Madam Speaker, the Mauritian Diaspora Scheme has been set up in 2015 to attract members of the Mauritian diaspora back to Mauritius to participate in the economic development of the country. The Mauritian Diaspora Scheme which is managed by the Economic Development Board, requires an eligible member of the Mauritian diaspora who wishes to return to Mauritius as a self-employed, to invest at least Rs250,000 either in his own name or as a one-person company, in a field of activity which is deemed to be scarce, innovative or strategic. I am informed by the Economic Development Board that currently 550 members of the Mauritian diaspora are benefitting from this Scheme out of which 170 are self-employed. Out of the 170 self-employed, only 5 are one-person companies. Under the Mauritian Diaspora Scheme, a self-employed investing through a one-person company needs to become a resident in Mauritius to benefit from the incentives of the Scheme. The one-person company should also be a private company incorporated in Mauritius in which the sole shareholder is the sole director of the company as per the Companies Act. Furthermore, section 132 of the Companies Act, requires that a company should have at least one director who is ordinarily resident in Mauritius. Madam Speaker, it is not proposed to amend section 132 of the Companies Act at this point to relax the requirement for at least one director to be resident in Mauritius, as this

21 requirement applies not only to one-person companies but to all types of companies registered in Mauritius. This is an established international principle which can be compared with other jurisdictions. Enforcing this requirement is vital to strengthen our regulatory framework for companies and also to facilitate administrative procedures. It ensures that there will be a person, that is a director, who is physically present in Mauritius to represent the company and be answerable to our enforcement authorities in the event of any breach by that company. Madam Speaker, however, I wish to reassure the hon. Member that as I have announced in the Budget Speech 2025-2026, a new and comprehensive strategy is currently being developed in collaboration with the Economic Development Board to make the Scheme less restrictive. We will thus facilitate the return of our valuable Mauritian diaspora members to contribute to the development of our country.

Thank you. Yes, next question, the hon. Fourth Member for Port-Louis North & Montagne Longue! BANK OF MAURITIUS – GOVERNOR & DEPUTY GOVERNORS – REMUNERATION & ALLOWANCES