to a fine not exceeding 50,000 rupees and to imprisonment for a term not exceeding 2 years.
PART VI- MISCELLANEOUS
1. s. 26 - Immunity
  1. No liability, civil, or criminal, shall lie against any member of the Board, the technical committee or the Managing Director or employee or the Board of Investment in respect of any act done or omitted to be done by the member, employee or the Board of Investment in the execution, in good faith, of his or its functions under this Act.
2. s,27 - Offences and penalties
  1. Any person who contravenes this Act or any regulations made thereunder shall commit an offence and shall, on conviction, be liable to a fine not exceeding 100,000 rupees and to imprisonment for a term not exceeding 3 years
  2. Any person who, for the purposes of this Act, gives any information, particulars or documents or makes any statement which is false or misleading in any material particular shall commit an offence and shall, on conviction, be liable to a fine not exceeding 500,000 rupees and to imprisonment for a term not exceeding 5 years.
3. s. 28A - Investment Promotion and Protection Agreement
  1. The Minister may, subject to the other provisions of this Act or any other enactment, enter into arrangements or agreements for the promotion and protection of investments by citizens of Mauritius in the territory of other States and by investors of other States in Mauritius.
  2. The Minister may make such regulations as he thinks fit to give effect to any arrangement or agreement entered into

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THE INVESTMENT PROMOTION ACT

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