# Rogers Capital > ### Senior Corporate Administrator JOB PURPOSE/SUMMARY As a Senior Corporate Administrator, carry out and manage all the administrative and corporate services duties for a portfolio of clients with varying level of complexity. Assist Team leader/Manager in the day to day administration of portfolio of global business client companies. MAIN RESPONSIBILITIES Assist Team Leader/Manager with ongoing interaction with clients and business partners Handle more complex structures / clients and high profile clients and ensure the expectations of the clients are being met within the agreed deadlines Review of administrators' work - including coaching of administrators. Provide guidance and ensure they always comply with statutory regulation and company’s policy and procedures Carry out day-to-day administration including corporate work, organizing board meetings, preparing board packs, attending board meeting, if required and drafting of minutes Statutory filing - Ensure records are properly maintained and compliant with local legislations including file reviews/KYC updates, conducting due diligence, etc Filing, Scanning of Statutory Files and updating of information on relevant system within the set deadlines Provide support on clients’ requests. Ensure all transactions pertaining to the management of the clients’ affairs are executed promptly and efficiently Liaise on an ongoing basis with clients and business partners Handle a portfolio of clients being GBC, Authorised, and foreign companies Deal with authorities, banks, auditors and other service providers Provide information / statistics as may be required by Team Leader/Manager and other departments within set timeframe Ensuring compliance with all relevant regulations, laws, guidelines,including internal policies and procedures ,etc Any other cognate duties in line with your capabilities Be committed to excellence and promote efficiency by setting personal example of corporate values (Agility, Pioneering & Excellence) REQUIREMENTS First Degree in Law and Management or Accounting and Finance or any other relevant fields Studying towards ICSA qualification will be a definite advantage Between 3 - 5 years’ experience within the Global Business sector Dynamic, committed and proactive Able to work under pressure with tight deadlines Strong interpersonal and communication skills are essential Good team player, with strong customer service drive ### Empowering Her Voice: Promoting the Womens in Leadership Circle at Rogers Capital [vc_row el_class="sustainability-banner-row"][vc_column el_class="rogerscap-wpwidth1265"] Empowering Her Voice: Promoting the Womens in Leadership Circle at Rogers Capital [/vc_column][/vc_row][vc_row][vc_column] Launched on 7 March 2023, Rogers Capital Women in Leadership Circle (RCWLC) fosters gender equality and women’s leadership within the organisation. It is a hub for mentorship, professional development, and advocacy, promoting a culture of allyship and inclusive growth. Launched on 7 March 2023, Rogers Capital Women in Leadership Circle (RCWLC) fosters gender equality and women’s leadership within the organisation. It is a hub for mentorship, professional development, and advocacy, promoting a culture of allyship and inclusive growth. [/vc_column][/vc_row] ### Unity in giving: The Rogers Capital’s employee donation drive [vc_row el_class="sustainability-banner-row"][vc_column el_class="rogerscap-wpwidth1265"] Unity in giving: The Rogers Capital’s employee donation drive [/vc_column][/vc_row][vc_row][vc_column] Rogers Capital supports community welfare through Foodwise to Anfen food donations, and drives fundraising efforts for The Good Shop and NGOs, helping those affected by cyclones and seasonal needs. Rogers Capital supports community welfare through Foodwise to Anfen food donations, and drives fundraising efforts for The Good Shop and NGOs, helping those affected by cyclones and seasonal needs. [/vc_column][/vc_row] ### Community Upliftment: Empowering the Vulnerable through Volunteeerism [vc_row el_class="sustainability-banner-row"][vc_column el_class="rogerscap-wpwidth1265"] Community Upliftment: Empowering the Vulnerable through Volunteeerism [/vc_column][/vc_row][vc_row][vc_column] Rogers Capital in collaboration with Junior Achievement Mascareignes (JAM) champions the GOAL Program, fostering young women’s life skills, in our commitment to nurturing future talent and community growth. Rogers Capital’s collaboration with Fam-Unie Foundation leads women’s self-reliance through variededucational courses at Cité La Cure. Since July 2023, Rogers Capital’s management has directed literacy initiatives, showcasing our pledge to continuous learning and employee representation on the council. Rogers Capital in collaboration with Junior Achievement Mascareignes (JAM) champions the GOAL Program, fostering young women’s life skills, in our commitment to nurturing future talent and community growth. Rogers Capital’s collaboration with Fam-Unie Foundation leads women’s self-reliance through variededucational courses at Cité La Cure. Since July 2023, Rogers Capital’s management has directed literacy initiatives, showcasing our pledge to continuous learning and employee representation on the council. [/vc_column][/vc_row] ### Inclusive Development [vc_row el_class="sustainability-banner-row"][vc_column] Inclusive Development Rogers Capital Inclusive Projects At Rogers Capital, we are committed to inclusive growth, supporting two NGOs, providing essentials to those in need, and uplifting women, blending our dedication to societal welfare with actions for a better tomorrow. [/vc_column][/vc_row][vc_row][vc_column el_class="rogerscap-wpwidth1265"][vc_row_inner][vc_column_inner] Community upliftment: Empowering the vulnerable through volunteerism Rogers Capital in collaboration with Junior Achievement Mascareignes (JAM) champions the GOAL Program, fostering young women’ss life skills, in our commitment to nurturing future talent and community growth.   Rogers Capital’s collaboration with Fam-Unie Foundation leads women’s self-reliance through varied educational courses at Cité La Cure. Since July 2023, Rogers Capital’s management has directed literacy initiatives, showcasing our pledge to continuous learning and employee representation on the council. Read More Unity in giving: The Rogers Capital’s employee donation drive Rogers Capital supports community welfare through Foodwise to Anfen food donations, and drives fundraising efforts for The Good Shop and NGOs, helping those affected by cyclones and seasonal needs. Read More Promoting the Women in Leadership Circle at Rogers Capital Launched on 7 March 2023, Rogers Capital Women in Leadership Circle (RCWLC) fosters gender equality and women’s leadership within the organisation. It is a hub for mentorship, professional development, and advocacy, promoting a culture of allyship and inclusive growth. Read more [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row] ### Tree Planting: Cultivating a Greener Tomorrow [vc_row el_class="sustainability-banner-row"][vc_column el_class="rogerscap-wpwidth1265"] Tree Planting: Cultivating a Greener Tomorrow [/vc_column][/vc_row][vc_row][vc_column] For the past two years, Rogers Capital, alongside Rogers Group, has spearheaded tree planting endeavours at Baie de Jacotet, in Bel Ombre, in the UNESCO Mann and Biosphere Reserve. Prior to this, the focus was on afforestation efforts at La Citadelle, in Port-Louis where, from 2018 to 2022, over 500 young trees were planted. The ultimate aim is to host a tea party in 2028 beneath the canopy of these trees, celebrating the fruition of our environmental stewardship in our capital city. For the past two years, Rogers Capital, alongside Rogers Group, has spearheaded tree planting endeavours at Baie de Jacotet, in Bel Ombre, in the UNESCO Mann and Biosphere Reserve. Prior to this, the focus was on afforestation efforts at La Citadelle, in Port-Louis where, from 2018 to 2022, over 500 young trees were planted. The ultimate aim is to host a tea party in 2028 beneath the canopy of these trees, celebrating the fruition of our environmental stewardship in our capital city. [/vc_column][/vc_row] ### Bis Lamer: Pioneering Marine Conservation Together [vc_row el_class="sustainability-banner-row"][vc_column el_class="rogerscap-wpwidth1265"] Bis Lamer: Pioneering Marine Conservation Together [/vc_column][/vc_row][vc_row][vc_column] Bis Lamer, at the forefront of marine and reef conservation, counts Rogers Capital among its sponsors. Their collaborative efforts focus on innovative, community-led strategies to protect marine biodiversity and champion sustainable sea practices, underscoring Rogers Capital’s dedication to environmental preservation and the health of vital underwater environments. Bis Lamer, at the forefront of marine and reef conservation, counts Rogers Capital among its sponsors. Their collaborative efforts focus on innovative, community-led strategies to protect marine biodiversity and champion sustainable sea practices, underscoring Rogers Capital’s dedication to environmental preservation and the health of vital underwater environments. [/vc_column][/vc_row] ### Digital Practices: Evolving towards Sustainability [vc_row el_class="sustainability-banner-row"][vc_column el_class="rogerscap-wpwidth1265"] Digital Practices: Evolving towards Sustainability [/vc_column][/vc_row][vc_row][vc_column] Rogers Capital is driving the circular economy with a shift to digital practices, significantly cutting paper usage to minimise our environmental footprint. This strategic move underscores our commitment to sustainability and operational efficiency, affirming our leadership in environmental stewardship. From 2019 to 2023, our paper consumption has drastically reduced from 2.7 tons to 0.8 tons per year. Rogers Capital is driving the circular economy with a shift to digital practices, significantly cutting paper usage to minimise our environmental footprint. This strategic move underscores our commitment to sustainability and operational efficiency, affirming our leadership in environmental stewardship. From 2019 to 2023, our paper consumption has drastically reduced from 2.7 tons to 0.8 tons per year. [/vc_column][/vc_row] ### A Secure Environment For All Employees [vc_row el_class="sustainability-banner-row"][vc_column el_class="rogerscap-wpwidth1265"] A Secure Environment For All Employees [/vc_column][/vc_row][vc_row][vc_column] Rogers Capital prioritises health with comprehensive initiatives: doctor’s presence on site, eye screenings, educational talks on cancer awareness, chronic diseases, menopause, stroke, ergonomics, and mental resilience, alongside massage therapy and first aid training, embodying our commitment to employee wellbeing and preventive care. Rogers Capital prioritises health with comprehensive initiatives: doctor’s presence on site, eye screenings, educational talks on cancer awareness, chronic diseases, menopause, stroke, ergonomics, and mental resilience, alongside massage therapy and first aid training, embodying our commitment to employee wellbeing and preventive care. [/vc_column][/vc_row] ### Health and Well-being: A Holistic Approach [vc_row el_class="sustainability-banner-row"][vc_column el_class="rogerscap-wpwidth1265"] Health and Well-being: A Holistic Approach [/vc_column][/vc_row][vc_row][vc_column] Rogers Capital prioritises health with comprehensive initiatives: doctor’s presence on site, eye screenings, educational talks on cancer awareness, chronic diseases, menopause, stroke, ergonomics, and mental resilience, alongside massage therapy and first aid training, embodying our commitment to employee wellbeing and preventive care. Rogers Capital prioritises health with comprehensive initiatives: doctor’s presence on site, eye screenings, educational talks on cancer awareness, chronic diseases, menopause, stroke, ergonomics, and mental resilience, alongside massage therapy and first aid training, embodying our commitment to employee wellbeing and preventive care. [/vc_column][/vc_row] ### Community and Care: Celebrating Unity [vc_row el_class="sustainability-banner-row"][vc_column el_class="rogerscap-wpwidth1265"] Community and Care: Celebrating Unity [/vc_column][/vc_row][vc_row][vc_column] Rogers Capital champions welfare through a suite of initiatives: end-of-year festivities, cultural festival commemorations, Independence Day, International Women’s Day celebrations, and blood donation drives, reflecting our dedication to fostering community spirit and promoting inclusivity within our esteemed organisation. Rogers Capital champions welfare through a suite of initiatives: end-of-year festivities, cultural festival commemorations, Independence Day, International Women’s Day celebrations, and blood donation drives, reflecting our dedication to fostering community spirit and promoting inclusivity within our esteemed organisation. [/vc_column][/vc_row] ### A Pillar of Sustainable Development [vc_row css=".vc_custom_1715169934403{background-color: #f6faff !important;}" el_class="pillar-sustainability-banner-row"][vc_column] A Pillar of Sustainable Development These initiatives collectively demonstrate Rogers Capital’s unwavering commitment to fostering a sustainable future. Our approach is not merely about corporate responsibility; it’s about integrating sustainable practices into every facet of our operations and leading by example in our community. Our actions, ranging from empowering young women and community members to preserving the environment, are steps towards a future where business success and societal well-being are inextricably linked. As we continue on this journey, we remain committed to our role as stewards of our planet’s beauty and diversity, understanding that our efforts today are crucial for a better tomorrow. [/vc_column][/vc_row][vc_row el_class="sustainability-pillar-row"][vc_column el_class="rogerscap-wpwidth1265"] Vibrant Communities At Rogers Capital, our vibrant community is at the heart of everything we do. With a keen focus on welfare, health, and safety, our initiatives... read more Circular Economy Rogers Capital leads in marrying technology with the circular economy, supporting the Rogers Group’s tree planting and Bis Lamer’s reef conservation... read more Inclusive Development At Rogers Capital, we are committed to inclusive growth, supporting two NGOs, providing essentials to those in need, and uplifting women... Read More [/vc_column][/vc_row] ### Application Form [vc_row el_class="application-form-banner"][vc_column el_class="rogerscap-wpcontainer"][vc_row_inner][vc_column_inner] Apply Form [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row el_class="apply-form-container"][vc_column el_class="rogerscap-wpcontainer"][vc_row_inner][vc_column_inner el_class="connect-with-us-form-col"] Job titleSelect jobSenior Corporate AdministratorBusiness Process AnalystCompliance AnalystSenior Business AssociateBusiness Development ManagerCorporate AdministratorTeam Leader - Client Entity ManagementAccounts Assistant - FinanceManager - Corporate AdministrationCredit Administration OfficerFund AdministratorSenior Finance OfficerIT Technician - HelpdeskRPA /AI Support Software EngineerRPA /AI Junior Software EngineerSales Consultant (Leasing)Store and Logistics ExecutiveSales AdministratorAnalytics AnalystSystem EngineerTeam Leader - Corporate AdministrationSupport Tax OfficerLogistics DriverBusiness Development - CybersecurityHead of LegalFreelance App PromoterERP Senior Functional ConsultantNOC SpecialistAccounts TraineeTele Sales AgentCredit Analysis TraineeFreelance Branch OfficerBranch OfficerLeasing OfficerCredit Officer - LeasingMessenger/DriverFirst name(Required)Last nameEmail(Required) PhoneHighest QualificationYears of ExperienceFileMax. file size: 128 MB.MessageConsent(Required) I consent to having Rogers Capital collect my details via this formConsent Marketing(Required) I consent to receive marketing communications from Rogers Capital and other brands within its group, understanding I can unsubscribe anytime. I opt-out of marketing communications from Rogers Capital and affiliates and will not receive future promotions. Consent(Required) I agree with the privacy policyThis field is hidden when viewing the formJob Email Recipient CAPTCHA [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row] ### Thank you [vc_row el_class="thank-you-row" css=".vc_custom_1701945833786{background-image: url(https://rogerscapital.mu/wp-content/uploads/2023/12/404-banner.jpg?id=557) !important;}"][vc_column el_class="thank-you-col"][vc_row_inner][vc_column_inner] Thank you Thank you for submitting your information. Our team will contact you soon! Back to homepage [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row] ### Circular Economy [vc_row el_class="sustainability-banner-row"][vc_column] Circular Economy Sustainable resource practices Rogers Capital leads in marrying technology with the circular economy, supporting the Rogers Group’s tree planting and Bis Lamer’s reef conservation efforts. Discover our dedication to reducing environmental impact whilst boosting efficiency for a sustainable, better tomorrow. [/vc_column][/vc_row][vc_row][vc_column el_class="rogerscap-wpwidth1265"][vc_row_inner][vc_column_inner] Digital Practices: Evolving towards sustainability. Rogers Capital is driving the circular economy with a shift to digital practices, significantly cutting paper usage to minimise our environmental footprint. This strategic move underscores our commitment to sustainability and operational efficiency, affirming our leadership in environmental stewardship. From 2019 to 2023, our paper consumption has drastically reduced from 2.7 tons to 0.8 tons per year. Read More Bis Lamer: Pioneering Marine Conservation Together Bis Lamer, at the forefront of marine and reef conservation, counts Rogers Capital among its sponsors. Their collaborative efforts focus on innovative, community-led strategies to protect marine biodiversity and champion sustainable sea practices, underscoring Rogers Capital’s dedication to environmental preservation and the health of vital underwater environments. Read More Tree Planting: Cultivating a Greener Tomorrow For the past two years, Rogers Capital, alongside Rogers Group, has spearheaded tree planting endeavours at Baie de Jacotet, in Bel Ombre, in the UNESCO Mann and Biosphere Reserve. Prior to this, the focus was on afforestation efforts at La Citadelle, in Port-Louis where, from 2018 to 2022, over 500 young trees were planted. The ultimate aim is to host a tea party in 2028 beneath the canopy of these trees, celebrating the fruition of our environmental stewardship in our capital city. Read More [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row] ### Vibrant Communities [vc_row el_class="sustainability-banner-row"][vc_column] Vibrant Communities Healthy happenings at Rogers Capital In order to give our clients, the best, we must be our best. And how can you be in the best of shape both physical and mental? The answer is simple, you nurture your body and soul, treat them like a temple and honour them. As the saying goes “A sound body keeps a sound mind”. [/vc_column][/vc_row][vc_row el_class="vibrant-communities-boxes-row"][vc_column el_class="rogerscap-wpwidth1265"][vc_row_inner][vc_column_inner] Community and care: Celebrating Unity Rogers Capital champions welfare through a suite of initiatives: end-of-year festivities, cultural festival commemorations, Independence Day, International Women’s Day celebrations, and blood donation drives, reflecting our dedication to fostering community spirit and promoting inclusivity within our esteemed organisation. Read More Health and well-being: A holistic approach Rogers Capital prioritises health with comprehensive initiatives: doctor’s presence on site, eye screenings, educational talks on cancer awareness, chronic diseases, menopause, stroke, ergonomics, and mental resilience, alongside massage therapy and first aid training, embodying our commitment to employee wellbeing and preventive care. Read More A secure environment for all employees Rogers Capital steadfastly upholds workplace safety across offices, warehouses and on the road; offering talks on road safety and defensive driving techniques among others.. A comprehensive approach ensures a secure environment for all employees, embodying a deep commitment to their protection and welfare. Read more [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row disable_element="yes" el_class="forthcoming-session-row"][vc_column el_class="rogerscap-wpwidth1265"] [vc_row_inner][vc_column_inner width="2/5"] Forthcoming sessions (2022) [/vc_column_inner][vc_column_inner width="3/5"] Breast Cancer Awareness & Screening Eye Test Screening Stroke Awareness Talk on Nutrition and Health Eating Dental Care Ergonomics Psychology Laughing Therapy [/vc_column_inner][/vc_row_inner] [/vc_column][/vc_row] ### Rogers Capital Academy [vc_row el_class="body-bg rogers-cap-academy-container"][vc_column el_class="rogerscap-wpcontainer"][vc_row_inner][vc_column_inner] Rogers Capital Academy Celebrating growth with Rogers Capital Begin a journey that will shape your career with the Xcelerate Programme, developed by the Academy in the fiduciary sector, specifically designed for driven young graduates. Benefit from a dedicated mentor to walk with you along the industry’s path. Experience a structured rotation across diverse departments, gaining comprehensive insight into our operations. The programme emphasises hands-on, top-tier training to refine your skills and bolster confidence. The Xcelerate Programme is a supportive step to guide your career forward. Are you ready to begin this exciting path? Connect Now [/vc_column_inner][/vc_row_inner][vc_row_inner el_class="rogerscap-academy-tabs-row"][vc_column_inner] Sourcing of Talent The sourcing of the young graduates is mainly from Tertiary institutions in Mauritius and can also be YEP candidates. Young Graduates from the above mentioned are accessed through Rogers Capital active participation in: Career or job fairs organised by the institutions Get together with young graduates with the leadership team of Rogers Capital Corporate Services Talks by Leadership Team members of Rogers Capital to the young graduates The enrolment of the new batches of trainees normally takes place on a 6 monthly basis to match the Tertiary Institutions’ academic year. "*" indicates required fields Email* Drop your Resume* Drop files here or Select files Accepted file types: pdf, Max. file size: 128 MB. Consent* I consent to having Rogers Capital collect my details via this formConsent marketing* I consent to receive marketing communications from Rogers Capital and other brands within its group, understanding I can unsubscribe anytime. I opt-out of marketing communications from Rogers Capital and affiliates and will not receive future promotions. Consent* I agree with the privacy policyCAPTCHA Accelerated Development Program The Xcelerate Academy Graduate Programme by Rogers Capital Fiduciary is a dedicated pathway for recent graduates aiming to forge a career in the financial services sector. It is a rigorous, all-encompassing training initiative that primes you for the industry. With a structured mentorship, progressive training levels, and continuous evaluations, you'll be thoroughly equipped. Begin with a virtual interview, proceed to an in-person meeting upon selection, and get set to showcase your strengths and embark on a transformative professional journey with us. "*" indicates required fields Email* Drop your Resume Drop files here or Select files Accepted file types: pdf, Max. file size: 128 MB. Consent* I consent to having Rogers Capital collect my details via this formConsent marketing* I consent to receive marketing communications from Rogers Capital and other brands within its group, understanding I can unsubscribe anytime. I opt-out of marketing communications from Rogers Capital and affiliates and will not receive future promotions. Consent* I agree with the privacy policyCAPTCHA [/vc_column_inner][/vc_row_inner][vc_row_inner el_class="rogerscap-academy-bottom-row"][vc_column_inner] Join your future team It takes an exceptional team to deliver the level of service our clients expect. At Rogers Capital, you will work alongside inspiring, passionate and hard-working individuals. Discover who they are. Let's Discover Together Learning Centre Rogers Capital Learning Centre cultivates comprehensive expertise in essential soft skills and technical knowledge, serving both internal teams and external partners, driven by a progressive ethos. Let's Discover Together [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row] ### Learning Centre [vc_row el_class="learning-centre-wrapper body-bg"][vc_column el_class="rogerscap-wpcontainer"][vc_row_inner el_class="learning-centre-banner-wrapper"][vc_column_inner] Learning Centre Since its inception in June 2019, Rogers Capital Learning Centre has as main purpose to promote continuous learning and to provide a well-defined road map towards the career goal of its people. The company provides a modern & conducive work environment where you can learn, grow & flourish everyday. Various in-house training sessions on knowledge building and tactics on how you can sharpen existing skills are conducted by Rogers Capital staffs through the company’s digital platforms. Connect Now [/vc_column_inner][/vc_row_inner][vc_row_inner el_class="learning-centre-quote-wrapper"][vc_column_inner width="1/2"] ... be guided along your career journey by the company’s team of experts ... [/vc_column_inner][vc_column_inner width="1/2"] At Rogers Capital, you will be provided with on the job training to better equip you with soft-skills. You will also be guided along your career journey by the company’s team of experts who will help you navigate through the work environment and to live up to the company’s values, which are agility, pioneering, excellence. Moreover, this on the job training plays a significant role when it comes to familiarising yourself with the company’s expectations as well as its resources. Rogers Capital also lays a strong emphasis on the personal development of its staffs and has a strong belief of unlocking opportunities and achieving potential business growth through inclusion, commitment and the dynamism of its people. The organisation collaborated with both local and foreign trainers to ensure an excellent delivery. In addition to this, the approved internal trainers provide trainings to both internal and external trainees on topics ranging from taxation, finance, payroll to Microsoft power BI and leadership coaching. Connect Now [/vc_column_inner][/vc_row_inner][vc_row_inner el_class="learning-centre-future-team-wrapper"][vc_column_inner width="1/2"] Join your future team It takes an exceptional team to deliver the level of service our clients expect. At Rogers Capital, you will work alongside inspiring, passionate and hard-working individuals. Discover who they are. Let’s Evolve together [/vc_column_inner][vc_column_inner width="1/2"] Our Academy Embark on the Xcelerate Graduate Program at Fiduciary: Tailored, intensive training forging recent graduates into financial industry leaders. Let's Discover Together [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row] ### Careers [vc_row el_class="body-bg"][vc_column el_class="rogerscap-wpcontainer"][vc_row_inner el_class="career-banner-row"][vc_column_inner] Your Career at Rogers Capital Rogers Capital offers a professional environment where expertise and strategy converge. We prioritise holistic development, integrating core values with top-tier skill enhancement. Join us to work with motivated, knowledgeable, and collaborative colleagues. Your career at Rogers Capital is an opportunity for personal and professional development within a supportive environment that marries the ambition of a global enterprise with the agility of a start-up. Apply Now [/vc_column_inner][/vc_row_inner][vc_row_inner el_class="career-counter-row"][vc_column_inner] 600+ Professionals 30+ years of experience 100000+ Clients [/vc_column_inner][/vc_row_inner][vc_row_inner el_class="career-our-people-row"][vc_column_inner width="1/4"] Our People [/vc_column_inner][vc_column_inner width="3/4"] At Rogers Capital, our people are the keystones of our success. We cultivate a workforce that is not only proficient in their roles but also pioneers in the industry. Our inclusive culture encourages collaboration, innovation, and continuous learning. We seek individuals eager to drive change and excel in a fast-paced environment. With us, you will find mentorship, advancement opportunities, and the chance to contribute to impactful projects. If you are looking to make a significant mark in your career and thrive alongside the brightest minds, we welcome you to explore a future with Rogers Capital, where your growth is our priority [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row el_class="why-work-rogers-cap-row body-bg"][vc_column][vc_row_inner][vc_column_inner width="1/3"][vc_single_image image="344" img_size="full" el_class="career-team-img"][/vc_column_inner][vc_column_inner el_class="work-rogers-cap-content-col" width="2/3"] Why Work at Rogers Capital? Craft your story in finance and technology with Rogers Capital: A world of innovation, learning, and achievement awaits you. Working at Rogers Capital means joining a dynamic team at the forefront of the finance and technology sectors. Here, your career will be about more than just the work you do; it's about being part of an innovative culture that challenges the status quo and values each employee's contribution towards collective success. At Rogers Capital, we understand the importance of work-life balance and support our employees with flexible work arrangements and a family-like work atmosphere. Our global reach provides you with the opportunity to interact with diverse professionals and clients, enhancing your career with a wealth of perspectives and experiences. We offer competitive compensation that rewards your hard work and dedication. Beyond that, our commitment to continuous learning means that you'll always be at the cutting edge of industry trends and developments, ensuring personal growth and career advancement. Join us and be part of a company where your efforts are recognized, your growth is supported, and your success is celebrated. At Rogers Capital, we're not just building businesses; we're building futures. Apply Now [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row disable_element="yes" el_class="entrepreneurial-mind-set-row body-bg"][vc_column el_class="rogerscap-wpcontainer"][vc_row_inner][vc_column_inner width="1/3"] We are powered by a bold entrepreneurial mind set! [/vc_column_inner][vc_column_inner width="2/3"] Harnessing the power of our most valuable asset, which is our staffs, is ingrained in our company’s culture. Inspiring leadership, encouraging continuous development and innovation are core constituents of our DNA. Working for Rogers Capital is not just a 9 – 5 job, here we are a team and we motivate our people to freely express their ideas that will help nurture excellence and contribute to the enrichment our staffs. We strongly affirm that all our people should be 100% themselves at work and this is how we achieve a truly diverse work force. We strive in rendering the work environment an inclusive one and our collective differences strengthen our bonds. [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row el_class="entrepreneurial-mind-set-row career-text-gallery-row body-bg"][vc_column el_class="rogerscap-wpcontainer"] We are powered by a bold entrepreneurial mind set! Harnessing the power of our most valuable asset, which is our staffs, is ingrained in our company’s culture. Inspiring leadership, encouraging continuous development and innovation are core constituents of our DNA. Working for Rogers Capital is not just a 9 – 5 job, here we are a team and we motivate our people to freely express their ideas that will help nurture excellence and contribute to the enrichment our staffs. We strongly affirm that all our people should be 100% themselves at work and this is how we achieve a truly diverse work force. We strive in rendering the work environment an inclusive one and our collective differences strengthen our bonds. View all photos We are powered by a bold entrepreneurial mind set! Harnessing the power of our most valuable asset, which is our staffs, is ingrained in our company’s culture. Inspiring leadership, encouraging continuous development and innovation are core constituents of our DNA. Working for Rogers Capital is not just a 9 – 5 job, here we are a team and we motivate our people to freely express their ideas that will help nurture excellence and contribute to the enrichment our staffs. We strongly affirm that all our people should be 100% themselves at work and this is how we achieve a truly diverse work force. We strive in rendering the work environment an inclusive one and our collective differences strengthen our bonds. [/vc_column][/vc_row][vc_row el_class="whats-unique-for-you-row" css=".vc_custom_1700118921337{background-image: url(https://rogerscapital.mu/wp-content/uploads/2023/11/what-unique-bg.png?id=413) !important;}"][vc_column el_class="rogerscap-wpcontainer"][vc_row_inner][vc_column_inner width="1/2"] What’s unique for you? Our Agility resides in the fact that we blend excellence and a fun workplace; and we proudly adhere to the cliché adage “Work hard, Play hard”. As much as Rogers Capital team members know how to work hard, they also know how to have fun. Here are our values: Agility Pioneering Excellence [/vc_column_inner][vc_column_inner width="1/2"] Our Agility resides in the fact that we blend excellence and a fun workplace; and we proudly adhere to. We reward fairly and believe in giving clear expectations right from establishment of performance targets. We also provide a clear roadmap for your learning journey and career growth Our leadership team is diverse and inspiring with behavioural, innovative and thought leadership Our Sense of Purpose is around 5 Key themes: Economic, social, sustainability & inclusiveness, innovation Hence, YOU will be provided with Meaningful rewards, Development & Growth, Inspiring Leadership, Sense of Purpose & a Conducive Work Environment to the cliché adage “Work hard, Play hard”. As much as Rogers Capital team members know how to work hard, they also know how to have fun. Apply Now [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row el_class="careers-bottom-boxes-row body-bg"][vc_column el_class="rogerscap-wpcontainer"] Learning Centre Rogers Capital Learning Centre cultivates comprehensive expertise in essential soft skills and technical knowledge, serving both internal teams and external partners, driven by a progressive ethos. Let's Discover Together Our Academy Embark on the Xcelerate Graduate Program at Fiduciary: Tailored, intensive training forging recent graduates into financial industry leaders. Let's Discover Together [/vc_column][/vc_row] ### Corporate Governance ### Connect with us [vc_row css=".vc_custom_1701681935660{background-image: url(https://rogerscapital.mu/wp-content/uploads/2023/12/connect-banner.png?id=522) !important;}" el_class="connect-with-us-row"][vc_column el_class="connect-with-us-inner-col rogerscap-wpcontainer"][vc_row_inner el_class="connect-with-us-form-inner-row"][vc_column_inner el_class="connect-with-us-text-col" width="2/5"] Connect with us The form collects your identity details and will enable our team to better communicate with you. Please read carefully our Privacy Policy below to understand how we protect the personal data we process and to know about your privacy rights. Our agents will soon come back to you! Rogers Capital Rogers House 5, President John Kennedy Street Port Louis, Mauritius Corporate Services (230) 203 1100 Technology Services (230) 211 7801 Financial Services (230) 260 9888 Rogers Capital has representative offices in South Africa and the Seychelles [/vc_column_inner][vc_column_inner el_class="connect-with-us-form-col" width="3/5"] "*" indicates required fields Name* First Last Email Address* Mobile Phone NumberPhone NumberSelect Business UnitSelect Business UnitFiduciaryTechnologyCreditYour MessageConsent* I consent to having Rogers Capital collect my details via this formConsent marketing* I consent to receive marketing communications from Rogers Capital and other brands within its group, understanding I can unsubscribe anytime. I opt-out of marketing communications from Rogers Capital and affiliates and will not receive future promotions. Consent* I agree with the privacy policyCAPTCHA [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row] ### Our core essence ### Our services ### Newsroom ### Sustainability ### Insights ### About us [vc_row css=".vc_custom_1696946445606{background-color: #f6faff !important;}" el_class="about-us-banner-row"][vc_column] About Rogers Capital At Rogers Capital, we seamlessly merge fiduciary responsibility, innovative technology, and effective credit solutions, offering a broad range of services to our diverse clientele, both globally and in Mauritius. Our unwavering commitment to integrity, excellence, and compliance underpins our mission to empower businesses and individuals. We provide professional services tailored to meet the unique needs and aspirations of our clients, ensuring they navigate the financial landscape with confidence. Our approach is client-centric, aiming to foster growth, stability, and success through our comprehensive and adaptable financial and technology solutions. Connect now [/vc_column][/vc_row][vc_row el_class="our-core-essence-row" el_id="our-core-essence"][vc_column][vc_row_inner el_class="our-core-essence-inner-row"][vc_column_inner el_class="core-essence-left-col paleblue-bg" width="2/5"] Our Core Essence [/vc_column_inner][vc_column_inner el_class="core-essence-right-col white-bg" width="3/5"] At Rogers Capital, we are a dynamic team of strategists, thinkers, and innovators – united to help you defy limitations. With ingenious solutions, we navigate through evolving markets, converting challenges into opportunities using our credit expertise, corporate legacy, and cutting-edge technology. But our story extends beyond expertise – it's about our unwavering commitment, passion, loyalty, and people – the values that truly count. Embodying Agility, Pioneering, and Excellence, we drive transformation for our people, clients, businesses, and the communities they thrive in. Together, we conquer new horizons. [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row el_class="our-people-row white-bg"][vc_column el_class="rogerscap-wpcontainer"][vc_row_inner el_class="our-people-inner-row"][vc_column_inner el_class="our-people-left-col" width="1/3"] Meet Our People The Rogers Capital team is built on the diversity of its people, their deep industry knowledge and years of accumulated experience. Each team member brings a unique contribution to our value proposition. Connect now [/vc_column_inner][vc_column_inner el_class="our-people-right-col" width="2/3"] Kabir Ruhee Chief Executive Officer Roshan Nathoo Managing Director - Fiduciary Marc Ah Ching Managing Director - Credit Dev Hurkoo Managing Director - Technology Discover More of our people [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row css=".vc_custom_1703071193159{background-image: url(https://rogerscapital.mu/wp-content/uploads/2023/10/our-location-bg.jpg?id=202) !important;}" el_class="our-location-row" el_id="our-locations"][vc_column][vc_row_inner el_class="our-location-title-row"][vc_column_inner el_class="rogerscap-wpcontainer"] Our Locations [/vc_column_inner][/vc_row_inner][vc_row_inner el_class="our-location-map-row"][vc_column_inner] Mauritius Head office Rogers House, 5 President John Kennedy Street, Port-Louis, Mauritius Rwanda Norsken House, Kiyovu, Kigali, Rwanda South Africa Head office Sharmil SHAH Head of corporate administration and sub-Saharan Africa development T: (+230) 203 1100 M: (+230) 5919 1177 E: sharmil.shah@rogerscapital.mu Seychelles Madhvi BOKHOREE Manager New business Head of corporate administration and sub-Saharan Africa development T: (+230) 203 1182 M: (+230) 5256 1182 E: madhvi.bokhoree@rogerscapital.mu Mauritius Rwanda South Africa Seychelles [/vc_column_inner][/vc_row_inner][vc_row_inner el_class="our-location-text-row"][vc_column_inner width="1/2"] Nestled in the Indian Ocean, Mauritius is an enchanting island nation that offers a multitude of opportunities for discerning investors. With its stable political environment, strategic location, robust economy, and investor-friendly policies, Mauritius stands out as a prime destination for investment. Political stability reigns in Mauritius, ensuring a secure business environment. Located at the crossroads of Africa, Asia, and the Middle East, it serves as a gateway to emerging markets, facilitating trade and investment opportunities. [/vc_column_inner][vc_column_inner width="1/2"] Mauritius boasts a diversified economy, with thriving sectors such as finance, tourism, technology, manufacturing, and renewable energy. This diversity offers ample investment avenues. Investors enjoy favorable policies, including tax incentives, strong financial regulations, intellectual property protection, and a supportive business environment. Whether you are seeking to invest in emerging sectors or establish a regional presence, Mauritius offers a conducive environment that fosters growth and prosperity. Embrace the opportunities that await on the island and unlock your investment potential in Mauritius. [/vc_column_inner][/vc_row_inner][vc_row_inner el_class="our-location-heading-row"][vc_column_inner] Mauritius as an invest, live and work destination [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row] ### Home [vc_row css=".vc_custom_1696443617807{background-image: url(https://rogerscapital.mu/wp-content/uploads/2023/10/homepage-banner.jpg?id=17) !important;}" el_class="home-banner-row"][vc_column el_class="rogerscap-wpcontainer"][vc_row_inner el_class="home-banner-inner-row"][vc_column_inner el_class="home-banner-left-content" width="3/5"] We are strategists, thinkers and innovators. We devise and implement ingenious solutions to help you navigate an evolving marketplace. We do not see problems, we only see opportunities Connect Now Learn More [/vc_column_inner][vc_column_inner el_class="home-banner-right-content singleUp" width="2/5"] Latest News Ijarah: A Smart & Sharia-Compliant Alternative to Conventional Leasing Ijarah is an alternate innovative financing solution to conventional leasing Bring Sharia-compliant it is fundamentally rooted in ethics fairness and transparency Individuals and businesses are provided with a trustworthy and beneficial financing arrangement irrespective of their beliefs or background [...] Read More Case Study: 5 Highlights of Enabling Wealth Management through Trust Structures in Mauritius This case study covers the financial solutions that we have provided to a South African national who is a long-standing client of our management company The client aimed to establish a robust wealth management structure for their business and personal [...] Read More [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row el_class="our-services-row white-bg"][vc_column] Discover our services Explore our Services Technology We provide an extensive range of digital solutions from IT Enabled Services, Cloud & Data Centre Services to Managed Connectivity, Broadband Internet and Cybersecurity Advisory Services. Robotic Process Automation & Artificial Intelligence Cloud & Data Center Services Cybersecurity Advisory Digital & Data Solutions Enterprise Infrastructure Services Managed Connectivity Services Fiduciary International provider of fiduciary, trust, fund and professional services. Compliance Captive Insurance Accounting Payroll Work & Live Tax Services Fund Administration Corporate & Trust Credit Consumer Finance services at a finger click. Business – Second-Hand Vehicle Financing Business – Lease a vehicle Business – Borrow Cash Individual – Second-hand vehicle Credit Financing Individual – Insurance Individual – Lease a vehicle Individual – Borrow cash Individual – Buy on Credit [/vc_column][/vc_row][vc_row el_class="our-careers-row white-bg"][vc_column el_class="rogerscap-wpcontainer"][vc_row_inner el_class="our-careers-inner-row"][vc_column_inner width="2/5"] Find growth in Our Careers [/vc_column_inner][vc_column_inner width="3/5"] A career at Rogers Capital is a chance to learn, grow and make your mark in a thriving environment that combines the ambitions of a global firm and the spirit of a start-up. [/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner] Join your future team It takes an exceptional team to deliver the level of service our clients expect. At Rogers Capital, you will work alongside inspiring, passionate and hard-working individuals. Discover who they are. Let’s Evolve together Our Learning Center Rogers Capital Learning Centre cultivates comprehensive expertise in essential soft skills and technical knowledge, serving both internal teams and external partners, driven by a progressive ethos. Keep Evolving Our Academy Embark on the Xcelerate Graduate Program at Fiduciary: Tailored, intensive training forging recent graduates into financial industry leaders. Learn more [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row el_class="social-actions-row" css=".vc_custom_1696449600178{background-color: #f6faff !important;}"][vc_column][vc_row_inner el_class="social-actions-inner-row"][vc_column_inner el_class="social-actions-left-col" width="1/3"] Our ultimate goal is to fuel real social progress and create value for the wider community in which we operate. Explore our Social Actions Connect now [/vc_column_inner][vc_column_inner el_class="social-actions-right-col" width="2/3"] Plant a Tree In an unwavering commitment to sustainability and environmental conservation. Rogers Capital proudly organised a 'Plant a Tree' initiative... Read More Donation Drive At Rogers Capital, we believe that small actions can lead to significant changes. The Good Shop Donation Drive is one such example and we couldn't be prouder... Read More Bis Lamer Thursday, June 8, 2023, marked a significant occasion as we gathered at Rogers House to celebrate World Oceans Day. The day was made even more... Read More World Environment Day On a bright afternoon at the Rogers Capital headquarters, 62 staff members gathered eagerly in a meeting room and well as online, anticipating an inspiring... Read More Food Donation We would like to take a moment to express our heartfelt gratitude for your remarkable generosity and support. It is with great joy and pride that we announce... Read More Blood Donation On the 19th of October, the spirit of compassion and generosity flounshed as Rogers Capital hosted the 2nd edition of our Blood Donation Drive, an initiative... Read More Inclusive Development Rogers House, a symbol of community engagement, recently hosted a remarkable event - the NGO Market. 
This vibrant gathering aimed to highlight... Read More Circular Economy Recycling has always been at the centre-stage on Rogers Capital Sustainability agenda. For the past ... Read More Vibrant Communities “ In order to give our clients, the best, we must be our best. And how can you be in the best of shape ... “ Read More [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row el_class="our-people-row white-bg"][vc_column el_class="rogerscap-wpcontainer"][vc_row_inner el_class="our-people-inner-row"][vc_column_inner el_class="our-people-left-col" width="1/3"] Meet Our People The Rogers Capital team is built on the diversity of its people, their deep industry knowledge and years of accumulated experience. Each team member brings a unique contribution to our value proposition. Connect now [/vc_column_inner][vc_column_inner el_class="our-people-right-col" width="2/3"] Kabir Ruhee Chief Executive Officer Roshan Nathoo Managing Director - Fiduciary Marc Ah Ching Managing Director - Credit Dev Hurkoo Managing Director - Technology Discover More of our people [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row el_class="hp-insights-row" css=".vc_custom_1696454292899{background-color: #f6faff !important;}"][vc_column el_class="rogerscap-wpcontainer"][vc_row_inner][vc_column_inner] Explore and Learn Our Insights [/vc_column_inner][/vc_row_inner][vc_row_inner el_class="hp-insights-posts-inner-row"][vc_column_inner] Ijarah: A Smart & Sharia-Compliant Alternative to Conventional Leasing Ijarah is an alternate innovative financing solution to conventional leasing. Bring Sharia-compliant, it is fundamentally rooted in ethics, fairness and transparency. Individuals and businesses are provided with a trustworthy and beneficial financing arrangement, irrespective of their beliefs or background. Read More Live, invest & work in Mauritius Case Study: 5 Highlights of Enabling Wealth Management through Trust Structures in Mauritius This case study covers the financial solutions that we have provided to a South African national who is a long-standing client of our management company. The client aimed to establish a robust wealth management structure for their business and personal investments in Mauritius, leveraging the island’s status as an International Financial Centre (IFC). Mauritius was strategically chosen due to its Double Taxation Avoidance Agreements (DTAAs) with South Africa and the UK, and was relevant for optimisation purposes for the client. The client also used a Mauritius trust structure to acquire a property within Villas Valriche, in Bel Ombre, in the […] Read More Tax National Budget 2024/25 Highlights In the context of the National Budget 2024/25 presentation by Honourable Dr R. Padayachy, Minister of Finance, Economic Planning and Development, themed "Tomorrow is Ours", we are pleased to share with you the Rogers Capital National Budget Highlights. Read More Digital & Data Services Making Work Easier with Microsoft Power Platforms In today’s digital era, businesses are increasingly looking towards technology to stay competitive, and Microsoft Power Platform stands out as a pivotal tool, offering a range of applications that can significantly enhance business operations. From streamlining data management to low-code app development, Microsoft Power Platform stands as a game changer for businesses of all sizes, enabling them to harness complex technology through simple and user-friendly interfaces. It empowers not just IT professionals but also everyday business users to create custom solutions, analyse data in real-time, and automate mundane tasks. This means faster decision-making, increased productivity, and more time to focus […] Read More Read all of our Latest insights [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row disable_element="yes" el_class="testimonial-row"][vc_column el_class="rogerscap-wpcontainer"][vc_row_inner el_class="testimonial-inner-row"][vc_column_inner width="2/5"] Pushing companies to their Full potential [/vc_column_inner][vc_column_inner width="3/5"] Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. - Testimonial name Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. - Testimonial name Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. - Testimonial name Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. - Testimonial name Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. - Testimonial name Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. - Testimonial name [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row] ### Privacy Policy [vc_row el_class="application-form-banner"][vc_column el_class="rogerscap-wpcontainer"][vc_row_inner][vc_column_inner] Privacy Policy [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row el_class="privacy-policy-container"][vc_column el_class="rogerscap-wpcontainer"][vc_row_inner][vc_column_inner] Introduction Rogers Capital Ltd (BRN: C12111052) with registered office at No. 5, President John Kennedy Street, Port Louis (“we” or “us”) is committed to working in accordance with the General Data Protection Regulation (‘GDPR’) and Data Protection Act 2017 (‘DPA’) and with the highest standards of ethical conduct. This Privacy Policy describes how we collect and use Personal Data about you during the period in which we are engaging with you on a business to business basis as well as on our website rogerscapital.mu . In relation to your Personal Data, we shall be acting as a Data Controller for Personal Data we collect about you. We also ensure that data protection laws are adhered to through specific clauses within contractual agreements and the guarantees provided by processors/sub-processors. The use of information collected through our service and connected websites shall be limited to the purpose of providing the service for which the Client has engaged Rogers Capital Ltd and/or its affiliate companies (collectively referred to as “Rogers Capital”). [/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner] Data Collection Rogers Capital collects and processes information under the direction of our clients or through direct relationship with individuals. [/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner] Data Processing All client and personal data are processed under the control of Rogers Capital in Mauritius. [/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner] Information We Collect The Personal Data, as defined under the GDPR/DPA, which we process includes certain information which can be used to identify the person in question (“Data Subject”, or “you”). Although we do not currently collect and/or process Special Categories of Data, we shall inform you should this change, as well as the further protections that we would implement. The Personal Data we collect and Process about you is as follows: [/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner] Purpose/Activity To manage our relationship with you, which includes: Notifying you about changes to our terms or privacy policy Asking you to take a survey. Raising awareness of our brand; Using data analytics to improve our products/services, marketing, customer relationships and experiences. To make suggestions and recommendations to you about goods or services that may be of interest to you and are related to the information or services we have previously provided. Information obtained by completing any forms on our web site, rogerscapital.mu (Our Site). Communicating to you the latest news, events, changes in legislation and updates in technological and business solutions To process your application for a job vacancy through our Site. [/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner] Type of Data Email Address Contact / Profile Job Title Identity Forename Identity Surname Identity Telephone Numbers Contact IP Address Identity   [/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner] Use Of Information The information collected is maintained for the purpose of fulfilling our contractual obligations with our Client and is used as such or in order to contact you for the purpose of demonstrating our services. The information we collect is not shared with any organisations, except to provide products or services requested, when we have your permission, or under the following circumstances: As required by law, such as to comply with a subpoena, legal proceedings, or similar legal process. To investigate potential violations of our Terms of Service To third-party service provider as stated under Third Party disclosure If Rogers Capital is involved in a merger, acquisition, or sale of all or a portion of its assets, our Clients will be notified via email and/or a prominent notice on our Web site of any change in ownership. [/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner] Third Party Disclosure Only aggregated, anonymized data is periodically transmitted to external services to help us improve Our Site and our service. For Our Site, we use Google Analytics as an Analytics Provider. Only aggregated and anonymized data is transferred. [/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner] Retention We will retain personal data we process on behalf of our clients as long as needed to provide services to our client. Rogers Capital will retain and use this personal information as necessary to comply with our legal obligations, resolve disputes, and enforce our agreements. Information we collect in order to demonstrate our services is maintained until the purpose of the collection has been fulfilled. [/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner] Keeping In Touch With You Where we have reason under legitimate interest to update you about our services we may reasonably do so. You may opt out at any time. Where you request us to add you to a subscription list to receive certain information we will do so and communicate with you in your chosen method as applicable. You may request to be removed from such lists at any time. [/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner] Log Files As is true of most web sites, we gather certain information automatically and store it in log files. This information includes internet protocol (IP) addresses, browser type, referring/exit pages, operating system, date/time stamp and clickstream data. This information is used to administer, assist us in any troubleshooting to support our users and maintain the stability and performance of Our Site. [/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner] Data Subject Rights The DPA and GDPR give you the right to access the information we hold about you. An individual who seeks access, or who seeks to correct, amend, or delete inaccurate data or exercise any of his/her rights under DPA/GDPR should contact us, the Data Controller, at contact@rogerscapital.mu. Rogers Capital will make reasonable effort to promptly fulfil our clients’ request. [/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner] Security Of Data We are committed to taking steps to ensure that Personal Data is protected, and to prevent any unauthorised access, unauthorised changes, accidental loss, destruction, unlawful processing, equipment failure or human error, and will do this through the continual monitoring of our security systems and by regular training and raising awareness. Any data breaches will be managed according to the Company’s procedures and concerned data subjects will be notified of same as soon as possible. Unless otherwise directed by legal obligation, any requests from a governmental body shall be referred to the Data Controller. [/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner] Data Protection Measures The Company is committed to ensuring the security of Personal Data and to processing it in line with the Data Protection rules. As such, the Company will: Ensure that all staff are aware of their responsibilities and the Company’s obligations and responsibilities in relation to data protection. Ensure that all staff and individuals/organisations who handle data on behalf of the Company are appropriately trained and receive refresher training on a regular basis. Ensure that all staff and individuals/organisations who handle data on our behalf are regularly monitored, assessed and reviewed. Ensure that all organisations who handle data on our behalf are carrying out data processing in line with the Data Protection rules. Regularly review the Company’s methods of data collection, handling, processing and storage. [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row] ### Ijarah: A Smart & Sharia-Compliant Alternative to Conventional Leasing Islamic finance provides an increasingly appealing alternative to conventional banking, offering a framework rooted in values such as fairness, transparency, and social responsibility. The prohibition of Riba (interest), Gharar (uncertainty), Maysir (gambling), and deception forms the foundation of this Sharia-compliant system, making it a compelling choice for the growing number of Muslims seeking financial solutions that align with their values. One such innovation within this space is Ijarah, a leasing model designed to comply with Sharia principles, offering a unique approach to financing. The term Ijarah, derived from the Arabic for "lease," "rent," or "hire," encapsulates a straightforward contractual arrangement in which the owner of an asset (the lessor) permits another party (the lessee) to use that asset for a defined period in exchange for pre-agreed rental payments. Unlike traditional leasing models, which may involve interest-bearing loans or the leasing of intangible assets, Ijarah is firmly grounded in tangible property that holds material value, ensuring that the transaction aligns with the core tenets of Islamic finance. What are the Key Features of Ijarah? Profit Sharing One of the most significant differences between Ijarah and conventional finance lies in the absence of Riba (interest). In traditional lending systems, financial institutions charge interest on the borrowed sum, often resulting in an unequal transfer of wealth. By contrast, Islamic finance operates on the principle of shared profits, rather than interest-based transactions. In an Ijarah agreement, the lessor receives a return on their investment through fixed rental payments, rather than accruing interest, which is inherently prone to fluctuation. This ensures that both parties benefit from the arrangement in a manner that adheres to Islamic ethical standards. Asset Criteria A defining feature of Ijarah is its stringent criteria for the asset being leased. The asset must hold material value, be easily identifiable, and its quantity should be clearly defined. This ensures that the lease is tied to something tangible and of concrete worth, in line with the principles of transparency and fairness. Unlike other financial arrangements that may involve abstract investments or intangible assets, Ijarah focuses on substantial, identifiable property—such as real estate, vehicles, or machinery. This provides both parties with clarity, ensuring that the transaction is straightforward, fair, and grounded in something of enduring value. Eligible Assets Ijarah is limited to assets that possess enduring value and whose benefits are not exhausted upon immediate use. As a result, the lease typically pertains to tangible, long-lasting assets like real estate, vehicles, or equipment—items whose value is spread out. The deliberate avoidance of consumables or currency in the leasing process ensures that the transaction remains rooted in significant value, distinguishing it from conventional leasing models that may involve goods with limited or diminishing utility. Clear Roles and Responsibilities The clarity of roles and responsibilities in an Ijarah agreement is pivotal. Both the lessor and lessee have distinct obligations, which helps prevent misunderstandings and potential conflicts. The lessor retains ownership of the asset and bears responsibility for its maintenance, while the lessee is granted the right to use the asset for the agreed-upon period. Each party’s responsibilities—including the allocation of costs for repairs and upkeep—are clearly outlined, ensuring a transparent, mutually agreed-upon arrangement. Furthermore, should the lessee fail to meet their obligations, the lessor retains the right to repossess the asset, safeguarding the interests of both parties. Transparency At the heart of Ijarah lies a commitment to transparency. The terms and conditions of the lease are agreed upon from the outset, with no hidden clauses. Both parties are fully aware of the rental amount, the lease duration, and any additional terms, ensuring that the agreement is clear and unequivocal. This transparency fosters trust between the lessor and lessee, reducing the likelihood of disputes or misunderstandings over the course of the lease. Option to Buy A unique feature of Ijarah is the option for the lessee to purchase the asset at the conclusion of the lease term. While this option is not mandatory, it provides the lessee with the flexibility to acquire the asset they have been leasing. The purchase price is usually determined at the outset of the agreement. This option distinguishes Ijarah from conventional financing models, offering an ethical alternative to systems that may impose hidden fees or terms disproportionately benefiting the lender at the expense of the borrower. The Faith-Based Ethical Dimensions of Ijarah Ijarah is not simply a financial product; it reflects a deep commitment to Islamic values. By avoiding interest-based financing, Ijarah provides a solution that is fully compliant with Islamic ethical principles. The rental payments are fixed, offering businesses a degree of certainty and predictability, exempt from the volatility of fluctuating interest rates. In contrast to traditional financing, where the lender is largely insulated from risk and benefits from interest, the lessor in an Ijarah agreement retains ownership of the asset and assumes responsibility for any depreciation or damage, except in instances of negligence by the lessee. Furthermore, any penalties imposed under Ijarah agreements are directed to charitable causes, ensuring that they serve as a deterrent rather than a means of profit. This reinforces the moral foundation of Ijarah and aligns it with broader Islamic values of fairness, responsibility, and social welfare. In essence,... Ijarah offers a robust and inclusive alternative to traditional leasing and financing. By adhering to Islamic finance principles, it provides a solution that is fair, transparent, and aligned with moral values. With its emphasis on profit-sharing, tangible assets, clearly defined roles, and an option to buy, Ijarah ensures that both parties are treated fairly and with respect. It’s not only a smart financial decision but also a choice that reflects a commitment to fairness, transparency, and Islamic principles, making it a compelling option for both businesses and individuals seeking a values-driven financial solution. About Rogers Capital Established in 2017, Rogers Capital seamlessly orchestrates data-driven decision-making to deliver fiduciary, technological and credit services across the board. From powering possibilities to driving business success through innovation, we enable meaningful change. Its credit sector specialises in providing tailored credit services to individuals and businesses, placing a strong emphasis on credit financing solutions and personal credit. Moreover, it manages the leasing and factoring arms of the credit sector. As one of the most recognised non-banking financial institutions in Mauritius, Rogers Capital - Credit expansive portfolio consists of 100,000+ valued clients at both individual and business levels and partners with 500+ merchants and 150+ car dealerships.  It is the sole provider of Ijarah, a sharia-compliant financing solution which caters for a more inclusive market. ### Case Study: 5 Highlights of Enabling Wealth Management through Trust Structures in Mauritius This case study covers the financial solutions that we have provided to a South African national who is a long-standing client of our management company. The client aimed to establish a robust wealth management structure for their business and personal investments in Mauritius, leveraging the island’s status as an International Financial Centre (IFC). Mauritius was strategically chosen due to its Double Taxation Avoidance Agreements (DTAAs) with South Africa and the UK, and was relevant for optimisation purposes for the client. The client also used a Mauritius trust structure to acquire a property within Villas Valriche, in Bel Ombre, in the South of the island. Their choice was influenced by various factors, including the island’s high quality of life and international schooling options available for their children. With guidance from our management company, the client embarked on a journey of wealth and succession planning while being compliant with all prevailing regulations. Setting up of a Trust The trust was established as a discretionary trust with the primary objectives of asset protection and to hold a property investment. Our management company acts as the Qualified Trustee, providing a range of services including trusteeship, registered office provision, administration, accounting, compliance and tax services. The legal framework for the trust was formalised through a Trust Deed, which does not require registration with the Registrar of Companies (ROC) or the Financial Services Commission (FSC). Property Acquisition and Management Acquiring a villa at Heritage Villas Valriche, in Bel Ombre was a significant step for our client. The government of Mauritius has established several schemes to facilitate property ownership for non-residents and our client was able to acquire their dream property under the Property Development Scheme (‘PDS’), with which they were also entitled to a residency permit. We facilitated the entire acquisition process, ensuring that all legal and regulatory requirements were met and providing our client with peace of mind. Compliance and Regulation Our management company places a strong emphasis on compliance with all relevant legal and regulatory frameworks. We understand the complexities associated with trust structures and property acquisitions and we have implemented robust measures to address potential compliance risks. This proactive approach allows that the trust and its underlying investments be managed in a seamless manner. Our team stays up to date with changes in legislation to ensure that our clients remain informed and compliant. Long-term Planning and Succession The trust and underlying investments are vital components of our client’s long-term planning and succession strategy. Provisions within the trust facilitate a smooth succession and transition of assets, aligning with the client’s overarching wealth management goals. By establishing a trust, they are not only protecting their assets but also ensuring that their family’s financial legacy is preserved for generations to come. Our team collaborates closely with clients to develop tailored succession plans that reflect their values and objectives. Value-added Services In addition to our trust and property-related offerings, our management company provides a range of value-added services tailored for high-net-worth individuals (HNWIs), including: · Application for Resident and Occupational Permits · Establishment of Family Offices · Opening of personal bank accounts in Mauritius · Assistance with physical relocation This extensive suite of services ensures our clients receive holistic support for their financial and lifestyle needs while residing in Mauritius. Conclusion Through strategic planning, compliance and a commitment to client satisfaction, our management company has allowed the client to achieve their goals in terms of wealth management and property acquisition in Mauritius effectively. The establishment of a discretionary trust not only serves to protect and grow their assets but also aligns seamlessly with their long-term vision for family legacy and financial stability.   Reach out to us on contact@rogerscapital,mu ### National Budget 2024/25 Highlights In the context of the National Budget 2024/25 presentation by Honourable Dr R. Padayachy, Minister of Finance, Economic Planning and Development, themed "Tomorrow is Ours", we are pleased to share with you the Rogers Capital National Budget Highlights. We invite you to discover more below. Budget Highlights: https://bit.ly/3KTFBK5     ### Making Work Easier with Microsoft Power Platforms In today's digital era, businesses are increasingly looking towards technology to stay competitive, and Microsoft Power Platform stands out as a pivotal tool, offering a range of applications that can significantly enhance business operations. From streamlining data management to low-code app development, Microsoft Power Platform stands as a game changer for businesses of all sizes, enabling them to harness complex technology through simple and user-friendly interfaces. It empowers not just IT professionals but also everyday business users to create custom solutions, analyse data in real-time, and automate mundane tasks. This means faster decision-making, increased productivity, and more time to focus on strategic business goals. Whether it's through insightful data visualisation with Power BI, customised app creation with Power Apps, or streamlined workflows with Power Automate, Microsoft Power Platform is transforming the way businesses operate in the digital age. This article will shed light on the advantages of these tools and explain why they are worthwhile investments, highlighting our strategy at Rogers Capital for integrating them effectively into business processes.   Power BI: A Gateway to Data-Driven Decision-Making Microsoft Power BI is revolutionising the way businesses approach data and analytics. As a key component of the Microsoft Power Platform, Power BI is a dynamic tool that transforms raw data into meaningful insights with ease. Designed for the modern business environment, it enables companies to visualise complex information, uncover hidden trends, and make data-driven decisions with confidence. Power BI's user-friendly interface and robust capabilities make it accessible to professionals across various levels of an organisation, not just data analysts. This democratisation of data means that from the boardroom to the frontline, everyone can engage with data and insights to drive better business outcomes. Whether it's through real-time dashboards, interactive reports, or in-depth analytics, Microsoft Power BI is empowering businesses to navigate the complexities of their data and stay ahead in a competitive market.   Power Apps: Redefining Custom Application Development Microsoft Power Apps is redefining the landscape of custom business applications as an integral component of the Microsoft Power Platform. It is a key component for companies looking to tailor their digital tools to specific business needs without delving deep into traditional, complex app development processes. Power Apps is unique for its intuitive, low-code interface, which opens the door for both seasoned IT professionals and everyday business users to effortlessly create and deploy bespoke applications. This adaptability is crucial in today's fast-paced business environment, where the ability to quickly respond to changing demands and operational challenges can set a company apart. By enabling rapid app development and customisation, Power Apps helps businesses streamline workflows, increase operational efficiency, and drive innovation. It's not just a technological tool but a business catalyst, making the process of digital adaptation accessible, efficient, and transformative. Power Automate: Streamlining Operations for Efficiency Power Automate provides an intuitive, low-code interface that allows both IT professionals and business users to create automated workflows with ease. This capability is essential in the modern business landscape, where optimising time and resources is crucial for success. Power Automate is more than just a tool for automation; it is a strategy for innovation and productivity. By automating mundane tasks, it frees up valuable time for teams to focus on more strategic and creative endeavors. This shift not only boosts efficiency but also enhances job satisfaction by reducing repetitive, manual work. The platform's ability to connect multiple systems and applications streamlines operations, ensuring smoother, more cohesive business processes. In essence, Microsoft Power Automate empowers organisations to do more with less, paving the way for smarter work practices and a more agile approach to business challenges.   Why Businesses Should Consider Investing in Microsoft Power Platform? Enterprises must consider the strategic implications of adopting the Microsoft Power Platform, which offers several compelling advantages:   Competitive Edge: The Microsoft Power Platform empowers organisations to gain a significant competitive advantage. This is achieved by streamlining operational efficiencies, expediting the decision-making process, and fostering a culture of innovation through customised solutions. Cost Optimisation and ROI Enhancement: The platform's low-code approach significantly reduces the necessity for extensive IT infrastructure and personnel, resulting in notable cost efficiencies which translates into an improved return on investment. Fostering Collaborative Workflows and System Integration: The platform is designed to enhance interdepartmental collaboration and streamline workflow processes. Its ability to integrate seamlessly with existing technological ecosystems amplifies overall business synergy, thereby optimising operational effectiveness and enhancing interconnectivity across various business units. Strategic Implementation: A Holistic Approach for Tailored Business Success At Rogers Capital, we are dedicated to meeting the expectations of our clients through a strategy that emphasises on personalisation, expert guidance, and continuous improvement.   In-depth Assessment: Our process begins with an analysis of each business's unique requirements. This is followed by the crafting and execution of tailored solutions that align precisely with individual business objectives and operational frameworks. Training and Support: We offer extensive training led by our team of seasoned professionals. This is complemented by our commitment to ongoing support, ensuring that every business partner is able to leverage on them fully for optimal results. Effortless System Integration: Our approach guarantees a smooth integration of our platforms with existing business systems, ensuring a disruption-free transition. Post-integration, we focus on continuous enhancement and optimisation of these solutions, aimed at delivering enduring value and keeping pace with evolving business needs and technological advancements.   Conclusion Investing in Microsoft Power Platform is a strategic move for businesses seeking to harness the power of digital transformation. With tools like Power BI, Power Apps, and Power Automate, organisations can elevate their operations, make data-driven decisions, and stay agile in a rapidly evolving market. At Rogers Capital, we are dedicated to enabling this transformation, guiding businesses through the adoption and optimisation of these powerful tools. By partnering with us, businesses can not only navigate the complexities of digitalisation but also thrive in this new, technology-driven business paradigm. ### How Migrating to the Cloud Can Help Enterprises Become More Sustainable In an era where sustainability is not just a buzzword but a business imperative, enterprises are increasingly seeking ways to reduce their carbon footprint and embrace eco-friendly practices. One significant step in this direction is cloud migration. The shift to cloud computing offers a transformative opportunity for businesses to enhance their operational efficiency while simultaneously advancing their sustainability goals. The Sustainability Edge of Cloud Migration At its core, cloud migration is about hosting data and applications on remote servers, accessed via the internet. This model presents several sustainability advantages: Energy Efficiency: Traditional data centers are energy-intensive, requiring constant power for servers and cooling systems. Cloud providers, however, utilise advanced technologies to optimise energy use, leading to significantly lower carbon emissions. Resource Optimisation: Cloud migration promotes the efficient use of hardware resources. Through virtualisation, a single physical server can host multiple virtual servers, maximizing resource utilisation hence reducing the need for excessive hardware. This not only cuts down on electronic waste but also reduces the energy consumption associated with running and cooling physical servers. Reduced Physical Infrastructure: Migrating to the cloud reduces the need for on-premises infrastructure. This shift not only lowers energy consumption but also minimises the physical space required for data storage, thereby reducing the enterprise's environmental footprint. Scalability and Flexibility: The cloud allows businesses to scale their resources up or down as needed, ensuring that they use only the energy and resources necessary for their current operations. This dynamic scalability helps in avoiding over-provisioning and under-utilization, contributing to a more sustainable use of computing resources. Rogers Capital Technology: Your Partner in Sustainable Cloud Migration We at Rogers Capital Technology stand at the forefront of assisting businesses in their transition to the cloud, aligning with sustainability goals. Here’s how we help your business to facilitate this transition: Expertise in Green Cloud Solutions: With our expertise, we ensure that businesses adopt cloud strategies that are not only efficient but also environmentally friendly. Customised Cloud Migration Strategies: Recognising that each business has unique needs, we offer tailored cloud migration plans. These plans are designed to optimise resource usage, reduce wastage, and minimise the carbon footprint of your business's operations. Advanced Data Center Technologies: Our data centers are built on the latest energy-efficient technologies. These include advanced cooling systems and renewable energy sources, significantly cutting down the carbon emissions associated with data storage and processing. Continuous Optimisation and Support: Post-migration, we provide ongoing support and optimisation services. This includes regular assessments to ensure that cloud resources are being used efficiently, helping businesses maintain a sustainable cloud environment.   The Bigger Picture: Cloud Computing and Corporate Sustainability The benefits of cloud migration extend beyond immediate operational efficiencies. By adopting cloud computing, enterprises align themselves with broader global sustainability initiatives. This alignment not only enhances their corporate social responsibility profile but also resonates with increasingly environmentally conscious customers, employees, and stakeholders. Moreover, sustainable cloud computing can be a catalyst for innovation. As businesses become more adept at using cloud resources efficiently, they often discover new, more sustainable ways of operating, driving both environmental and economic benefits. Conclusion In summary, cloud migration is a critical step for enterprises aiming to become more sustainable. With the expertise and support of Rogers Capital Technology, businesses can navigate this transition smoothly, ensuring that their move to the cloud is not just a technological upgrade, but a stride towards a more sustainable and responsible future.   ### 5 Reasons why businesses should adopt InvoX InvoX - In today's digital age, businesses in Mauritius are embarking on a digital transformational shift to embrace a more modern and paperless era. As the Mauritius Revenue Authority (MRA) tightens its requirements, the importance of having a reliable and compliant e-invoicing solution becomes undeniable. This is where InvoX, a forward-thinking e-invoicing software developed by Rogers Capital Technology, stands out as a practical solution, providing an efficient transition and various benefits for businesses.   A glance at the many benefits of InvoX:   Compliance with Ease: InvoX is designed to meet the MRA’s e-invoicing requirements, ensuring that businesses remain compliant without the hassle. Its ability to integrate with various Electronic Billing Systems (EBS) – including accounting systems, CRM, e-commerce, and POS – makes it a versatile solution for diverse business needs. Streamlined Processes: The software facilitates the generation, transmission, and validation of e-invoices. With features like real-time e-invoice tracking and batch re-processing capabilities, businesses can manage their invoicing processes more efficiently, reducing the time spent on manual data entry and error correction. Enhanced Security and Accessibility: InvoX provides secure, centralised storage for e-invoices, which is essential for data protection and compliance. The cloud-based system ensures 24/7 accessibility, allowing businesses to manage their invoicing anytime, anywhere, which is crucial in today's fast-paced business environment. Cost-Effective Solution: By reducing maintenance costs and enabling faster setup, InvoX is a cost-effective solution for businesses. Its scalability means that as a business grows, its invoicing system can easily adapt, ensuring long-term sustainability and businesses do not have to upgrade or change their current EBS to cater for MRA’s requirements. Expert Support from Rogers Capital: The most significant advantage of choosing InvoX is the expert support provided by Rogers Capital Technology that boasts a team of professionals who can assist in the smooth implementation and integration of InvoX with existing systems. With over 20 years’ experience in implementing EBS solution in Mauritius, RCT has leverage on its expertise to ensure that businesses can navigate the transition to e-invoicing with confidence and ease. Making the step forward The adoption of e-invoicing is not just a regulatory requirement; it's a step towards modernising business operations. With InvoX and the expert guidance of Rogers Capital Technology, businesses in Mauritius can transition seamlessly to e-invoicing, ensuring compliance, enhancing efficiency, and preparing for the digital future without changing their current EBS. The time to act is now – embrace the change with InvoX Speak to our expert for more information: Gary Allagapen Head of Digital & Data Services T: +230 211 7801 E: rcts.sales@rogerscapital.mu   Author: Koyal Bissessur Marketing Specialist - Rogers Capital Technology   ### Emotional intelligence in the age of AI It has been well established that technology is ever-evolving. What’s in right now can be out in just a month or so. Technology gets more and more advanced and is surpassing human intelligence in various fields and activities. Artificial intelligence is constantly evolving, expanding, and getting more and more complex. In fact, a lot of jobs that we imagined could be done only by people are now under the threat of being replaced by artificial intelligence. So, what could we do? The answer is emotional intelligence. The rise of artificial intelligence has brought about many exciting advances and improvements in our lives, but it has also raised new questions about what it means to be human. In particular, the increasing ability of artificial intelligence systems to perform tasks that were once the exclusive domain of humans has led to a growing interest in the importance of emotional intelligence. Emotional intelligence, or the ability to understand and manage our own emotions and those of others, is a critical aspect of human intelligence. It helps us to build strong relationships, communicate effectively, and navigate complex social situations. And as AI continues to evolve and become more sophisticated, the role of emotional intelligence in the workplace is only becoming more important. Why Emotional Intelligence Matters in the Age of Artificial Intelligence While AI systems are becoming increasingly capable of performing complex tasks, there are certain areas where they will likely always be limited. For example, artificial intelligence systems do not have the ability to empathize with others or to understand the emotional nuances of a situation. This is where emotional intelligence comes into play. As AI systems become more integrated into our lives, they will be relying on human-generated data to train and improve their algorithms. And as they take on more and more tasks, it will become increasingly important for humans to be able to understand and navigate the emotional implications of these interactions. For example, in a customer service context, an AI system may be able to respond to a customer’s request for help with a technical issue, but it may not be able to understand the customer’s frustration and offer empathy in response. This is where a human customer service representative with strong emotional intelligence skills can step in and provide a more personalized and human touch. In addition, emotional intelligence is critical in leadership and management roles, where leaders must be able to understand and respond to the emotional needs of their team. As artificial intelligence systems become more prevalent in the workplace, leaders will need to be able to foster strong relationships and effectively manage the emotional dynamics of their team. Developing Emotional Intelligence in the Age of Artificial Intelligence It’s long been known that AI and automation/robotics will change markets and workforces. This began when machines started replacing humans in the manufacturing industry, which made thousands of workers look for other opportunities. We can look at any number of occupations to see that this holds true.  Doctors perform tests, analyse the results, interpret the results to make a diagnosis, plan a course of treatment, and then work with the patient to make this treatment plan a reality. Financial advisers gather and analyse data about their clients and potential investment vehicles, interpret the implications given a variety of factors such as risk tolerance, recommend an investment strategy, and help their clients carry this strategy out over time. Business consultants do much of the same but diagnose and solve business problems. These highly skilled workers can command high rates because of three capabilities.  Their abilities to go through the early rote tasks quickly and accurately; their experiences and judgment in determining a course of action; and their savviness for helping clients navigate that course.  AI and machine learning will quickly surpass our abilities on the first two capabilities, and this will shift the skillset required for any worker wishing to stay in these careers as they are transformed by artificial intelligence. Those who want to stay relevant in their professions will need to focus on skills and capabilities that artificial intelligence has trouble replicating—understanding, motivating, and interacting with human beings.  A smart machine might be able to diagnose an illness and even recommend treatment better than a doctor.  It takes a person, however, to sit with a patient, understand their life situation (finances, family, quality of life, etc.), and help determine what treatment plan is optimal. Similarly, a smart machine may be able to diagnose complex business problems and recommend actions to improve an organization.  A human being, however, is still best suited to jobs like spurring the leadership team to action, avoiding political hot buttons, and identifying savvy individuals to lead change. It’s these human capabilities that will become more and more prized over the next decade.  Skills like persuasion, social understanding, and empathy are going to become differentiators as artificial intelligence and machine learning take over our other tasks.  Unfortunately, these human-oriented skills have generally been viewed as second priorities in terms of training and education.  We’ve all experienced the doctor, financial planner, or consultant who is more focused on his or her reports and data than on our unique situations and desires. For better or worse, these skills will become essential to anyone who wants to stay relevant in their field as automated systems proliferate. Developing emotional intelligence requires a commitment to self-awareness and self-reflection. It involves understanding our own emotions as well as being able to identify and respond to the emotions of others. There are a number of techniques and practices that can help individuals develop their emotional intelligence, including: Mindfulness meditation: Mindfulness meditation can help individuals become more self-aware and better able to understand their own emotions. Empathy exercises: Exercises that help individuals develop their empathy and emotional literacy, such as role-playing or reading about emotions, can help build emotional intelligence skills. Feedback and coaching: Receiving feedback from others and working with a coach can help individuals understand and improve their emotional intelligence. In the age of artificial intelligence, emotional intelligence is more important than ever. As AI systems become more integrated into our lives, it will be critical for humans to understand and navigate the emotional implications of these interactions. By developing emotional intelligence skills, individuals can stay ahead of the curve and thrive in an increasingly AI-powered world. Empathetic intelligence: The fusion of Emotional Intelligence and Ai in Delivering Exceptional Service Rogers Capital prioritises emotional intelligence, emphasising its value in promoting effective communication, collaboration, and positive relationships among colleagues and clients. The human touch, specifically in consumer finance services, plays a crucial role in building strong relationships between financial institutions and their customers. While technology and automation have made many aspects of financial services more efficient and accessible, the human touch is still critical for building trust and understanding between a lender and borrower. In credit facility services, a human touch can mean personalised attention, empathy, and guidance through the lending process. By listening to the customer's needs, understanding their financial situation, and providing tailored advice and solutions, lenders can create a more positive and supportive borrowing experience. This human touch can ultimately lead to better customer satisfaction, loyalty, and long-term success for both the lender and borrower. Similarly, advisory services are critical for any company undergoing a business transformation journey. These services can provide valuable insights and recommendations on how to use AI tools and solutions to optimise processes, improve efficiencies, and enhance overall performance. The right advisory services, which require the human element, can help identify gaps in current operations and provide a roadmap for future growth and success. Additionally, they can help a company assess the latest technology trends, identify potential risks, and develop mitigation strategies. By working with a trusted advisory partner, such as Rogers Capital Technology, a company can leverage their expertise to make informed decisions and achieve their transformation goals. Ultimately, advisory services, packed with emotional intelligence, can be a crucial component in driving innovation, growth, and competitive advantage when coupled with artificial intelligence.   Author: Babusha Beedassy Manager, Marketing & Communication Rogers Capital Fiduciary ### Cybersecurity: Identify and resolve security vulnerabilities before they are exploited by hackers In the age of digital transformation, where businesses rely on technology for growth and innovation, cybersecurity is the backbone that protects valuable assets and ensures continued success. In the face of ever-evolving cyber threats, proactive cybersecurity measures have never been more vital. One such indispensable measure is Penetration Testing, a service offered by Rogers Capital Technology, which plays a pivotal role in securing businesses against cyber attacks. What is penetration testing? Penetration testing, often referred to as "pen testing" or "ethical hacking," is a comprehensive and meticulous assessment of an organisation's cybersecurity defenses. It involves the simulation of real-world cyberattacks by a team of cyber security experts to uncover vulnerabilities and weaknesses before malicious actors can exploit them. Understanding the profound value of Penetration Testing for businesses: Penetration Testing offers a multitude of benefits for businesses across industries and scales. Here's a deeper exploration of why this practice is indispensable: Proactive security posture: penetration testing is the cornerstone of proactive cybersecurity. By identifying vulnerabilities within your IT infrastructure before malevolent actors capitalise on them, your organisation can effectively fortify its digital defenses, which leads to having a robust security posture. Regulatory compliance: Today's regulatory landscape places stringent requirements on cybersecurity practices. Penetration Testing ensures that your business not only meets but exceeds these requirements, mitigating potential legal and financial repercussions. Guardian of reputation: A security breach can have far-reaching consequences, including damage to your brand's reputation. Demonstrating a commitment to cybersecurity through Penetration Testing not only prevents such incidents but also builds trust with customers and partners, safeguarding your brand's integrity. Risk mitigation: The identification and resolution of vulnerabilities through Penetration Testing significantly reduce the likelihood of a successful cyberattack. This, in turn, leads to the safeguarding of valuable data, and provides a peace of mind for your organisation and stakeholders. Tailored solutions: Whether you're a nimble startup or an established enterprise, our Penetration Testing tools and methodologies are tailored to address your unique needs, ensuring maximum value for business. Expert guidance: Beyond the identification of weaknesses, Rogers Capital offers expert guidance on effective remediation. We do not only flag vulnerabilities; our mission is to empower you to resolve them comprehensively and efficiently, enhancing your cybersecurity posture.   Why choose Rogers Capital for Penetration Testing? Choosing Rogers Capital as your partner in cybersecurity is a strategic decision based on several key differentiators: High experience with specialised cybersecurity expertise:  Our team of certified experts boasts extensive experience and employs cutting-edge tools and methodologies to conduct comprehensive vulnerability assessments. We leave no stone unturned in our quest to secure your digital assets. Personalised strategy: Understanding that every business is unique, our Penetration Testing services are not a one-size-fits-all solution. Instead, they are meticulously tailored to your specific requirements, ensuring that we address your most critical vulnerabilities with precision. Actionable reports: We go beyond providing a list of vulnerabilities; our reports are designed to be actionable roadmaps to cybersecurity enhancement. Prioritised based on criticality, they empower you to concentrate your efforts on the most pressing issues, streamlining your security efforts. Client centric approach: At Rogers Capital, we do not stop at diagnosis. We provide step-by-step guidance on how to remediate vulnerabilities effectively. We act as your partners in progress, making your organization progressively more secure with each assessment. In summary, Penetration Testing has become a crucial necessity in today's digital world, rather than just an option for businesses. With the relentless rise in cyber threats, securing your business, your customers, and your future has never been more vital. We are committed to helping you mitigate the impact of cyberattacks. Secure your business today and set the foundation for a resilient, thriving future.   Connect with our cyber-security expert: Ashiss Soobhug, Head of Cyber Security Advisory Services T: +230 211 7801 E: ashiss.soobhug@rogerscapital.mu   Author:  Koyal Bissessur Marketing Specialist at Rogers Capital Technology ### Rogers Capital National Budget Key Measures 2023-24 In the context of the National Budget 2023–24 presentation by Honourable Dr. R. Padayachy, Minister of Finance, Economic Planning, and Development, we are pleased to share with you the Rogers Capital National Budget Key Measures. The theme "To Dare & To Care" signifies the government's commitment to foster solidarity, promote fairness, ensure sustainability, and enhance inclusiveness. We invite you to discover more below:   Click here to download: Rogers Capital National Budget Key Measures 2023–24    ### Mauritius Investment Destination How Mauritius Investment Destination has leveraged regulation and innovation to become the investment destination of note In March 2022, the International Monetary Fund (IMF) acknowledged the importance of offshore centres in the global economic landscape by releasing a new database. This comprehensive report measured cross-border flows and positions of Special Purpose Vehicles (SPVs) resident in 26 participating economies, including Mauritius, and insightfully concluded that certain resident SPVs are responsible for channelling remarkably high flows of foreign direct investment (FDI). Significantly, Mauritius secured second place in the database with FDI flows that were 30 times the size of its GDP, showing clearly that the importance of the Mauritius International Financial Centre (IFC) as a regional investment hub remains high. Indeed, it cannot be denied that Mauritius has come a long way in investor rankings, with the decisions of the FATF and UK Government to de-list Mauritius from their high-risk watchlists in October and November 2021 respectively. The final feather in its cap came when the jurisdiction secured its removal from the EU’s list of high risk third countries from 13 March 2022 onwards. The icing on the cake though – and which has fittingly come on the heels of the Mauritius IFC celebrating its 30th anniversary last year – has been the FATF re-rating of the jurisdiction on 02 September 2022 which has placed Mauritius among leading jurisdictions globally to be rated ‘compliant’ or ‘largely compliant’ with 40 of 40 FATF recommendations, including Recommendation 15 on New Technologies. There is now no doubt in investors’ minds that, while the FATF and EU listing have been setbacks, the silver lining is that it has accelerated changes in the IFC to further bolster the standing of the Mauritius centre and take it to the next level.   How the VAITOS Act sets up Mauritius for cutting-edge innovation in virtual assets Indeed, the FATF’s firm seal of approval on the jurisdiction’s ability to compete in a technology-fuelled financial services arena has translated into international investors warming up to Mauritius as an economy not just operating with the highest norms and standards of international regulations itself, but also setting high standards for others in the region. Here, one of the foremost steps to help Mauritius meet global standards in the AML/CFT arena has been the implementation of the Virtual Asset and Initial Token Offering Services (VAITOS) Act on 07 February 2022. It is clear to all onlookers that this significant legislation has poised the island economy to become a regional crypto powerhouse by regulating Virtual Asset Service Providers (VASPs), and helped cement its status as a jurisdiction of substance. With the collapse of unregulated VASPs such as FTX having evidenced how these firms pose a clear and present danger to financial ecosystems where their investors are based, Mauritius’ ability to offer not just innovative but also suitably regulated avenues for investments is making investors sit up and notice the jurisdiction. Since the enactment of the regulation in February 2022, three licences have already been issued in the intervening period to a digital custodian, a digital exchange, and a digital clearing and settlement house respectively, showing that the Financial Services Commission (FSC) of Mauritius intends to follow suit with empowering players on the ground to provide the innovative services expected by investors under this enabling framework.   How Mauritius as an investment destination is wooing investors with innovative structures such as the VCC In addition, another noteworthy milestone for the jurisdiction has been the introduction of the Variable Capital Company (VCC) Act on 15 April 2022. The VCC Act allows Mauritius to introduce an innovative investment structure that places the IFC at par with other best-in-class jurisdictions such as Singapore. Indeed, the VCC structure features an in-built flexibility that puts fund managers in position to use the entity for multiple strategies. It has an easy entry point but, more interestingly, it gives fund managers a number of options in terms of exit. Significantly, a key characteristic of the Mauritius VCC is that the sub-funds or SPVs can have separate legal personality, provided they are incorporated as companies, a feature that gives it a distinct advantage. Moreover, it balances enhanced substance requirements such as 2 resident directors being mandated vis-à-vis one for Singapore with practical considerations such as allowing the fund manager to be domiciled in Mauritius or another jurisdiction upon the regulator’s approval, while the Singapore structure only allows the fund manager to be based in the city state. All in all, the Mauritius VCC is a unique proposition when compared to other jurisdictions offering similar types of products and places the IFC in a preferred position with fund managers and investors.   How Mauritius as an Investment Destination Compares to Other Jurisdictions Apart from Singapore, a comparison with other best-in-class jurisdictions appears inevitable, since Mauritius clearly competes with other investor favourites for its place in the sun. Against this backdrop, it is worth noting that closely competing IFCs such as Dubai and the Cayman Islands have recently come under FATF scrutiny, with recommendations to bolster their Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regimes. To elaborate, the FATF added the United Arab Emirates (UAE) to its greylist in March 2022 following seven strategic deficiencies outlined in its AML/CFT regime. Since then, the UAE had agreed to take a number of steps in response, and further developments were announced at the FATF plenary session in February 2023 where the UAE demonstrated significant progress, including a sustained increase in outbound MLA requests to help facilitate the investigation of TF, ML, and high-risk predicates; showing greater use of financial intelligence to pursue high-risk ML threats; and combating UN sanctions evasion, including inculcating a better understanding among the private sector. Having said that, with four recommendations remaining to be addressed, it is still expected to be some time before the UAE completes its action plan and secures its removal from the FATF greylist. Meanwhile, the Cayman Islands has been actively working to complete the necessary steps to secure its removal from the FATF list since February 2021. In its latest plenary session of February 2023, the FATF expressed concern that the Cayman Islands’ action plan fully expired in May 2022 and urged the jurisdiction to “swiftly demonstrate significant progress in completing its action plan by June 2023”.   Why Rogers Capital is the perfect partner on your journey to investing in Africa It is clear from the above that Mauritius is presently placed in an optimum position to support investments into Africa as a jurisdiction compliant with all 40 FATF Recommendations. At Rogers Capital, we have developed solutions for our management company which could be easily deployed to fund managers eyeing Africa-centric investments. At the outset, Rogers Capital Fiduciary can be your strategic partner for structuring investments as an international provider of fiduciary, trust, fund and professional services - including actuarial, tax, accounting, fund, trust and captive insurance. With this year marking the 30th anniversary of Rogers Capital Fiduciary, following closely on the 30th anniversary of the Mauritius IFC last year, it is clear that we have the experience and expertise to accompany you on your forays into the continent. Contact us to find out more about our solutions and to understand how we can leverage our in-depth experience and technical expertise for your business success!   Author: Babusha Beedassy Manager - Marketing & Communication Rogers Capital Fiduciary ### 5 essential insights: Navigating the rise of Smart Document Management Every business, large or small, faces the same dilemma: where will the company’s files and documents be stored? Businesses generate and manage massive amounts of information in today’s digital age, making document management an essential aspect of any organisation's operations. What is a smart document management system, and how does it function? A document management system (DMS) is a software application that provides a centralised repository for electronic documents, allowing businesses to store, organize, and manage their information more effectively. It enables businesses to digitise their paper-based documents, allowing them to store, categorise, and manage all their information electronically. The system creates an organised and centralised location for employees to seamlessly access and share information, removing the need for paper-based filing systems and manual data entry. When a document is added to a DMS, it is automatically indexed and tagged, making it easy to find and retrieve later. The system comes with collaborative tools such as version control, document approval workflows, and commenting, allowing teams to collaborate efficiently and effectively on specific projects. Why should businesses invest in a smart document management system? By investing in a DMS, businesses can improve their information management practices, increase efficiency, and reduce costs. There are multiple advantages for businesses, including the following: Saves Time: By digitising and automating manual processes, businesses can save a significant amount of time and increase productivity at work. Employees no longer need to spend hours searching for information as document retrieval and sharing become much easier and faster. Enhances Security: DMS provides secure access control, allowing businesses to set different levels of access for different users. This helps to ensure that sensitive information is only accessible by authorized personnel. Improves Collaboration: With multiple features available, teams can collaborate more effectively on projects. This leads to faster decision-making and enhances efficiency. Increases Compliance: DMS provides robust auditing and reporting capabilities, allowing businesses to meet regulatory requirements and maintain a clear record of their information management practices. Reduces Costs: By reducing the need for paper-based filing systems and manual data entry, businesses can reduce operational costs and increase effectiveness. With its numerous benefits, a DMS can act as a valuable tool for businesses looking to stay competitive in the digital age. Optimise the way you work through Rogers Capital Smart Document Management Solutions! At Rogers Capital, our aim is to help you unlock the full potential of your enterprise data and leverage it for more efficiency that will help you scale your business growth. We understand that your business needs reliable and efficient document management solutions to stay competitive in today's fast-paced environment. That’s why we've developed a cutting-edge document management system that can help you streamline your workflows, save time, and ultimately propel your business further. With our solution, you can store all your documents in one central location, making it easier for your employees to access and share information, which will boost collaboration and productivity among your team. With our team's extensive knowledge and hands-on experience, we are well-equipped to provide you with the guidance and support you need to help your business prosper by tailoring our services to best address your specific needs. Our goal is also to empower you to make informed decisions and to help you stay ahead of the curve by optimising your workflow for maximum impact. With our Document Management System solutions, you can focus on what truly matters most for growing your business and setting it up for success. Speak to our experts today to learn how we can help your organisation thrive! T: 211 7801 E: gilbert.dabysing@rogerscapital.mu   Author: Koyal Bissessur Digital Marketer ### Enhance employee benefits with ESOP (Employee Stock Ownership Plan) What is an ESOP? An ESOP is an employee benefit plan that gives the employee an ownership stake in the company. Generally, an ESOP grants company stock to employees, often based on the duration of their employment. ESOPs are designed so that employees' motivations and interests are aligned with those of the company's shareholders. From a management perspective, ESOPs have certain tax advantages, along with incentivizing employees to focus on company performance. Criteria to be considered when forming an ESOP: The percentage of company equity for the ESOP pool Plan rules (or deeds), including the process for employees who leave and what happens in the event of a business sale Eligibility criteria for the selected employees Exercise price How does an ESOP work? The company setsup an ESOP trust. Into the trust, the company can either put newly issued shares, contribute cash to buy shares of stock from existing owner(s) at no more than the fair market value (“FMV”), or if the owner does not want to sell shares, the company can issue new shares. EMPLOYEE STOCK OWNERSHIP PLAN (“ESOP”) An Employee Stock Ownership Plan (ESOP) offers numerous benefits to both employees and employers. By participating in an ESOP, employees become stakeholders in the company, providing them with a sense of ownership and motivation to contribute towards its success. Additionally, ESOPs can serve as a valuable tool for companies in Mauritius, a renowned financial jurisdiction, to attract and retain talented employees. For expert guidance on ESOP implementation in Mauritius, consider consulting with Rogers Capital, a leading financial services provider. #mauritius #esop #financialjurisdiction #rogerscapital Benefits of an ESOP Trust Higher employee engagement Tax benefits to both employer and employees A way for employer to raise capital for expansion or acquisition plans Privacy and asset protection ESOP, if structured through a Trust in Mauritius, is independently managed by a qualified Trustee Up to 4 trustees may be appointed; hence, a proper board of trustees may be created to well manage the ESOP How can we help? With 3 decades of experience in Financial Services in Mauritius, coupled with a team of seasoned & dynamic professionals, Rogers Capital Fiduciary can provide complete trust administration services for a broad range of individuals and corporations. We ensure the smooth running of your trust, be it discretionary, accumulation and maintenance trusts, life interest trusts, pension’s trusts, purpose trusts, charitable trusts or ESOP trusts. Rogers Capital Fiduciary, through its subsidiary, Rogers Capital Trustees Services Limited, can provide the following services relating to the formation  of an ESOP Trust: Advice on the formation of the Trust Assist in designing the plan that best suits your needs and is tax-efficient Assistance in drafting trust deed and rules Maintain a register of employees on whose behalf shares are held Payments of benefits to employees as planned Work closely with Share Plan Administrator Filing of Tax returns, where applicable, with the Mauritius Revenue Authority Ensuring Trust accounts and accounting records are in place Preparation of the annual management accounts for the Trust Opening of bank accounts in and outside Mauritius   Author: Madhvi Bokhoree Bootun Head of Business Development, Rogers Capital Fiduciary ### Female leadership in 2022: how we have progressed and are changing the landscape [vc_row][vc_column][vc_column_text]The experience of the last two years has left an indelible mark in our minds and set us on a new path - we've lived through the global pandemic, witnessed significant movements toward equality and have seen more organisations commit to strengthening their stances on equal opportunity, diversity and inclusion. From an organisational perspective, much of the focus has been on the growing representation of women in leadership. Between driving crucial inclusion initiatives to pioneering work in various fields of innovation, today’s generation of women leaders is proving that there is nothing stopping women from rising to new heights in business — even amidst a pandemic.  While management believe that gender should not be a determining factor in defining leadership, there are valuable competencies of which women are better at. Women are better at interpersonal skills such as “inspires and motivates,” “communicates powerfully,” “collaboration/teamwork,” and “relationship building” all of which women leaders display higher levels of hence leading to better leadership effectiveness. Female leaders tend to have better-developed emotional agility which makes them more inclined to adopt a more collaborative and empathetic style and which enables them to be more impactful in influencing others and building trust to create productive and effective teams. They are more likely to develop and grow people by bringing out their potential through coaching and mentoring. It has been a struggle for women to move up the ladder mainly because of preconceived ideas, limiting beliefs and biases, It is refreshing to see that there are more and more open discussions about having more women in leadership roles being addressed both by powerful women and men, leaders that want the best for their people and organisations.  My inspiration and journey so far I come from a family of strong women, women of character, who are ambitious, cheerful, caring and supportive. My grandmother  raised six children while she worked as a teacher and later as a headmistress. My mum who started as a nurse to become the head of nursing officers, while still being the primary care-giver in our home. I have learnt leadership through these two great and inspiring female role models . I once read this quote  “behind every successful woman is a tribe of other successful women who have her back and are cheering her on” and I can affirm that this is true, having experienced it myself. Also, my parents have always encouraged me to stand on my feet and have given me the freedom to choose my own path. Becoming the COO of Rogers Capital Corporate is an accomplishment of years of hard work, sacrifice, determination. I have gathered many achievements and have learnt through my willingness to experiment, to be creative, to risk failing in service of learning. I pulling myself up the ladder by building and inspiring trust and confidence both with the people I led and my leaders, by showing up, by being my authentic self and by being true to my values. I believe that the power of an organisation is the team and I have always focused on investing in and building high performing teams which was inculcated with high standards,  managing complex situations and bringing results that matters. Female leadership landscape and its practice Rogers Capital fosters an environment that is open to diversity and growth. For instance, at Rogers Capital Corporate, the population is more female driven and there are quite a few female leaders forming part of the leadership team. The gender parity is 50% female and 50% male, showing a good representation of women at the leadership level. I believe that more work should be done to promote female leadership at middle management level. The organisational design, structure and culture should be designed to help women unleash their potential to climb up the ladder. There is a shared responsibility for women to lean in and support each other as well as organisations to create systems that favour gender parity. Leading differently to men Women lead with a sense of purpose, with passion and empathy. They are more conscious of the ethical consequences of their decisions and are more willing to invest energy in coaching and mentoring, promoting collaboration and co-creation. There have always been very strong female leaders like Rosa Parks, , Marie Curie, , Margaret Thatcher, and more recently Ruth Bader Ginsberg who made their mark on history. Today, we have powerful. compassionate leaders like Indra Nooyi, Sheryl Sandberg, Jacinda Arden, who are passionate about their beliefs and causes and who are playing a significant role in paving the way for more female leaders to follow. Personal leadership style and development I adapt the way I engage as a leader based on the nuances of the situation while always remaining true to being a bold purpose-driven leader. This means that I pause, assess and then make bold decisions in a humane way. The impact of this is that I engage, support, empower and encourage people to develop their potential and they in turn deliver exceptional results. I have learned that when you inspire trust, integrity and ownership, people will follow and support you to accomplish your wildest mission. These qualities are deeply rooted in the way I lead an organisation. For the next three to five years, my mission is to continue transforming organisations and nurturing young talented start-ups in their quest to innovate for the betterment of the world. I also like to coach women on their entrepreneurial journey and actively support women in organisations so that they develop their true potential and move up the corporate ladder, where they are needed. Fostering diversity and breaking the glass ceiling Diversity, Equity and Inclusion (DEI) has accelerated the promotion of women in leadership roles. We have seen the emergence of DEI as a role in many multinational organisations contributing to creating awareness and to supporting women in building the confidence to take up leadership roles. We also see that International Women’s Day is celebrated with an ever greater impact worldwide. We will see a more equitable world when organisations start building support systems and inner networks that encourage, train and elevate women to new heights. There need to be a fundamental change in mindset, organisational systems and culture where women can own the space and take their seat at the boardroom table. Where women are recognised for their worth and their value they bring to the organisation and are given the right support in terms of coaching and mentoring foster greater levels of equality and diversity at all levels. As Ruth Bader Ginsburg said, “Women belong in all places where decisions are being made.” Hence women deserve to have a more equitable place in any public and private organisation.  Building the network effect As women, we were conditioned from birth to be agreeable and self-effacing, to never put ourselves forward. This is one of the biggest challenges that women face as they rise to leadership roles. We forget that women build phenomenal networks because building communities come more naturally to women. So when it comes to building opportunities not only within organisations, but across sectors and across countries, women can benefit from becoming involved in different associations and networks, which allow them to build their knowledge, sharpen the skills, find mentors and find like-minded peers to support them on their career journey. In the virtual world, there are unparalleled opportunities to join women’s organisations at international level, such as Women in Africa, and in Mauritius there are organisations on the ground such as Association Mauricienne des Femmes Chefs d'Entreprises (AMFCE), Mauritius Institute of Directors (MIOD) or WeEmpower which are also offering opportunities for training and networking which can help women to reach the next level. The power of finding your purpose Live with purpose One of the most powerful things I recently learned is living in alignment with my purpose. Finding your purpose gives you the courage to stand up for what you believe in and fight for it. It is your life compass in guiding you to make strategic choices as well as supporting you through tough times. Be your authentic self Your voice matter and I think women should speak up. Your opinion may make all the difference in how problems are solved and how people are inspired - don’t be afraid to ask questions or admit you do not know the answer. Be your authentic self and believe in yourself. Take time out to self-reflect, be self-aware and understand the impact your words and behaviours have on others. Keep on learning Be ready to take up new challenges, as each opportunity allows you to meet new people and gives you exposure to learn new things. Find the right sponsors or mentors who will be part of your voice in the organisation. Recognise, support and coach other women. It is important to have female role models, mentors, and friends around you to inspire each other and build upon each other’s strengths. Only then will women finally achieve recognition of their rightful place as true leaders. Author: Hanjali Permalloo Chief Officer - Operational Excellence of Rogers Capital Fiduciary[/vc_column_text][/vc_column][/vc_row][vc_row el_class="insight-team-image"][vc_column][/vc_column][/vc_row] ### Digitalisation at work maximises efficiency [vc_row][vc_column][vc_column_text]The pandemic has turned things upside for everyone, with technology playing an ever -increasing role in our working lives as the demand for reliable and ubiquitous home broadband goes through the roof. Against this backdrop, organisations are now seeking greater levels of efficiency and sustainability while leveraging the latest technologies.   With digitalisation becoming crucial to the way economies operate in a post-pandemic future, Gartner surveys show 91% of businesses engaged in some form of digital initiative, with 87% of senior business leaders saying that digitalisation is a priority. At Rogers Capital, we have embarked on a digital transformation journey in 2019 and intend to keep on the path of innovation and modernisation. Read on to know more about why we believe that digitalisation has the potential to transform the world of work and why Mauritius must embrace this technological revolution towards realising its vision of becoming a FinTech hub in the region. Why digitalisation must be core to your business? Deloitte notes that companies with higher digital maturity reported 45% revenue growth compared to 15% for lower maturity companies. The Deloitte Insights’ survey further stated that the more digitally mature an organisation is, the more likely it is to achieve targets of customer satisfaction, product quality, CSR, diversity and inclusion, long-term financial performance, and gross margin. At Rogers Capital, digitalisation is ingrained in the very fabric of our business, and we strongly believe that all organisations must actively pursue digitalisation initiatives to reap the following benefits:   Lowered costs: With automation and digitisation, businesses can reduce breakdowns, automate customer care or technical support through a digital transformation agency, and reduce manual errors that can prove a drain on its resources. Optimised processes: One of the most significant advantages of digitalisation is that it reduces the time taken to complete a task, the effort necessary to complete it, and the cost of doing it correctly. Maximised efficiency: A digitally mature business can work miracles when it comes to improving the customer experience, enhancing marketing strategy, and streamlining operations. Mining data for insights: Digitalisation empowers organisations to exploit data to seek renewed growth, stronger performance, and more meaningful customer engagement. Greater transparency: As digital tools and platforms make it easier to share information and connect with others, digitalisation can lead to an increase in transparency across the organisation. For example, online collaboration tools can help teams communicate better, stay connected and share project updates. Enhanced productivity: When you automate manual repetitive processes, you free your employees from monotonous tasks and allow them to focus on more difficult and innovative initiatives that will help your business function more productively. Streamlined Business Continuity Planning (BCP): Digitalisation enables improved BCP by allowing people to access the information they need much faster and more reliably. One highly effective way to streamline BCP is to embrace digital plans, such as via a mobile business continuity app that enables your team to access information at the touch of a button on a mobile phone or tablet. Given the above benefits, it is no surprise that a recent study by the German Logistics Association (BVL) revealed that digital transformation can reduce costs by anything from 8% to 34% while increasing revenue by 23% to 34%, depending on the sector. Digital transformation culminating in a digital culture By providing team members with the right tools, tailored to their environment, digital transformation encourages a digital culture. While these tools provide a more seamless way to collaborate, they also help to move the entire organisation ahead digitally. This digital culture shift is crucial for businesses to remain sustainable. It forces the upskilling and digital learning of team members to take advantage of the benefits of digital transformation. At Rogers Capital, we have to date, implemented many tools and programmes to optimise operations, reduce time spent on tasks, improve accountability, and increase traceability. Conclusive results have already been gathered that undeniably prove the importance of digitalisation: In-house development of a risk scoring solution results in an approximate saving of US$20,000 per year. In-house development of a user-friendly debtor tracking solution leads directly to a reduction of almost 50% of time spent in follow up. Completion of all process flows for corporate administration culminates in an approximate increase of 40% in traceability of work done. Challenges in adopting digitalisation Digital transformation is not just about adopting new software, technologies, and processes that are more efficient and automated than traditional business practices and processes, but it is an entirely new, innovative way of doing something that is core to your business. That means organisations must consider every aspect when taking on a digital transformation initiative – from how people will react to the change, how it will impact customer relations, the cost, how it will align to business goals, and so on. Given how disruptive such an adoption can be, the biggest challenges standing in the way of successfully embracing digital technologies are: Employee resistance to adoption: When organisations introduce digital changes, be it a new CRM software or digitalisation of physical record-keeping, not all employees will embrace it. After all, jobs and business processes may have evolved, but human resistance to change still remains a key concern while implementing new technologies that demand new skill sets and learnings from employees. The fact that employees tend to forget over 50% of the information presented within an hour of a one-time demo makes it clear why it is difficult to change mindsets about use of new technologies without investing adequate time and effort in training and capacity building. High investment requirements: Digital transformation may lead to cost savings in the medium to long term, but in the short run it can be a drain on the organisational budget. This makes it essential that it is planned well to begin with, as an organisation that has failed to factor in all aspects of the digital transformation strategy can find that deadlines are not met and new work is added in – all increasing the cost of a project. Throw in added strategy consultation, changes in customer needs or IT errors, and the cost of digital transformation continues to increase. Hence, at the very outset you must carefully think through the key metrics that you seek to achieve with digitalisation – be it higher customer satisfaction, improved product quality, or time savings – to arrive at an accurate ROI that justifies the budget outlay on your digital transformation initiatives. Training staff to use the programmes: A PwC survey in June 2019 notes that 55% of employers most worried about digital skills say innovation is hampered by a lack of key skills. Such perceptions must be addressed with relevant training and capacity building initiatives that seek to upskill employees for a digital-first future. Indeed, almost half - 46% - of CEOs globally said in the same survey that a significant retraining/upskilling (rather than recruiting new talent from outside the organisation) is the most important initiative to close a potential skills gap. Measuring user adoption: Measuring user adoption tells you which of your digital adoption efforts are working and which are not so you can iterate and improve. However, most companies struggle to measure user adoption for new digital apps or business processes as common enterprise tools may provide companies with statistics such as daily, weekly, and monthly log-in ratesof employees and average session times, but they provide little to no insight into how employees actually use a product. Thus, sections of the app or a new business process where employees need further handholding remain a mystery unless organisations invest in digital adoption plans that truly talk to employees’ areas of comfort or hesitation in navigating such new apps or business processes. Cybersecurity to lie at the heart of the digitalisation process As organisations enhance their digitalisation efficiency across sectors, we cannot emphasise enough the important role that cybersecurity plays in this process. The cyber security landscape is constantly changing, so we must also remain constantly alert. Indeed, while a successful, growth-oriented business will necessarily implement digitalisation paths and encourage the connection of devices and people, it is imperative that it act by constantly monitoring the security of its information systems. It is also essential that an organisation’s digital transformation journey considers the security of its digital data, products, and services. Finally, based on the wide prevalence of cyberattacks, it cannot be stressed enough that we ought to be proactive rather than reactive when it comes to protecting the privacy of our organisations and, by extension, our entire economy. All in all, it is high time for a radical improvement of infrastructure in Mauritius and this effort can progress in the right direction and at the right pace only if organisations work in partnership with external service providers.   Future outlook for digitalisation At Rogers Capital, we believe that our clients must be central to our digitalisation initiatives. Hence, our upcoming projects include a client portal to provide for seamless client relationships and transactions; the complete digitalisation of our fund service offerings; as well as continued digitalisation of value-added processes in the tax, compliance, and accounting departments. Finally, as for our CRM which lies at the heart of our client management initiatives, we intend to enhance our data capture module to ultimately unlock the perfect customer service formula. All in all, we look forward to a challenging yet fulfilling journey as we navigate through the most efficient ways to digitalise our organisation with an eye to the business landscape in Mauritius that promises a continuation of the remote work culture, a wider adoption of 5G technologies (‘5G everywhere’), greater focus on AI and business process automation, and finally, enhanced Regtech capabilities. By: Hanjali Permalloo Chief Officer - Operations Excellence of Rogers Capital Fiduciary[/vc_column_text][/vc_column][/vc_row][vc_row el_class="insight-team-image"][vc_column][/vc_column][/vc_row] ### Why Buy when you can Rent? Companies within all industries need every competitive edge they can get to survive in an ever-evolving market. Most businesses today have many different expenses to contend with but one of the major expense is always with regards to IT equipment. During the pandemic times, businesses worldwide have imposed practices to allow employees to work from home and of course to create a high quality remote working environment, employees need access to the the latest high-tech equipment which incurs significant cost. For this reason, firms are increasingly turning to IT equipment leasing. What is our OPEX solution? Because every second is valuable for businesses, this is how we at Rogers Capital Technology intervene with our OPEX solution so that businesses do not miss out on any opportunities. Our services are designed to solving the complex IT issues faced by companies as a result of which we give our clients a helping hand through the renting of IT assets in bulk and re-pay back within a flexible period of time. Our services range from renting office equipment to servers and for companies looking for a smaller solution we can redirect them to our hire purchase solution. Why our clients opted for our OPEX solution? In many cases, our clients are looking to have access to higher standard of equipment in a much budget-friendly way and with our solution, they can benefit from premium standard technologies while paying only for the rental cost monthly. This also reduces the burden of fixing IT issues at a high price tag as we also offer support as a means to assist our clients whenever they are facing any issues with their equipment. How we do it? We have been providing this solution for more than 10 years now and our clients are key players in the financial, banking, hospitality and logistic sector. Our strong dedicated team of professionals begin by assessing the requirements of our clients then design tailor-made solutions to meet their needs. In addition to this, our team of experts help us deliver a seamless customer service and respond rapidly in the event of an emergency. Our customers are valuable to us as a result of which we strive in delivering an excellent and practical service to them. Overcoming the challenges Challenges in the business are apparent however, we do regular environmental scanning to identify and mitigate risks that may arise. So far, we have been able to overcome certain challenges by taking feedback constructively, replacing old strategies to innovative ones and placing people at the heart of what we do. We live by the mindset of closing the doors on hurdles to be able to capitalise on opportunities for growth. With this type of mindset in place, today our customer portfolio is growing at a tremendous speed. The many advantages of renting your IT equipment through Rogers Capital Technology We have a proven track-record of delivering an exceptional service to our clients We respond promptly to our clients IT issues through our team of experts Provide negotiable and flexible re-payment terms Avoid the hassle of disposing the equipment after use as it can be returned to us at the end of the contractual agreement Tailor-made your package according to what equipment would best suit your business The contract can be continued by replacing the equipment under the expired contract with the latest technology   Talk to our experts on: 5 4592222 / 5 728 9055 Email us on: RCTS.Sales@rogerscapital.mu   Author: Koyal Bissessur Digital Marketer       ### Why Data Encryption matters? There is no better security protocol than data encryption in today’s day and age. Data is increasingly central to our personal lives, economic prosperity, and security. That data must be kept secure. Just as we lock our homes, restrict access to critical infrastructure, and protect our valuable business property in the physical world, we rely on encryption to keep cybercriminals from our data. Used in a plethora of security solutions, data encryption prevents unauthorised users from accessing your precious data. Whether you send data over network wiring or look at it on your disk at home, data encryption ensures that your files stay safe and locked. People around the globe have a varying perspective when it comes to the word “encryption.” Some are turned off by the word because it has long been used to describe hijackers who extort money from innocent bystanders. But, in the 21st Century, there are certainly advantages to data encryption. A Definition of Data Encryption Data encryption translates data into another form, or code, so that only people with access to a secret key (formally called a decryption key) or password can read it. Encryption is a technology that conceals data using complex algorithms. Encrypted data is commonly referred to as ciphertext, while unencrypted data is called plaintext. Currently, encryption is one of the most popular and effective data security methods used by organisations. Two main types of data encryption exist - asymmetric encryption, also known as public-key encryption, and symmetric encryption. When data encryption works for the good of a business, data can be protected and secured. Users who are protecting their data through encryption will receive a cipher key. This is a specialized key to unlock the data, so the material is readable again. Of course, only you and authorized parties should have access to this key, otherwise, it will defeat the purpose of encryption. The Primary Function of Data Encryption While this has already been alluded to, let’s think about the importance of data encryption when it comes to data security.  Among other things, data encryption helps to ensure that data is secure, regardless of whether or not it resides on sanctioned infrastructure. What does this mean?  An aspect of data security can certainly be ensuring the systems that contain the data themselves are secure and unauthorised users do not have access to these systems. No security solution can guarantee that a system is impenetrable and unable to be compromised.  This is where taking the extra step of encrypting data comes into play. Even though proper security control mechanisms are put in place on the actual sanctioned systems housing the data, additionally using data encryption ensures that even if the data leaves these sanctioned systems, it cannot be read. The purpose of data encryption is to protect digital data confidentiality as it is stored on computer systems and transmitted using the internet or other computer networks. The outdated data encryption standard (DES) has been replaced by modern encryption algorithms that play a critical role in the security of IT systems and communications. These algorithms provide confidentiality and drive key security initiatives including authentication, integrity, and non-repudiation. Authentication allows for the verification of a message’s origin, and integrity provides proof that a message’s contents have not changed since it was sent. Additionally, non-repudiation ensures that a message sender cannot deny sending the message. How Does Encryption Work? Data, or plaintext, is encrypted with an encryption algorithm and an encryption key. The process results in ciphertext, which only can be viewed in its original form if it is decrypted with the correct key. There are two types of cryptographic key systems, symmetric and asymmetric. With a symmetric key system (also known as secret key system), all parties have the same key. The keys can be used to encrypt and decrypt messages and must be kept secret or the security is compromised. For the parties to get the same key, there must be a way to securely distribute the keys. While this can be done, the security controls needed can make this system impractical for widespread and commercial use on an open network like the Internet. Asymmetric key systems can solve this problem. In an asymmetric key system (also known as a public/private key system), two keys are used. One key is kept secret, and therefore is referred to as the "private key." The other key is made widely available to anyone that needs it and is referred to as the "public key." The private and public keys are mathematically related so that information encrypted with the public key can only be decrypted by the corresponding private key. There are several factors to consider when choosing the encryption standards to implement and this is where we can help. Rogers Capital Technology is using AES-256 (Advanced Encryption Standard) across its network, which is among the highest level of encryption available to Secure your communication network! Talk to our experts on: 5 4592222 / 5 728 9055 Email us on: RCTS.Sales@rogerscapital.mu   Author: Babusha Beedassy Manager Marketing & Communications   ### National Budget Insights 2022-23 [vc_row][vc_column][vc_column_text css=""]Honourable Dr R. Padayachy, Minister of Finance, Economic Planning and Development delivered the National Budget 2022-23 speech on 7 June 2022 We are pleased to share the Rogers Capital Budget Highlights with you. Click here to read our analysis[/vc_column_text][/vc_column][/vc_row] ### Client Testimonial: Inception of the TDB Captive Insurance Company, facilitated by Rogers Capital Client Testimonial: Inception of the TDB Captive Insurance Company, facilitated by Rogers Capital The Eastern and Southern African Trade & Development Bank (TDB) has launched its Captive Insurance Company in Mauritius, with Rogers Capital as its strategic partner for the facilitation. Mr Kaviraj Nuckchedee, Manager Corporate Administration at Rogers Capital sat down with Dr Goodman Chakanyuka, Group Executive, Credit Risk Management at TDB for a chat on the process and why Mauritius was their preferred jurisdiction.   What is the strategy and vision of The Eastern and Southern African Trade & Development Bank (TDB)? Established in 1985, The Eastern and Southern African Trade & Development Bank (TDB) is a multi-lateral, treaty-based development financial institution, with assets of over US$6 billion. The Bank finances and fosters trade, regional economic integration and sustainable development via trade finance, project & infrastructure finance, asset management and business advisory services. Our Vision is to be a world-class African development finance institution advancing the economic development integration and prosperity in the region, with the strategic goal of being a sound financial institution intermediating global and regional capital into the region.   Why did you opt for Mauritius as TDB’s Captive Insurance jurisdiction? Would you recommend Mauritius to someone who might be on the fence? Captives can be formed in any territory, but a vast majority are formed in domiciles with specific legislation and/or with robust regulatory engagement with the captive industry. Mauritius issued new captive regulations in 2016, with a view to develop the captive business from Africa. Mauritius is a member of the Common Market for Eastern and Southern Africa (COMESA). It is imperative to note that TDB is the banking arm of COMESA. Mauritius is a few hours flight from major African cities like Johannesburg and Nairobi and has regular direct flights as well as excellent infrastructure and ease of doing business. Mauritius has a naturally bilingual population, allowing us to operate effectively across the vast majority of African countries. Mauritius is indeed a jurisdiction to recommend.   How was TDB’s experience with Rogers Capital as their Captive Manager? The TDB Captive commenced its operations in 2021. In keeping with conventional administration of captives, Rogers Capital as TCI Captive Insurance Company’s Captive Manager have satisfactorily fulfilled the secretarial roles ensuring the smooth handling of Board matters and the handling of Board and Board Committee meetings Rogers Capital has the technical and administrative capabilities to deliver on the roles of the Captive Manager, given its team of technical insurance, actuarial, administrative, finance & accounting experts. The quality of service delivered has been up to the mark and to the TDB’s high expectations.   Would you recommend Rogers Capital’s services to your partners and stakeholders and why? Rogers Capital has defined three strategic poles for its activities: Corporate Services, Technology Services et Financial Services. We believe Rogers Capital has a unique value proposition for its clients, as regards the complementarity of the various components that constitute Rogers Capital today. The extensiveness of their offerings combined with depth of capabilities is a key differentiator. We would recommend Rogers Capital’s services to our partners and stakeholders with no reservation.  Equipped with a very agile, technical and solutions-oriented team, Rogers Capital offers products relevant to our market and delivers quality service. It’s a pleasure working with the Rogers Capital Team. ### Embracing Ultra-Fast Internet Connectivity- A leap forward for Businesses Over the past decade, Mauritius has embarked on a technology transformation powered by constant connectivity. Today, most businesses in Mauritius have access to high-speed internet networks that have changed the way we work. But in order to ensure that businesses function effectively, we at Rogers Capital Technology have transitioned from an era defined by megabits to one in which gigabit connectivity is unleashed per second by fully deploying our underground fiber optic network in Port Louis and Ebene. The premise Our client, one of the biggest IT companies situated in Ebene, was on the quest to find the ideal internet provider who could provide not only high-speed internet but also offer a full package that could complement its business activities in international markets. After evaluating many internet service providers, the client came to know about Rogers Capital through its multiple marketing initiatives, which deployed a team of dedicated experts to assist the client. Research was conducted to assess the client's background and specific needs in terms of connectivity with the goal of providing the client with a unique, tailor-made service. The seamless process of Rogers Capital By listening closely to the clients’ pain points, the main conclusion that was derived was that the client was tired of the search of different providers when it came to connectivity and cyber security services. With recent spikes in cyber-crime attacks, many companies both at local and international levels, have made it a key priority to secure themselves against cyber-attacks. The ideal provider to this company would be one which can provide a one-stop shop to address all its needs and this is how we came into play. Since we have a proven track record of delivering customised mission-critical Data & Internet Connectivity solutions for both local and international entities, we have been able to provide a high band width capacity of gigabit per second to the client through our fully managed end-to-end connectivity services, which in turn ensured business continuity with them. Overcoming the challenges Today, we have eleven players, with two main players having the lion's share of the market. During the last five years, we have extensively collaborated with our partners to be perceived as trustworthy and to position ourselves as market leaders. We have approached many industries to provide our service offering, many of which are clients of Rogers Capital Technology today. As we made ourselves more visible in the market, we faced fierce price wars from competitors, which caused us to re-think our strategy. Much work and effort were put in re-designing our value proposition. On top of being an ultra-fast internet provider for businesses, we have been recognised by Microsoft as a company delivering excellent standard services and this is how we became a Microsoft Gold Partner. With this in place, we have been able to provide bundled services to our clients, in their transformative journey and today we supply most of the banking, finance, automobile, and logistics sectors in Mauritius. We are slowly supplying the retail sector, which has started to grow as well. The deployment and integration were effortlessly smooth and flawless. Benefited from unparalleled consultative expertise and  support from Rogers Capital. The client now navigates international markets with instantaneous efficiency. Acquired cutting-edge Microsoft-based IT solutions with Rogers Capital   “We cannot always respond to price wars and copy competition; in a dynamic market, it is fundamental to remain firm and believe in your product and service proposition. With strong strategic thinking and guided by our mission statement, we have been able to navigate and evolve for the better to provide our clients with the  best," says Dev Hurkoo, Managing Director at Rogers Capital Technology.   ### Opt for captive insurance to mitigate your geopolitics vulnerabilities [vc_row][vc_column][vc_column_text]Captives, being a strategic risk management tool, help to support their parent companies to optimise the placement of certain insurance. Standpoint Perhaps you, may find some comfort in knowing that in this moment in time — as unprecedented, challenging and uncertain as it may be, self-insuring risk with a captive is an optimal solution for many organisations. The Coronavirus pandemic has contributed largely to make us become aware of the different weaknesses within an organisation as well as abruptly changed the way we operate, resulting in a major digital transformation operation that we all had to accept, whether we liked it or not, notwithstanding the business interruption some organisations had to face. Add to that the recent Geopolitics crisis that is having a momentous and unfair impact on several countries, if not all, disruptions can happen anytime and anywhere. We are all observing that these disruptions have an impact on a daily basis to almost all sectors around the world and it is urgent that organisations take one step back to reflect and analyse the situation so that they can take two steps forward to wisely protect their businesses & companies. Now this is exactly how Captive insurance has risen to the top throughout a volatile time which has made organisations more cognizant of their risk exposures. The Captive Insurance industry has made the difference as a solution that is valuable and worthy of investment. Self-insuring risks puts organisations in control of their destiny while providing the added benefit of turning into profit, realising cost-savings and streamlining efficiencies. The captive concept, as we know it now, took birth during the Boomers generation. Its popularity keeps growing as its demand soars up. While we are now the Booster dose generation, the Captive era has begun, as we see captives flourishing across the globe, being utilised ever more by those who were not previously involved or even aware of the possibility of having a captive.   Hardening of insurance market Captives have been useful during the pandemic years and will become a much more important tool in the years to come as organisations have learnt from the pandemic and are in fact still learning as other global uncertainties be it geopolitics or an environmental crisis arise. Captives, being a strategic risk management tool, help to support their parent companies to optimise the placement of certain insurance and the recent increase interest for this type of solution is also clearly a reaction to the hardening insurance market with significant premium increases, capacity reductions and coverage restrictions. Even though the hardening insurance situation is to a large extent attributed to the pandemic, it is also due to the fact that the insurance premiums rates were, over the past decades, more on downward trend and the claims costs were more on an upward trend, impacting the profitability of the insurance market. Through a Captive, insureds create their own insurance companies, reducing their reliance on traditional insurance market. This approach can shield companies from market fluctuations and provide a level of independence in creating customised insurance programs to meet their own risk financing needs.   The numbers speak for themselves From a more factual perspective, a considerable increase in captive solutions was noted from 2019 to 2020. Captives with North America parents rose by 7%, and those with Europe-based parents grew 3%. Meanwhile, the number of captives with parents based in Asia Pacific grew by 25% from 2019, while Middle East parents’ captives increased by 20%. Captives are known for providing flexible and customisable insurance solutions and the growth in coverages from a non-traditional risk perspective has experienced an increase of the past years. Cyber risk is one among and is becoming more and more relevant. Other than that, there is Environmental risk, Intellectual property risk, Directors & Officers Liability risk, medical stop-loss amongst others that are emerging as lines of policies under a Captive.   Get Going Captives’ growth over the past years have been substantial, proving their value as a strategic risk management tool for a wide variety of organisations across the globe. With unending market challenges and sprouting coverage needs, organisations should assess whether they are using their existing captives at the optimum level or to embed a Captive in their structure to optimise their risk management, cost reductions as well as preventing erosion of profitability. Captives do remain an effective way to address market uncertainties, new emerging risks as well as known risks.[/vc_column_text][/vc_column][/vc_row][vc_row el_class="insight-team-image"][vc_column][vc_column_text][vcGitTeam git_team="11245"][/vc_column_text][/vc_column][/vc_row] ### Going the extra mile for cybersecurity in the context of a cyber-warfare [vc_row][vc_column][vc_column_text]At a Glance In the wake of the ongoing cyber warfare between Russia and Ukraine, we are witnessing that attacks are also being carried out in the cyberspace as complementary strategy in the destruction of adversary digital assets with large-scale implications. The technologies being used to perpetrate the cyber-attacks are highly sophisticated and of military grade. With more business on the internet, new apps, new software, these bring along more types of threats and risks. In the wake of such events, what is the concern for the rest of the world? The aim of a cyberwar is to knock down key organisations in specific countries by compromising their digital assets. The techniques used by cyber attackers are very evasive and highly technical to the extent that the onslaught of these cyber-attacks are raising concerns for many other countries. Recently Check Point Research (CPR), a leader in cyber security solutions released data showing a surge of 196% in cyber-attacks against a European country’s government and military infrastructure. Microsoft’s Threat Intelligence Centre also picked up traces of offensive and destructive cyber-attacks against this country’s digital infrastructure. How often can we encounter cyber-attacks and how far can the cyber warfare be dangerous? Based on figures produced by threat maps, a staggering of 80 million cyber-attacks are perpetrated on daily basis. These cyber-attacks typically consist of Denial of Service attacks, exploitation of vulnerabilities, phishing or spread of malware. Digital assets are known to be riddled with weaknesses or software defects and hackers actively look for such defects to compromise them. The intent behind these attacks is to cause harm ultimately. In the case of ransomware, a hacker would attempt to trick people from executing a code that will cause key systems or data to be encrypted, following which he will claim a ransom to decrypt the data. In such cases, hackers are motivated financially. The implications to the dangers of a cyber-warfare are consequential This is not a riddle hard to crack. The cyber-warfare only started and new destructive malware such as “HermeticWiper” has already been seen in action. The concern for malware spreading to wreak havoc to other parts of the world is very well founded. Taking the example of WannaCry ransomware, it was estimated to have affected more than 200,000 computers with a global reach of 150 countries worldwide. With lethal cyber weapons being unleashed, the risk of being compromised is real. The key measures to be adopted by companies to defend against any potential attacks It is crucial to for both public and private sectors to take certain preventive measures with the current cyber warfare situation prevailing. 1. First of all, it is necessary to assess the risk exposure of internet facing systems. This should include email security, web applications and network devices. We want to be on the forefront to detect and stop the attack at the very beginning.   2. Secondly, it is vital for an organisation to assess the adequacy and effectiveness of its security defenses. Misconfigurations, lack of adequate policies and insufficient capability render certain defenses inadequate and ineffective in providing the expected cyber defense.   3. A good cyber defense strategy also involves monitoring if an attack is in progress and anticipate actions to mitigate its impact before damage can be done. Appropriate incident handling and contingency plans should also be put in place as part of the organisation’s response and recovery strategies.   4. Exploitation of the human factor is also a reality in certain cyber-attacks such as phishing. Thus the importance to educate users against scams and precautions that need to be taken through continuous awareness.   Understanding the treat and bracing organisations against cyber attacks With the ever evolving cyber threat landscape, organizations globally are looking for ways to mitigate risks of cyber attacks whose impacts are as far reaching as companies closing down permanently or having to bear hefty fines for non-compliance. Rogers Capital Technology through its Cyber Security Advisory arm is positioned to offer a holistic approach for risk mitigation and compliance. Its cyber security experts guide companies all the way from strategy to implementation, strengthening existing capabilities and addressing any crucial gaps in the fast-changing risk environment using innovative approach to security.[/vc_column_text][/vc_column][/vc_row][vc_row el_class="insight-team-image"][vc_column][vcGitTeam git_team="9753"][/vc_column][/vc_row] ### Client Testimonial: Africa Specialty Risks Group’s Professional Reinsurer and Insurance Manager Licence, facilitated by Rogers Capital [vc_row][vc_column][vc_column_text]Africa Specialty Risks Group (ASR), has announced the launch of a fully capitalised and licenced reinsurance entity in Mauritius, designed to meet the needs of the African continent. ASR has received a Professional Reinsurer and Insurance Manager Licence from the Financial Services Commission in Mauritius, facilitated by Rogers Capital Corporate Services. Through these licences, ASR is looking to create a stable African reinsurance company which will be of real benefit to the region. Our Chief Development and Commercial Officer, Kevin Bessoondyal sat down with ASR CEO Mikir Shah, for a chat on the process and why Mauritius was the ideal choice for their activities. 1. What is your vision and strategy for ASR? ASR is an internationally based Africa-focused reinsurer providing comprehensive, bespoke insurance risk mitigating solutions to local and global customers giving them the confidence to grow their business in Africa. ASR currently offers capacity across Property, Construction, Political Risk, Trade Credit, Energy, Liability and PVT (War, Political Violence and Terrorism), with further lines of business being developed. In addition to the operation in Mauritius, ASR has announced plans to establish hubs in other African countries, including Morocco, Kenya, South Africa, Cote d’Ivoire and Nigeria.   2. How is the current Reinsurance landscape in Africa and the role of ASR to further develop same on the continent? Africa presents a huge opportunity in the underserved corporate and specialty market. ASR aims to provide additional African-domiciled capacity enabling investment activity across the Continent. ASR works proactively with local regulators to develop skills and provide training to local underwriters.   3. What is the impact of Covid 19 on the reinsurance business? Do you see it as an opportunity? We have identified a sustained lack of adequate insurance capacity across Africa, which has been exacerbated further by Covid-19 as global reinsurance providers focus on their home markets. ASR has been established to address this gap by providing specialist risk mitigation products which companies and capital providers operating in Africa have found difficult to access to date. A pronounced hard market offers ASR Re opportunities for profitable growth resulting in significant strengthening in pricing post Covid-19 for ASR and its clients.   4. Why did ASR choose Mauritius as the jurisdiction to launch the reinsurance entity? We chose to set up Africa Specialty Risks Reinsurer in Mauritius as we see it as a well-established central hub for financial services and investments in Africa. Mauritius has a naturally bilingual population, allowing us to operate effectively across the vast majority of African countries. It has an educated population, making it an ideal reinsurance hub because there is an abundance of potential skills that can be developed further with training. It already has an established insurer presence expanding into the continent, and we believe that Mauritius has the capability to become the reinsurance hub for Africa.”   5. What were the differentiating elements that made you work with Rogers Capital for the structuring process? Rogers Capital has defined three strategic poles for its activities: Corporate Services, Technology Services et Financial Services. We believe they have a unique value proposition for its clients, as regards the complementarity of the various components that constitute Rogers Capital today. The extensiveness of their offerings combined with depth of capabilities is a key differentiator especially when it comes to substance.[/vc_column_text][/vc_column][/vc_row][vc_row el_class="insight-team-image"][vc_column][/vc_column][/vc_row] ### Introducing Tax Africa Network 360: Charting the Fiscal Frontiers across the Continent Rogers Capital is proud to announce the inception of the Tax Africa Network (TAN), the Premier Africa Tax Network. The essence of TAN lies at the heart of Africa and will engage in building a network of reliable members from different African countries having a specific mandate - providing personalised solutions to businesses all around the globe. “This growing African network intends to play a pivotal role in cross-jurisdictional and expert tax advisory and compliance services across the continent. Africa is best served by Africans! Godspeed to TAN!” states Kabir Ruhee, Chief Executive Officer of Rogers Capital. Click here to view the full press release   ### Gearing up against cyberwarfare [vc_row][vc_column][vc_column_text]Learn how you can fortify your defences with our cybersecurity solutions. At a Glance Cyber-attacks are increasing at a tremendous speed and are taking the centre stage for many organisations across the globe. With the new hybrid model of working in place, cyber risks are bound to evolve and organisations are constantly finding ways to mitigate cyber threats. The good news is that with a clear set of guidelines and practices in place, businesses can significantly reduce the cyber-attacks whose impacts are beyond than just financial losses.   The Premise With the upsurge of sophisticated cyber-attacks in Mauritius, one of our client operating in the health insurance and fund administration sector, was concerned with visibility on their effectiveness to protect their information assets and their ability to respond to disruptive events. The company was an existing client of Rogers Capital and with our solid foundation of client relationship, the company turned to Rogers Capital Technology when it came to cyber security advisory. After an in-depth evaluation of the client’s need, our Cyber Security Advisory experts responded to the client’s concern by proposing a Cyber Security Audit to assess the effectiveness of their key defence controls including their Governance framework, policies, perimeter security, core security and capability to detect and respond to cyber-attacks. The team also assisted the client in enforcing adequate policies in view of operating a robust Business Continuity Plan to face potential disruptive events. This involved a thorough understanding of the core activities and conducting a Business Impact Analysis exercise.   Guiding our client through the challenges Cyber-attacks are almost invisible to the human eye except for some experts who have the means and tools to detect them. However, for the common user of information systems, laptops and business applications, it will be difficult for them to imagine the impact that such attacks can have. The main challenge for the client was to raise user awareness to ensure prompt and adequate responses. Each and every user of our client had different understandings about the risks and impacts of cybersecurity events and actions that were required to counter such events. Awareness and training were fundamental in aligning everybody to the same level of understanding. A series of professional training was conducted to users including Head of Departments and managers. Team leaders were also trained through our “Train-the-trainer programme” on how to systematically train their users so as to keep them updated on their roles, responsibilities and risks of disruptive events. Since our Cyber Security Advisory Services are positioned to offer a holistic approach for risk mitigation and compliance, the client benefitted from an overall cybersecurity strategy that would take into considerations any future implementations while strengthening existing capabilities and addressing any crucial gaps in the fast-changing risk environment.   Key benefits to the client: The higher management obtained visibility on the risk posture, security maturity level and maturity of technical controls of the organisation A roadmap to improving their cybersecurity was provided with clear priorities Technical risks were evaluated and clear recommendations were made to improve the organisation’s cyber security level. Improved trust and awareness for the employees on how to deal with disruptive events. Assurance for the board and company stakeholders regarding the organisation’s capability to sustain disruptive events and respond effectively.   Understanding the threat and the fines associated with a major breach The sophistications of cyber-attacks are continuously increasing. Phishing emails and Ransomware are top attacks dominating the stage, as they are sophisticated methods designed by cyber criminals to extort money and leak confidential information. The two major legislations which impose fines on data breach are the GDPR (General Data Protection Regulation) and Mauritius DPA 2017 (Data Protection Act 2017). Under the GDPR, the EU's data protection authorities can impose fines of up to up to €20 million (roughly or 4 percent of worldwide turnover for the preceding financial year—whichever is higher. Under the DPA 2017 of Mauritius, penalties include a fine not exceeding MUR100,000 and imprisonment for a term not exceeding five years. "The team's knowledge with regards to the subject and their guidance helped us in multiple ways. The security audit was done with much professionalism from Rogers Capital Technology and today each and every member of our team is aware about the consequences of a cyber-attack" - says the client.[/vc_column_text][/vc_column][/vc_row][vc_row el_class="insight-team-image"][vc_column][vc_column_text][vcGitTeam git_team="9753"][/vc_column_text][/vc_column][/vc_row] ### Mauritius Officially Out of the EU Blacklist [vc_row][vc_column][vc_column_text] On the 7th of January 2022, the European Commission removed Mauritius from its list of high-risk third countries by acknowledging that it no longer presents strategic deficiencies on the basis of the criteria laid down in Directive (EU) 2015/849. The FATF had earlier this year welcomed the significant progress made by Mauritius in improving its AML/CFT regime and had noted that Mauritius had established the legal and regulatory framework to meet the commitments in its action plans regarding the strategic deficiencies that the FATF had identified. Click here to read the full communiqué released by the Ministry of Finance, Economic Planning and Development below. [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][/vc_column][/vc_row] ### Inflation and its discontents [vc_row][vc_column][vc_column_text]It is here… And as Chicago School economist Milton Friedman used to qualify it: “Inflation is taxation without legislation”. The US Bureau of Labor Statistics in its release of November 2021 highlighted that CPI increased in the US by 90 bps in October, culminating to a 30 year-high increase of 6.2% over the past 12 months while core inflation increased by 4.6% over the same period. In his August intervention at the annual Jackson Hole symposium, Federal Reserve Chairman Jerome Powell elaborated on the five reasons as to why he believed that escalating price pressures were only “transitory” albeit and at the same time, conceding that inflation was “elevated”. A few weeks later however, when at least two of his five-dimensional test got seriously challenged, the Fed Chair skilfully argued that: “Transitory is a word that people have had different understandings of. For the Fed, it’s not so much a measurement of time — but rather a question of whether the current trend of rising prices will lead to permanently or persistently high inflation”. Nothing to fear but fear itself ? Markets have become wary of the likelihood of the Fed increasing interest rates when CPI is faring at a level that is already more than twice its target. And recall Paul Volcker’s heavy-handed approach in the late 1970s to curb a persistent, structural and spiralling inflation – a traumatic yet much needed lesson in monetary policy (and sound institutional governance) and a threat that is still being invoked when markets become too buoyant or bubbly or when economies overheat. The tight-rope equilibrium between employment and inflation is one that keeps the Central Bank and the Treasury on their toes, occasionally and understandably generating some dissent between the latter and the former. The 2021-22 inflation variant should nonetheless not be assessed through “une réaction d’infirmière” but rather in the context of an exceptional item, a notion that is familiar to accountants and finance specialists. This variant is both demand-pull and cost-push driven. Amidst the COVID-19 pandemic and its ensuing adverse economic impacts, Governments and Central Banks have had no other alternative than to apply unconventional monetary and fiscal policy tools to boost aggregate demand in a recessionary environment. An unprecedented and staggering USD20trillion worth of economic stimuli, equivalent to 22% of 2019 global output have been mobilised to that effect. Inflationary side-effects were to be foreseen and are only a natural consequence when considering the magnitude of such monetary and fiscal expansion programmes;   The pandemic has brought about a supply chain crisis. This has led to a shortage of goods, cars, electronic chips and other consumables as well as congested ports, logistics and warehousing facilities, notwithstanding chronic workforce shortages. As medical progress gradually overcomes the contamination thrust of the coronavirus, one should expect, ceteris paribus, a normalisation in the conditions that are at the genesis of such inflationary spikes at ’some point in time’;   The prevailing inflationary pressures originate from a low output base i.e. a severely contracted economy in 2020 whereby demand shrank to historical lows – comparatives should therefore be contemplated with sagacity;   Lower volatility in traditionally high-inflation basket items as well as relatively low wage pressures in the US combined with a marked and continued decline in unemployment levels are rather encouraging signs that stagflation, presumably the worst of all illnesses, is an increasingly remote threat;   While most of the above should broadly apply to mature economies, soft-currency economies especially those that have a track record of high trade deficits should tread even more cautiously as their misery index is likely to deteriorate before it improves. With yet another COVID-19 contamination wave becoming increasingly plausible, the speed at which C (consumption) + I (investments) + nX (net exports) is expected to reach pre-COVID levels remains desperately uncertain. In the meantime, Governments and Central Banks ought to refer to Blanchflower’s The Happiness Trade-Off between Unemployment and Inflation whereby the NBER Research Associate demonstrated, through empirical evidence, that a one percentage point increase in unemployment rate lowered well-being by more than five times as much as a one percentage point increase in inflation rate. Kabir Ruhee Chief Executive Officer 25 Nov 2021[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vcGitTeam git_team="5601"][/vc_column][/vc_row] ### Mauritius gets green light from FATF, UK on effectiveness in combating money laundering. [vc_row][vc_column][vc_column_text]In a most heartening sign for the Mauritius International Financial Centre (IFC), the Financial Action Task Force (FATF) announced on October 21, 2021 that Mauritius had been removed from its list of jurisdictions under increased monitoring. This sends out a strong signal to the international investor community in terms of the effectiveness of Mauritius’ efforts on the crucial battle fronts of anti-money laundering (AML) and combating the financing of terrorism (CFT). The favourable decision by the FATF can be expected to boost the competitiveness of the financial sector and to increase investments in the country. Indeed, the FATF decision is already bearing fruit with the UK having re-evaluated Mauritius’ status on its own list of high-risk countries for due diligence requirements, which has led to a delisting, and should soon pave the way to the highly anticipated removal of Mauritius from the EU blacklist (list of high risk third countries). What were the events that led up to last month? It was in February 2020 that the FATF’s decision to include Mauritius on its list of jurisdictions under increased monitoring shook the Mauritius IFC, almost as much as the first wave of COVID-19 soon thereafter in March 2020 shook the entire economy. Despite the twin setbacks following on each other’s heels, the government worked tirelessly with regulatory authorities and industry stakeholders to implement a series of institutional amendments to enhance the country’s AML-CFT framework and to meet international requirements. This led, at its June 2021 Plenary Session, to the FATF endorsing the substantial and expeditious progress made by Mauritius to consolidate the jurisdiction’s AML/CFT regime, a situation which warranted an on-site inspection to validate the progress made by Mauritius. The much-anticipated on-site visit was conducted from 13 to 15 September 2021 – and sent a wave of hope through the island economy following FATF’s favourable observations. Subsequently, on 15 October, the FATF's International Co-operation Review Group recommended that Mauritius should exit the FATF list, and it was altogether a huge vindication of the government’s efforts when the decision was ratified and announced at the end of the FATF hybrid plenary session held from 19-21 October. Mauritius’ reforms heralded on the international stage Speaking at the FATF press conference on 21 October, Dr Marcus Pleyer, President of the FATF, congratulated Mauritius for being removed from the grey list. He noted that Mauritius had given a high-level commitment to implement reforms that had improved the country’s AML and CFT system, and had now been removed from the list after completing its action plan and a successful onsite visit. In terms of the progress made by Mauritius, Dr Pleyer mentioned that Mauritius has enhanced the capacities of investigative authorities to detect cases in medium and high-risk sectors and significantly increased domestic and international corporations. He said: “They have taken appropriate efforts to investigate and prosecute money laundering, including through parallel financial investigations in line with its risk profiles and they developed and boosted capacity of the AML supervision of the global business sector and adequately supporting the supervision of the non-financial sector. So, these are just some of the reforms that Mauritius has implemented, and this achievement only happened due to the hard work and determination of the officials who recognised that changes needed to be made.” At the level of the island economy, the Mauritius Bankers Association has compiled a table that demonstrates Mauritius’ laudable progress on the 40 FATF recommendations over the period from July 2018, when the Mutual Evaluation Report (MER) for Mauritius (4th round MER) was published, till the latest round of evaluations in September 2021. Hearteningly, it underlines that only 1 recommendation remains in the ‘partly compliant’ category, with all others going to show that Mauritius is either largely (13/40) or fully compliant (26/40). Mauritius IFC looks ahead to a brighter future in Africa, and beyond Welcoming the FATF decision, Roshan Nathoo, Managing Director of Rogers Capital Corporate Services Ltd, noted, “It was an honour for me to interact with FATF authorities during their on-site visit and inspection in September 2021. It is an even greater honour to find that the visit has culminated in the removal of Mauritius from the FATF list. This long-anticipated development will lead to an increase in investments in the country and allow us to meet the challenges head on that our economy has faced since early last year when Mauritius was first included on the list.” In what is already a positive development for the island and augurs extremely well for a favourable outcome on the EU side, following the delisting of Mauritius by the FATF, the United Kingdom (UK) has in the first week of November removed Mauritius as a high-risk country for the purposes of enhanced customer due diligence requirements. Roshan Nathoo adds, “This milestone has been achieved through amendments made to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulation 2017. It signifies yet another laurel for Mauritius in the fight against money laundering, even as it renews confidence from international parties with the country well on track to regain its status as a compliant domicile for international trade and investment.” In terms of the way forward, the recent Capital Economics report has definitively proved that Mauritius has a vital role to play as a hub for investments into Africa. The report underlines that the island economy supports 4.2 million jobs on the continent, crucial in a COVID-19 context. We can now look forward to reinforcing the position of the Mauritius IFC as a jurisdiction of substance and repute in Africa and internationally.   [/vc_column_text][/vc_column][/vc_row] ### The Changing Dynamic of Trusts [vc_row][vc_column][vc_column_text] THE HISTORY OF TRUSTS The concept of the trust has been around longer than most people realize. As the story goes, the very first trust dates back to the days of the Roman Empire –about 800 A.D. In that society, only citizens of Rome could own property. When faced with deployment, soldiers would transfer ownership of their property to a trusted friend to make sure their families were cared for. During the Roman occupation of the British Isles, the trust became a familiar tool to protect lands from rogue governors and lords. The concept of the trust since then has been introduced in various jurisdictions and has evolved enormously. Trusts were once regarded only as a tool available to the ultra-wealthy. While this was true for many decades, there has been a proliferation of use of these flexible and powerful planning tools. People have discovered that trusts can be useful for almost any socioeconomic class. [/vc_column_text][vc_column_text]WHAT ARE TRUSTS IN MAURITIUS[/vc_column_text][vc_single_image image="10919" img_size="full"][vc_column_text] A trust generally involves three parties (Fig 1); the settlor or grantor (the original owner of the assets) sets up the trusts and commits to formally gifting certain assets into the trust. The trustees assume the job of managing and overseeing the trust assets, they do this for the benefit of the current and often future beneficiaries. The trustees have a fiduciary relationship with the beneficiaries, meaning they are obliged to put the beneficiaries’ interests above their own. They are also the legal owners of the assets in the trust. Trusts allow for flexibility and control over where, when and under what conditions someone’s assets are used to provide a benefit to someone else. A case study is being provided to demonstrate use of Trust in Mauritius and how it is beneficial for asset protection/family succession. A case study is being provided to demonstrate use of Trust in Mauritius and how it is beneficial for asset protection/family succession.[/vc_column_text][vc_column_text]CASE STUDY - USE OF A TRUST STRUCTURE BACKGROUND A South African resident (Mr. Z) intends to expand his current SA trading business to other international markets. He sources the products from various locations in Asia and will trade in promising markets such as Ghana, Cote D’Ivoire and some other sub Sahara countries. He is concerned about undertaking the international trading activities from a South African base given the constraints of exchange control, availability of finance and taxation.[/vc_column_text][vc_single_image image="10922" img_size="full"][vc_column_text] POSSIBLE OPTION It may be possible for the South African resident to settle a Trust in Mauritius of which himself and members of his family are the beneficiaries. The Trust can be set up with minimum Capital. In case there is a requirement for working capital, this amount could be loaned by the South African resident to the Trust with interest at the relevant LIBOR rate plus 1%. The Trust can then set up a trading Company in Mauritius as a GBL Company. The trading Company will have an independent Board (which can include the South African resident) which will make the decisions on behalf of the Company. The operations of the GBL company will be managed independently in Mauritius. All the paperwork regarding the trading activities will be done in Mauritius. [/vc_column_text][vc_column_text]CASE STUDY 2 – USE OF A TRUST STRUCTURE WHAT HAS BEEN ACHIEVED Both the Trust and the Company are now operating in an Exchange Control Free environment where the tax liability to the structure remains competitive. The South African resident and his family members will benefit as discretionary beneficiaries of the Trust. Since the GBL company will be engaged in international trading activity, without the goods being landed in Mauritius, it will be subject to tax in Mauritius at the rate of 3% of its net trading income. The Trust will be considered as a non-resident trust as long as its Settlor is not resident in Mauritius at the time the instrument creating the Trust is executed or at such time as the Settlor adds new property to the Trust and /or its beneficiaries are not resident in Mauritius. The a non-resident trust, it will be liable to tax only on its chargeable income attributable to its Mauritian source income at the rate of 15% but, may claim partial exemption of 80% on specific income e.g. foreign dividend and interest income, subject to satisfying the conditions prescribed relating to substance of its activities. The Trust will need to submit an annual return of income to the Mauritius Revenue Authority and declare its country of tax residence in the return. In South Africa, the GBL Company will not be classified as a controlled foreign company if the Trust is fully discretionary and irrevocable and provided that the shares in the GBL* company is not vested in South African residents. The income of the GBL company will, accordingly, not be subject to income tax in South Africa, provided that such income is not derived from a South African-source. The dividends declared by the GBL company will not be subject to South African income tax in the hands of the Trust. If the dividends are vested in a South African resident beneficiary during the same year of assessment as in which it was received by or accrued to the Trust, then such dividends will be subject to South African income tax in the South African resident beneficiary’s hands at an effective rate of 20%. However, if the dividends are only vested in the South African resident beneficiary during the following year of assessment, then the beneficiary will receive such dividends free of any South African income tax. The Trust can potentially mitigate the imposition of South African estate duty on shares in the GBL* Company. Disclaimer: The above is for information purposes only. It is not a substitute for formal advice, and we strictly recommend that you engage the services of a registered South African Tax Practitioner for advice. [/vc_column_text][vc_column_text]BENEFITS OF USING A TRUST IN MAURITIUS Stable and well regulated jurisdiction. Trusts Act 2001 follows UK and other Commonwealth countrieslegislations All Trusts in Mauritius require a qualified Trustee which is duly regulated, hence ensuring a good management of the Trusts Confidentiality – a Trustee is required under the Act to keep confidential all information pertaining the Trust except in legal matters involving money laundering, terrorism financing, corruption etc Trusts provide the benefits of asset protection and family succession Trusts established in other jurisdiction may migrate to Mauritius simply by allowing the Trust to be governed under Mauritius laws and by appointing a qualified Trustee in Mauritius No forced heirship rules A Trust may appoint protectors if wish so Trust property may include any type of asset, including cash, securities, real estate, or life insurance policies. Trusts may be used for charitable and non-charitable purpose [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vcTeamProfile teamprofile="10075"][/vc_column][/vc_row] ### The FATF Whitelists Mauritius! [vc_row][vc_column][vc_column_text] The FATF has taken the decision, at its Plenary session held this week, to remove Mauritius from the list of “Jurisdictions Under Increased Monitoring”, commonly referred to as the Grey List. The FATF has recognised Mauritius’s efforts over the past 18 months as well as its continued commitment to strengthening the effectiveness of its anti-money laundering and combating terrorism financing (‘AML/CFT’’) framework. It can be recalled that Mauritius was placed in the FATF’s grey list back in February 2020 as a result of strategic deficiencies with regards to its AML/CFT framework. In the same year, Mauritius made an unflinching commitment to work closely with the FATF and the Eastern & Southern Africa Anti-Money Laundering Group to review and strengthen the effectiveness of its regulatory and legal regime. Since then, the government also collaborated relentlessly with key stakeholders of the private sector to address the various deficiencies. Having had its fair share of challenges, Mauritius rose through its darkest time and is now poised to further develop its different thriving sectors. Read the full communiqué issued by the Ministry of Financial Services and Good Governance.   [/vc_column_text][/vc_column][/vc_row] ### The Future of Financial Services In Mauritius Lies In The Adoption of HCI 2.0 Technology [vc_row][vc_column][vc_column_text]The future of financial services in Mauritius lies in the adoption of HCI 2.0 technology 21 October 2021 Over the years, Mauritius has positioned itself as an International Financial Centre (‘IFC’) and the preferred hub for investment into Africa, due to its enabling business environment (1st in Africa and 13th in the World as per World Bank’s Ease of Doing Business Report 2020), its reliable hybrid regulatory framework, its network of Investment Promotion and Protection Agreements (‘IPPAs’) and Double-Taxation Avoidance Agreements (‘DTAAs’), among others. The Mauritius IFC is home to one of the oldest commercial banks in the Southern Hemisphere and has a sophisticated banking system, with more than 20 banks operating on the island. The Mauritius Stock Exchange (‘SEM’) operates two markets, namely the Official Market and the Development and Enterprise Market, two platforms that are being used by both local and international companies. The various options available in Mauritius for structuring global businesses have also been of paramount importance in developing a vibrant Financial Services sector in Mauritius. Financial and insurance activities contributed to around 12% of the country’s Gross Domestic Product in 2020 and are expected to maintain around the same level of contribution this year, according to the Financial Services Commission. Data is the very lifeblood of the financial services sector and organisations in this segment tend to have massive amount of data on their customers in order to gain key insights to innovate and to better serve their customers. Having the right infrastructure becomes critical, with the need to ensure high efficiency and scalability in terms of data storage and high performance for superfast data analytics and insights.  It is also of paramount importance and of upmost priority, on every CIO’s agenda, to protect its critical asset and to ensure that it is always available. Catalyst enabling accelerated digitalisation The Covid-19 pandemic is proving to be a tremendous catalyst for the country’s financial services sector, accelerating the digitalisation journeys that had already been trending, well before the start of the health crisis. The New Normal has given rise to a drastic increase in online transactions and remote working causing not only an extension of the cloud to the edge but has also led to a significant transformation of the digital workplace. These key drivers, together with ever-increasing data storage requirements with accelerated digitalisation, are forcing the overall IT infrastructure to evolve. Hence, organisations in the financial services are turning to the next generation of hyperconverged infrastructure (HCI 2.0) to bridge the gap and future-proof their IT environments. HCI 2.0 combines the best of hyperconverged infrastructure and converged architectures, allowing for independent scaling of compute and storage nodes. The flexibility and ease of management of HCI 2.0 allows organisations not only to be more agile but to also gain in cost efficiency and performance. They can now easily cater for the rapid increase in data storage capacity, which prior to HCI 2.0 required rather expensive solutions. Business Continuity Data mobility is key to enabling business continuity. Of critical importance for financial services organisations is the need to ensure seamless data mobility with simple, efficient replication from on-premise infrastructure to a disaster recovery site or between hybrid /cross private cloud platforms. This means that while an organisation has all its data housed in its primary data centre, it must also be able to have its systems up and running at a secondary site in the event of a disruption, and its critical data must be instantly available at the secondary site. At the same time, it must also ensure that adequate security and risk mitigation measures are in place to be compliant with legal and regulatory requirements.   For these organisations, HCI 2.0 powered storage provides built-in backup technology, enabling data backup to be done securely and enabling superfast data restore in the disaster recovery location. This enables enterprises to recover fast and within minutes in case of ransomware attacks for instance. Furthermore, HCI 2.0 technology allows a business to greatly optimise its bandwidth usage between the production data centre and the disaster recovery data centre, leading to significant reduction in recurrent connectivity costs. The future of banking and financial services is online, so it is imperative that industry leaders move business-critical systems and applications to flexible, intelligent, and agile environments. HCI 2.0 technology is well positioned to help CIOs modernise their IT infrastructure.  It is a technology that will provide CIOs with efficient, scalable systems capable of providing non-stop availability, higher performance, and security, while also keeping overall IT costs much lower than previous hyperconverged systems. Go for HCI 2.0 at the earliest and future-proof your IT environments.      [/vc_column_text][/vc_column][/vc_row][vc_row el_class="insight-team-image"][vc_column][vcGitTeam git_team="2252"][/vc_column][/vc_row] ### The Future of Financial Services In Mauritius Lies In The Adoption of HCI 2.0 Technology [vc_row][vc_column][vc_column_text]The future of financial services in Mauritius lies in the adoption of HCI 2.0 technology 21 October 2021 Over the years, Mauritius has positioned itself as an International Financial Centre (‘IFC’) and the preferred hub for investment into Africa, due to its enabling business environment (1st in Africa and 13th in the World as per World Bank’s Ease of Doing Business Report 2020), its reliable hybrid regulatory framework, its network of Investment Promotion and Protection Agreements (‘IPPAs’) and Double-Taxation Avoidance Agreements (‘DTAAs’), among others. The Mauritius IFC is home to one of the oldest commercial banks in the Southern Hemisphere and has a sophisticated banking system, with more than 20 banks operating on the island. The Mauritius Stock Exchange (‘SEM’) operates two markets, namely the Official Market and the Development and Enterprise Market, two platforms that are being used by both local and international companies. The various options available in Mauritius for structuring global businesses have also been of paramount importance in developing a vibrant Financial Services sector in Mauritius. Financial and insurance activities contributed to around 12% of the country’s Gross Domestic Product in 2020 and are expected to maintain around the same level of contribution this year, according to the Financial Services Commission. Data is the very lifeblood of the financial services sector and organisations in this segment tend to have massive amount of data on their customers in order to gain key insights to innovate and to better serve their customers. Having the right infrastructure becomes critical, with the need to ensure high efficiency and scalability in terms of data storage and high performance for superfast data analytics and insights.  It is also of paramount importance and of upmost priority, on every CIO’s agenda, to protect its critical asset and to ensure that it is always available. Catalyst enabling accelerated digitalisation The Covid-19 pandemic is proving to be a tremendous catalyst for the country’s financial services sector, accelerating the digitalisation journeys that had already been trending, well before the start of the health crisis. The New Normal has given rise to a drastic increase in online transactions and remote working causing not only an extension of the cloud to the edge but has also led to a significant transformation of the digital workplace. These key drivers, together with ever-increasing data storage requirements with accelerated digitalisation, are forcing the overall IT infrastructure to evolve. Hence, organisations in the financial services are turning to the next generation of hyperconverged infrastructure (HCI 2.0) to bridge the gap and future-proof their IT environments. HCI 2.0 combines the best of hyperconverged infrastructure and converged architectures, allowing for independent scaling of compute and storage nodes. The flexibility and ease of management of HCI 2.0 allows organisations not only to be more agile but to also gain in cost efficiency and performance. They can now easily cater for the rapid increase in data storage capacity, which prior to HCI 2.0 required rather expensive solutions. Business Continuity Data mobility is key to enabling business continuity. Of critical importance for financial services organisations is the need to ensure seamless data mobility with simple, efficient replication from on-premise infrastructure to a disaster recovery site or between hybrid /cross private cloud platforms. This means that while an organisation has all its data housed in its primary data centre, it must also be able to have its systems up and running at a secondary site in the event of a disruption, and its critical data must be instantly available at the secondary site. At the same time, it must also ensure that adequate security and risk mitigation measures are in place to be compliant with legal and regulatory requirements.   For these organisations, HCI 2.0 powered storage provides built-in backup technology, enabling data backup to be done securely and enabling superfast data restore in the disaster recovery location. This enables enterprises to recover fast and within minutes in case of ransomware attacks for instance. Furthermore, HCI 2.0 technology allows a business to greatly optimise its bandwidth usage between the production data centre and the disaster recovery data centre, leading to significant reduction in recurrent connectivity costs. The future of banking and financial services is online, so it is imperative that industry leaders move business-critical systems and applications to flexible, intelligent, and agile environments. HCI 2.0 technology is well positioned to help CIOs modernise their IT infrastructure.  It is a technology that will provide CIOs with efficient, scalable systems capable of providing non-stop availability, higher performance, and security, while also keeping overall IT costs much lower than previous hyperconverged systems. Go for HCI 2.0 at the earliest and future-proof your IT environments.      [/vc_column_text][/vc_column][/vc_row][vc_row el_class="insight-team-image"][vc_column][vcGitTeam git_team="2252"][/vc_column][/vc_row] ### Harnessing HCI 2.0 Enables Businesses To Recover Through Innovation [vc_row][vc_column][vc_column_text]Harnessing HCI 2.0 enables businesses to recover through innovation 18 October 2021 The global ban on travel, instituted by countries across the world last year in response to the outbreak of Covid-19, has had a particularly devastating impact on Mauritius, whose entire economy is largely underpinned by tourism. We saw an overall acceleration of digital transformation for many Mauritian companies amid the initial phase of the pandemic, with many being forced to rapidly adopt Work From Home (WFH) strategies to continue operating. Most organisations were unprepared for this and the pandemic situation has ushered in a whole new level of awareness for enterprises around the importance of digitally transforming their respective operations. At the same time, IT budgets were reduced drastically given the prevailing uncertainties, with many IT projects put on hold while others were cancelled as companies struggled to maintain top-line growth. To ensure adequate cashflow, local companies are increasingly looking at adopting operating expenditure (OPEX) models rather than continuing with traditional capital expenditure (CAPEX) strategies. The growing interest in subscription-based solutions has placed cloud adoption high on the agenda of many companies in Mauritius. Predict IT spend Given the current economic situation, enterprises need to keep expenses at their lowest and be able to predict their IT spend, so cloud adoption is a highly strategic move. This enables businesses to save on property rental costs, reduce electricity spend and – most importantly – enable IT teams to focus on more value-generating tasks within the organisation. With the reopening of borders, business activities are now getting a much-needed boost. Organisations need to accelerate their IT Infrastructure refresh plans to be able to compete and to maximise on the new opportunities being created. Ideally, Mauritian organisations need to look to a fully-fledged Managed Services Provider (MSP) that can deliver end-to-end services ranging from IT to managed data connectivity and security solutions. The right partner will deliver an entire hybrid cloud-based IT ecosystem that is locally hosted and offered as an OPEX model that is quoted in local currency. Due to compliance requirements and legal constraints, as well as the costs and risks associated with public cloud providers, local partners have positioned themselves to give customers a cloud experience where they can host their workloads in a cloud environment, but within the limitations of these constraints. Cost savings and flexibility Businesses looking to achieve significant cost savings and gain ultimate flexibility would benefit from a hosted data centre environment powered by disaggregated Hyperconverged Infrastructure (dHCI). dHCI or HCI 2.0 is an intelligent platform that disaggregates compute and storage and integrates hyperconverged control for simple management on a flexible architecture. An HCI 2.0 platform enables organisations to scale very fast in response to rapid data growth – in a very flexible and affordable manner. There is no need to invest into a complete HCI node, as the storage and compute nodes are able to scale independently. HCI 2.0 technology is the perfect solution to achieve a hybrid cloud environment allowing seamless data mobility between the private and public cloud. Another major benefit that companies derive from partnering with a local cloud service provider is the level of local support they can expect. When considering a cloud solution, support is a critical consideration for enterprises, given the fact that they are storing their sensitive data with the solution provider and thus need assurance that this data is accessible as per set Service Level Agreements (SLAs). With borders now opened, companies need to move fast to restart IT projects while also achieving cost efficiency. It is key that organisations team up with a solutions provider that can deliver innovative, cost-effective and multi-industry technology solutions that respond to companies’ ever evolving business requirements.          [/vc_column_text][/vc_column][/vc_row][vc_row el_class="insight-team-image"][vc_column][vcGitTeam git_team="2252"][/vc_column][/vc_row] ### The Future of Investment And Wealth Management After The Global Economic Turbulence [vc_row][vc_column][vc_column_text]With more and more HNWIs turning to wealth and investment managers – even as a digital approach to wealth and investment management sees it transform into an increasingly borderless process – it is clear that the new normal is opening up a fresh avenue of possibilities for wealth management hubs such as Mauritius The seminal Wealth-X World Ultra Wealth report 2021 notes that, despite the disruption caused by the pandemic, the volatile capital markets, and the deepest contraction in world economic output for a generation, the global population of Ultra High Net Worth Individuals (UHNWIs) grew 1.7% in 2020 to a total of 295,450. In addition, the net worth of the entire UHNWI population increased by 2% in 2020, taking the consolidated amount to $35.5 trillion. Meanwhile, with US$68 trillion in assets set to transfer to younger generations over the next 30 years, an Economist Intelligence Unit survey notes that younger UHNWIs are substantially more enthusiastic about foreign investing. The US is a particularly high-profile example of a country where a long-standing preference for investments in local markets appears set to be transformed. Given that the Wealth-X Report 2021 states that the US is the country with the most UHNWIs, such a borderless approach is definitely indicative of new avenues for private wealth jurisdictions. In particular, this exciting trend opens up fresh opportunities for wealth management hubs such as Mauritius, which are already attractive to global investors from a financial reputation and political stability standpoint. How Mauritius is positioned to capture the wealth market Significantly, the Blueprint for the Financial Services Sector commissioned by the Ministry of Financial Services and the Financial Services Commission (FSC), and published by global consulting firm McKinsey in June 2018, had emphasised Mauritius’ potential as a private wealth structuring jurisdiction. More recently, a report issued by Capital Economics for the Economic Development Board of Mauritius in August 2021 highlights how the island economy serves to mediate investment from private individuals. For investment into Africa, this accounts for almost one-fifth of the foreign investment activity, while it represents a lower share of investment activity outside of Africa. This likely reflects the increased risk in doing business in parts of Africa, which can be duly mitigated by the use of Mauritius as a secure, well-regulated, and cost-efficient jurisdiction that offers security to individuals from countries where their wealth is not necessarily safe. Such security is critical to encouraging growth in developing countries, as entrepreneurs want the assurance that the wealth they create will be their own. Harking back to the Blueprint, it crucially noted that offshore private banking and wealth management is the IFC's third-largest sector, with a banking revenue pool of USD94 million, Assets Under Management (AuM) of USD8.2 billion, and approximately 300 full-time employees. Within this, offshore private banking and wealth management for Africans was identified as a major opportunity, offering potential growth of 7-8% per annum to create a USD20 billion revenue pool by 2030. How the global landscape of wealth management is shaping up Looking beyond the shores of the island, it is clear that the wealth and investment management industry is entering unchartered territory. Indeed, the global economy as a whole has entered a period of significant uncertainty, with Covid-19 presenting a dramatically changed reality and placing investment management firms under pressure to deliver returns in a muted economic environment. Soberingly, a report by Morgan Stanley Research and Oliver Wyman sees global HNW wealth lose more than a year of growth versus pre-Covid-19 forecasts before rebounding to growth in 2021. The volatility of the markets in the past year is seen as a sound reason for HNWIs to pass their portfolio management to experts and improve their risk management via diversification. Complementing this study, Accenture’s recent survey of C-level executives in wealth management affirmed their desire to focus on responsible leadership and strategy, differentiated client experience, intelligent operations and technology, and empower talent and change, by 2025 – all with a view to drive outperformance over the next five years. The report also forces us to confront the deeper question of how wealth managers can grow their businesses sustainably in these testing times. A borderless and digital wealth management world Going forward, industry observers note that while 2020 proved the industry’s resilience and its evolving role in societal and environmental trends, 2021 is expected to see greater innovation that is delivered at scale through new enabling technologies. In this context, an insightful thought leadership on Forbes by Forrester examines how innovative wealth-tech firms are using digital technologies to drive better digital experiences for customers and render financial advice more efficiently. With digital transformation accelerated by Covid-19, such technologies include digital onboarding that allows customers to open and fund a new account in less than five minutes and digital servicing that allows customers to connect short-term financial wellness with longer-term financial goals. Certain changes go far beyond the pandemic though, with environmental crises such as wildfires in the western United States and global social unrest highlighting the importance of sustainability like never before. No wonder then that the environmental, social, and governance (ESG) theme is increasingly coming up in client conversations. Consumers, especially those hailing from the young, millennial generation, now include ESG factors such as addressing climate change and supporting social causes in their investing agenda. Hence, Forrester sees ESG playing a significantly larger role in wealth management in 2021 for retail investors, wealth management firms, and portfolio managers. With its compelling value proposition for private banks, wealth managers and HNWIs, Mauritius in an ideal position to capture a significant share of this market. And, with the Bank of Mauritius having recently published the guide for issue of sustainable bonds, it is clear that the island economy is well aligned with the expectations of global investors for ESG-centric investments. Ultimately, as the world of wealth and investment management becomes increasingly borderless in a post-COVID context, it appears that wealth management hubs such as Mauritius are uniquely poised to help HNWIs from Africa – as well as the rest of the world – to meet their wealth planning aspirations and to grow their assets sustainably.  [/vc_column_text][/vc_column][/vc_row][vc_row el_class="insight-team-image"][vc_column][vcGitTeam git_team="10412"][/vc_column][/vc_row] ### The Future of Accounting with Digital Transformation [vc_row][vc_column][vc_column_text]On the way to future job and value creation, a collaborative partnership is encouraged between computers and humans. All accountancy and finance professionals are now through this transformative journey. As accountancy and finance professionals, we need to embrace the digital shift and recognise that technology is constantly moving forward. Organisations are no longer questioning whether to digitalise and are instead focusing on how fast they embrace the opportunities and remain relevant to their customers. The traditional digital tools, with which accountants have long been associated, are being replaced by new technologies which are drawing on various data sources and virtually representing data to forecast trends. Although digital technologies and trends are transforming the world so fast and fundamentally that it can feel unsteady, we are only just getting started. The world we inhabit is already digital, and it will continue to become more digitalised. Data is growing exponentially in volume and value; business models are evolving and becoming more customer-centric; and organisations are investing significant resources in digital transformation. Embrace the change Adaptability, continuous learning, and constant self-improvement will be vital if accountancy and finance professionals are to develop and maintain an optimal mix of digital, interpersonal, and technical skills. With a unique combination of accounting and ethical principles, business acumen and digital skills, the future of the profession is bright. But there is no room for uncertainty to workplace changes that digital transformation brings. The profession must stay on top of evolving technologies and business models and ensure that its skillsets evolve appropriately. We need to develop and maintain our digital preparedness. Developing this preparedness is complicated by a shifting and expanding digital technology landscape and the thorny questions it throws up for accountancy and finance professionals, the organisations they work with, and professional bodies, training providers and others. How much do accountancy and finance professionals need to know about technology? How does this vary across industries and sectors, technical specialisms, responsibilities, roles and career stages? What digital skills do members of the profession have and which do they need to develop? There is a need for accountancy and finance professionals to invest continually across a broad range of technology areas; explores their breadth and depth; and offers insights into how professionals can add value by combining their traditional accountancy and finance skills with their digital knowledge, business acumen and ethical lens to provide a powerful perspective. It enables us to critically appraise the commercial potential of digital transformation. Make the journey To do this successfully, all accountancy and finance professionals will need to make a transformative journey, and some may need to travel further than others. In a global survey, respondents report expert ability levels in spreadsheeting (81%) and enterprise resource planning solutions (72%), with much lower levels, for example, for artificial intelligence (AI) and machine learning (20%) and blockchain (20%). Digital skills go beyond knowledge of applications to encompass new technologies and the techniques needed to implement them. Operationalisation of technologies such as 5G and the hyper automation of AI and robotic process automation may rapidly eclipse the recent pace of change. What’s needed are the digital skills to understand how technology is enabling or transforming the business model of the client. Data is more important than ever as is understanding its flow and influence on how the business is modelled. Increasingly, within this model, financial and non-financial data converge, and all data is operational. More and more the metrics driving performance measurement and management extend beyond financial data. Appreciating this aspect of the digital landscape is essential for the finance professional of the future. Seize the opportunity To ensure that we are effective, we need to broaden our knowledge base from the application focus that we may traditionally have had, to the understanding of how technology and data create value for organisations. We have a clear opportunity to play a significant role in achieving that success. Digitalisation of workplaces will continue quickly. Either we are part of that journey, or we run the risk of being left behind. We need to make sure that as individuals and as professionals, we seize the opportunity. Therefore, we at Rogers Capital, driven by our values to keep evolving and with the support of our inhouse IT resources, are embracing digital change in our day-to-day life at work. Client Accounting the Rogers Capital way Relax on the figures and focus on what really matters to your business. Our accounting specialists use state of the art technology, to meet the strict reporting deadlines of our clientele. They also keep abreast of the latest changes in the accounting and regulatory frameworks to provide a seamless and highly effective service. Our different accountancy services range from basic bookkeeping all the way to complex financial reporting and are available at truly affordable rates.  Our competent and experienced accounting team are versatile and can be trained for new accounting software or procedures where required. Our accounting services include: Management accounting & production of periodic reports Financial statements in accordance with IFRS Preparation of consolidated accounts Financial analysis Cash flow analysis Assistance for audit XBRL reporting as required by the Mauritius Registrar of Companies Preparation of surveys mandated by the Mauritius Financial Services Commission [/vc_column_text][/vc_column][/vc_row][vc_row el_class="insight-team-image"][vc_column][vcGitTeam git_team="10801"][/vc_column][/vc_row] ### Retirement in Mauritius, successfully facilitated by Rogers Capital [vc_row][vc_column][vc_column_text]The premise: Our client, a Managing Director from South Africa holds an impressive investment company in Mauritius. After having spent some years in the country, he was on the quest of finding the ideal spot to relocate and retire. The client has assessed many countries including Portugal and Thailand but had a strong penchant for Mauritius due to its proximity to South Africa, its gleaming white-sand beaches fringed with rustling palms and its dominating golf course. Pristine and picture perfect, Mauritius is not only an ideal tourist hub but is also among one of the most enticing and remarkable location to retire He was referred to Rogers Capital by one of his colleague to assist him in his relocation process as the company has a strong network of securing relationships with key partners to help foreigners take advantage of their new environment in a hassle-free way. A dedicated and dynamic team of experts were put at our client’s disposal to uphold his endeavours. The seamless Rogers Capital Process: The team of professionals from Rogers Capital dedicated enormous time in listening to the client’s need and advised him by showcasing the multitude of possibilities when it comes to relocating to Mauritius. The dedicated team deployed as many resources as were required to tackle any challenges that were met in the relocation and facilitated this task by accompanying the client from start to end point to visit various villas across the island until he was well settled in Mauritius. With the many real estate options available in Mauritius for relocation and retirement, finding the right fit for our client remained centre-stage. Meticulous research and attention to detail led to finding the perfect property. The team expanded their search and went beyond their capacity by digging further into finding the ideal property and to provide the client with an exceptional tailored-made service. In addition to this, the client wanted to own his vehicle and together with our business partners, we helped the client to purchase his desired vehicle within his budget. After choosing his preferred asset, the team processed and validated his application after which he signed an agreement and seamlessly relocated to Mauritius in three weeks. Key benefits: Rogers Capital will go above and beyond to meet our clients’ requirements Our process is hassle – free and seamless Relocation demands proper resources. Equipped with strategic business partners, we can handle all requests, from real estate, acquiring vehicles to pet relocation Retiring by the sea The conductive environment of Mauritius that guarantees certainty and security makes it a remarkable destination when it comes to relocation. Besides, its exquisite lifestyle and cultural jewel were also add-ons for our client to choose our country amongst the rest. “I am fortunate to have come across Rogers Capital that offered me with a fantastic service. They have not only advised me but went beyond my expectations and took me around the island until I find the villa that best suits me. The team invested much time and effort as a result of which today I am a happy citizen of Mauritius” – said the client. [/vc_column_text][/vc_column][/vc_row] ### Gauging the full potential of Trade Agreements [vc_row][vc_column][vc_column_text]As we navigate the second COVID – 19 wave and its associated impact, we remain optimistic as we soldier on to a better future. Our island’s unique geographic location positions it as a natural gateway between Asia and Africa and a logical extension, promoting investments into Africa forms one of the key focus areas of the MIFC. With the coming into effect of the 2 highly awaited trade agreements– the Mauritius-China Free Trade Agreement (FTA) and the Mauritius-India Comprehensive Economic Cooperation and Partnership Agreement (CECPA), which are effective since 1st January 2021 and 1st April 2021 respectively, global business transactions and international trade flows through the island are expected to increase exponentially. Add the African Continental Free Trade Agreement (AfCFTA) to the mix and Mauritius is propelled further to the centre of regional economic activity. To explore the full potential of the trade agreements, our Chief Development and Commercial Officer, Kevin Bessoondyal, sat down with Sunil Boodhoo, Director of the International Trade Division at the Ministry of Foreign Affairs for an in – depth interview. 1. In this day and age, are bilateral agreements key to give the economy the boost it very much needs? As modern commerce increasingly takes place at a global and regional level, businesses require greater certainty when operating within the international trading environment. International trade is an essential component of the development agenda to bolster growth. Trade can enhance productivity by promoting efficient allocation of resources, increasing competition, fostering the adoption of more advanced technologies, allowing economies of scale, and encouraging innovation. Trade can also be beneficial for consumers by increasing the variety of goods available to them at cheaper prices. Analysis conducted have proved that export gains can be higher for countries with smaller size, indicating that smaller countries can get a larger boost from trade agreements, possibly due to the greater opportunity to integrate the global and regional markets. For a small country like Mauritius whereby trade stands at over 100% of its GDP, the conclusion of trade Agreements has become crucial to sustain its growth trajectory. Striking bilateral deals are a logical response to expand Market opportunities and to remain competitive. With only 1.3 million inhabitants, our market is too small to sustain our economy. Moreover, the traditional markets such as EU and US which played a pivotal role in our economic development are no longer as attractive and alluring due to increasing competitive pressures and the evolving economic context. To maintain a competitive edge, Mauritius has no other alternative than to develop a network of trade agreements or we run the risk of being overshadowed by new players such as Vietnam, Philippines, Indonesia, Bangladesh and several Central American countries. This is the reason why Mauritius is scaling up its effort to conclude trade Agreements with strategic partners and emerging economies. For a small country like Mauritius, the signing of trade agreements with giants such as India, China and at the African Continental level first enhances our visibility and positions the island as a gateway between Asia and Africa. With the pandemic hitting the world as a whole, there is a need, now more than ever, for Mauritius to leverage on these trade agreements to increase exports and to attract more investment in the country.   2.What is a Free Trade and a Preferential Trade Agreement? How does it work? A Free Trade Agreement (FTA) is an agreement between two or more countries where they agree on certain obligations that affect trade in goods and services, and protections for investors and intellectual property rights, among themselves. For Mauritius, the main goal of having trade agreements is to reduce barriers to our exports of goods and services and expand market access in the other countries; negotiate more flexible rules of origin, address Non Tariff Barriers (NTBs), protect our interests when doing business abroad. FTAs can help the business community to enter and compete more easily in the global marketplace through zero or reduced tariffs and less regulatory bottlenecks in the services sector. While the specifics of each FTA vary, they generally provide for the reduction of trade barriers and the creation of a more predictable and transparent trading and investment environment. In general, this makes it easier and cheaper for our companies to export their products and services abroad, while also opening up more diversified sourcing opportunities. A free trade agreement is much broader in terms of trade coverage than a preferential trade agreement (PTA). In general, a PTA has a narrow product coverage and is negotiated on a selected number of products, mutually agreed. This implies that preferential treatment in terms of tariff reduction or elimination will affect only the products covered by the Agreement.  The time frame for the tariff reduction/elimination will have to be mutually agreed.  Usually it takes place between 5-7 years. On the other hand, a FTA has to cover substantially all trade, i.e. at least 90% of trade in the goods sector and substantial sectoral coverage in the services sector.  In general, an FTA will comprise of several lists of products for which tariffs will be reduced/eliminated according to different categories, namely, immediately and gradually. There may be an exclusion list of products that are considered sensitive on which tariffs may be maintained. 3.What are the major opportunities unlocked by the Mauritius-China FTA? Under the Free Trade Agreement, in force since 01 January 2021, Mauritius benefits from duty free access on the Chinese market on 7,504 products as from that date. The remaining tariffs (around 700 products) would be eliminated over a 5 to 7-year period.  Mauritius on its part would eliminate tariffs on 148 tariff lines over a period of 5 years, representing 2.5% of its tariff lines.  The impact on the domestic industry is expected to be marginal. Furthermore, Mauritius has been granted a Tariff-Rate Quota of 50,000 tonnes for special sugar at an in quota rate of 15% compared to tariff of 70%. The quota starting at 15,000 tonnes for 2021 will increase incrementally over 8 years.  Given that special sugar can be sold at a high price of 600-700 USD per tonne on the Chinese Market implies that export revenue between 30-35 million USD can be expected for this product alone. Exports of goods from Mauritius have the potential to increase by at least USD 318 million per year and could be substantially higher if the right strategy is adopted to attract investment and develop additional supply capacity. The FTA creates new investment opportunities in Mauritius targeting the Chinese market; The FTA also provides a platform for leveraging Sino-Mauritian cooperation into mainland Africa, especially in the Special Economic Zones that Mauritius is setting up in countries such as Senegal, Ghana and Madagascar; On the services front, the Chinese market would be open to Mauritius service providers in telecommunications, financial services, ICT, professional services, construction, distribution services, computer and computer related services and e-commerce, amongst others. In April 2020, the World Bank conducted a high level data analysis outlining opportunities for Mauritius, in China. As per the findings of the World Bank, 49 products with high preferential margin meet both the ‘feasibility’ and ‘desirability’ test on the Chinese market.  A few examples include: Organic chemicals; Pharmaceutical products; Paints and varnishes; Essential oils, toilet preparations; Soap, washing preparations; Plastics and articles thereof; Rubber and articles thereof; Articles of leather; Man-made/synthetic filaments; Special woven fabrics; Knitted or crocheted fabrics and Tools, cutlery, spoons and forks, of base metal; parts thereof. 4.Described as a “Free Trade Pact”, CECPA has several objectives such as boosting, trade in goods and services. How will the agreement aid in positioning Mauritius centre stage in the India – Africa narrative? The CECPA is the first Agreement of its kind that India has signed with an African country.  Therefore, it provides Mauritius a first mover advantage to tap the vast potential that India and Africa have to offer. The Agreement provides unmatched opportunities for Indian businesses planning to do business in Africa. Indian manufacturers can move part of their manufacturing processes to Mauritius and using the cumulation rule, produce for the African Market.  The same principle also applies to the Services sector.  A service supplier from India can leverage on trade opportunities on the African continent by operating from Mauritius. It is to be pointed out that Mauritius is a member of the Common Market for Eastern and Southern Africa (COMESA) and of the Southern African Development Community (SADC).  These Agreements provide duty free access on a market of 650 million inhabitants and it opens up the possibility for any interested investor targeting the African or India Market to use Mauritius as a production base.  It’s a combined Market of 2.6 billion people which can be accessed from Mauritius. An analysis conducted by the World bank indicates that Mauritius enjoys a significant preference margin over competitors in selected products which are currently manufactured by India and which can be exported to Africa.  These include amongst others Medical devices, Pharmaceutical products, Paints, Fabric, Electric cables, Article of Aluminium, Article of glass amongst others.  We have also identified selected African countries on which we could focus.  These include Kenya, Madagascar, Mozambique, Botswana, Tanzania, South Africa and Seychelles. 5. Mauritius aspires to become a bridge through which trade and investment is conducted with Africa on one side and India/ China on the other? How do you see that happening in practise? Through the CECPA, Mauritius offers Indian investors a legal framework to facilitate access in the African continent. As indicated above, under trade in goods, the Indian investor can just relocate part of its production base in Mauritius to access the African continent.  The rules of origin are quite generous under the SADC and COMESA agreements, allowing the possibility for Indian businesses to do part of their processing in India and the rest in Mauritius.  For instance, we have only one spinning plant, while the demand for locally made fabrics to produce garments for both the African and Indian Markets is growing. India can invest in fabric production in Mauritius from Indian yarn and sell to companies producing garments on the African Market.  Our exports of garments have been on the increase especially to the SADC Market.  Mauritius is developing a pharmaceutical industry and the government has announced an equity participation of 25 million USD for the setting up of a pharmaceutical plant to produce vaccines.  India has both the technology and the knowhow in this sector and is increasingly targeting the African Market.  A joint partnership is therefore feasible and also desirable in this sector.  Africa imports pharmaceuticals to the tune of 12 billion USD per year and is therefore a lucrative market.  Other products imported in bulk with high tariffs from outside are automobile computers, garments, stationery, foodstuffs, chemicals, electronics.  These can be produced in Mauritius with Chinese or Indian investment and exported duty free. As regards Services, Mauritius offers an appropriate platform to scale up investment activities. Mauritius has taken commitments to open up 120 services sub sectors, while India has committed some 94 sub sectors. Some of the key sectors are professional services, architectural services, engineering, education, audio-visual services, and logistic services. The CECPA provides the possibility of opening campuses in Mauritius. Similarly, in the Health Sector, the CECPA allows the setting up of private hospitals including the practice of the Indian system of medicine and Complementary and Alternate Medicine.  India is widely known for its advanced medical services and equipment, whilst Mauritius is an attractive tourist destination.  We are attracting more and more African students to study in Mauritius.  The number of patients from the region coming for treatment in Mauritius is on the increase.  We are promoting health tourism.  These are all opportunities to be explored. With regard to the Mauritius-China Free Trade Agreement (FTA), the agreement provides a basis for enhanced collaboration between China and Mauritius to engage jointly in Africa, especially in the Special Economic Zones that Mauritius is planning to set up in countries like Senegal, Ghana and Madagascar. Under the FTA and through investments, Chinese manufactures and exporters may avail of opportunities and advantages that membership of Mauritius to COMESA and SADC, provide. Given the rising importance of Information Technology Enabled Services/ Business Process Outsource in Mauritius, joint ventures between Chinese and Mauritian companies may be considered to tap the French speaking African countries market in the fields of knowledge process outsourcing, business process outsourcing, information and technology outsourcing. The bilingual skills of Mauritian human capital are all the more a bonus to do business with francophone Africa and Asia in parallel. 6.Free trade agreements don't just reduce and eliminate tariffs, they also help address behind-the-border barriers that would otherwise impede the flow of goods and services; encourage investment; and improve the rules affecting such issues as intellectual property, e-commerce and government procurement. What according to you would be the impact of these recent trade agreements on the financial services in Mauritius and more specifically on further positioning Mauritius as an innovative financial centre for Africa? India, China as well as Africa have a great opportunity to leverage on their respective assets with Mauritius being the alliance of this milestone. AfCFTA Mauritius has, over the years, built itself as an international financial services centre of substance and repute. Our financial services industry is characterized by strong regulation and a business friendly approach. Investors choose Mauritius as a favourable holding company jurisdiction not only for commercial reasons but also for its high quality of service, its legal and regulatory frameworks as well its reputation. These have contributed in positioning Mauritius as an international financial centre. Africa is a Continent which is growing fast. It is a Continent with a lot of potential and opportunities that still need to be explored. For example, Africa is the global leader in mobile money, which is increasingly becoming an important component of Africa’s financial services landscape. The competitive landscape is rapidly changing and increasing in complexity across the financial services industry. More recently, fin-techs have established a solid footing in the market, and several banks are competing aggressively for the mobile banking customer. While some banks have chosen to move alone, others are forming partnerships in hopes of reaching the market faster.  We could develop partnership since we already have access to the COMESA Market on trade in services, for instance we are negotiating a similar agreement in SADC and within the Continent. Mauritius has a favourable network of investment promotion and protection agreements and double taxation avoidance agreements. And we need to leverage on these agreements to take advantage on the African Continent.   Some 35 billion USD has already been channelled through Mauritius as investment on the continent.  In fact, Mauritius has the ecosystem, business facilitation environment and infrastructure for investors to plan their investment using the Mauritius jurisdiction. CECPA As mentioned earlier, the CECPA contains a comprehensive Chapter on Services as well as a specific Annex on Financial services aimed at improving bilateral trade in financial services. Key sectors in which the Parties have taken commitments include both non-banking (e.g. insurance and insurance related services) and banking financial services. By removing key barriers and providing service suppliers with more transparent and predictable operating conditions, the Agreement provides a platform for both countries to increase the value of services trade. Regarding the impact of the CECPA on the financial services in Mauritius, it is important to point out firstly that the bilateral commitments taken within the framework of the CECPA to relax barriers (for instance in terms of lower entry requirements) on Financial services in Mauritius would allow Indian financial institutions to participate in the Mauritian market, improve competition as well as market efficiency. The efficiency gains in financial services would be in terms of economies of scale and scope. Secondly, commitments taken at the level of CECPA on financial services will provide legal certainty to Indian investors to invest in Mauritius. The CECPA provides for transparency in the procedures necessary to supply financial services.  It also includes provisions on domestic regulation, recognition and dispute settlement along the lines of GATS. Thirdly, the CECPA promotes the movement of professionals.  It provides a framework for professional bodies to engage in dialogue on recognition of qualifications, licences and registration, and the development of mutual recognition agreements in professions of mutual interest including accounting and auditing, and company secretaries within one year from the entry into force of the Agreement. Fourthly, the CECPA has a regional dimension providing a framework to Indian investors to use Mauritius as a gateway for the exports of their services to Africa.  Indian investors could use our non-banking activities to provide their services to Africa such as the Global Fund, Captive Insurance Licence and Global Advisory Services Licence. Mauritius-China Free Trade Agreement (FTA) Under the Mauritius-China FTA, both Mauritius and China have taken strong commitments to strengthen trade in financial services between both countries. We have created a transparent and predictable environment to facilitate trade in services. For instance, we have secured access for non-life insurers of Mauritius on the Chinese market. They are permitted to establish as a branch or as a wholly-owned subsidiary; i.e., with no form of establishment restrictions. Life insurers of Mauritius are permitted 51% foreign ownership in a joint venture with the partner of their choice and as from 01 January 2024, the equity cap will be eliminated. For brokerage for insurance of large scale commercial risks and brokerage for reinsurance and brokerage for international marine, aviation, and transport insurance and reinsurance, service suppliers of Mauritius are permitted to establish wholly foreign owned subsidiaries. I also need to point out that licences under the ‘All Insurance and Insurance Related Services’ sub-sector, will be issued by Chinese authorities to Mauritian operators with no economic needs test or quantitative limits on licences. Mauritius can carry out financial services in China on a progressive basis. Representative offices of Mauritian banks in China could indeed explore trade in financial services perspective to facilitate transactions of Chinese investors in Mauritius and in Africa. This would further position our country as an innovative financial centre for Africa. Similarly, we do have in Mauritius, local banks which already have an agreement with China Union Pay. Such local banks should consider the possibility to open branches in Guangzhou; Pudong area in Shanghai (major financial centre) or Shenzhen (large industrial city). They could focus on financial transactions between on one side, Mauritius and China and on the other side, between China and Africa. Furthermore, the Agreement provides for the development of a Renminbi clearing and settlement facility in Mauritius. This would consolidate our reputation as a regional centre for trading in Renminbi. 7.The AfCFTA is by all means the largest trade agreement in the world. What are the significant impacts to be expected for Mauritius? The AFCFTA opens up a market of 1.3 billion consumers, with 55 participating African countries.  It is the largest in the world and is expected to increase intra African trade by nearly 40% to over 50% with the sole removal of tariffs on goods as per a study by the ECA. Our objective is to use the AfCFTA to diversify our export market, consolidate our trade and investment relations with Africa and position Mauritius as a business hub for the African Markets. Services sector are of upmost importance to Mauritius and the AfCFTA would unlock opportunities which Mauritius can take advantage of. Negotiations are currently ongoing and we are looking forward for more opening in the sectors currently being negotiated which include Business services, Financial Services, Communication Services, Tourism and Transport Services. Other sectors are to be negotiated in the future.  Mauritius has already invested in the services sector such as banking, insurance and tourism sector in some African countries.  Our professionals in the accounting, auditing and computer related services are already operating in some African Markets, in particular in the COMESA region.  The AfCFTA will open up more opportunities on a broader scale. In terms of goods, Mauritius will have preferential access on some specific markets such as the Northern, Western and central African countries, where we do not have any preferential market access. 8. Are there any upcoming, significant bilateral agreements in the pipeline for Mauritius? Mauritius –Indonesia PTA Mauritius has started negotiations of a Preferential Trade Agreement (PTA), covering trade in goods with Indonesia The proposed agreement is expected to increase bilateral trade and improve investment opportunities. We are currently deepening the interim Economic Partnership Agreement with the EU by expanding its scope through the inclusion of new sectors, namely trade in services and investment, sustainable development, Intellectual Property and Agriculture, Government procurement, amongst others.  It will be a new generation trade agreement, very broad in scope and depth.  It will open up new opportunities in the sectors mentioned.  We would embark in a similar process with the UK in the near future.  We have already submitted a proposal to negotiate a Free Trade Agreement with the Eurasian Customs Union, and have signified our interest to negotiate one with the US to ensure continuity of trade post AGOA in 2025. Our focus now is on developing and implementing strategies jointly with the Economic Development Board(EDB) and the private sector to maximise on the opportunities under the recently concluded FTAs. [/vc_column_text][/vc_column][/vc_row][vc_row el_class="insight-team-image"][vc_column][vcGitTeam git_team="10742"][/vc_column][/vc_row] ### The Comprehensive Economic Cooperation and Partnership Agreement (CECPA) [vc_row][vc_column][vc_column_text]Diplomatic relations between Mauritius and India go as far as the early 1800s. The 2nd of November 1834 marked the day when Mauritius welcomed its first indentured labourers to the island, most of whom, about two-thirds, settled permanently in the country. Consequently, accounting for the fact that more than 60% of the actual population being of Indian descent. Since then, this relationship has witnessed considerable nurturing and strengthening in its political, commercial as well as cultural aspects; for example, the Double Taxation Agreement (DTA) between Mauritius and India in 1983, Investment Promotion and Protection Agreement, Agreement on Cooperation in Information Technology (2000), MoU on Air Services (2005), to name a few. Recently, the 1st of April 2021 became a very important date in this very long and well-established economic tie between India and Mauritius. Both countries ratified a preferential trade agreement, (signed in February 2021), setting the tone towards improved trade for more than 600 products and 100 sub-sectors in the service sector. The India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA) is actually the first trade agreement signed by India with a country in Africa. This agreement will pave the way for the two trading partners to cut or eliminate custom duties on a host of products as well as relaxing existing standards to promote service trade. Mauritius, with its strategic geographical position in the Indian Ocean, besides the wide network of bilateral and multilateral cooperation in the region, can now be leveraged to a much greater extent to tap into new markets and promote greater cross border investments in Africa. Access to Market products For the past many years, India has remained the largest trading partner and largest exporter of goods and services to Mauritius. Mauritius benefits immensely from the CECPA with privileged market access into India for more than 600 local and exclusive products, including frozen fish, speciality sugar, alcoholic drinks, soaps, clothes, amongst others. It can now have preferential market access into India on a list of 615 products as follows: Duty free access on 376 products Reduced duties on 127 products Tariff rate quotas on 112 products These include benefits such as: 40 000 tons of special sugar at 10% duty compared to 100% duty applicable on other import countries 2 million litres of beer at 25% duty, compared to 150% duty 5 million litres on rum at 50% duty compared to existing duty of 150% 5000 litres on Fruit wine at 50% duty compared to current duty of 150% 5 million pieces duty free on Garments 7000 tons duty free access on canned tuna The implementation of the CECPA also provides the opportunity to tap into a wider range of products, which include more than 300 export items from India, with tariff rate quotas on 88 products counting agriculture, textile, electronics, chemicals and other sectors. These trades will now have market access at preferential custom duties in the island. Access to both markets, for this extensive list of products at reduced or zero custom duties, opens up opportunities for Indian products to reach the whole African continent, at a very favourable time now that the African Continental Free Trade Agreement (AfCFTA) is in force in the region, but also taking into perspective that Mauritius is already party to economic regional blocks such as SADC and COMESA. Strengthening the services sector Mauritius – India economic ties have always been very strong on the services front, with several bilateral agreements in various sectors, financial, tourism, ICT, energy, biotechnology, maritime security, professional services, telecommunication, health, construction, to name a few. The CECPA gives both countries access to more than 100 subsectors, including insurance and insurance related services, banking and other financial services, telecommunication, professional services such as accounting, auditing, market research, architectural, engineering, veterinary services, distribution services, tourism and travel related services, translation and interpretation services.  As Africa continues to attract investors and players from Asia in various start-ups in the services sector, this agreement can be very much beneficial for Indian investors to use Mauritius as an ideal and preferred gateway to access African countries. Additional benefits The objectives of the CECPA are to strengthen the trade and economic cooperation between the two countries and to promote trading of products and services with enhanced facilities on both sides. It also aims at improving the efficiency and competitiveness of the manufacturing and services sectors of both countries. The CECPA looks at expanding existing bilateral trade and investment, besides revitalising, enhancing and reinforcing economic and social cooperation between the countries. Additionally, the provision of a framework for mutual collaboration in 25 key areas has been made under the Economic Cooperation chapter of the CECPA, which include manufacturing, pharmaceutical, ICT, financial sector, blue Economy, SME development and joint strategies for investment in Africa. Both countries are aiming to finalise consultations within the next two years of the entry into force of the Agreement after which it will be incorporated therein. Opportunities Ahead Over the years, Mauritius has been the preferred strategic partner for investment and trading in Africa. Our proximity with the continent, cultural, geographical & economical, has been extremely beneficial for Indian investors and businesses to have a secure platform to set up and manage all their Africa operations. With the CECPA, the AfCFTA and existing ties that Mauritius has within the region, through the SADC & COMESA network, it can ideally become the missing link for the Indian community to gain beneficial access in Africa. As the investment tendencies in Africa continue to grow over years, Indian companies can now choose to move partially or relocate their headquarters in Mauritius to make the most of its conducive business environment, robust infrastructure and sound & trusted financial & legal ecosystem.  Our multilingual workforce definitely adds up our closeness to all the countries within Africa, including the Francophone regions. For the past decades, Rogers Capital has been facilitating the setting up and management of global companies in Mauritius supporting their investment programs in Africa. We can see the innumerable advantages that these trade agreements can bring to the business community in both India and Mauritius. It is now important to make effective use and leverage on these existing collaterals for the benefit of both countries, herby allowing Mauritius to be that solid bridge between India & Africa. [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vcGitTeam git_team="2357"][/vc_column][/vc_row] ### Mauritius, Above & Beyond A Travel Destination [vc_row][vc_column][vc_column_text]During the last decades, Mauritius has consolidated its position as one of the prominent nations in Africa and is now amongst the top 20 countries in the world for the ease of doing business. In the light of the unprecedented events regarding Covid-19, the country has also been able to defend itself against the invisible enemy with strict government protocols that were set in place to contain the deadly plague and is now gearing up for an economic recovery. As Mauritius embarks on a new phase of deconfinement with the opening of its borders on 15 July 2021 as mentioned in the National Budget 2021 by the Honourable Dr R. Padayachy Minister of Finance, Economic Planning and Development, the need for attracting foreign talents and investors is more crucial than ever. Mauritius having already claimed its title as one of the most magnificent islands in the world has recently introduced a Premium Travel Visa valid for a period of one year, having as aim to welcome esteemed travellers from 114 countries seeking to work remotely from a paradisiac destination. The Premium Travel Visa which can be renewed, opens the door of opportunity for any non-citizens who intend to stay in Mauritius for a maximum period of one year as a professional or retiree willing to come and carry his business activities or work remotely from the island. In order to qualify for this Visa, interested applicants should produce proof of their long stay plans as well as sufficient travel and health insurance for the initial period of stay while adhering to the following criteria: Do not enter the Mauritius Labour Market Main place of business and source of income and profits should be outside of Mauritius Have in possession documentary evidence to support application such as purpose of visit, accommodation etc Stick to basic immigration requirements This Visa will target mainly: Tourists who plan to retire and migrate in Mauritius Investors & professionals willing to work in Mauritius Those having children pursuing their studies in Mauritius A new heaven for the affluent on a land of opportunities! To complement the above-mentioned initiatives, the government is also granting foreign investors and retirees with an alternative to live and work in Mauritius various avenues namely the Permanent Residence Permit, Occupational Work Permit, Young Professional Occupation Permit or through the Acquisition of a Residency by Retirement.  1.0 Permanent Resident Permit (PRR)  This program aims at expatriates seeking to live and work in Mauritius and is open to investors, retirees, professionals, self-employed entrepreneurs and their family. It is a 20 years residency that may be obtained under various conditions and is renewable for another 20 years, given that the residency requirements have been fulfilled. 1.1 How to qualify for a PRR? Having held residency for at least 3 years of residency with the following criteria being satisfied: Investors achieving an annual gross income of at least USD 350,000 for the 3 consecutive years preceding the application for the PRR application. or achieving an aggregate turnover of USD 105,000 for 3 consecutive years preceding the PRR application. Retired Non-Citizen transferring at least USD 54,000 or its equivalent in freely convertible foreign currency during the 3 years preceding the residency application. Professional earning a monthly basic salary of at least USD 3,500 for 3 consecutive years preceding the permanent residency application. Self-employed achieving an annual business revenue of at least USD 70,000 for 3 consecutive years, immediately preceding the Permanent residency application 2.0 Occupational Work Permit Mauritius is also a hub for professionals wishing to explore the Mauritian market. From dynamic sectors like technology and innovation, information and communication, healthcare and tourism to finance, trade, real estate, Mauritius is the place to be when it comes to acquiring and shaping skills necessary in the workplace.  2.1 How to qualify for the Occupational Work Permit? A professional may be eligible for a 10-year occupational work permit if the monthly basic salary is at least USD 1,400. In the sector of information and communication technologies (ICT), business process outsourcing (BPO), pharmaceutical manufacturing and food processing, the monthly basic salary should be at least USD 700. A short-term Occupation Permit not exceeding 9 months is also available for professionals not wishing to stay for too long in the country. 3.0 Young Occupational Work Permit In line with its growing development, Mauritius enables foreign students who have undertaken tertiary studies in Mauritius to work in the country. Depending of their contact of employment, students are eligible for a maximum 3-year Occupation Permit. 3.1 To qualify for the Young Professional Occupational Work Permit, foreigners must have at least completed an undergraduate degree in Mauritius in the following fields of study: Biotech Fin-Tech Robotics Financial Services Information Technology 4.0 Residence through Property Acquisition Be cocooned by Mauritius’s wide variety of world class amenities for leisure, entertainment and wellness. A foreigner can acquire residential properties in the country and benefit from all the luxury that it has to offer. 4.1 Criteria to acquire residence through property acquisition: The non-citizen and dependents are eligible for a residence permit when he/she has acquired the property at a minimum amount of USD 375,000. The owners may rent the property, become tax resident in Mauritius and face no restriction on the repatriation of funds or revenue raised from the sale or renting of the property. 4.2 The following persons may acquire a residential property from an IRS, RES   or PDS company: A non-citizen of Mauritius A company registered as a foreign company under the Companies Act 2001 A company incorporated under the Companies Act 2001 A société, where its deed of formation is deposited with the Registrar of Companies A trust, where the trusteeship services are provided by a qualified trustee (management company or such other person resident in Mauritius) licenced by the Financial Services Commission. What can be acquired: Villas Townhouses Penthouses Apartments Duplexes Plots of lands in existing IRS Non-citizens who have a residence permit under IRS will be exempted from an Occupation or Work permit to invest and work in Mauritius. 5.0 A Safe Retreat for Senior Citizens Blessed with a beautiful and perfect combination of warm weather, harmonious environment and an ever-growing infrastructure, Mauritius is a remarkable place when it comes to planning for retirement.  5.1 How to acquire residency by retirement? With just USD 1,500 monthly, a non-citizen can benefit from a 10-year residence permit A non-citizen can apply for a renewal, subject to a transfer of USD 1,500 per month or the aggregate of USD 18,000 per year during the 10 years’ validity. Non-citizens can also apply for a 20-year Permanent Residence Permit provided that they have held the residency for at least 3 years with a transfer of at least USD 54,000 or its equivalent in freely convertible foreign currency during the 3 years preceding the Permanent residency application. Why choose Mauritius? Mauritius being an amalgamate of political, economic and social stability is the ideal destination for doing business. With its wide network of Double Taxation Avoidance Agreements and Investment Promotion and Protection Agreements (IPPAs), the country offers investors a conducive environment which guarantees predictability, certainty and security.  In addition to this, the new residency rules offer more flexibility than ever for expatriates, the country has become the ideal spot to live and work in a well cocooned environment. Besides, Mauritius also offers an exquisite lifestyle in a dynamic culture topped by diversity. The country has unceasingly shown its adaptability to a rapid changing global environment and will continue to strengthen its impact in the economic re-invention. Foreign nationals wishing to live and work in Mauritius may explore the different avenues by contacting us for re-location services.[/vc_column_text][/vc_column][/vc_row][vc_row el_class="insight-team-image"][vc_column][vcGitTeam git_team="10648"][/vc_column][/vc_row] ### G7 GLOBAL MINIMUM TAX : WHAT IMPACT FOR MAURITIUS? [vc_row][vc_column][vc_column_text]In December 2020, less than 3 months ago, we learnt that one of the most secure and protected networks worldwide was hacked through an unprecedented and large-scale cyberattack – nothing short of the USA – with 18,000 businesses impacted, including strategic and government entities such as the Department of Defense, Energy, Labour, and Commerce. Most surprisingly, for a period as long as 9 months, nobody knew what was going on. Against this sobering backdrop, I recently spoke to CEOs in Mauritius at an event hosted by Rogers Capital Technology, where we discussed how they can protect their businesses in the face of this latest wave of cyberattacks. Indeed, in this day and age, if our CEOs don’t know how to protect themselves against cyber criminals, they will be defenseless if targeted, because they will not know the implications of such an attack, or how long it has been in the making. If a nation as powerful as the US can be targeted with such ease, what of our national cyber infrastructure here in Mauritius? As I discussed my findings with the CEOs at the event and listened to their experiences in turn, it became increasingly evident that the volume of cyberattacks has risen significantly in the wake of the technological acceleration triggered by COVID-19. The three things that all CEOs must know about cyberattacks Accordingly, mining my own experience at Rogers Capital Technology, I have the following three key messages for CEOs in Mauritius: Cyberattacks have taken a totally new dimension recently, becoming more and more sophisticated, increasingly fast-spreading and increasingly destructive New cybersecurity aspects need to be considered to properly secure businesses today Many businesses are lagging behind and there is need to catch up urgently. Firstly, cyberattacks are becoming more sophisticated, destructive and with larger scale implications. The technology we are using is changing as we evolve towards using more and more connected networks. As we did more business on the internet, new apps started coming on the web, thus bringing more types of cyberattacks in their wake. With smartphones, we added on a plethora of mobile apps, and the menace of trojans commenced. But it is with the Internet of Things (IoT) that we have seen the largest scale of cyberattacks. As AI now comes into play, we face the risk of new types of attacks that are much more powerful and unimaginably faster, where our current systems will be helpless in the face of this onslaught. Finally, in the near future, we might witness the advent of Quantum Computing which will completely transform the landscape for cybersecurity yet again, by rendering today’s encryption-dependent cybersecurity obsolete. At the same time, we are seeing a proliferation of state-driven attacks or cyber warfare – wars between states being wrangled in cyberspace. Secondly, speaking of sophistication, the number of malwares and attacks are increasing significantly. Indeed, the more deeply we are connected, the more we are at risk due to an increased surface of attack. With 4 million individuals worldwide on the internet, 6 million who possess smartphones, and the 25 million who are connected with the IoT – and with this figure only set to increase as the ‘Internet of Everything’ marches closer – we are talking about data and capacity – and correspondingly cyberattacks targeting such data – which are far bigger than we could possibly have imagined even a decade ago. Thirdly, the likelihood and impact of cyberattacks is increasing. The risk map of the World Economic Forum (WEF) for the workplace in 2020 shows that cyberattacks have entered the Top 5 when it comes to the likelihood of risks happening in the globe and have also burst into the Top 5 in terms of their level of impact on businesses. Indeed, a cyberattack now jostles with natural disasters and extreme weather conditions in terms of its likelihood of occurrence and its severe implications on businesses. Where weather disruptions such as cyclones in Mauritius cause national committees to be formed, the high ranking of cybersecurity on the WEF’s risk map means that cybersecurity for many countries has attained the status of a national security priority. However, we are lagging behind in Mauritius where cyberattacks are still not accorded the importance they deserve. The Top 5 most notorious cyberattacks globally #1 Stuxnet: A state-driven attack by the US on Iran’s nuclear programme, it was discovered in 2010 but is believed to have been in the making for years. The question facing US hackers: How can you hijack a nuclear site in a desert where there is no physical connectivity, and attackers can be seen coming for miles ahead? The answer is social engineering. Indeed, people remain the weakest link in any cyberattack. The US hackers targeted the sub-contractors working on the nuclear site, implanting malware which hijacked the system for the nuclear plant and helped destroy the nuclear centrifuge remotely. Imagine, over 1,000 centrifuges were destroyed by this method, in the largest setback to Iran’s nuclear enrichment programme. #2 Dark Hotel: In what is a cautionary tale for any CEO of a hospitality chain in Mauritius, the Dark Hotel cyberattack saw hackers latch onto the WiFi of several Asian luxury hotels, entering their programmes and accessing all the guest data. On connecting to a hotel network, guests were prompted to install a seemingly legitimate update for a popular piece of software, and their devices were immediately infected with the DarkHotel spyware, which the attackers specifically introduced into the network a few days before their arrival and removed a few days later. The stealthy spyware logged keystrokes and allowed the cybercriminals to conduct targeted phishing attacks. # 3 Mirai: In the best-known case of distributed denial of service, a hacker set up a command-and-control centre whereby, in the space of a few hours, he was able to raise a number of vulnerable devices in an army consisting of IoT accessories such as digital cameras and DVR players. This command-and-control centre told these ‘soldiers’ to target a particular server on the internet, in this case the servers of Dyn, a company that controls much of the internet’s domain name system (DNS) infrastructure. In October 2016, this onslaught of small devices on the internet caused a large part of traffic to go down, including Twitter, the Guardian, Netflix, Reddit, CNN and many others in Europe and the US. # 4 WannaCry: WannaCry was the widest scale cyberattack that the world has ever known. Once this aptly named malware hit, the victim got the message that all their files were encrypted, and they would have to pay a ransom to get them decrypted. It went on to state that the ransom amount would double in 3 days and if the revised amount was not paid in 7 days, the victim would lose their data forever. In 5 days, 250,000 PCs in 100 countries and 1500 cities were affected. Most of the industries in the affected countries – health, transport and utilities – were crippled and this cyberattack spread fast. In 2 and a half hours, half of Ukraine – around 20 million people – was impacted. Indeed, Mauritius also featured in the list of countries attacked by WannaCry, back in 2017, when this malware spread. # 5 NotPetya/ExPetr: This cyberattack shook Ukraine one month after WannaCry in a similar modus operandi – the crucial difference with WannaCry being that this malware was designed to destroy the data without any possibility of getting it back. NotPetya was the costliest cyberattack to date and is suspected to be a state attack wherein one enemy state attacked Ukraine through a popular accounting software which most businesses were using. NotPetya was introduced through the software update, causing immense collateral damage – one key company impacted by this cyberattack was A.P. Moller - Maersk, the largest container shipping co worldwide. Imagine, every 15 mins, 10,000-20,000 Maersk containers are entering a port somewhere in the world, including Mauritius. Maersk had to install 49,000 servers, 45,000 PCs and 2500 applications – a 6-month exercise otherwise – in a heroic effort that took only 10 days. The whole exercise cost Maersk between USD 250-300 million in what was the costliest cyberattack in the history of the world. Major data breaches in sectors relevant to Mauritius While the years leading up to 2017 were marked by malware-driven cyberattacks, the latter half of 2017 and 2018 have seen data breaches enter the popular imagination. Be it hospitality, financial services or global business – all key sectors for the Mauritian economy – we have much to learn from the data breaches suffered by global majors with far larger resources at their disposal. Indeed, 2018 witnessed the biggest data breach in hospitality, with Marriott finding that the customer data for millions of its guests was compromised. The Marriott data breach began with its acquisition of the Starwood loyalty programme in 2014 and these breaches entered Marriott with its continued use of the Starwood legacy system. As the testimony of the Marriott CEO to the US Senate Panel shows, when a data breach happens, it is the CEO who is taken to task. For CEOs here in Mauritius, the key learning from this data breach is that cybersecurity is not the job of the IT department. It is the responsibility of the CEO. It is the CEO who has to rise to the occasion and explain to regulators and the public what transpired – and to face the consequences such as fines and loss of reputation triggered by clauses in global data protection agreements such as the GDPR. In the case of the financial services sector, the biggest data breach known to have taken place is in Equifax in September 2017. The scale of this breach is unprecedented, affecting 148 mn people – half the population of the US – whose accounts were hacked. As one of the three largest consumer credit reporting agencies in the US, while there have been larger security breaches by other companies in the past, the sensitivity of the personal information held by Equifax and the scale of the problem makes this breach unprecedented. In June 2019, Moody's downgraded the company's financial rating in part because of the massive amounts it would need to spend on information security in the years to come. In July 2019 the company reached a record-breaking settlement with the US regulator, the Federal Trade Commission, which required Equifax to spend at least US$1.38 billion to resolve consumer claims. For CEOs here in Mauritius, the key lesson is that exposing customers to identity theft in the financial services sector can lay a company vulnerable to much greater public censure, loss of reputation, and regulatory action, since it is a sector that deals with confidential consumer data of far greater sensitivity than other industries. In case of the global business sector, Mauritius itself suffered a setback in the form of Mauritius Leaks, which started with a data breach at local law firm, Conyers Dill & Pearman. As many as 200,000 files were accessed by the International Consortium of Investigative Journalists and used as a massive exploitation of confidential information to constitute a case against the global business sector of Mauritius and to allege that the island was being used to avoid taxes in countries in Africa, Asia, the Middle East and the Americas. As we know first-hand from the data breach, such a cyberattack can have disastrous consequences for the entire economy, leave alone individual businesses within the global business sector. Zero Day Vulnerability: A popular means to exploit weaknesses in cyber infrastructure One of the most common ways in which hackers are breaching cyber infrastructure is through Zero Day Vulnerability. Indeed, as the whole world is connected to the internet and popular software systems abound, top hackers look for undetected security leaks in such software, or in other words, security leaks that have been known for ‘zero days.’ To elaborate, Zero Day Vulnerability is said to take place when even the vendor of the software is not aware of the existence of such a flaw. Imagine that an update of the software takes place and there is a flaw in the update, unbeknownst to the vendor. Hackers identify the flaw and use it as a backdoor to breach the company’s cyber infrastructure. Such a hacker will either penetrate the software himself or inform others on the Dark Web about it – the Dark Web making up the 6% of the internet that has only encrypted websites which cannot be accessed on a regular internet browser – and charge a price for such criminal knowledge. Indeed, the first generation of hackers has come a long way from the time malware was harmless, 25 years ago, conjuring up images of geeks playing with software, up until the present, when messing about with malware can have disastrous consequences. It is estimated that Zero Day Vulnerability is being used widely in state-driven cyberattacks with Stuxnet having used as many as 20 Zero Day exploits for the US to deliver a major blow to Iran’s nuclear enrichment programme. Why CEOs in Mauritius need to go the extra mile for cybersecurity In Mauritius, we risk becoming victims of a false sense of security as we are not aware of cyberattacks primarily because we do not have the right tools to detect even simple forms of cybersecurity breaches such as malware. In the meantime, even as we imagine that we are safe from hackers, an increasing number of organisations in Mauritius are becoming victims of cyberattacks. The Live Cyber Threat Map operated by Check Point Software Technologies shows that there had been over 9.6 million cyberattacks globally on just a single day of reference. In terms of geographies, attacks targeted to Mauritius arose primarily from South Africa and Europe while in terms of the types of attacks, we witnessed malware, exploits, phishing and botnet playing their part in waging war on cyber infrastructure in the island economy. Based on the wide prevalence of such cyberattacks, it cannot be stressed enough that we ought to be proactive rather than reactive when it comes to protecting the privacy of our organisations and, by extension, our entire economy. Indeed, it is high time for a radical improvement of infrastructure in Mauritius and this effort can progress in the right direction and at the right pace only if organisations work in partnership with external service providers. At Rogers Capital Technology, we specialise in cybersecurity advisory services and implementation. Based on our experience with helping clients counter cyberthreats including during famous instances such as the WannaCry malware which affected our economy in 2017, we cannot emphasise enough the significance of sharing intelligence on developing threats in Mauritius. Here, I believe that the creation of a forum where cybersecurity officers can come together to share their experiences and expertise is of paramount importance. Ultimately, we must step up efforts to protect our businesses and the larger economy from the scourge of cyberattacks and we must begin by talking about breaches when they take place rather than taking pains to hide them. Only if we are aware of cyberattacks can we protect ourselves and those we love from the long-lasting implications of such a dangerous occurrence. [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vcGitTeam git_team="2252"][/vc_column][/vc_row] ### Mauritius to lie at the heart of China’s Africa strategy with free trade pact [vc_row][vc_column][vc_column_text]The economic relationship between Mauritius and China goes back to 1972 when it became the first African country to establish a full-time embassy in Beijing. However, Chinese presence in Mauritius actually dates all the way to the 1800s, making it easy to see why Mauritius has such strong historical, economic and cultural ties with the People’s Republic of China. This makes it only fitting that the Mauritius-China Free Trade Agreement (FTA), which came into force as from the 1st of January 2021, is the first ever free trade pact that China has ratified with an African country. Given that Mauritius has been trying for several years to position itself as a base for Chinese investments flowing into Africa, the Mauritius-China Free Trade Agreement (FTA) comes as a most welcome development indeed, opening up an array of opportunities for the island economy to position itself as the preferred investment gateway between China and Africa. Unlocking market access for products So far, Mauritian exports to China, as illustrated in the figure below, had not been too encouraging due to the high costs of doing business in Mauritius based on expensive wages, high freight costs of bringing raw materials to Mauritius, and lofty duty on goods to be exported. Finally, the low scale of production and supply in view of the small size of the domestic market was another problem area that had hindered Mauritian exports to China. Now, with the FTA in place, almost all goods between the two countries will be exempt from custom duties; 96.3% of product categories made in Mauritius will enter China duty-free while 94.2% of product categories made in China will enter Mauritius duty-free. As for the small size of the domestic market, the world is now its oyster with the FTA positioning Mauritius as a base for Chinese exports to Africa, coming as it does at a most opportune time when the African Continental Free Trade Agreement (AfCFTA) has also entered into force. In terms of the composition of exports from Mauritius to China, the FTA opens up exciting avenues for niche local products such as special sugars, rum, fish and jewellery. Most significantly for the island economy which possesses one of the largest Exclusive Economic Zones in the world at over 2 Mn km2, the FTA with China also represents an enormous opportunity for the Ocean Economy in Mauritius whose marine resources have remained largely under-exploited so far. Figure 1: Mauritius Exports to China over the last decade (2010-2020) Broadening the scope for services On the services side, both countries have opened up more than 100 sectors – including tourism, law, financial services, telecommunications, ICT, professional services, construction and health – to economic operators from the other country. Moreover, the FTA agrees to promote the development of a Renminbi clearing and settlement facility in the territory of Mauritius. This allows the island economy to develop itself as the African jurisdiction for clearing Renminbi, thus providing an unparalleled opportunity for African firms to deal directly with Chinese corporations without risking FX exposure. Momentously, the FTA also signals a move for both countries to share expertise in FinTech with the wider aim of promoting innovation in financial services. With China proceeding at pace with the digital yuan, the onus may just fall on Mauritius to pioneer the Central Bank Digital Currency revolution for all of Africa. Finally, the FTA positions Mauritius to welcome Chinese professionals across the entire spectrum of services required for sustainable investments into Africa, besides reinforcing the substance measures and Core Income Generating Activities introduced by the Mauritius International Financial Centre (MIFC) as part of its revamped global business model. Giving investments a boost On the investment side, Mauritius’ unique geographic location positions it as a natural gateway between Asia and Africa. As a logical extension, promoting investments into Africa forms one of the key focus areas of the MIFC. We are already witnessing significant flows of Chinese investment through Mauritius into Africa, taking advantage of its extensive network of Double Taxation Avoidance Agreements (DTAAs) and Investment Promotion and Protection Agreements (IPPAs). The FTA will only consolidate Mauritius’ position as an investment gateway of choice to Africa. In terms of investments, the jurisdiction is best poised to attract Chinese inflows in the field of high-end property and hotel development into Mauritius and Africa. As Chinese companies extend their footprint in Africa, some of them might also set up their regional headquarters in Mauritius to take advantage of the conducive business climate, political stability, relatively robust infrastructure, as well as strong financial and legal ecosystem that prevails in Mauritius. Stronger together Despite the clear benefits that the agreement potentially places within the reach of the island economy and the wider region, it will take a few years to properly evaluate the real advantages of the Mauritius–China FTA under this new preferential regime. Amid all this, to further broaden its economic footprint, Mauritius has also recently finalised the signing and ratification of the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) with India. Taken together with the AfCFTA which creates the largest free trade area in the world, these bilateral agreements with significant trading partners have put Mauritius in a stronger position for more trade and investment, and at a time when such growth is sorely needed with COVID-19 forcing successive lockdowns and dampening economic prospects. It is now up to the business community to effectively engage and proactively leverage these agreements for the greater good of both Mauritius and the mainland continent – allowing the island economy to truly realise its African destiny in the process.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vcTeamProfile teamprofile="2357" showjobtitle="true" showdescpt="true"][/vc_column][/vc_row] ### Mauritius to lie at the heart of China’s Africa strategy with free trade pact [vc_row][vc_column][vc_column_text]The economic relationship between Mauritius and China goes back to 1972 when it became the first African country to establish a full-time embassy in Beijing. However, Chinese presence in Mauritius actually dates all the way to the 1800s, making it easy to see why Mauritius has such strong historical, economic and cultural ties with the People’s Republic of China. This makes it only fitting that the Mauritius-China Free Trade Agreement (FTA), which came into force as from the 1st of January 2021, is the first ever free trade pact that China has ratified with an African country. Given that Mauritius has been trying for several years to position itself as a base for Chinese investments flowing into Africa, the Mauritius-China Free Trade Agreement (FTA) comes as a most welcome development indeed, opening up an array of opportunities for the island economy to position itself as the preferred investment gateway between China and Africa. Unlocking market access for products So far, Mauritian exports to China, as illustrated in the figure below, had not been too encouraging due to the high costs of doing business in Mauritius based on expensive wages, high freight costs of bringing raw materials to Mauritius, and lofty duty on goods to be exported. Finally, the low scale of production and supply in view of the small size of the domestic market was another problem area that had hindered Mauritian exports to China. Now, with the FTA in place, almost all goods between the two countries will be exempt from custom duties; 96.3% of product categories made in Mauritius will enter China duty-free while 94.2% of product categories made in China will enter Mauritius duty-free. As for the small size of the domestic market, the world is now its oyster with the FTA positioning Mauritius as a base for Chinese exports to Africa, coming as it does at a most opportune time when the African Continental Free Trade Agreement (AfCFTA) has also entered into force. In terms of the composition of exports from Mauritius to China, the FTA opens up exciting avenues for niche local products such as special sugars, rum, fish and jewellery. Most significantly for the island economy which possesses one of the largest Exclusive Economic Zones in the world at over 2 Mn km2, the FTA with China also represents an enormous opportunity for the Ocean Economy in Mauritius whose marine resources have remained largely under-exploited so far. Figure 1: Mauritius Exports to China over the last decade (2010-2020) Broadening the scope for services On the services side, both countries have opened up more than 100 sectors – including tourism, law, financial services, telecommunications, ICT, professional services, construction and health – to economic operators from the other country. Moreover, the FTA agrees to promote the development of a Renminbi clearing and settlement facility in the territory of Mauritius. This allows the island economy to develop itself as the African jurisdiction for clearing Renminbi, thus providing an unparalleled opportunity for African firms to deal directly with Chinese corporations without risking FX exposure. Momentously, the FTA also signals a move for both countries to share expertise in FinTech with the wider aim of promoting innovation in financial services. With China proceeding at pace with the digital yuan, the onus may just fall on Mauritius to pioneer the Central Bank Digital Currency revolution for all of Africa. Finally, the FTA positions Mauritius to welcome Chinese professionals across the entire spectrum of services required for sustainable investments into Africa, besides reinforcing the substance measures and Core Income Generating Activities introduced by the Mauritius International Financial Centre (MIFC) as part of its revamped global business model. Giving investments a boost On the investment side, Mauritius’ unique geographic location positions it as a natural gateway between Asia and Africa. As a logical extension, promoting investments into Africa forms one of the key focus areas of the MIFC. We are already witnessing significant flows of Chinese investment through Mauritius into Africa, taking advantage of its extensive network of Double Taxation Avoidance Agreements (DTAAs) and Investment Promotion and Protection Agreements (IPPAs). The FTA will only consolidate Mauritius’ position as an investment gateway of choice to Africa. In terms of investments, the jurisdiction is best poised to attract Chinese inflows in the field of high-end property and hotel development into Mauritius and Africa. As Chinese companies extend their footprint in Africa, some of them might also set up their regional headquarters in Mauritius to take advantage of the conducive business climate, political stability, relatively robust infrastructure, as well as strong financial and legal ecosystem that prevails in Mauritius. Stronger together Despite the clear benefits that the agreement potentially places within the reach of the island economy and the wider region, it will take a few years to properly evaluate the real advantages of the Mauritius–China FTA under this new preferential regime. Amid all this, to further broaden its economic footprint, Mauritius has also recently finalised the signing and ratification of the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) with India. Taken together with the AfCFTA which creates the largest free trade area in the world, these bilateral agreements with significant trading partners have put Mauritius in a stronger position for more trade and investment, and at a time when such growth is sorely needed with COVID-19 forcing successive lockdowns and dampening economic prospects. It is now up to the business community to effectively engage and proactively leverage these agreements for the greater good of both Mauritius and the mainland continent – allowing the island economy to truly realise its African destiny in the process.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vcTeamProfile teamprofile="2357" showjobtitle="true" showdescpt="true"][/vc_column][/vc_row] ### G7 Global Minimum Tax: What Impact for Mauritius? [vc_row][vc_column][vc_column_text]On 5th June 2021, the G71 reached a historic deal to change the international tax framework whereby it is expected that multinational companies will end up paying more tax. The Organisation for Economic Cooperation and Development (OECD) has been working hard to get consensus on the reform of the international tax framework. In 2020, the OECD re[1]leased its reports on the blueprints of the two-pillar approach to address the tax challenges arising from digitalisation of the economy. The G7 agreed to move forward with both pillars. On one side they agreed on a global minimum tax rate of 15% (Pillar 2) and on the other side it was also agreed that companies will end up paying more tax in the countries where they are selling their products (Pillar 1). The objective of the global minimum tax support[1]ed by the G7 countries, and in particular the US government, is to avoid the shifting of profits by multinational companies and deny tax deductions on related-party payments to foreign corporations residing in a jurisdiction that has not implemented the minimum tax. On the other hand, the taxation of companies in countries where they derive sales revenue will impact the US TECH giants like Facebook, Amazon, Apple, Microsoft and Google. WHAT DOES THIS IMPLY FOR MAURITIUS? Generally, the corporate tax rate is reflective of a country’s level of government spending and budgetary position. After independence, Mauritius was a high tax country where tax rate was as high as 75% in the 1970’s. The period of high tax coincided with a period of economic slump, two devaluation of the rupees and high unemployment. Mauritius embarked on a gradual reform of its taxation system as from 1982 which culminated in the enactment of a new Income Tax Act in 1995 and the Value Added Tax in 1998. Tax holidays and tax incentives were granted to specific sectors. In 2007, in a view to the Mauritius tax system, a flat rate of tax of 15% was introduced in Mauritius. Al[1]though specific levies are applicable to companies in certain sectors and to high income earning individuals, Mauritius has a relatively attractive corporate tax rate. The country has long maintained a strict fiscal discipline, allowing it to maintain a competitive 2 corporate tax rate (15%) and use tax incentives as a tool to attract foreign direct investment (FDI) and this with the aim of creating jobs. Canada, France, Germany, Italy, Japan, the United Kingdom, the United States. THE GLOBAL MINIMUM TAX (GMT) It is expected that many OECD and G-20 countries would support the global minimum tax proposal to prevent a race to the bottom particularly in view of the effect of the Covid 19 pandemic on their finance. Will this global minimum tax inevitably limit Mauritius’ choices in setting its own tax policies and indirectly undermine its sovereign rights? As a small insular island, will Mauritius have to adapt and adjust its tax policies to fit into the new tax world? The nominal tax rate in Mauritius is already 15%. However, there are various incentives available where companies in some specific sectors end up paying an effective rate of less than 15%. To date, Mauritius has harmonised its tax system and all its regimes have been veted and are whitelisted by the OECD and the EU. Mauritius has committed to the BEPS actions on combatting tax evasion and the natural next step will be to implement the GMT. It is understood that the GMT refers to an effective tax rate and profits taxed at a lower rate may be taxed elsewhere, i.e., where the sale is actually being made. Not all companies operating in Mauritius will feel the burden of the GMT as Mauritius will need to push for carve out for companies with appropriate economic substance, in order to avoid that companies end up paying tax in two jurisdictions (if their effective tax rate in Mauritius is less than 15%). The additional tax revenue can be used make Mauritius more attractive to potential investors. Mauritius has laid out the framework to be a robust financial centre and the government may consider additional measures such as the subsidising of capital investment, reduction of VAT rate and the reduction or abolition of Personal Income Tax to continue to stay competitive. The government can use the additional tax revenue towards upskilling the workforce such as enabling students to pursue an additional degree in some specific fields or subsiding professionals in acquiring qualifications like Chartered Financial Analyst. WHAT WE CAN FORESEE? Without doubt, some countries which have relatively low or no tax, such as Ireland and UAE (Dubai) are more likely to feel the effect of the Global Minimum Tax as Ireland has a nominal tax rate less than 15% (12.5%) while Dubai has a NIL rate of corporate tax on most income. Moreover, multinationals operating in tax havens are likely to witness the burden of such opaque structures. The unprecedented tax reform will transform the game play for Mauritius, where tax incentives have been instrumental to attract investment. Mauritius can still rely on its strong legal framework, its ideal geographical location, infrastructure, labour market and financial and legal systems to continue to be the gateway to Africa and Asia.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vcGitTeam git_team="9291"][/vc_column][/vc_row] ### National Budget Insights 2021-22 [vc_row][vc_column][vc_column_text]Honourable Dr R. Padayachy, Minister of Finance, Economic Planning and Development delivered the National Budget 2021-22 Speech on 11 June 2021. We are pleased to share the Rogers Capital Budget Insights with you. Click here to read our analysis[/vc_column_text][/vc_column][/vc_row] ### Mauritius to lie at the heart of China’s Africa strategy with free trade pact [vc_row][vc_column][vc_column_text]The economic relationship between Mauritius and China goes back to 1972 when it became the first African country to establish a full-time embassy in Beijing. However, Chinese presence in Mauritius actually dates all the way to the 1800s, making it easy to see why Mauritius has such strong historical, economic and cultural ties with the People’s Republic of China. This makes it only fitting that the Mauritius-China Free Trade Agreement (FTA), which came into force as from the 1st of January 2021, is the first ever free trade pact that China has ratified with an African country. Given that Mauritius has been trying for several years to position itself as a base for Chinese investments flowing into Africa, the Mauritius-China Free Trade Agreement (FTA) comes as a most welcome development indeed, opening up an array of opportunities for the island economy to position itself as the preferred investment gateway between China and Africa. Unlocking market access for products So far, Mauritian exports to China, as illustrated in the figure below, had not been too encouraging due to the high costs of doing business in Mauritius based on expensive wages, high freight costs of bringing raw materials to Mauritius, and lofty duty on goods to be exported. Finally, the low scale of production and supply in view of the small size of the domestic market was another problem area that had hindered Mauritian exports to China. Now, with the FTA in place, almost all goods between the two countries will be exempt from custom duties; 96.3% of product categories made in Mauritius will enter China duty-free while 94.2% of product categories made in China will enter Mauritius duty-free. As for the small size of the domestic market, the world is now its oyster with the FTA positioning Mauritius as a base for Chinese exports to Africa, coming as it does at a most opportune time when the African Continental Free Trade Agreement (AfCFTA) has also entered into force. In terms of the composition of exports from Mauritius to China, the FTA opens up exciting avenues for niche local products such as special sugars, rum, fish and jewellery. Most significantly for the island economy which possesses one of the largest Exclusive Economic Zones in the world at over 2 Mn km2, the FTA with China also represents an enormous opportunity for the Ocean Economy in Mauritius whose marine resources have remained largely under-exploited so far. Figure 1: Mauritius Exports to China over the last decade (2010-2020) Broadening the scope for services On the services side, both countries have opened up more than 100 sectors – including tourism, law, financial services, telecommunications, ICT, professional services, construction and health – to economic operators from the other country. Moreover, the FTA agrees to promote the development of a Renminbi clearing and settlement facility in the territory of Mauritius. This allows the island economy to develop itself as the African jurisdiction for clearing Renminbi, thus providing an unparalleled opportunity for African firms to deal directly with Chinese corporations without risking FX exposure. Momentously, the FTA also signals a move for both countries to share expertise in FinTech with the wider aim of promoting innovation in financial services. With China proceeding at pace with the digital yuan, the onus may just fall on Mauritius to pioneer the Central Bank Digital Currency revolution for all of Africa. Finally, the FTA positions Mauritius to welcome Chinese professionals across the entire spectrum of services required for sustainable investments into Africa, besides reinforcing the substance measures and Core Income Generating Activities introduced by the Mauritius International Financial Centre (MIFC) as part of its revamped global business model. Giving investments a boost On the investment side, Mauritius’ unique geographic location positions it as a natural gateway between Asia and Africa. As a logical extension, promoting investments into Africa forms one of the key focus areas of the MIFC. We are already witnessing significant flows of Chinese investment through Mauritius into Africa, taking advantage of its extensive network of Double Taxation Avoidance Agreements (DTAAs) and Investment Promotion and Protection Agreements (IPPAs). The FTA will only consolidate Mauritius’ position as an investment gateway of choice to Africa. In terms of investments, the jurisdiction is best poised to attract Chinese inflows in the field of high-end property and hotel development into Mauritius and Africa. As Chinese companies extend their footprint in Africa, some of them might also set up their regional headquarters in Mauritius to take advantage of the conducive business climate, political stability, relatively robust infrastructure, as well as strong financial and legal ecosystem that prevails in Mauritius. Stronger together Despite the clear benefits that the agreement potentially places within the reach of the island economy and the wider region, it will take a few years to properly evaluate the real advantages of the Mauritius–China FTA under this new preferential regime. Amid all this, to further broaden its economic footprint, Mauritius has also recently finalised the signing and ratification of the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) with India. Taken together with the AfCFTA which creates the largest free trade area in the world, these bilateral agreements with significant trading partners have put Mauritius in a stronger position for more trade and investment, and at a time when such growth is sorely needed with COVID-19 forcing successive lockdowns and dampening economic prospects. It is now up to the business community to effectively engage and proactively leverage these agreements for the greater good of both Mauritius and the mainland continent – allowing the island economy to truly realise its African destiny in the process.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vcTeamProfile teamprofile="2357" showjobtitle="true" showdescpt="true"][/vc_column][/vc_row] ### As hackers come of age, CEOs must up their game to protect against cyberattacks [vc_row][vc_column][vc_column_text]In December 2020, less than 3 months ago, we learnt that one of the most secure and protected networks worldwide was hacked through an unprecedented and large-scale cyberattack – nothing short of the USA – with 18,000 businesses impacted, including strategic and government entities such as the Department of Defense, Energy, Labour, and Commerce. Most surprisingly, for a period as long as 9 months, nobody knew what was going on. Against this sobering backdrop, I recently spoke to CEOs in Mauritius at an event hosted by Rogers Capital Technology, where we discussed how they can protect their businesses in the face of this latest wave of cyberattacks. Indeed, in this day and age, if our CEOs don’t know how to protect themselves against cyber criminals, they will be defenseless if targeted, because they will not know the implications of such an attack, or how long it has been in the making. If a nation as powerful as the US can be targeted with such ease, what of our national cyber infrastructure here in Mauritius? As I discussed my findings with the CEOs at the event and listened to their experiences in turn, it became increasingly evident that the volume of cyberattacks has risen significantly in the wake of the technological acceleration triggered by COVID-19. The three things that all CEOs must know about cyberattacks Accordingly, mining my own experience at Rogers Capital Technology, I have the following three key messages for CEOs in Mauritius: Cyberattacks have taken a totally new dimension recently, becoming more and more sophisticated, increasingly fast-spreading and increasingly destructive New cybersecurity aspects need to be considered to properly secure businesses today Many businesses are lagging behind and there is need to catch up urgently. Firstly, cyberattacks are becoming more sophisticated, destructive and with larger scale implications. The technology we are using is changing as we evolve towards using more and more connected networks. As we did more business on the internet, new apps started coming on the web, thus bringing more types of cyberattacks in their wake. With smartphones, we added on a plethora of mobile apps, and the menace of trojans commenced. But it is with the Internet of Things (IoT) that we have seen the largest scale of cyberattacks. As AI now comes into play, we face the risk of new types of attacks that are much more powerful and unimaginably faster, where our current systems will be helpless in the face of this onslaught. Finally, in the near future, we might witness the advent of Quantum Computing which will completely transform the landscape for cybersecurity yet again, by rendering today’s encryption-dependent cybersecurity obsolete. At the same time, we are seeing a proliferation of state-driven attacks or cyber warfare – wars between states being wrangled in cyberspace. Secondly, speaking of sophistication, the number of malwares and attacks are increasing significantly. Indeed, the more deeply we are connected, the more we are at risk due to an increased surface of attack. With 4 million individuals worldwide on the internet, 6 million who possess smartphones, and the 25 million who are connected with the IoT – and with this figure only set to increase as the ‘Internet of Everything’ marches closer – we are talking about data and capacity – and correspondingly cyberattacks targeting such data – which are far bigger than we could possibly have imagined even a decade ago. Thirdly, the likelihood and impact of cyberattacks is increasing. The risk map of the World Economic Forum (WEF) for the workplace in 2020 shows that cyberattacks have entered the Top 5 when it comes to the likelihood of risks happening in the globe and have also burst into the Top 5 in terms of their level of impact on businesses. Indeed, a cyberattack now jostles with natural disasters and extreme weather conditions in terms of its likelihood of occurrence and its severe implications on businesses. Where weather disruptions such as cyclones in Mauritius cause national committees to be formed, the high ranking of cybersecurity on the WEF’s risk map means that cybersecurity for many countries has attained the status of a national security priority. However, we are lagging behind in Mauritius where cyberattacks are still not accorded the importance they deserve. The Top 5 most notorious cyberattacks globally #1 Stuxnet: A state-driven attack by the US on Iran’s nuclear programme, it was discovered in 2010 but is believed to have been in the making for years. The question facing US hackers: How can you hijack a nuclear site in a desert where there is no physical connectivity, and attackers can be seen coming for miles ahead? The answer is social engineering. Indeed, people remain the weakest link in any cyberattack. The US hackers targeted the sub-contractors working on the nuclear site, implanting malware which hijacked the system for the nuclear plant and helped destroy the nuclear centrifuge remotely. Imagine, over 1,000 centrifuges were destroyed by this method, in the largest setback to Iran’s nuclear enrichment programme. #2 Dark Hotel: In what is a cautionary tale for any CEO of a hospitality chain in Mauritius, the Dark Hotel cyberattack saw hackers latch onto the WiFi of several Asian luxury hotels, entering their programmes and accessing all the guest data. On connecting to a hotel network, guests were prompted to install a seemingly legitimate update for a popular piece of software, and their devices were immediately infected with the DarkHotel spyware, which the attackers specifically introduced into the network a few days before their arrival and removed a few days later. The stealthy spyware logged keystrokes and allowed the cybercriminals to conduct targeted phishing attacks. # 3 Mirai: In the best-known case of distributed denial of service, a hacker set up a command-and-control centre whereby, in the space of a few hours, he was able to raise a number of vulnerable devices in an army consisting of IoT accessories such as digital cameras and DVR players. This command-and-control centre told these ‘soldiers’ to target a particular server on the internet, in this case the servers of Dyn, a company that controls much of the internet’s domain name system (DNS) infrastructure. In October 2016, this onslaught of small devices on the internet caused a large part of traffic to go down, including Twitter, the Guardian, Netflix, Reddit, CNN and many others in Europe and the US. # 4 WannaCry: WannaCry was the widest scale cyberattack that the world has ever known. Once this aptly named malware hit, the victim got the message that all their files were encrypted, and they would have to pay a ransom to get them decrypted. It went on to state that the ransom amount would double in 3 days and if the revised amount was not paid in 7 days, the victim would lose their data forever. In 5 days, 250,000 PCs in 100 countries and 1500 cities were affected. Most of the industries in the affected countries – health, transport and utilities – were crippled and this cyberattack spread fast. In 2 and a half hours, half of Ukraine – around 20 million people – was impacted. Indeed, Mauritius also featured in the list of countries attacked by WannaCry, back in 2017, when this malware spread. # 5 NotPetya/ExPetr: This cyberattack shook Ukraine one month after WannaCry in a similar modus operandi – the crucial difference with WannaCry being that this malware was designed to destroy the data without any possibility of getting it back. NotPetya was the costliest cyberattack to date and is suspected to be a state attack wherein one enemy state attacked Ukraine through a popular accounting software which most businesses were using. NotPetya was introduced through the software update, causing immense collateral damage – one key company impacted by this cyberattack was A.P. Moller - Maersk, the largest container shipping co worldwide. Imagine, every 15 mins, 10,000-20,000 Maersk containers are entering a port somewhere in the world, including Mauritius. Maersk had to install 49,000 servers, 45,000 PCs and 2500 applications – a 6-month exercise otherwise – in a heroic effort that took only 10 days. The whole exercise cost Maersk between USD 250-300 million in what was the costliest cyberattack in the history of the world. Major data breaches in sectors relevant to Mauritius While the years leading up to 2017 were marked by malware-driven cyberattacks, the latter half of 2017 and 2018 have seen data breaches enter the popular imagination. Be it hospitality, financial services or global business – all key sectors for the Mauritian economy – we have much to learn from the data breaches suffered by global majors with far larger resources at their disposal. Indeed, 2018 witnessed the biggest data breach in hospitality, with Marriott finding that the customer data for millions of its guests was compromised. The Marriott data breach began with its acquisition of the Starwood loyalty programme in 2014 and these breaches entered Marriott with its continued use of the Starwood legacy system. As the testimony of the Marriott CEO to the US Senate Panel shows, when a data breach happens, it is the CEO who is taken to task. For CEOs here in Mauritius, the key learning from this data breach is that cybersecurity is not the job of the IT department. It is the responsibility of the CEO. It is the CEO who has to rise to the occasion and explain to regulators and the public what transpired – and to face the consequences such as fines and loss of reputation triggered by clauses in global data protection agreements such as the GDPR. In the case of the financial services sector, the biggest data breach known to have taken place is in Equifax in September 2017. The scale of this breach is unprecedented, affecting 148 mn people – half the population of the US – whose accounts were hacked. As one of the three largest consumer credit reporting agencies in the US, while there have been larger security breaches by other companies in the past, the sensitivity of the personal information held by Equifax and the scale of the problem makes this breach unprecedented. In June 2019, Moody's downgraded the company's financial rating in part because of the massive amounts it would need to spend on information security in the years to come. In July 2019 the company reached a record-breaking settlement with the US regulator, the Federal Trade Commission, which required Equifax to spend at least US$1.38 billion to resolve consumer claims. For CEOs here in Mauritius, the key lesson is that exposing customers to identity theft in the financial services sector can lay a company vulnerable to much greater public censure, loss of reputation, and regulatory action, since it is a sector that deals with confidential consumer data of far greater sensitivity than other industries. In case of the global business sector, Mauritius itself suffered a setback in the form of Mauritius Leaks, which started with a data breach at local law firm, Conyers Dill & Pearman. As many as 200,000 files were accessed by the International Consortium of Investigative Journalists and used as a massive exploitation of confidential information to constitute a case against the global business sector of Mauritius and to allege that the island was being used to avoid taxes in countries in Africa, Asia, the Middle East and the Americas. As we know first-hand from the data breach, such a cyberattack can have disastrous consequences for the entire economy, leave alone individual businesses within the global business sector. Zero Day Vulnerability: A popular means to exploit weaknesses in cyber infrastructure One of the most common ways in which hackers are breaching cyber infrastructure is through Zero Day Vulnerability. Indeed, as the whole world is connected to the internet and popular software systems abound, top hackers look for undetected security leaks in such software, or in other words, security leaks that have been known for ‘zero days.’ To elaborate, Zero Day Vulnerability is said to take place when even the vendor of the software is not aware of the existence of such a flaw. Imagine that an update of the software takes place and there is a flaw in the update, unbeknownst to the vendor. Hackers identify the flaw and use it as a backdoor to breach the company’s cyber infrastructure. Such a hacker will either penetrate the software himself or inform others on the Dark Web about it – the Dark Web making up the 6% of the internet that has only encrypted websites which cannot be accessed on a regular internet browser – and charge a price for such criminal knowledge. Indeed, the first generation of hackers has come a long way from the time malware was harmless, 25 years ago, conjuring up images of geeks playing with software, up until the present, when messing about with malware can have disastrous consequences. It is estimated that Zero Day Vulnerability is being used widely in state-driven cyberattacks with Stuxnet having used as many as 20 Zero Day exploits for the US to deliver a major blow to Iran’s nuclear enrichment programme. Why CEOs in Mauritius need to go the extra mile for cybersecurity In Mauritius, we risk becoming victims of a false sense of security as we are not aware of cyberattacks primarily because we do not have the right tools to detect even simple forms of cybersecurity breaches such as malware. In the meantime, even as we imagine that we are safe from hackers, an increasing number of organisations in Mauritius are becoming victims of cyberattacks. The Live Cyber Threat Map operated by Check Point Software Technologies shows that there had been over 9.6 million cyberattacks globally on just a single day of reference. In terms of geographies, attacks targeted to Mauritius arose primarily from South Africa and Europe while in terms of the types of attacks, we witnessed malware, exploits, phishing and botnet playing their part in waging war on cyber infrastructure in the island economy. Based on the wide prevalence of such cyberattacks, it cannot be stressed enough that we ought to be proactive rather than reactive when it comes to protecting the privacy of our organisations and, by extension, our entire economy. Indeed, it is high time for a radical improvement of infrastructure in Mauritius and this effort can progress in the right direction and at the right pace only if organisations work in partnership with external service providers. At Rogers Capital Technology, we specialise in cybersecurity advisory services and implementation. Based on our experience with helping clients counter cyberthreats including during famous instances such as the WannaCry malware which affected our economy in 2017, we cannot emphasise enough the significance of sharing intelligence on developing threats in Mauritius. Here, I believe that the creation of a forum where cybersecurity officers can come together to share their experiences and expertise is of paramount importance. Ultimately, we must step up efforts to protect our businesses and the larger economy from the scourge of cyberattacks and we must begin by talking about breaches when they take place rather than taking pains to hide them. Only if we are aware of cyberattacks can we protect ourselves and those we love from the long-lasting implications of such a dangerous occurrence. [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vcGitTeam git_team="2252"][/vc_column][/vc_row] ### A new insurance era dawns with captive outsourcing at its heart Kaviraj Nuckchedee, Manager in Corporate Administration and the Captive Insurance lead at Rogers Capital looks at how COVID-19 has given captive insurance an unprecedented spurt as companies become more aware of additional risk exposures uncovered by traditional insurance programmes – and why Mauritius is well poised to act as a captive hub for Africa Frederic M. Reiss, the father of captive insurance, brought the captive concept into practice in Ohio in the 1950s - the company had a series of mining operations and Reiss helped the company incorporate its own insurance subsidiaries, thus coining the term captive insurance companies because they wrote insurance exclusively for the captive mines. Consequently, a captive insurance company is defined as an insurance company that is wholly owned and controlled by its insured. Its primary purpose is to insure the risks of its owners, and to make certain that its insureds benefit from the captive insurer's underwriting profits. We now take a look at how captive insurance has evolved over the years and why Mauritius is well poised to act as a captive hub for Africa. The rise and rise of captive insurance During the 70 years of existence of captive insurance, the market and the appetite for it has evolved phenomenally to approximately 7,000 captives globally as of 2020. The captive market size, in terms of annual premiums, in the 10 top captive domiciles globally amounted to USD 130 billion and is growing continuously. Over the years, mid-size captives have seen the most growth, from 11% in 2013 to 23% in 2019. Meanwhile, big-size captives have remained relatively stable with growth percentages between 61 and 54 from 2013 to 2019. The top 10 industries that use captives the most are financial institutions; healthcare; manufacturing; retail; transportation; communication, media and technology; power and utility; energy; mining, metals and minerals; as well as marine. Recently, the main growth in captives use is in the energy sector which experienced a 151% increase, financial institutions which recorded a 104% rise, while communications, media and technology noted a 98% increase. Benefits of captive insurance A captive allows for many risk-management advantages, including: Improved Claims Review and Processing – A captive is free to establish its own claims handling policies and procedures. Increased Coverage – Captive, unlike conventional insurance which may be unwilling or unable to provide cover for certain risks, will be able to address coverage issues. Underwriting Flexibility – Captive insurance provides control over the policy contents, so as to ensure that the cover provided is bespoke to the company’s requirements. Access Reinsurance Market – Captive insurance offers direct access to the international reinsurance markets. Reduced Insurance Costs – A captive offers cost savings through lower premiums, elimination or reduction of overheads such broker commissions, marketing fees and lower administrative costs and mark up costs. Tax Benefits – Leveraging captive insurance allows the organisation to secure significant tax advantages. Profit Centre - All the profits that are generated at the end of the year remain at the disposal of the captive and can be retained by the owner of the captive. Direct Investments – The profits can be used to direct investment choices and further grow the wealth of the captive. Captive insurance booms amid COVID-19 More and more organisations are considering a captive for insurance protection and financial flexibility in response to an increasingly difficult risk and insurance landscape. The trend of rising captive vehicles continued in the first half of 2020 amid an increase in challenging insurance market conditions and the impact of the global COVID-19 pandemic. The pandemic has made companies more aware of additional risk exposures that their traditional insurance programmes were not providing coverage for. Some captive insurers have been able to support their parent organisations during COVID-19 by accessing permissible capital invested in the captive investment portfolio and thus providing relief from business disruption losses. Moreover, the challenging state of the commercial insurance market — with its higher insurance premiums, more stringent underwriting criteria, reduced capacity, and less competition — is giving more and more companies reason to consider the benefits of adopting captive insurance. No wonder then that there were 76 new captives formed in 2020 globally, representing a 200% year-on-year increase according to insurance broker Marsh. Captive insurance in Mauritius Mauritius is seen as a captive domicile since 2015 and has started to position itself as the emerging captive hub for Africa. The Mauritian government and local regulators have implemented all the necessary parameters and provided the requisite support to make captive insurance in the jurisdiction attractive and business friendly. Indeed, Mauritius has demonstrated unequivocally that it has the capabilities and expertise required to offer captive services. Mauritius is receiving considerable attention since the enactment of the Captive Insurance Act in 2015 which provides a significant incentive in the form of a 10-year tax holiday for pure captives to promote the island as a captive hub for the region. Licensed and authorised by the Financial Services Commission to act as a captive manager, Rogers Capital Captive Insurance Management Services is a pioneer in Mauritius in managing captive insurance vehicles. Our captive manager services range from day-to-day administration to technical insurance related services. Rogers Capital has the highest quality, security, and compliance standards in place for client information privacy and data protection and therefore ensures hassle-free, confidential, accurate, cost-effective, and time-bound captive insurance solutions. We give you the opportunity to focus on your core business operations, while managing, through a dedicated and expert captive team, your insurance related matters as well as a captive vehicle for the interest and benefit of its insureds and owners. Captives have stood the test of time as effective tools to navigate through uncertainty. Amid the pandemic, captives can help organisations become more agile in responding to risks and protecting their people and assets. Indeed, their ability to design customised insurance coverages, access alternative capital, and generate profits through third-party business makes captives especially valuable during market transitions such as those triggered by COVID-19. It is clear then that a bright future beckons for the captive insurance industry – with Mauritius well poised to leverage opportunities in this growing space by acting as a captive insurance hub for Africa. Talk to us Kaviraj Nuckchedee Email : kaviraj.nuckchedee@rogerscapital.mu ### Why Mauritius is still a viable investment Destination Over the years, Mauritius has consistently implemented reforms to enhance the island legal and regulatory framework and uphold its reputation as an International Financial Centre (IFC). Responding effectively to international demands in the areas of anti-money laundering and combatting the financing of terrorism (AML/CFT) is an integral part of building the resilience of the Mauritius IFC and ensuring that Mauritius remains a viable investment destination. Accordingly, Mauritius, as a founder nation of the Eastern and Southern African Anti-Money Laundering Group (ESAAMLG) – which is an associate member of the Financial Action Task Force (FATF) – participates in a self-assessment process to review its progress in implementing the FATF 40 recommendations on AML/CFT. Where Mauritius stands on the international AML/CFT front1 In September 2018, the publication of the Mutual Evaluation Report for Mauritius by the ESAAMLG resulted in the jurisdiction being declared compliant or largely compliant with only 14 of 40 FATF Recommendations. Following this setback, Mauritius brought numerous amendments to its AML/CFT framework. In particular, the Financial Intelligence and Anti Money Laundering  Regulations were promulgated as from 01 October 2018 to address FATF requirements regarding Customer Due Diligence, Politically Exposed Persons, Correspondent Banking, Money or Value Transfer Services, New Technologies, Wire Transfers, Reliance on Third Parties, and Internal Control, Foreign Branches and Subsidiaries, amongst others. Consequent on this extensive regulatory exercise, Mauritius submitted two follow up reports as well as two applications for technical compliance re-rating to the ESAAMLG, which were considered at its April 2019 and September 2019 meetings. In the light of these two re-rating exercises, focusing on the ‘Technical’ pillar, Mauritius was rated compliant or largely compliant on 35 of 40 Recommendations, including the “Big Six” Recommendations. It is also worth noting that even in terms of the ‘Effectiveness’ pillar of the FATF’s Recommendations, Mauritius had only 5 remaining outstanding actions, having achieved 53 of the 58 Recommended Actions within one single year.   Source: https://www.bom.mu/sites/default/files/aml_cft_1_0.pdf Why was Mauritius included on FATF and EU lists?2 Despite significant progress made since its initial review in September 2018, Mauritius found itself in the FATF list of jurisdictions under increased monitoring in February 2020. This was due to FATF’s continued perception of 5 strategic deficiencies in the Effectiveness of Mauritius’ AML/CFT regime, which were outlined as failures on the part of the jurisdiction in: (1) Demonstrating that the supervisors of its global business sector and DNFBPs (Designated Non-Financial Businesses and Professions) implemented risk-based supervision; (2) Ensuring access to accurate basic and beneficial ownership information by competent authorities in a timely manner; (3) Demonstrating that law enforcement authorities have the capacity to conduct money laundering investigations, including parallel financial investigations and complex cases; (4) Implementing a risk-based approach for supervision of its non-profit sector to prevent abuse for terrorist financing purposes; and (5) Demonstrating adequate implementation of targeted financial sanctions through outreach and supervision. Thereafter, in May 2020, Mauritius was placed on the European Commission’s new list of high-risk third countries (the blacklist). Notwithstanding that the new methodology to identify such countries was published on the same day as the list, and that Mauritius was not given an opportunity to provide an explanation or make representations, the European Commission relied solely on the findings of the FATF. Source: https://www.globalfinance.mu/wp-content/uploads/2020/08/GFM11.pdf - Faraz Rojid’s article: The 2020-21 Budget: Connecting the dots for the Mauritius IFC How Mauritius has responded to the FATF assessment3 Following the inclusion of Mauritius in the FATF grey-list and thereafter in the European Commission’s blacklist, the government has redoubled its efforts in the AML/CFT area. At the outset, despite being given time till September 2022 by the FATF, the government of Mauritius preponed the timetable for meeting the five pending FATF Recommendations to August 2020. Moreover, Mauritius proactively proposed the setting up of a technical platform between the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) of the European Commission and the Mauritius delegation to provide an update on the progress made by Mauritius. On 30 June 2020, the FATF requested the Mauritian Authorities to submit a progress report along with all supportive documents to substantiate the progress made so far by 31 July 2020. On 07 July 2020, the first meeting of the technical platform was held and it was brought to the attention of the Mauritian Authorities that the European Commission will base itself on the assessment which will be conducted by the FATF and that once Mauritius is removed from the FATF list, the European Commission will take around 6 weeks to remove the jurisdiction from the blacklist. In July 2020, the AML and CFT (Miscellaneous Provisions) Act 2020 was adopted by the National Assembly of Mauritius to strengthen the legal framework for AML/CFT enforcement, amendments were brought to the Financial Intelligence and Anti-Money Laundering Act 2002 to fine-tune the supervisory legal framework, and the Prevention of Corruption Act 2002 was also bolstered to provide a stronger deterrent to corruption offences in the financial services sector. Source: https://www.globalfinance.mu/wp-content/uploads/2020/08/GFM11.pdf - Hon Mahen Kumar Seeruttun’s interview as Minister of Financial Services and Good Governance How the FATF has responded to Mauritius’ efforts4 During the subsequent virtual face-to-face meeting and plenary meeting in September 2020 and October 2020 respectively, the FATF commended the tremendous progress made by Mauritius in implementing the Action Plan, despite the COVID-19 pandemic. During the meeting, the assessors also complimented the sustained progress made by Mauritius. Followingo that, Mauritius submitted its Second Progress Report to the FATF on 27 November 2020 which described all the updated actions taken to implement the Action Plan and underlined the significant overall progress undertaken by Mauritius. Since then, on 22 January 2021, a meeting was held between the FATF/Middle East Joint Group and the Mauritian delegation (headed by the Governor of the Bank of Mauritius), whereby Mauritius had the opportunity to provide clarifications to the FATF on queries raised by the assessors. Following the meeting, the ESAAMLG issued its 3rd Follow-up Report (FUR) for Mauritius on 25 January 2021. It conducted a re-rating exercise on the compliance status of Mauritius with regards to the FATF 40 Recommendations where it noted that Mauritius is overall compliant, largely compliant and partially compliant on 39 Recommendations. At the latest FATF plenary session held from 22 to 25 February 2021 in Paris, the Second Progress Report of Mauritius was considered along with the 3rd FUR, and the report of the assessors. In the course of this meeting, the list of jurisdictions under increased monitoring was revised, and the progress made by various jurisdictions was reviewed. While Mauritius has been maintained on the list, the FATF noted a number of achievements in the fields of outreach and training. Most crucially, the FATF does not call for the application of enhanced due diligence measures to be applied to Mauritius, but encourages it to keep up its efforts on the 5 action points needed to ensure its removal from the grey-list, in a strong signal that the jurisdiction is proceeding in the right direction.5 Source: https://www.blc.mu/blc.mu1/documents/news/Communique_MFSGG_27_Jan_21.jpg Source: https://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/increased-monitoring-february-2021.html The way forward: a public-private partnership For its part, the government of Mauritius has noted that the jurisdiction remains focused on proving its adherence to the international best practice norms for the fight against money laundering, terrorist financing and proliferation financing, and reiterates its unflinching commitment to exit the FATF list at the earliest. At Rogers Capital, we believe that this situation calls for a strong partnership between the public and private sectors wherein our team has been playing its part by supporting the government’s actions in building an effective AML/CFT regime and redoubling training efforts in the AML/CFT arena with a view to addressing the five remaining outstanding actions. As financial centres across the world review their financial offerings and accelerate technological adoption in the light of COVID-19, we believe that Mauritius offers a stable and secure environment for investors who are seeking to leverage the vast, untapped potential of the African mainland. By leveraging Mauritius as an investment hub for Africa, investors can also avail of the vast network of Investor Protection and Promotion Agreements held with 23 African countries, as well as the Double Tax Avoidance Agreements that the island economy has in place with 21 African countries.* With financial inclusion in Africa standing at 42.6%** compared to the global average of 69%***, while mobile money transactions are well above the 2% global average at 10% of the continent’s GDP****, it is evident that investments in Africa in general represent a viable opportunity for investors. It is equally clear then that Mauritius, with its stable political environment, sound regulatory framework and robust strides in AML/CFT compliance, is well poised to act as a regional financial centre that investors can use to channel their investments and build the Africa of tomorrow. References: https://www.dlapiperafrica.com/en/africa-wide/insights/africa-connected/issue-02/mauritius-fintech-hub.html https://www.uniafrica.org/fintech-and-financial-inclusion-in-africa https://www.worldbank.org/en/news/press-release/2018/04/19/financial-inclusion-on-the-rise-but-gaps-remain-global-findex-database-shows https://www.weforum.org/agenda/2019/02/fintech-in-sub-saharan-africa-a-potential-game-changer/ ### COVID-19 Update Update 2 ( 10/03/2021) As communicated on the 10th March 2021, Mauritius went into total lockdown following the detection of 10 COVID-19 cases in the community. The lockdown was enforced for a period of 2 weeks to contain the spread of the coronavirus. The number of positive COVID-19 cases in Mauritius has now risen to 219. The positive cases have been detected mainly through stringent contact tracing and targeted testing undertaken by the Mauritius health authorities. All those tested positive are receiving treatment at public hospitals and the latest information is that there is no cause for serious concern regarding their health. The vaccination campaign in the country is going on at accelerated pace of about 7,000 vaccinations per day with over 100,000 people having been vaccinated so far out of a population of 1.3 Million. The government has estimated that 60% of the population will have been vaccinated by June 2021. As a precautionary measure, the lockdown measures which started on the 10th March 2021 have been extended till the 31st March 2021. As from that date there will be a partial relaxation of the lockdown with certain businesses being opened to a limited or full extent as well as a resumption of certain social activities which were prohibited during the lockdown. At Rogers Capital Corporate Services, our business operations will continue as follows, until further notice: All our staff will be working from home and have the appropriate equipment and facilities to do so efficiently Your relationship manager/usual point of contact remains available to you via email and mobile phone We shall keep you updated of any new developments. We would like to reassure you and reiterate that you should not experience any disruption in our services despite the working arrangements stated above. We thank you for your usual support and understanding. The Rogers Capital Team Update 1 ( 10/03/2021) We wish to inform you that 15 Covid-19 cases have been confirmed in the community in Mauritius. Following the Prime Minister’s announcement last night, total lockdown measures have been reinstated across the country, effective from 06h00 am on 10 March 2021 for a period of two weeks until 25 March 2021, to reduce risks of contamination and a second wave. We would like to advise you that we at Rogers Capital – Corporate, have activated our business continuity plans to ensure the smooth running of our operations despite the lockdown. We wish to communicate important changes in our work practices which shall remain in place until further notice as follows: All our staff will Work from Home effective immediately. The necessary facilities and equipment are available to all staff to allow for a seamless Work from Home process. This Work from Home process will be subject to revision as circumstances dictate. Your relationship manager/usual point of contact will remain available to you via email and mobile phone. We remain at your disposal and shall keep you updated of any new developments. We thank you for your understanding. The Rogers Capital Team ### Live & Work in Mauritius – A comprehensive guide Discover the benefits of living and working in Mauritius with our comprehensive guide. Mauritius is a jurisdiction where the business environment, the quality of life, and the possibility of acquiring citizenship are only a few of the advantages. Non-citizens of Mauritius can invest in immovable properties, create a business, invest in an existing business, or incorporate a company or a branch/subsidiary of a foreign company or work in Mauritius. It is possible to obtain a residence permit or a work permit if relevant requirements are met. As you may not be fully conversant with the Mauritian legal framework and its potential changes, the assistance of a professional consultant will significantly increase the chances to obtain the relevant permits and to enjoy a successful relocation experience. Furthermore, Rogers Capital will interact efficiently with the relevant government bodies to deal with procedures on your behalf. Mauritius offers: Various options for tax and estate planning Quality of life Stable political and economic climate Personal security Potential to acquire an additional citizenship. If relocation to Mauritius is on your agenda, keep reading to discover all the options at your disposal and how Rogers Capital can help in the fulfillment of your life project. 1. Acquisition of an immovable property in Mauritius Some types of immovable properties in Mauritius can be acquired by a non-citizen. The definition of the latter includes: (a) a person who is not a citizen of Mauritius; (b) an association or body of persons, whether corporate or incorporate, such as a Company, a Société, a Foundation or a Limited Partnership, where it is not domiciled in Mauritius or one of its shareholders is not a citizen of Mauritius; (c) a trust in so far as it is involved in any transaction referred to in section 22 of the Trusts Act. 1.1   For investment purposes only The following schemes are allowable for an acquisition by a non-citizen: The Integrated Resort Scheme (IRS) The Real Estate Scheme (RES) The Property Development Scheme (PDS) The Smart City Scheme Ground +2 apartments The Invest Hotel Scheme (will not be developed here) Investments by non-citizens with no minimum investment amount: The IRS and the RES are high-end residential properties exclusively developed for the sale to non-citizens. The PDS has replaced the IRS and RES, allows the development of a mix of residences for sale to noncitizens, citizens and members of the Mauritian Diaspora. The Smart City Scheme, or the “work, live and play concept” is the development of self-sufficient cities offering integrated sustainable solutions and ensuring minimum wastage. This scheme incorporates mixed use developments with smart technology and innovation. Non-citizens may acquire built-up residential properties comprising villas, houses, townhouses, apartments and duplexes. Investments by non-citizens subject to a minimum investment threshold: « Ground+2 » Apartments are apartments in condominium developments of at least two levels above ground (G+2), provided the purchase price of an apartment is not less than MUR 6 million or its equivalent in any other hard convertible foreign currency. For investment and residency purposes The acquisition of one or more allowable immovable properties does not automatically grant a residence permit or a long-stay visa to the non-citizen. Regarding the schemes 1 to 4 above (IRS, RES, PDS and Smart City Scheme), the non-citizen and his dependents* are eligible for a residence permit if he has invested a minimum amount of USD 375,000. the spouse, dependent child, parent or other dependant Ref : IMMIGRATION ACT Section 5 (1) (i) Regarding the scheme 5 (« Ground+2 » Apartments), upon purchase of an apartment at a price exceeding USD 500,000 or its equivalent in any convertible currencies, a non-citizen is eligible to apply for a long-stay visa. A long stay visa allows a non-citizen and his dependents to stay for a consecutive period of ten (10) years, renewable depending on the status of ownership.  It remains valid so long as the non-citizen holds the apartment. 2. Set-up a business or invest in an existing business in Mauritius (for investment purposes only) Any foreign nationals can own a business in Mauritius. However, holders of an occupation permit as professional and holders of a Retired non-citizen Residence Permit may invest in any business if they are not employed in the business if they do not manage the business or derive any salary or employment benefits from the business. You may wish to create a company in Mauritius which purpose may be whether to operate outside of Mauritius or to operate on the local market. A Global Business Company or an Authorised Company shall be used by non-citizen shareholders when the business is conducted principally outside of Mauritius. Various legal forms can shape your business: Limited partnership, Société, Company limited by shares, company limited by guarantee, trust, foundation, etc. 3. Live in Mauritius In the case you wish to live in Mauritius with no specific investment or professional project, 3 routes are possible: 3.1 Premium Travel Visa Any non-citizen who intends to stay in Mauritius for a maximum period of one year as a tourist, retiree or a professional willing to come with his/her family and carry out his business or work remotely from Mauritius can apply for a Premium Travel Visa for Long Stays. To qualify for the Premium Visa, the applicant should produce proof of his long stay plans and sufficient travel and health insurance for the initial period of stay while meeting the following criteria: the applicant should not enter the Mauritius Labour Market but may work remotely for a foreign employer; the main place of business and source of income and profits should be outside Mauritius; documentary evidence to support the application such as purpose of visit, accommodation etc.; and other basic immigration requirements. 3.2   Holding a Retired Non-Citizen Permit A Retired Non-Citizen is defined as a person who is not a citizen of Mauritius and aged 50 years or above. The applicant should make an initial transfer of at least USD 1,500 or its equivalent in freely convertible foreign currency to his local bank account in Mauritius. A holder of an occupation permit as professional may hold shares in a business where he is employed provided that he is not a majority shareholder. Thereafter, the Retired Non-Citizen should transfer: at least USD 1,500 monthly or ; the aggregate of at least USD 18,000 per year or its equivalent in freely convertible foreign currency during the 10 years’ validity of the residence permit. At the end of each year, the applicant should submit to the EDB the evidence of transfer of funds into his local bank account of at least USD 18,000 during the year. If the Retired Non-Citizen permit holder has transferred at least USD 54,000 or its equivalent in freely convertible foreign currency for a period of 3 years, he is eligible to apply for a 20-year Permanent Residence Permit. 3.3 Holding a Resident Permit as a Dependent The Dependents of a Permit holder are eligible to apply for a Residence Permit. Dependents are defined as: spouse (including Common Law Partner of the opposite sex) ; parents; and children (including stepchildren or lawfully adopted children) under 24 years old. In case the dependent wishes to work in Mauritius, he will have to apply for the relevant permit. 3.4 Holding a 20-year Permanent Residence Permit A 20-year Permanent Residence Permit may be granted to the following persons : The holder of an Occupation Permit - Investor for at least 3 years with a minimum annual gross income of at least MUR 15 million or an aggregate turnover of MUR 45 million for any consecutive period of 3 years. The holder of an Occupation Permit – Professional for at least 3 years with a basic monthly salary of at least MUR 150,000 for 3 consecutive years. The holder of an Occupation Permit - Self-Employed for at least 3 years with an annual business income of at least MUR 3 million for the 3 consecutive years. The holder of a Retired Non-Citizen Residence Permit for at least 3 years with transfer of at least USD 54,000 or its equivalent in freely convertible foreign currency for the period of 3 years. An investor who invests at least USD 375,000 in a qualifying business activity is also eligible to apply for the 20-year residence permit. 4. Work and live in Mauritius Should you wish to work and settle down in Mauritius, various professional and investment projects are available to obtain an Occupation Permit. 4.1 Professional A Professional, as defined under the Immigration Act, is an expatriate employed in Mauritius by virtue of a contract of employment. You may be eligible for a 10-years Occupation Permit as Professional if you earn a monthly basic salary of at least MUR 30,000. You are eligible to renew your Occupation Permit at its expiry, subject to your renewing your contract of employment with the minimum monthly basic salary. Professionals may also apply for a Short-term Occupation Permit for a period not exceeding 9 months, renewable only once for a period not exceeding 3 months. 4.2 Self-employed A Self-Employed is defined as a non-citizen engaged in a professional activity under the services sector only, registered with the Registrar of Businesses under the Business Registration Act 2002, and operating as a one person business activity, working exclusively for his own account. To be eligible to a 10-years Occupation Permit as Self Employed, you should make an initial transfer of USD 35,000 or its equivalent in freely convertible foreign currency to your local bank account in Mauritius. For renewal, the business activity should generate a business income of 800,000 rupees per year as from the third year of registration. 4.3 Investor An Investor, as defined under the Immigration Act, is a shareholder and director in a company incorporated in Mauritius under the Companies Act 2001. You are eligible to apply for an Investor Permit if : For a new business, an initial amount of USD 50,000 or its equivalent in freely convertible currency is transferred in the bank account of the company under which the application will be made. For existing businesses and businesses inherited, the company has a net asset value of at least USD 50,000 or its equivalent in freely convertible foreign currency, and generates a cumulative turnover of at least 12 million rupees during the 3 years preceding the application. 2 Qualifying activities: Agro-based industry, Audio-visual, Cinema and Communication, Banking, Construction, Education, Environment-friendly and green energy products, Financial Services, Fisheries and Marine Resources, Freeport, Information Technology, Infrastructure, Insurance, Leisure, Manufacturing, Marina development, Tourism and Warehousing, Initial Public Offerings. An initial investment of USD 50,000 or its equivalent in freely convertible currency, of which a minimum transfer of at least USD 25,000 to the bank account of the company under which the application will be made and the equivalent of the remaining value in high technology machines and equipment. For renewal of an OP Investor, the company should generate a minimum gross income of MUR 4 million per year as from the third year of registration. 4.4 Innovator The applicant may be eligible for a 10-year Occupation Permit - Investor for innovative start-ups  (“Innovator OP”) if  he submits to the EDB an innovative project that satisfies the following conditions (no minimum investment is required) : The business plan should clearly depict all expenditures related to R&D activities; The scheme applies to companies conducting R&D in qualifying sectors including but not limited to life and health sciences, technology, ICT, fintech, biotechnology, nanotechnology, light manufacturing, pharmaceuticals and design; The R&D expense component should constitute of at least 20% of total operational expenditure during the research phase; The EDB will assess, on a case-to-case basis, each project on its own merit to determine its eligibility to the scheme. It would be on the onus of the promoter to provide for precise, comprehensive, and reliable information on its qualifying activities and the EDB reserves the right to accept or reject qualifying R&D expenditures based on sound interpretation of the innovative and added value aspects of the project. Another route exists: the permit can be granted to the shareholder of a company registered with an incubator accredited with the Mauritius Research and Innovation Council. 5.  Settle my wealth planning in Mauritius Through the use of a trust or a foundation, it is often possible for family assets to be preserved over succeeding generations substantially free from taxation, probate requirements, succession laws, expropriation, and foreign exchange controls. Trusts have traditionally been used in by individual living in Common Law jurisdictions for Private Wealth Management compared to foundations which are preferred in Civils Laws jurisdictions. There is no requirement in Mauritius to register trusts, thereby maintaining confidentiality. On the other hand, foundation has to be registered with the Registrar of Company. Investors are increasingly confident to hold their international assets through Offshore Trusts set up in Mauritius. The last decade has witnessed a large number of Trusts being migrated from other traditional financial centres to Mauritius as well as new ones being set up. The reasons behind this surge in Mauritius Trusts include the high comfort level with the jurisdiction thanks to the robustness of the Mauritius financial centre and the range of skills available at competitive costs in the country. The prime motivation for setting up a Trust and foundation remains Asset Protection. They also avoid the force heirship rules. Tax planning remains a key aspect of Trust as does Estate Planning. Continuity of ownership is also secured. ### Fund Services: Expertise and digitalisation of processes for seamless service [vc_row][vc_column][vc_column_text]COVID-19 has exposed weaknesses in the traditional outsourcing model, causing more and more firms to advance toward optimised digital transformation. The industry impact from COVID-19 varied widely, besides market volatility and price movement; the operations and the technology used by investment managers were impacted dramatically. With the global economy expected to contract, companies are striving to be in a position of financial stability by focusing on generating revenue and consequently resorting to outsource their non-core functions. Firms are implementing technologies that enable their people to work from anywhere. This accelerated effort is being achieved with an increased emphasis on outsourcing rather than building new technologies. Outsourcing to a technology driven organisation, will play a strategic role in short-term resilience and long-term growth. Undoubtedly, digital technologies are the drivers of business transformation and innovation. From improving efficiency to accessing new markets, technology led disruption is revolutionising countless industries, including that of Outsourcing. Successful digitalisation transformation is the first step to remould business operations to be more efficient by transforming people, processes, and technology simultaneously. Enabling Process Automation As the focus shifted from conventional fund administration to an upfront operational transformation, more and more organisations are willing to place their bets on outsourcing providers that are adopting emerging technologies. While the expectation of the Investment managers, such as return, risk, diversification, and correlation to indices, remains the same, the process of achieving the results operationally is changing relatively swiftly. Controlling operational change and meeting investors demands digitally is disrupting the old mantra of Fund administration. What set apart a sophisticated investment management is the technological prowess in investor interactions. Digital transformation enables adaptation of existing processes in addition to development of new offerings and seamless transformation which focus on how the offerings are supplemented by digital capabilities rather than what investment managers offer to investors. While the automation journey is nascent, it is maturing rapidly, and its capabilities will only amplify. This transformative technology has improved performance, enhanced processing time, reduced errors, streamlined existing processes and given lead way to new technology. Through digital transformation, the investment manager can bring along new potential in investment decision process including implementation of new strategies of portfolio management. At Rogers Capital, we have chosen PFS-PAXUS due to the system’s ability to deliver one integrated solution with an extensive range of functionality, combined with advanced reporting abilities and comprehensive regulatory coverage. Besides adopting process automation, we have further enhanced our internal process with cognitive capabilities to enable processing and analysis of unstructured data including a robust data management system which is linked with our investor portal. The portal, coupled with an innovative fund administration software, integrates all the processes under one system such as transfer agency functions, securities transactions, allocation system, general ledger, fee calculation, share registry and investor communications. It fosters value within the fund administration process by increasing efficiency, reducing risk of error, faster valuations, a simplified technical landscape and the ability to support complex investment structures. The process reengineering also brings all the benefits of a modern relational database design such as reliability and scalability, which offers Rogers Capital, as a sophisticated fund administrator, a complete back-office fund accounting, portfolio valuation, fund pricing solution and shareholder records keeping administrative solution on a single, fully integrated system. Driven by a successful digitalisation transformation, we have remoulded the NAV operations which support complex structures that exist in the alternatives industry such as multi-series structures, equalisation, partnerships and private equity. A general ledger centric, built from the ground up as a multi-currency accounting engine. An automated process that allocates income and expenses across investors based on fund level allocation rules, including gross method, net method, committed capital method and fixed percent per period. The process supports the calculation and collection of incentive / performance fees via the industry standard methodologies, including series of shares method and the equalisation method. An operational system that centralises the transaction across all series in the fund, or for groups of funds, as a single push-button procedure. Embedded on an innovative fund accounting system with a capability to generate a selection of 200+ generic fund related reports. Acknowledgement letters, Contract notes, NAV statements, Transaction statements and many other types of investor communications that is assessable to investors via a cloud-based investor platform. We have redesigned the conventional private equity functionalities to accommodate a rich share registry module, which is designed to support complex structures that exist in the alternatives industry such as multi-series structures, equalisation, partnerships, and private equity. The underlying process supports the complete private equity fund lifecycle from initial commitment through to final distribution. It automates the calculation of all partner economic allocations, ascertains management fees for multiple classes of investors and auto programmed to generate all limited partner correspondence, including capital call letters and statements, to each limited partner as required. These reports are accessible through a secured web-based investor portal. A look into our Investor portal At Rogers Capital, investors have access to an innovative cloud-based platform that supports data visualisation, detailed performance reporting, which they can securely access at any time and from anywhere. The portal also offers customisable dashboards that display complete fund details, along with numerous performance metrics. This interactive capability of the portal improves overall competitive advantages of the investment manager, by demonstrating the highest levels of transparency and professionalism to their investors while using the investor portal to expediate the daily investment managers’ tasks. Investors can self-service access their data and documents via the portal, on a real-time basis, ensuring a secure document delivery. This allows a better visibility and enhanced control over their individual commitments, contributions, distributions, residuals, and fund performance. The investor portal gives access to in-depth fund data from a single dashboard. An independent and integrated process which avoids email risks and ensure protection of sensitives client’s information through data security devices. It gives the investors the freedom to visualize their data, analyse and report on it. The End Game - Operational Transformation Investment managers appear up to the challenge of mitigating their risk management practices through the support of operational transformation. Hence combining operational transformation and risk management to improve competitive advantage We believe that leading operational transformation practices could combine growth enablement and operational efficiency. A transformation blended by changing business configuration, supported by process automation and cognitive technologies. Our focus remains on data centralisation and functional specialisation, streamlining business processes and organisational structures to increase spans of control and improve compliance policy. Besides having the right technology, successful fund administration is also about having a team with the right skills and experience to operate it. We understand that a single operational mistake can jeopardise a firm’s profit and reputation, while at the same time failure to implement true change may generate strategic risk. By investing significantly on robust and modern risk management practices, we are nurturing strategic enablers for entering new markets, launching new products, and revamping enterprise critical processes. While adding real value to fund management, we have streamlined the fund administration functions into modular operations linked through a common framework of processing data. We have leveraged on process transformation technology which allows fund administrative functions to automate labour-intensive and repeatable tasks so they can be executed in a fraction of the time and with a far higher degree of accuracy.  Besides technology adoption usually plays a key role in restructuring and rationalisation process which triggers our ability to automate data transfer, hence facilitating the migration of fund’s data during onboarding process. The ISAE 3402 Certification reaffirms our pledge in ensuring that all internal protocols, procedures and processes are well structured and operating effectively to manage risks and handle client operations. An end-to-end service platform which enables to track capital flows from the investors to the asset level, all the way up through a holding structure to the fund manager and investor, and everywhere in between. Data Security What sets Rogers Capital’s administration services apart is our know-how, and deep experience in helping our clients to address complex cyber issues and challenges. With investment in new technology, we are constantly developing our operating model to ensure security in the flow of information across our global organisation and that information delivered to and from third party service providers, such as investors bankers, custodians, lawyers and auditing firms, is protected. Cybersecurity remain among the top challenges from a risk management perspective. Increased regulatory scrutiny of the industry to protect investors’ interests has led to regulatory and compliance issues being another risk mitigating factor. Data securities remain our core priority as risk mitigating factor and protect financial data from the risk of security breaches. We also have procedures in place that enable us to continue delivering service under any adverse circumstances. Our technology is built on a platform that includes a production site, multiple redundant sites, and automatic daily backups. Is it time for action? Outsourcing your service to a third party can be daunting but we have in place a tailored, ongoing data governance model that monitors data access and exfiltration, restrict download of valued data to unauthorized devices, so you have better control over your data. Our team are also fully prepared for these threats by ensuring systems are updated regularly, threat simulation tools are employed and relevant training for all employees is provided. Get in touch [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vcGitTeam git_team="10260"][/vc_column][/vc_row] ### A Matter Of Trust: The Case For Offshore Trusts In Mauritius [vc_row][vc_column][vc_column_text]With investors and high net worth individuals’ (HNWIs) concern for proper estate planning which is also tax-efficient, a Trust holding structure is a vehicle that is commonly adopted as it offers the flexibility of holding worldwide investments for beneficiaries whilst limiting the constraints or risks associated with legal ownership. At a time when countries are struggling in the midst of a global pandemic and the consequent economic recession, succession planning and ensuring a safe transition of their assets to the future generation have come to the fore in the minds of investors and HNWIs. During these unprecedented times, succession planning is no longer a ‘nice-to-have’ but a ‘must-have’, and a Trust can serve as the vehicle for securing investments and safeguarding assets for family members. What is a Trust? A Trust is a fiduciary relationship in which one party, known as a trustor, settlor or donor, gives to another party, the trustee, the title to certain property or assets. The assets are held by the trustee for the benefit of one or more beneficiaries which can include the settlor. Why set up a Trust? The prime motivation for setting up a Trust remains asset protection. Other reasons include confidentiality as records are not available for public inspection. Likewise, tax planning remains a key aspect of Trusts as does estate planning. Continuity of ownership is also secured through a holding by a Trust. Overall, investors may benefit from the following advantages when they choose to form a Trust: Tax Planning – A properly established Trust may produce substantial savings in income tax, capital gains tax and inheritance tax/estate duty; Avoiding Probate – In common law jurisdictions, the need to obtain a grant of representation (probate or letters of administration) before a deceased’s estate can be wound up and distributed may cause delay, expense, unwanted publicity and upheaval. A well-structured Trust may help to avoid such situations; Avoiding Forced Heirship – Many jurisdictions have incorporated ‘forced heirship’ provisions into their succession laws, which restrict an individual’s freedom to choose how their property is divided upon their death and confer an automatic entitlement on certain individuals to a portion of the deceased’s estate. These individuals are known as ‘protected heirs’ and typically include the surviving spouse, children and / or other relations of the deceased. Such ‘forced heirship’ is a particular feature of civil law jurisdictions, as well as in countries of Islamic tradition. A Trust can be used to overcome forced heirship claims mostly in respect of international assets i.e. those not located in the countries of domicile of the settlor and/ or beneficiaries; Estate Planning – Many settlors prefer to make complex arrangements for the distribution of their assets. They may wish to provide a source of income for a spouse or make provision for the education of children. A Trust is a very convenient and flexible method of making such arrangements; Protection against creditors – A discretionary family Trust offers the advantage of asset protection. For example, in the unfortunate event that the businesses of the settlor go bankrupt, the assets of the beneficiaries under the Trust are protected. The creditors cannot make any claim against the assets of the Trust as the legal ownership of the Trust assets rests with the trustees, not with the settlor. Why Mauritius? Apart from the commonly cited reasons such as Mauritius being a safe and secure jurisdiction with a conducive and politically stable environment for doing business, as well as a convenient time zone (GMT+4) for providing service to Asian, European and American clients, the specific reasons for opening a Trust in Mauritius would be as follows: Based on Common Law – The Trust Act 2001 of Mauritius follows closely on the heels of the UK and other Commonwealth countries legislation. The highest court of appeal of Mauritius is the Privy Council in the UK; No forced heirship rules – Against the description of a forced heirship situation provided in the above section, Mauritius happens to be a favourable jurisdiction for investors as it avoids imposing restrictions on individuals’ freedom to choose how their property is divided upon their death and allows investors to choose their successors; Efficient tax jurisdiction – A Trust with a foreign settlor and beneficiaries may opt not to pay tax in Mauritius; Confidentiality - There is no requirement in Mauritius for the Trust documentation to be available for public inspection, thereby maintaining confidentiality. Taxation of Trusts in Mauritius As mentioned above, Mauritius serves as an efficient tax jurisdiction such that a Trust with a foreign settlor and beneficiaries may opt not to pay tax in Mauritius. Other particulars governing the tax treatment of Trusts in Mauritius are as follows: Declaration: A Trust is not taxable in Mauritius provided that a Declaration of non-Residence confirming that the settlor/beneficiaries are non-resident in Mauritius is filed per the Income Tax Act. In such a case, no annual tax return is required to be filed in Mauritius. Incidence of tax: A Trust which does not qualify to be non-resident is taxable on its chargeable income at a rate of 15% per annum. Treaty benefits: A tax resident Trust can benefit from the Mauritius tax treaty network. Tax exemptions: Distributions made by a Trust (resident or non-resident) are exempt from tax in Mauritius. Why Mauritius represents a robust Trust jurisdiction for South African investors South African investors are increasingly demonstrating their willingness to turn to Offshore Trusts set up in Mauritius to hold and safeguard their international assets. Indeed, the last decade has witnessed a large number of Trusts being migrated from other traditional financial centres to Mauritius as well as new ones being set up, as confidence in the jurisdiction continues to gather momentum. Among others, the key reasons behind this surge in demand for Mauritian Trusts include the high comfort level with the jurisdiction thanks to the robustness of the Mauritius financial centre; the geographical proximity – especially for South African-based principals; and the range of skills available at competitive costs in the country. Another common use of Mauritian Trusts is to hold trading structures. Consider a businessman who wishes to trade the products he currently sells in his country of origin to a wider Sub-Saharan African market comprising promising economies. Given the constraints of exchange control, availability of finance and incidence of taxation in his country of origin, he decides to evaluate options for domiciling such a pan-African trading entity. One viable option is to settle a Trust in Mauritius which will hold shares in an underlying Global Business Licence (GBL) company in Mauritius. The businessman and his family members can be beneficiaries of the Trust and the GBL company will undertake the international trading activities. The following would be the main aspects governing such structuring with all the attendant benefits: Conducive capital requirements: Not only can such a structure be set up with only minimum capital requirements to be fulfilled but it can also be managed in such a way that finance for working capital is loaned out by the businessman to the Trust with interest at the relevant LIBOR rate with a Streamlined governance and efficient operations: The GBL would function under the aegis of an independent board – which can include the settlor/businessman as well – to make decisions on behalf of the company, with the operations conducted independently in Mauritius. All the documentation for the trading activities will also be done out of Mauritius. Reasonable incidence of tax1: The GBL company shall be subject to an effective tax rate of 3% in Mauritius. The dividends declared by the GBL company shall also not be liable to be taxed in Mauritius and shall be distributed to the Trust. The Trust can then consider distributing the assets accumulated in the Trust in the form of capital and/or income distribution. The way forward: In Mauritius We Trust  Apart from the historical popularity of the jurisdiction as an investment location, the recent changes made in the work and residence permits regime to attract investors to Mauritius are also expected to yield benefits in terms of propelling the jurisdiction to become a ‘top of mind’ preferred financial centre for structuring holding vehicles, including Trusts. It is clear then that a reputable market player such as Rogers Capital, with a well-entrenched Corporate and Fiduciary Services arm, would serve as an important stakeholder in the process. At Rogers Capital, we understand that with the accumulation of wealth invariably comes the need to shelter assets, and Rogers Capital allows you to do this through different offshore Trusts. Indeed, a dedicated team of professionals including experts from various backgrounds – Trust & Estate practitioners, administrators, accountants, tax experts, and lawyers – is assigned to each of our clients in order to ensure a timely turnaround. Ultimately, together with the plethora of benefits offered by the jurisdiction itself, Rogers Capital’s vast experience goes a long way in ensuring that investors are ably assisted in their Trusts’ structuring requirements. Get in Touch [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vcGitTeam git_team="10075"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Disclaimer: 1Please note that the tax comments are based on our knowledge, understanding and interpretation of the laws and practices relevant to the facts and information available at that time. We do not provide any guarantee or indemnity that any interpretation will ultimately be sustained in the event of a challenge by the relevant taxation authorities. The laws, practices and interpretations, on which the tax deliverable is based, may change over time. Such changes may affect the tax opinion provided, the tax treatment adopted, the outcome of the situations and transactions analysed. Therefore, you are cautioned to keep abreast of such changes and should consult us or your legal and tax adviser, as appropriate, if time has passed or circumstances have changed. This document has been last updated in October 2020. 2However, if the dividends are vested in the South African beneficiaries’ hands in the same year of assessment as the income is received by or accrued to the Trust, then they shall be charged at an effective rate of 20%. [/vc_column_text][/vc_column][/vc_row] ### Is Outsourcing an integral part of the ‘New Normal’? [vc_row][vc_column][vc_column_text] Outsourcing has been empowering companies to get more tasks completed at a lower cost since the 1980s. However, the way businesses got their work done then, is very different from how companies outsource today. The technologies have evolved, and practices have changed—and this change is constant. The question is…Are there still benefits to outsource in 2020? It’s no secret that the rapid outbreak of COVID-19 throughout the world has had a drastic impact on the economy and overall business environment. For many businesses, small and large, the measures taken to help stem the spread of the pandemic have led to shifting workplaces, declining revenues and, in some cases, workforce reductions. While some of these impacts are short lived, others will have long-term implications. Therefore, it’s critical that companies understand and react to the current situation whilst keeping in mind what is the optimum set up to survive the current and future disruptive events. Outsourcing is among the many options business leaders should carefully consider in these unprecedented times. The 2020 Global Finance and Accounting Outsourcing Industry Market Report, released in July 2020, indicates that the global market for Finance and Accounting Outsourcing estimated at US$36.9 Billion in the year 2020, is projected to reach a revised size of US$51.5 Billion by 2027, growing at a CAGR (compound annual growth rate) of 4.9% over the analysis period 2020-20271 . With many countries now in or on the brink of economic recession, the time is ripe for strategy rethink, planning, innovation at company level to reengineer businesses. Whilst there were apprehensions during the past, most companies have had recourse to Work From Home (‘WFH’) for business continuityduring the COVID related lockdowns. This has allowed businesses worldwide to get used to the WFH enabling technology and consequently consider outsourcing for their non-core activities, allowing them to focus and succeed on their core operations. With business agility and operational resilience seen as critical post-pandemic virtues, companies are increasingly looking to reduce risk through outsourcing. The Finance and Accounting Outsourcing market in the U.S. is estimated at US$10 Billion in 2020. The outsourcing market of China, the world’s second largest economy, is forecast to reach a projected market size of US$10.6 Billion by 2027 featuring a CAGR of 7.5% over the analysis period 2020 to 2027. Among the other noteworthy markets are Japan and Canada, each forecast to grow at 2.7% and 4.4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3% CAGR2. Mauritius has for the last few years, been positioning itself on the global outsourcing map and is increasingly becoming a competitive destination for BPO and ITO services. The ICT/BPO industry represents a key driver of the Mauritian economy with a GDP contribution of 5.8% for 2019 and employing around 27,000 people3 . Global players have already invested in Mauritius, a trend that is projected to grow the coming years. With strong government support and private sector collaboration, an ideal geographical location in terms of time zones, robust broadband connections, improved IP protection with piracy rate below global median, Mauritius has demonstrated its capabilities in offering a compelling alternative for serving non-voice and IT needs of multinationals. The banking and financial services sector, telecommunications sector and healthcare are the most promising sectors for outsourcing from Mauritius. Rogers Capital is very present in the Financial services sector in Mauritius. It provides a dedicated and personalised service to a pool of segmented clients with specialised needs and whose structures in Mauritius are not merely passive type structures but active operations with substance and that require the highest service standards. Rogers Capital also has an elaborated Outsourcing strategy focussed on Accounting, Fund Administration, NAV and Compliance Outsourcing. Having developed an in-house electronic platform to facilitate seamless communication including the exchange of documents and information as well as  provide the client the opportunity to closely monitor the process of the outsourced jobs, the Rogers Capital Outsourcing platform is a user-friendly solution ideal for organizations with critical file transfer requirements. It secures, manages, and provides a monitoring platform on the outsourced tasksbeing undertaken by the Rogers Capital team. Our accounting and other outsourcing specialists use state of the art technology, to meet the strict reporting deadlines of our clientele. They also keep abreast of the latest changes in the accounting and regulatory frameworks to provide a seamless and highly effective service. Our accountancy services range from basic book-keeping all the way to complex financial reporting. Our accounting services include: Management accounting & production of periodic reports Financial statements in accordance with IFRS Preparation of consolidated accounts Financial analysis Cash flow analysis Assistance for audit XBRL reporting as required by the Mauritius Registrar of Companies Preparation of surveys mandated by the Mauritius Financial Services Commission As an outsourced accounting and other services provider offering a full range of book-keeping to preparation of financial statements for tailored businesses, we eliminate the burden of day-do-day book-keeping, ensuring compliance and providing cost effective financial expertise on demand. By partnering with us to help you manage key non-core functions, you can focus on maximizing your core business operations. Rogers Capital has the highest quality, security, and compliance standards in place for client information privacy and data protection and therefore ensures hassle-free, confidential, accurate, cost-effective, and time-bound accounting outsourcing solutions. Should you want to learn more about our Outsourcing services, do drop us an email and we shall gladly assist. [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vcGitTeam git_team="2357"][/vc_column][/vc_row] ### Contribution Sociale Généralisée (CSG Regulations) What is CSG? CSG is Contribution Sociale Généralisée as payable under the National Pension Act by every participant and every employer of a participant, as applicable. Who is a participant? Participants: persons who are employed on a full-time/ part-time basis persons who are employed on a fixed term/ indeterminate contract a share worker entitled to a share of profits in an enterprise private household employees a person performing atypical work an executive director of a company a self-employed person a public sector employee a non-citizen employee a person aged 65 and above Who is excluded? a non-citizen employed by a foreign contractor engaged in the implementation of a project funded at least 50% by a foreign state a non-citizen employed by an export manufacturing enterprise who has resided in Mauritius for a continuous period of less than 2 years (including absences period of more than 9 weeks) an individual enrolled under a training scheme set up by the Government or under joint public-private initiative with a view to facilitating the placement of jobseekers in gainful employment (e.g Youth Employment Program) a non-executive director of a company where a private household employee earns< MUR3,000/month, only the employer shall contribute What is the basis and the rate of CSG? Applicable on remuneration which is defined as “basic wage or salary” under the said Regulation Withheld at source on a monthly basis Some employers may remit CSG on a yearly basis It is now confirmed by the Mauritius Revenue Authority (MRA) that CSG is applicable on basic salary. The rates are as follows:   Sector Remuneration Employer’s Employee’s contribution contribution Private < MUR 50,000 3% 1.5% Private >MUR 50,000 6% 3% Public Sector < MUR 50,000 4.5% N/A Public Sector >MUR 50,000 9% N/A Self Employed MUR 150/month It is important to note that there is no ceiling for the contribution, except for the self-employed where the contribution is fixed. How and when to remit CSG? The CSG withheld for a month has to be remitted to the MRA electronically on or before the end of the following month Exceptionally, for the month of September 2020, the last date for submission of the return and payment of CSG to the MRA is 30 November 2020 Penalty and Interest for late payment of CSG Penalty of 10% of the CSG unpaid Interest of 1% of the month or part of the month it remains unpaid Assessing Penalty not exceeding 25% of underpaid CSG Is CSG deductible in the calculation of chargeable income of an employee? Under the ITA 1995, any expenditure wholly, exclusively and necessarily in the performance of an employment is deductible in the calculation of chargeable income. Therefore, we are of the view that CSG is deductible in the calculation of personal income tax of an individual. However, this is yet to be confirmed by the MRA. What is the treatment of CSG under the double tax avoidance treaties signed by Mauritius? Although CSG does not fall into the definition of income tax under Mauritius tax law, it will fall into the definition of a tax on employment income for tax treaty purposes. Therefore, where Mauritius is not granted the right to tax employment income under a treaty, CSG will not be applicable. Where a foreign resident has suffered CSG in Mauritius, the CSG will be deductible as foreign tax credit in its home country. Will public sector employees contribute to CSG? Although they are defined as a participant, the public officers and public sector employees will not contribute directly to CSG from their own renumeration. On the contrary, it is their employer, that is the government or the parastatal body which will contribute for their share in addition to the employer’s contribution. It appears that such contributions will be funded from the taxpayer’s money. From a tax perspective, it may be argued that such benefit received by the employee qualifies as a taxable fringe benefit, i.e. it is expected that a public sector employee declares such benefit in their tax return. Why do self-employed contribute a fixed amount of MUR 150 to the CSG? Self-employed will contribute a fixed amount of MUR 150 irrespective of their income. Note self-employed includes an individual who works on his own account a professional such as an accountant, an architect, an attorney, a solicitor, a barrister, an engineer, a land surveyor, a legal consultant, a medical service provider, a project manager, a property valuer, a quantity surveyor, a tax adviser or any other individual carrying out similar type of activity. It seems that the contribution of MUR 150 payable by self-employed individual matches the amount contributed by an employee receiving the minimum wage of MUR 10,200. ### Case Study: Over 90% efficiency gain in Insurance Claims Processing with Robotic Process Automation [vc_row][vc_column][vc_column_text]Business Challenge Our client, a leading Insurance company in Mauritius, has an established presence on the island and boasts an impressive client portfolio. It had an issue with the processing of claims which was quite inefficient and taking too much time, resulting in insufficient number of claims being processed per day. The extraction of information from its legacy systems and the subsequent processing for payment of claims was being done manually with heavy effort involved in verification of validity of claims. This process had become quite time-consuming and cumbersome, giving rise to too much leeway for human error and, also overall longer time in processing of claims and payments. Robotic Process Automation (RPA) caught the company’s attention as a solution to optimise and automate the handling of claims. A fast processing of claims with rapid payment to end-customers was considered key for the client to achieve customer excellence and total customer satisfaction. RPA Solution The Rogers Capital Digital Factory team conducted first a Proof of Concept (POC) for the client to not only show the capabilities of RPA with regards to automation of key processes but also to show that Rogers Capital could deploy the RPA solution in such a way to overcome the key challenges posed by having to deal with very old legacy systems still in used by the client. Once the POC was validated by the client, the team carried out a detailed analysis of the steps involved in the claims processing activity from verification of the validity of the claims through data extraction and data updates into the relevant legacy systems, settlement of the claims and finally generation of appropriate reporting. Using Automation Anywhere, the whole process was automated within six weeks, reducing the time taken to process a claim from 90 minutes to less than 10 minutes, while at the same time ensuring the process is error-free. Benefits to the Client The RPA solution by Rogers Capital Digital Factory team has enabled the client to benefit a lot on multiple fronts in terms of process efficiency, productivity for the team, cost reduction with error-free processing and most importantly rapid service and enhanced customer experience. Over 90% gain in efficiency with claims processing being reduced from 90 minutes to less than10 minutes; The reduction of the effort-intensive manual workload for the claims specialists has freed them up to take on other activities and has drastically improved the overall productivity of the team; Error rate in processing reduced to 0% (zero percent); Significant increase in number of claims that can be processed per day, leading to timely payment of claims and total customer satisfaction. [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vcGitTeam git_team="9905"][/vc_column][/vc_row] ### Why the case for Robotic Process Automation is stronger than ever in the new Normal? [vc_row][vc_column][vc_column_text]Why the case for Robotic Process Automation is stronger than ever in the new Normal By Dev Hurkoo, Managing Director, Rogers Capital - Technology Automation initiatives that reduce human workload and interaction with systems through automation of repeatable, structured and rule-based processes have been gaining traction for the past 18 months. The COVID-19 pandemic has accelerated the focus on such efforts. Indeed, a survey carried out by Enterprise Technology Research (ETR) in April 2020, reveals that Robotic Process Automation (RPA), Artificial Intelligence (AI) and Machine Learning (ML) are emerging as the winning technologies in the new Normal, with the adoption rate being higher than video conferencing (despite the surge in work from home), greater than cloud computing and mobile device management. Deloitte highlights that RPA will achieve “near universal adoption” in the next 5 years and according to a Gartner report, by 2024, organisations will lower operational costs by 30% by combining hyperautomation technologies with redesigned operational processes. Through this article, we seek to explain what RPA means, and what is powering the exponential growth of this technology. Simply put, RPA is the technology that enables the configuring of a computer software or a “robot” (often referred to as a “bot”) to emulate and integrate the actions of a human interacting within digital systems for executing a business process. RPA bots utilise the user interface for capturing data and manipulate applications similar to humans; such bots are capable of interpreting, triggering responses, and communicating with other systems in order to perform a wide variety of repetitive tasks. The bot is thus like a “digital worker” that “acts like a person”. It replaces the human actions on the computer systems, thereby helping to reduce the human workload on repetitive and non-value added tasks. When combined with Artificial Intelligence and Machine Learning, the bots are able to learn and adapt to data in real-time, thus enabling intelligent data-driven automation to be carried out instead of only rules-driven automation. This allows the “digital worker”, to not only “act like a person” but also to “think like a person” and to “analyse like a person”, unleashing huge possibilities for maximising efficiency, productivity gains and cost reductions within organisations as well as significantly enhancing customer experience. To take an industry-specific case, in the insurance sector for instance, the processing of claims is a very good example of a key and critical activity for an insurance company where intelligent automation will, without any doubt, bring huge benefits in terms of cost reduction, processing time, error-free operations, and fast service to the end-customer. Moreover, to take the example of a support function such as Finance and Accounting in an organisation, a significant number of proven use cases of intelligent RPA automation already exist in various activities, such as accounts payable, accounts receivable, accounting, treasury operations, etc. In the case of accounts payable for instance, most of the tasks may be automated from extraction of relevant data from invoices, reconciliation with purchase orders, data entry into the ERP system till payment of invoices and generation of reports. With work from home now becoming part of the new Normal, the automated process may also include an online approval workflow whereby approvals for payments are provided by authorised users remotely from their home, without the need to log into the ERP system or to be physically present in the office. Finally, across all businesses, the potential need for adoption of software robots to manage routine work carried out by temporary or seasonal staff, or for staff bursts that are required by regulatory spikes, new product launches, or some new operation being introduced, is also causing the RPA market to expand. Key benefits for adopting an RPA solution To elaborate, the key benefits of RPA solutions are as follows: Productivity gain and more effective use of staff resources: RPA automates many key business tasks, freeing up company staff to focus on higher value tasks that truly require human judgment. Lower operational risk: By eliminating human errors induced by issues such as tiredness, lack of knowledge, or inconsistency in approach between different users, RPA reduces the rate of errors thereby providing a lower level of operational risk. Cost reduction: The reduction in processing errors as well as higher efficiency and productivity gains arising from automation of processes may lead to a reduction in costs. The fact that an RPA bot can work on 24/7/365 basis and can automate more than one process may also contribute to major cost savings. Better customer experience: With RPA automation, processes are run faster and more efficiently than with human staff. Customer requests are thus handled much faster leading to enhanced customer experience and overall higher customer satisfaction and loyalty. Enhanced insights and analytics: With RPA bots, there are lesser risks of data leakages, obsolete information, and incorrect analytics. Also, intelligent RPA, powered by AI and ML, widens the scope of data collection and analysis, leading to better and more comprehensive insights. Leveraging on existing IT systems to enhance performance: One of the biggest advantages of using a virtual workforce, or an RPA bot, is that it does not require you to replace your existing systems. Instead, RPA can leverage your existing systems, the same way a human employee can. Ultimately, it is important to acknowledge that the world of work is moving faster and asking for more agility than ever before. The reach of RPA solutions is wide and diverse – be it by industry, by function or by technology usage. In essence, RPA implementations are increasing in popularity due to the money and resources that RPA helps businesses to save over time. Heightened importance of RPA solutions in the new Normal In the pre-COVID world, workers would be empowered by RPA tools to create a new class of digital employee that can undertake the mind-numbing tasks that humans would rather not perform. Today, in the new Normal, this statement holds even more significance than it did in the past. A “digital worker” obviates the risk of virus transmission and allows businesses to carry out routine and repetitive processes without undue disruption, arising due to shortage of staff with social distancing at work or due to work from home constraints imposed by confinements and lockdowns. As Satya Nadella, the CEO of Microsoft, rightly pointed out while sharing his thoughts on the new Normal, we are heading into a race to automate a world of remote everything and software will now shape pretty much every industry. This forward-looking statement highlights the need for speed, agility and accelerated digitalisation or transformation. Intelligent RPA may prove to be the right tool to move fast to respond to the challenges posed by the COVID-19 pandemic. Bringing it home As a key technology service provider in Mauritius and the region, Rogers Capital Technology has been implementing intelligent RPA solutions across various business functions and industry sectors such as our in-house finance and data centre and network monitoring operations as well as our solutions for the financial, insurance, hospitality, health and technology sectors. Our customers have seen tremendous gains in terms of operational efficiency and cost reduction with the transformation of manual processing activities into automated ones - accounts payables, claims processing, customer service and credit vetting being shining examples. Rogers Capital Technology has a fully-fledged RPA capability with an in-house team of certified experts who deliver customer specific solutions. Our focus is mainly towards providing an end-to-end ecosystem encompassing much more than only RPA. From bot development to obtaining critical insights and delivering Intelligent RPA powered by AI and ML, the end result is a lower Total Cost of Ownership (TCO) as well as higher efficiency and benefits for enterprises compared to other solutions in the market. It is then increasingly clear that digital is the way forward – and intelligent RPA is an increasingly important tool in an organisation’s journey towards digital transformation.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vcGitTeam git_team="2252"][/vc_column][/vc_row] ### Opening up to the world: Mauritius attracts expats with new permits regime [vc_row][vc_column][vc_column_text]Mauritius has repeatedly shown the world its innate ability to adapt to the fast-changing global economic landscape by moving away from a sugarcane monoculture economy to a well-diversified economy comprising agriculture, textile manufacturing, global businesses, financial services, and now FinTech, with ease. In the process of such economic re-invention, the island economy has continuously pursued local and foreign investment, know-how and foreign talents to its shores. As announced in the National Budget 2020-21 on June 4, the criteria for work and live permits have been reviewed to make it easier for foreign professionals to consider relocating to Mauritius, hence addressing the skills gap. An ageing population and a reduction in total number of inhabitants last year for the first time in half a century is clearly exacerbating the issue. Following the Budget, its key implementing omnibus legislation, the Finance Act has been passed by the National Assembly on 4 August 2020 and has enacted a host of economic measures, including changes to the permit rules and the Immigration Act. All these changes are geared towards further opening up the economy. These measures have come into effect as from 2 September 2020 with the accompanying guidelines recently issued by the Economic Development Board (EDB) of Mauritius. Why were these new residency rules needed? Our population has remained relatively stagnant at slightly more than 1.2 million over a number of years, mostly as a result of an ageing population. Attracting people to live and work in Mauritius should create a virtuous cycle of increased spending and improved infrastructure. This should be a welcome boost to the economy given the lifestyle that would normally be associated with expatriates. This relaxation of the permits rules essentially stems from a recognition that not opening up our economy further to foreign labour and skills will hamper the country’s economic development. In the global race for skills and talents, we face tough competition from all developing and even developed economies. Most developed and developing countries around the globe have realised that talents and skills are key resources and while some, especially developed countries, have intrinsic advantages given the better quality of life, developing countries have put forward a lot of benefits – tax or otherwise – to entice expatriates. For a number of years now, there has been a dearth of skills in Mauritius. In addition, and to continue growing, our economy needs critical mass in terms of the number of people actually living in the country. The changes to the occupation permit rules, as announced in the recent Budget, represent a step in the right direction to address these twin challenges of skills shortage and critical mass. How professional OP holders will benefit under the new permit regime? The National Budget 2020-2021 reiterated the country’s commitment to attract investment in specific sectors such as pharmaceutical, high-precision manufacturing, and food processing and put measures in place to attract foreign talents to supplement the limited pool of skilled workers in these areas. Accordingly, the Government is extending the low minimum salary requirement of MUR 30,000 for Professional Occupation Permit (OP) holders, initially applicable to the erstwhile sectors of focus such as ICT and BPO, to these other strategic sectors as well. Further, OP holders will also be eligible to invest in any business provided they are not employed in the business, are not directly involved in the management of the business, and do not derive any salary of employment benefits from the business. Moreover, they would also be eligible to hold shares in a business in Mauritius, provided that they are not the majority shareholder. To further incentivise foreigners to relocate to Mauritius, professionals having an occupation permit and perceiving a minimum salary of MUR 150,000 for the last 3 consecutive years would be eligible to apply for permanent residency. How the new permit regime benefits retired non-citizens? Similar to a professional occupation permit holder, a retired non-citizen may also invest in any business provided that he/she is not employed in the business, does not manage the business, and also does not derive any salary or employment benefits from the business. By extending the possibility of investing in businesses in Mauritius, the new permit regime offers retired non-citizen a great avenue to combine relaxation and pleasure with a business objective. It ensures a safe investment in a stable and welcoming country with a conducive and business-friendly environment. Existing retired non-citizen OP holders will also have the option of applying for permanent residency if they have a valid OP for the last 3 years and have transferred at least USD 54,000 in freely convertible foreign currency during the last 3 years. How OP holders as investors benefit under the new permit regime? The COVID-19 pandemic has had and will continue to have serious repercussions not only for people's health but will also result in significant adverse impact upon businesses and the global economy. And Mauritius will not be spared. One of the focus areas for the Government is to attract productive foreign direct investment in high value sectors, and several incentives have been put in place to ease the process of attracting such investments in the country. For example, the minimum investment required to apply for an Investor OP has been reduced from USD 100,000 to USD 50,000 and the minimum annual turnover required brought down to MUR 4 million annually. Moreover, the validity of the OP for an investor has been extended from 3 to 10 years, eliminating the administrative burden of renewing the permit after every 3 years and also providing a strong message of confidence from the government. The minimum investment amount for an investor to obtain the status of Permanent Resident or for a holder of an immovable property under an existing scheme to obtain the status of resident has been reduced from USD 500,000 to USD 375,000, together with a minimum annual gross income of at least MUR 15 million for the 3 years preceding the application. Non-citizens to acquire land and property with ease under new residency rules Until now, the two options available to foreigners to acquire residential property in Mauritius were through the Property Development Scheme (PDS) and through purchasing apartments in condominium developments of at least two levels above ground (G+2). However, the new threshold of USD 375,000 for acquisition of property does not reference the (G+2) criteria, leaving it open to question whether the latter scheme is still applicable or has been made redundant by the new property acquisition rules that prima facie facilitate both acquisition of property by OP holders as well as ease the attainment of permanent residency status via the property investment route. Smart City projects are being promoted as a vital component of the country’s vision to modernise and, at the same time, strengthen the foundation for economic growth and create new job opportunities. Under this thrust, RP, OP or Permanent Residence Permit holders will be able to acquire one plot of serviced land not exceeding 2,100m2 for residential purposes within smart cities until 30 June 2022. As two crucial conditions governing such sales, the total area of all plots of serviced land for sale should not exceed 25% of the land area planned for residential properties, while any construction of residential building by non-citizens must be completed within 5 years. Allowing foreigners to acquire land for residential purpose within a smart city makes it the right platform for industrial, business and residential purposes. This will help in attracting key talents as well as innovation-driven know-how and investment to the country. How can expatriates leverage the new permit regime to relocate to Mauritius? The existing and new measures will help expatriates to facilitate the process of relocating with family to our shores in more ways than one. The EDB as the sole agency and one-stop-shop responsible for determining and recommending OP applications will certainly help reduce the processing time for such applications. Also, allowing the holders of a permit to bring their parents to live in Mauritius will ease the number of applications required to be processed and reduce uncertainties that had been there in the past for the applicants. Besides, the framework does not only simplify the application process but also enhances the ability of expatriates to find a suitable home for their families under the new property acquisition route, and helps provide a channel to  better and more quickly integrate them into the Mauritian society. Local players such as Management Companies, educational institutions and real estate agencies are well poised to help the expatriate community throughout the planning, transition, and adaptation phases, as well as with assisting them to develop social and business opportunities. Opening up to the world With the new residency rules, Mauritius offers more flexibility than ever for expatriates seeking to live and work here coupled with an ideal time zone to carry out business operations across the world. Finally, a clear mandate of the residency regimes being put in place is to improve quality of labour as well as to tap into the potential of undeveloped and underdeveloped sectors such as high precision manufacturing, ICT, Food processing and pharma. Ultimately, by lowering the barriers to entry for non-citizens wishing to work and live in Mauritius in terms of minimum salary requirements, investing in local businesses, ability to bring dependent parents, and right to purchase property, the decision to live and work in Mauritius will become easier for expatriates than ever before. [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vcGitTeam git_team="2357"][/vc_column][/vc_row] ### Catching the recovery wave [vc_row][vc_column][vc_column_text]With heads of states and finance ministers unveiling their recovery plans across continents, our colleague, Antish Bissessur – Head of Investment Advisory, shares his thoughts on a few key elements. “A good plan violently executed right now is better than a perfect plan executed next week”, famously said General Patton during World War II. This analogy to war strategies is well suited in today’s testing times, whereby our agility to respond to the crisis is being tested, more frequently than what we would have anticipated. Last month, the Parliament of Mauritius voted the Finance Bill 2020 – what was supposed to be a plethora of agility-fuelled measures to help the country weather the economic storm brought by COVID-19 and catch a recovery wave at soonest. Similarly, African states have also come up with their respective responses to the crisis, and the breadth and depth of those differ according to the policy makers’ comprehension of the challenges. While the purpose of this insight is not to appraise any specific country’s policies, selected key points have been brought forward. First, a quick recap from Economics 101 to remember J.M Keynes’ aggregate output equation (Y=C+I+G+NX) will help us understand that in the current crisis, as a general rule, “C” has been severely impacted and will continue to be, at least in the medium term, with unemployment expected to be in double digit . “I” will also understandably be subdued, with investor sentiment on the bearish side. Clearly, “NX” will be deeper in the negative territory with exports figures falling further away from the imports figures (Note: the current account balance of the sub-Saharan countries is at -4.9% and North Africa at -8.2%, as compared to 2.7% in the European Union and 4.0% for other advanced economies[1]). Hence, the only component that could save the day is “G” – as the designated safe keeper of the economic health of a country. In that spirit, Governments across the African continent and the world are coming up with several measures to boost Government spending and alleviate the downward pressure on economic growth. The Mauritian Government has chosen to boost spending on infrastructural projects and included several measures and incentives for the development of sectors such as agriculture and pharmaceutics – both at the forefront of the COVID-19 crisis. In an effort to further open the economy and attract talents, the Government of Mauritius has proposed changes to the Immigration Act, with changes notably in occupation permits and rights of those entitled to them, for example, extended validity from 3 to 10 years. The amendments made to the Non-Citizen (Property Restriction) Act will also allow the right to acquire land, in addition to property, in smart cities to non-citizen residents. These incentives certainly make Mauritius a destination of choice for relocation, be it from a personal or corporate perspective. The amendments to the Banking Act to recognise Digital Banking business is also in the right direction – as the country aspires to accelerate its digitalisation. Elsewhere on the continent, the crisis has taken a more considerable toll on economies that are characterised by over-reliance on specific sectors/products. We have witnessed, more than once, the impact of a collapse in oil prices on the current accounts of countries like Nigeria, Angola or Libya. Côte d’Ivoire, for instance, remains largely reliant on its cocoa sector. While competitive advantages should not be neglected, African Governments ought to promote economic diversification as this has proved to be a key driver in creating additional economic growth – especially for lower-income countries, i.e. most of Africa. From a research conducted by the IMF over the 1962-2010 period, African countries fared poorly as compared to peers from other continents. For example, the sub-Saharan region had an export diversification index of 4.15 in 2010 as opposed to 1.92 for the European Union and 2.48 for other advanced economies, in the same time period. While we expect that progress has been made in the last decade, there is still a long way to catch up with the more advanced economies. To take the example of Mauritius, the economy has greatly benefitted from shifting its singular exposure to the sugar industry in the 1970s/80s towards the development of new pillars of growth – including the financial services sector that has today, positioned the jurisdiction as an International Financial Centre (‘IFC’) of choice and substance. In terms of the diversification index, the country has moved from a score of nearly 6.0 in the 1970s to 3.0 by 2010[1], and certainly lower now – which helps especially in today’s context of deep economic crisis. To further broaden the diversification of its value creation base, Mauritius’ hopes of scaling up its embryonic pharmaceutical industry will require foreign expertise and investments – hence presenting yet another attractive investment opportunity angle for investors considering the country. Business cycles of recession and recovery are the consequence of shifts in aggregate demand and supply and as these occur, Governments usually adapt their fiscal policy response. Most of the developed world is adopting expansionary fiscal policies, for example, by lowering taxes to boost consumer spending. However, this is uncommon in African countries, which are characterised by smaller tax bases and whereby tax cuts only tend to benefit large corporates and the already wealthy[2]. Still, the introduction of new taxes to deal with a recession is against mainstream reasoned economic thinking as it has the capacity to cause more harm than good. Food security and self-sufficiency have both found important places on the economic and social priorities of most African countries within the continent. Bringing down trade barriers and restrictive practices – which should be very high on the agenda of the delayed but forthcoming African Continental Free Trade Agreement, will also help the continent in its food self-sufficiency endeavour. Governments in Africa also need to consider massive investment in capability-building sectors, i.e. education, education and education - which is much required to take the continent confidently into the future and will help in building new sectoral pillars, let alone bring enhanced economic diversification. In such a context, there will be no lack of investment opportunities for those who have the corresponding risk appetite and wallet, and the relevance of the Mauritius IFC is undeniable. Extraordinary policies will be required to walk the tightrope towards recovery and these will shape economic and social prospects in the coming decade. Accommodative monetary policies and higher public debt are necessary and will be accepted as long as economic activity and inflation are depressed, and unemployment is high. However, debt-financed spending should be well targeted and in instances where this crisis has given us a chance to trigger the “reset” button, we ought to take this opportunity to include Corporate, Social and Governance (‘CSG’) considerations to investments to have a more robust and sustainable economy in the future. Also, while the African continent has improved in terms of diversifying its economy over the past years, much effort is still required in that spectrum. Likewise, the Mauritius IFC will also be called to diversify its offering on the financial playfield and occupy a more important role in facilitating the advancement of the continent. All recovery plans and tools used will have to take into consideration the requirements of the “new normal” and its implications on our traditional and anachronic models. Hopefully, most stakeholders have acknowledged the challenges that we will be facing in the “new normal” and are adapting their responses accordingly. As Patton also said, “accept the challenges, so that you may feel the exhilaration of victory”. [1] IMF data Mapper: Export Diversification Index (2010) [online]. Available at: https://www.imf.org/external/datamapper/total_theil@SPRLU/SSQ/NAQ/MUS [2] International Centre for Tax and Development: How can African tax collectors help cope with the economic impacts of COVID-19? (2020 [online]. Available at:https://www.ictd.ac/blog/africa-tax-cope-economic-impacts-covid-19-coronavirus/ [1] IMF Data Mapper (2020): Current Account Balance [online]. Available  at: https://www.imf.org/external/datamapper/BCA_NGDPD@WEO/SSQ/NAQ[/vc_column_text][vc_column_text]Connect with our team of experts for more information on the Mauritius International Financial Centre and investing in Africa.[/vc_column_text][vcGitTeam git_team="9636"][/vc_column][/vc_row] ### Cyber Security – A Rising Concern [vc_row][vc_column][vc_column_text] The Cyber Threat Landscape Cyber Security is a major concern today around the globe as cyber threats represent serious risks to organisations. The Global Risk Report 2020 published as part of World Economic Forum’s Global Risks Initiative, positions cyber-attacks among the Top 5 Global Risks at the same impact level as major natural calamities. The increasing sophistication of cyber-attacks is a matter of concern particularly when looking at some of the notorious attacks that have occurred during the past few years. Narrating a scenario fifteen years back involving a computer-crafted worm compromising nuclear plant operations would have sounded as a James Bond movie until Stuxnet was uncovered in 2010. Cyber-attacks that followed in subsequent years were no less sophisticated and worrying.  Interpol and Kaspersky Lab’s Global Research and Analysis Team  revealed the “Darkhotel” stealth attack in 2014 which involved a sophisticated cyber-espionage campaign targeting high profile corporate executives through “legitimately appearing” software.  More recently in 2017, the WannaCry ransomware attack became nearly a digital epidemic with more than 200,000 victims across 150 countries. While the world witnessed the fastest malware spread with WannaCry in May of 2017, it took just one months for it to experience another wave of attack with NotPetya, a crypto-ransomware that is considered as the costliest known cyber-attack until date with an estimated global financial impact nearing the $10 billion figure. Apart from the financial impact, what is baffling about WannaCry and NotPetya is the rapidity with which these malware have spread across the world infecting computer systems while revealing flaws in existing security defense mechanisms. This has been a major wakeup call, especially with regards to the impact on operations and the unprecedented situation of hackers claiming colossal amount of ransom to release encrypted data. As for a more recent attack, Bloomberg business week magazine reported a ransomware attack hitting Finastra, a Fintech company working with 90% of the world’s biggest banks forcing the company to take its servers offline. Attack vectors Different types of cyber-attacks are generally associated with different motivations. Some attackers have personal motivations in revealing system vulnerabilities while other attackers are financially motivated and are behind organized crimes. In other cases cyber-attacks are also military grade attacks between conflicting nations. Scammers are actively exploiting emails as a means to reach large number of people in view of stealing corporate data and spreading ransomware. This is a rising global concern that is only becoming more alarming as attackers are theming their messages based on topics of general public interest to successfully get people clicking on malicious links. Another wave of such attacks has recently been observed recently during the outbreak of coronavirus with multiple emails related to fake news, disinformation and fraudulent fund raising attempts around the COVID-19. All this to say that there is a lot of malicious activity going on in the cyber space and this is an invisible force the world is facing in this new age of cyber-attacks. As a security consulting company, we systematically have insights on cyber security incidents. Today, what we are seeing is a multiplication in phishing and whaling attempts targeted towards local companies. Ransomware attacks encrypting critical business systems are more and more common. The risk is real. It is a myth to believe that an organisation is secure if it has not been attacked. The question is rather when an attack may happen if it has not yet occurred. On the international level, companies like Yahoo, Twitter, Maersk and several others having international exposure and worldwide reputation have already been victim of some kind of cyber-attack. Our observations of local incidents with ransomware, automated intrusion attempts, phishing and fraudulent emails show that the risks are as real in Mauritius. In 2016, a financial fraud of 115 million rupees was committed at the detriment of a company operating in the hospitality sector. Other cyber-attacks leading to financial losses were noted particularly in 2018 for a reported amount of 490 million rupees in the banking sector and in 2019 against an offshore company for a reported amount of 125 million rupees. Certain cyber-attacks lead to financial and reputation loss of a business while others can put a whole nation’s industry at risk. The year 2019 was a difficult year for Mauritius as a breach of sensitive information led to the national offshore sector being under the world’s projector. The breach named as “Mauritius Leaks” was based on 200,000 leaked files comprising of documents, emails, contracts, official voice-recordings that revealed sensitive corporate data including fiscal and strategic advice of clients to the International Consortium of Investigative Journalists. This leads to raising questions whether organisations are sufficiently protected or indirectly inviting trouble by simply being honey pots of exploitable weaknesses.  A recent Forrester report stated that as much as 80% of data breaches revealed presence of inadequately configured firewalls. Firewalls are one of the many essential security defense mechanisms and the risk is high if multiple such controls are not as effective as we would expect. Having said that, ineffective controls and equipment are not the only origin of data breaches. Human error is also a risk factor, which facilitates phishing and related data, breaches. This is the very reason user security awareness is crucial today in the empowerment of people so that they become the human firewall standing against those cyber threats that probe people to commit the irreversible action. Organizations are unable to keep pace with the ever-evolving threat landscape given the rapid pace with which cyber criminals are developing attacks.   The good news is that a lot can be done to improve security and mitigate risks related to cyber-attacks. However, there is no one-size-fit-all formula, rather a suitably crafted security improvement roadmap for the organisation commensurate to its unique risks, business and operational aspects can be strategically a timely move. This is where Rogers Capital is actively accompanying organisations in their security improvement plan through its #CyberSecurityAdvisory and #BeAwareBeSecure campaigns. By looking at Cyber Security and risk management through a holistic approach, we are assisting organisations in a variety of ways. From Cyber Security audits to Cyber Security awareness, we provide guidance all throughout the security journey of the enterprise. We are putting our expertise in security solutions design and implementation to the benefit of the community. Our high caliber Cyber Security professionals in Network Security, Information Security Management, Digital Forensics, Ethical Hacking and Data Protection are already assisting companies in improving their cyber security posture. We aim at using cutting-edge technologies to assess cyber security risks and allow organizations to proactively defend themselves against potential threats. We believe developing all the way from strategy to implementation, strengthening existing capabilities and addressing any crucial gaps in the fast-changing risky environment of cyber-attacks can help mitigate threats and reduce potential business disruptions. Talk to us today to schedule a free 30-minute discovery call. You can contact our cyber security advisory team for more details. T: 211 7801 E: securityadvisory@rogerscapital.mu [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vcGitTeam git_team="9753"][/vc_column][/vc_row] ### National Budget Insights 2020-21 Dr the Honourable R. Padayachy, Minister of Finance, Economic Planning and Development delivered the National Budget 2020-21 Speech on 4 June 2020, in an unprecedented economic context. We are pleased to share the Rogers Capital Budget Insights with you. Click here to read our analysis ### Government of Mauritius adopts firm stance further to EU’s inclusion of Mauritius in its list of High Risk third countries - AML/CFT In a communique dated 02nd June 2020, the Prime Minister’s Office (‘PMO’) of the Republic of Mauritius responded vigorously to the EU’s inclusion of Mauritius in its list of High Risk third countries as regards AML/CFT (the ‘EU List’). The communique highlighted that the decision is unjustified and denounced numerous shortcomings in the EU’s decision of the 7th May 2020. Mauritius was not heard prior to the announcement: The PMO stressed on the fact that “Mauritius, was not given an opportunity to provide any explanation or make any representation to the Commission prior to its inclusion on the list” contravening Article 41 2 (a) of the EU’s own Charter of Fundamental Rights. Regrettably, Mauritius learnt of its inclusion in the EU List via a press article while taking cognisance of the Commission’s newly adopted methodology on the day of the publication of EU List itself. No autonomous assessment: The European Parliament had in the past highlighted that the European Commission had to carry out its own autonomous, comprehensive and unbiased process for identifying high-risk third countries. The EU relied exclusively on the Financial Action Task Force (the “FATF”) findings. In so doing, the Commission simply replicated the findings of the FATF. The Commission also failed to follow a transparent and resilient process actively incentivising affected countries to take decisive actions. In the case of Mauritius, there was absolutely no consultation or information prior to the publication of the EU List. Non-adherence to the fundamental principle of proportionality: The intrinsically binary nature of the EU’s freshly adopted methodology naturally leads to structural imbalances between countries of a same list. As a result, the EU List brings about consequences that are undeniably excessive when compared to the risk posed to the EU financial system by some countries according to the more nuanced classification of the FATF The communique also provides details on the country’s effort to address the 5 remaining deficiencies (out of 58) in highlighting that the Government of Mauritius has “committed to implement the action plan one year ahead of the schedule which was initially agreed with the FATF.” It is also worth pointing out that Mauritius has obtained technical assistance from the EU AML/CFT Global Facility and the German Government through the German Development Agency (the “GIZ”) to support the implementation of the FATF action plan. It is apposite to mention that the Mauritian jurisdiction has systematically and voluntarily adhered to international regulations and governance principles of the highest standard. It has incorporated FATCA and CRS requirements into its domestic laws and has ratified the OECD’s Multilateral Instrument (MLI). Notwithstanding that the EU and the OECD have recently confirmed that the Mauritian tax regime is in conformity with their own governance standards. It is to be noted that other countries included in the EU List e.g. Ghana have also voiced out their concerns and made representations to the EU. The PMO has reaffirmed that the Mauritius International Financial Centre is internationally recognised as a jurisdiction of choice and substance, established on the basis of a strong legal framework and supported by an independent Judiciary. The Government of Mauritius has already initiated several actions towards the European Union and has once again reiterated its resolve to have Mauritius removed from the EU List on the basis of solid moral and legal grounds. Please read the PMO’s communique here. English | French ### Gauging the COVID-19 impact on SMEs [vc_row][vc_column][vc_column_text]The current crisis is disrupting business models across sectors and causing a lot of damage to the finances of businesses. It will take the heaviest toll on the cash position of Small & Medium Enterprises (“SMEs”). This is mostly because of the following components of the business being affected: Revenue On the one hand, the crisis causes a crash in the demand for several goods and services. Consumers cannot go to markets, malls and hotels to consume, causing both B2C and B2B businesses to suffer. SMEs working in the hospitality, consumer discretionary, manufacturing sectors are expected to report close to zero revenue. On the other hand, the crisis shifts demand towards basic necessities, like medicine and food, while creating additional demand for other products, such as gaming, online shopping and delivery. The crisis will also hamper the abilities of SMEs to fill in their backlog of orders, which will cause a strain on revenues, even after the lockdown is lifted. Expenses While your revenues are taking a direct hit, expenses will mostly increase. Fixed costs, such as wages, utility bills and rent must still be paid, while the entrepreneur will have to bear additional costs to cover for temporary closing down businesses, or to shift their facilities towards working from home to enable fulfilling some orders. Additional funds must also be allocated towards incorporating social distancing in the daily works, providing hand sanitisers and masks to employees, as well as carrying out frequent health checks and more regular cleaning throughout the work premises. Assets & liabilities A lot of SMEs require external funding to carry out their businesses, and the loss of revenue over the crisis is putting a lot of pressure on these businesses to repay their loans and their suppliers. In addition, the assets bought by the entrepreneur, be it machinery or delivery vehicles, are working well below optimal capacity, if not lying idle. How can you prepare your business for the crisis and its aftermath? Although governments have promised financial aid to SMEs and are working on plans to re-open economies, there is no going back to normal anytime soon. SMEs will need to prepare themselves to face uncertainty in consumer habits, as well as global disruptions like digitalisation. Here are some steps we think will help you better navigate these uncharted waters: Survival mode Your first priority will undoubtedly be the survival of your business, which is why managing your cash position will be crucial over the coming months. We recommend going through each expense and revenue item to get an accurate picture of the inflows and outflows and plan ahead. Seek out financial help from the government. Various forms of packages have been launched to help support employees and cover expenses. If you have not already registered with the authorities, it is recommended you do so. Negotiate with lenders and suppliers for flexibility in payment. In the same line, allow your debtors some leeway to repay you. This should give your business some much needed visibility on your cash flows for the short term. Consider off-loading assets from your balance sheet. For example, you could seek financial intermediaries to arrange for ‘sale and lease-back’ agreements for your equipment to unlock cash.      Disruption While your immediate priority will be focused on the short-term, you should however allocate some resources towards understanding how the crisis has and will disrupt your immediate environment. We believe the world has changed, and the business model that worked in 2019 might not necessarily make it in this new decade. Digitalisation, for example, is set to radically change how we all carry out business. Concepts like digital marketing, using online platforms, home delivery and working from home barely scratch the surface of the coming changes.  Disruptions in the global supply chain should also be considered, as economies will most likely turn towards import-substitution policies to produce locally and reduce interdependence between countries. Changes in consumption patterns should also be expected, with a heavy focus on sustainability and consumer experience. Opening up discussions about these changes with your financiers, suppliers and consumers should help you get invaluable insights into how your business can be relevant in this new world.. Embrace the uncertainty We believe that the key towards success lies in our ability to embrace uncertainty, and this could not stand truer than for entrepreneurs. The nature of SMEs itself is full of uncertainty; however that has never discouraged innovators like yourselves to face it all. Massive challenges provide even bigger opportunities to make a difference in the world, and we believe SMEs will play a major role in the years to come. How we can help? At Rogers Capital, our plethora of expertise can help you overcome many of the challenges you will face. Our Consumer Finance division has special packages designed to help you manage your cash flows, all the while supporting your investments in disruptive technologies. We can notably offer you short term credit facilities to bridge your cash flow needs, as well as finance your digitalisation projects. Our Technology division can also help you set up these new technologies to enable your collaborators to Work From Home where possible and help your marketing and selling efforts. . Our skilled programmers and technicians can further help you digitalise your business model to assist you in adapting to this new world. [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vcGitTeam git_team="9354,4006,694"][/vc_column][/vc_row] ### Shift To A Work-From-Home Business Model In Today’s Environment [vc_row][vc_column][vc_column_text]The concept of remote work or work from home has been practiced for a few years now, thanks to the major advancements made in technology. Now, amid the recent coronavirus (COVID-19) outbreaks, almost all companies have shifted to a remote work model to keep operations running. Working from home during the lockdown has brought about a dramatic change in work habits, with employees requiring remote access to their enterprise infrastructure and applications to maintain operations. In such a context, one area which often remains overlooked is the security aspect. The exponential growth in Work from Home capabilities has provided company executives the flexibility to have access to their enterprise applications remotely, nonetheless, it has opened doors to rising cyber threats and potential attacks, as company networks are being exposed to the Internet. The critical component in this situation is to have a secure platform where companies can choose to either scale up or down based on their requirements. With the advent of the cloud, it has become easier to deploy remote access services with a rapid turnaround, without having to put too much pressure on cash flows, as the cloud affords companies a Pay As You Grow model. A proper Work From Home solution is not a “once size fits all” solution. The best solution for an organization is greatly dependent on its specific business needs, the applications to be used, how many people will be accessing the systems remotely, the available equipment and a host of other factors. That's why companies need to pay particular attention to the following while choosing their WFH solution: Look for a service provider who has experience setting up remote access and strong client references. This is critical to ensuring that the required solutions get implemented right, and in most secure way. Make sure the service provider does a thorough evaluation up front. This becomes important so that the most appropriate and optimal solutions can recommended. Ensure the service provider can deliver help desk support after hours. Based on the Service Level Agreement which is agreed with the service provider, they need to be available for after-hours support to assist with any kind of service support required. Rogers Capital is enabling enterprises with application virtualization services to deliver a seamless experience to end users. Everything is accessed through a highly secure portal, from anywhere with a decent Internet connection, be it on fixed or mobile. Besides providing an enhanced security environment which is of utmost importance, the remote access services platform comes with the added benefits of having simplified management of all applications and provides the best user experience, allowing users to connect from any device of their choice. In addition, our Solution for Efficient Work from Home includes: Seamless access to your office LAN and telephony systems to stay in touch with your stakeholders Secure access to your on-premise applications and servers, without VPN Ability to globally control and enforce policies while accessing the organizational network Ability to move your applications to the Cloud for high speed and secure access from anywhere Secure and high-speed connectivity services specially designed for WFH If you would like to know more about how our solutions can help you securely access your data remotely from anywhere and maintain operations efficiently, get in touch. Our experts will be pleased to have a chat and advise you on the best possible solution for your business. Get in Touch: [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vcGitTeam git_team="9373"][/vc_column][/vc_row] ### An analysis of the COVID-19 crisis and its aftermath [vc_row][vc_column][vc_column_text] Does history repeat itself? Over the course of history, several exogenous shocks have rocked societies and radically changed the structure of politics, economics and social life. Diseases and acts of nature for one tend to repeat. The Spanish flu in 1918 wreaked havoc to both economies and lives, with records showing that up to half of the world’s population (about 500 million) were infected, killing some 20-50 million. Lock-down procedures were implemented all over the world, with people ordered to wear masks. The flu lasted till about summer of 1919, when general immunity was developed by the population. The flu caught the world unawares and exposed structural weaknesses of the system, with sanitation and workers’ rights to name a few. While the crisis led to major discoveries on viruses, few lessons were however learnt. States and leaders were slow and reluctant to impose sacrifices on their citizens, who themselves disregarded lock-down procedures, while growing disparities among communities were noticed. Some years later, another exogenous shock was noted, one that lay the foundation for a new world order. The Great Depression ‘officially’ begun on Tuesday 29 October 1929, when the stock markets in the US crashed. Although that fateful day (thereafter known as Black Tuesday) proved to be the catalyst, the markets only reflected weakened fundamentals that were apparent (obviously, in hindsight) to see. A struggling agricultural sector, rising unemployment, large levels of (bad) debts and irrational exuberance on stock markets were all ingredients that brought about the Depression. At its ‘peak’ in 1933, unemployment had risen to almost 25%, and US GDP was cut in half. The spill over effects on other economies were disastrous, and proved to accelerate the rise of Adolf Hitler’s Nazi party in 1933. It took a combination of what is known as The New Deal and World War II to lift the US out of the Depression. While we have made huge advances from the Spanish flu, the cycle however teaches us that certain of the features that prevailed in those periods are as true and present today. Some of them are: ineffective or slow reaction in the face of the virus at the beginning of the pandemic; a population initially disregarding safety measures; concerns over sanitation; economies brought to sudden stops; and uncertainty over just how our lives will change during and after the virus. Furthermore, questions - most probably the same ones that were being asked in the 1900s - remain unanswered. First and foremost, we have questions about the virus itself: Is the virus here to stay? Does colder weather accentuates the rate of infection? Will there be a vaccine? If so, when can we expect to have it on the market? Can we develop immunity to this virus? If so, how long till we reach the stage of her immunity? Can the virus evolve / mutate by the time we develop a remedy? Additional questions that we as individuals will perhaps more closely relate to the post-lockdown period: What will happen when everyone goes back to work again? Will this increase the chances of a secondary wave? At what point will we be comfortable to travel by public means of transport, like trains or buses or planes? How can we expect to react were someone to start coughing around us? Can we deem the situation safe enough to send children back to school? When we are to go to restaurants and public food places, would we prefer be served by waiters / waitresses with masks and gloves? How can we judge the security of the food we will eat? Hopefully, these very questions should help policy makers define their plans to re-open economies. For instance, a partial opening of the economy, with strict measures like social distancing and the need to wear masks in place. With regard to the economy, the Great Depression was notably marked by the following characteristics: Interest rates hit 0% Ineffective monetary policies; High debt levels; Weak global economy; Large wealth and political gaps; Rising world powers. If we were to compare this with 2020, we find ourselves with these very same features: On 15 March, the FED slashed rates to essentially zero and launched a quantitative easing programme of US700bn, to later pledge ‘unlimited’ easing for treasury, mortgage and corporate bonds; Since the issues are sanitary and economic in nature, the actions of the FED may not prove to be as effective. Having hit the zero barrier, Central Banks are now ‘all-in’ in this fight; The amount of debt in economies are the highest they have ever been. Both governments and corporates having loaded up on leverage over the past ten years of accommodative monetary policies. The Institute of International Finance reported on 23 March that “debt to GDP ratio rose to 322%, with total debt reaching close to $253 trillion and total debt across households, government, financial and non-financial corporate sectors surging by some $9trillion in the first three quarters of 2019”. The unwillingness of Central Banks to let anyone default only exacerbates the problem; The economy is no longer a ‘productive’ economy, but rather a ‘financial’ one. Slow global growth and weak structural foundations for economies were already here before the crisis, with countries struggling to stimulate their economies because of debt servicing and low levels of productivity, to name a few; Increasing chasm between the haves and have-nots that has deepened over the past years. Of note, 10% of the US population own 84% of all stocks held by households. So when the FED started inflating asset prices back in 2019, very few gained from the supposed benefits of quantitative easing. Tensions prior to the crisis mounting between the US and China about trade, with some punches still being thrown about during the crisis. Looking at those indicators indeed do not paint a bright picture for us. And to add more spices into the mix, we will have to face with additional fundamental weaknesses, which I note below: Decline in savings rates; Ageing demographics; High debt ratio; Decline in exports and competitiveness; Slowing domestic economic growth; and Underemployed younger population. The measures deployed so far by governments and central banks, while laudable in their attempt to jump-start the economy and save jobs, are alas barely enough. The ‘CARES’ Act for instance, passed by Congress to support the economy, will, at time of writing, only support economy for up to 2 months. And any likely extensions of the programme will take a heavy toll on the economy. To give some perspective to this argument, consider the following: on the second week of April 2020, marking the fourth week of lock-down in the United States, the cumulative number of Americans applying for unemployment benefits stood at 21.5 million. This offsets the number of people that had been offered employment during the expansion that began in June 2009! Governments have also unfortunately just mentioned how they aim to support the economy. While admittedly, crises have a way of drastically shortening our time horizons, there should however be more discussions about how we will invest and move forward. And the belief that everything and everyone will go back to ‘normal’ is erroneous and leading us to a dangerous path, for the simple reason that it hinders us from preparing ourselves for the challenges yet to come. The challenges Below is only an attempt at extrapolating future scenarios, based on my understanding of what has, or will fundamentally change in our daily lives. Admittedly, I may well be miles off course; for all we know, the world could indeed go back to ‘normal’… General trends: Climate change; State Capitalism; De-globalisation; Resource allocation; Accelerating use of technology; Social issues Climate change: Make no mistake, the lockdown and sudden stops in our economies because of the crisis are only a teaser of what awaits us if we do not address the immediate and long term issues of climate change. Natural events are likely to be more frequent, if not more violent. While the response to jump-start the economy might work in the short term, a greater deal of thinking must be invested into how to transform the machinery to mitigate the impact of future lock-downs / disruptions. Godin: “Emergencies are overrated as a responsive mechanism. Preparation and prevention are about to become a popular alternative.” Economist James Meadway: “Correct Covid-19 response isn’t a wartime economy – with massive upscaling of production. Rather we need an ‘anti-wartime’ economy and a massive scaling back of production. And if we want to be resilient to future pandemics and climate change, we need a system capable of scaling back production in a way that does not mean loss of livelihood.” The need for a comprehensive Business Continuity Plan must be discussed on a national scale, where we identify the potential threats, areas of vulnerabilities (be it structural, cultural or geographic) and devise a plan of action. To help imagine the scenario, consider London during World War II: the city had special bunkers and bomb shelters ready whenever the area was subject to air raids. Social and economic activity would stop and everyone would find their way to the nearest shelter. State Capitalism: With economic agents like households and businesses poised to restructure their consumption and investment patterns, the government will become the main character of the economic story. An economic phenomenon known as debt monetisation is likely to happen. Debt monetisation effectively implies financing government expenditure by printing money. In other words, governments receive funds to finance their expenditures by issuing bonds that Central Banks buy. This would, in the short term, help governments finance their deficits and help stabilise the economy. Debt monetisation has previously been used during war-time periods, where it helped in economic prosperity (although a case can be made against this claim, since most of what was produced was meant to destroy. Unfortunately, GDP figures do not account for this). However, a few words of warning are necessary here. Excessive leverage, left unchecked, will cause more harm than good. Debt servicing erodes the economic power of an economy. The Centre on Budget & Policy Priorities in the US recently published that in 2019, roughly 75% of every tax dollar went to non-productive spending (welfare benefits, pensions, etc.). Therefore, financing these non-productive spending with more debt only increases the opportunity cost. Additionally, pursuing debt monetisation means could mean putting too much money in circulation. If Central Banks and governments abuse this tool or delay in removing any excess cash out of the economy, inflation and debt servicing could become a serious problem.  “We are at war against (the) virus.” Emmanuel Macron, 16th March 2020 Periods of war also gave governments certain kinds of power on its population. For instance, foodstuffs and other basic amenities were rationed by governments, while safety and security protocols were strictly enforced. Wages and prices were doggedly controlled, while reserves were closely watched and protected. The new ‘war’ against the corona virus will then, by extension defer certain powers to the government over how we will be living our lives. Quis custodiet ipsos custodes? (“Who watches the watchmen?”) However, years of malpractice, misuse of power and rising complacency among politicians and the media will raise questions about how well these agents can manage the power they will have. For example, surveillance will potentially help governments combat the virus, but then, who is to say they will stop there? Discussions about nationalising, or at the very least, equity stakes for the government in certain industries could also be put on the table. In Spain for instance, hospitals have been nationalised. In the UK, there are talks of nationalising public transport services. And equity stakes or nationalising airlines in certain countries may very well be the only viable options left to save the industry. De-globalisation: With the disruption in supply chains, the question of changing the mechanics of globalisation will push companies to shift capital away from emerging markets. Suddenly, the benefits of cheaper labour and raw materials will be deemed weaker when compared to the degree of security and control when having these manufacturing plants on local soil. The likely consequences of this will, on one hand be welcomed by developed economies who have been complaining about loss of jobs in their own countries, and on the other, shift capital and wealth away from the developing economies. This in turn will hinder the development of other sectors, namely leisure, hospitality and travel, education (foreign students) and trade. Economies will then likely adopt import substitution policies to counter their dependence on other countries for trade. Agriculture could regain importance and attract people and technology. Real estate will also likely see a shift in land use, with warehousing, data centres and general infrastructure being prioritised over office or commercial space. In the same line, architecture will also need to evolve to accommodate working from home and away from offices. Politically, shifting focus inwards would mean that Mr. Trump’s wall might be built after all. Immigration policies could be reviewed, travel limits imposed, and the influence of populists and the extreme right could very well weaken international relations. Already, we have seen the US pull out of so many international deals, withdraw its funding from the WHO and focus intensely on ‘making America great again’. The European Union will also likely face the brunt of general discontent among its constituents. This could potentially leave the room for China to truly emerge as a world leader. However, the country itself is heavily reproached for its policies on issues like gender equality or the use of debt. The potential shift away from their products would also not likely be to their advantage. Another trend we will likely see is the consolidation of power among oligopolies. Already, much has been written on how the likes of Facebook and Google abused of their positions on the markets. However, in times of uncertainty, we tend to show greater brand loyalty. This could then mean these companies having greater control over our data and our habits. And if governments ramp up surveillance methods through applications and use of cameras to track the virus, people then would likely have to get used to reduced privacy. To be clear, the trend of globalisation will not be reversed. Rather, we can hope that a globalisation based on knowledge-sharing (for instance, sharing facts and methods on how to combat the virus), global plans (e.g. global plans to mitigate climate change effects) and pooling of resources to fight the many fights would be the way forward to remedying to the flaws of the ‘previous’ model. Accelerating use of technology: The crisis has shown that the world is ready to accelerate its use of technology in our everyday lives. The seemingly fluid shift towards working from home should pave the way towards additional measures taken to mitigate the current and future crises. Here are some of the ways technology is set to change our lives: Re-thinking of the global supply chain will undoubtedly benefit from automating certain processes. These will help mitigate the impact of future disruptions on logistics and trade; The future of money itself is poised to become more digital, with the rise in interfaces encompassing facial recognition and other security measures to allow for exchange of money; Consider how health care will be dispensed to you without the need to go to hospital, with medical personnel ‘travelling’ to you and diagnosing you through monitors and sensors; The agricultural sector can be radically changed, with focus shifting away from quantity of acres of land under cultivation to quality of yields. Several start-ups for instance have already harnessed technology to increase yield and reduce the effects of bad weather on their supply chains; Residences are about to be changed and equipped with technology. Consider how the ‘Alexa’ and ‘Siri’ interfaces are already changing the way we manage our home affairs; The potential for digital transformation are limitless, and cannot be exhaustively listed here. However, the main point is that technology is set to usher us into a world we are only used to seeing in movies. Social issues: The crisis, if unaddressed correctly, could very well transform into a social one. The associated issues of large unemployment for one, especially among the young, will be huge. The pandemic effectively highlighted a paradox that many jobs were NOT essential enough to add value to the economies, even though key areas like health care, education, and social welfare persistently lack personnel. A comprehensive overhaul of the current educational and working systems, coupled with investment in developing other sectors for economic growth must be a priority for everyone to have jobs that contribute to society. The social consequences of the pension problem, admittedly are beyond my capabilities to completely decipher. Given the meagre returns pension funds have yielded on stock markets, the question on how to fund the widening gap remains a tricky issue. Already, measures proposed by the French government have led to the ‘gilets jaunes’ movement. A best estimate will regard to the increasing burden on the working population to fund pensions, as well as the mental stress to be faced by the retirees. Sacrifices will have to be made to ensure the continuity of the pension system, but the magnitude of resentment and backlash is a worrying sign. Furthermore, the crisis will more than ever shed light on the role of companies in society. That companies should act in their own self-interests to maximise shareholder wealth could never have been more wrong. After all, businesses sell to the society at large, and the measure of wealth does not limit itself to money.  Demands for sustainable products and sustainable earnings will only grow from here, and will hopefully lead to a focus on value creation.  This will undoubtedly force firms to re-think about their place in society. Hopefully, the increased use of the “Shared Value framework”, developed by Michael Porter (famous for developing the Porter’s 5 forces), will be seen. Does the end justify the means? As mentioned before, this paper only attempts at shedding some light on the challenges that await us. I believe this to be important because we need leaders aligned on the depth of what awaits us. We need people to face the truth about how the world has changed. Unfortunately, the word strategy is often misunderstood, and thrown about without differentiating it from management. A good strategy does more than help manage resources; it helps us all understand the challenges ahead of us and unites us all behind a vision. And good strategy begins by accurately defining our challenges. Understanding the conditions necessary to overcome the challenges is the next crucial step in formulating a strategy. This leads to a comprehensive study of the strengths and weaknesses, followed by devising a conducive framework to play to the strengths, all the while mitigating the downside risks that come from the weaknesses. Unprecedented times call for unconventional actions. And those leaders who dedicate resources to developing that vision stand better chances at riding the storm. Pro-activeness is essential in times of chaos, and the pursuit of budgets and past strategies must be dropped to focus on an entrepreneurial approach. Howard Marks: “If you’re experiencing something that has never been seen before, you simply can’t say you know how it’ll turn out” No one knows how this will all turn out. No one knows what the world will look like in a few weeks’ time. Change is never easy; however change is the only aspect that keeps us humans relevant. Which is why I believe that the crisis has given us a tremendous opportunity to hit the pause button and reflect. I believe we have in our hands an opportune time to make some fundamental changes in the way we live. I believe we will come through this stronger than before, but only if we choose to collaborate and build the world we all want to live in. References: Spanish flu and Great Depression https://www.history.com/topics/world-war-i/1918-flu-pandemic https://www.historyextra.com/period/20th-century/spanish-flu-the-virus-that-changed-the-world/ https://www.politico.com/news/magazine/2020/03/17/spanish-flu-lessons-coronavirus-133888 https://www.thebalance.com/the-great-depression-of-1929-3306033 Economic data https://www.bloomberg.com/news/articles/2020-04-16/u-s-jobless-claims-total-5-25-million-in-week-four-of-lockdown?utm_source=webpush&utm_campaign=BreakingNews%7CStory%7CQ8UFXZT0G1KW01 https://realinvestmentadvice.com/macroview-is-the-debt-chasm-too-big-for-the-fed-to-fill/ https://realinvestmentadvice.com/fed-trying-to-inflate-a-4th-bubble-to-fix-the-third/ https://www.commondreams.org/news/2019/12/27/worlds-500-richest-people-gained-12-trillion-wealth-2019-analysis?cd-origin=rss&utm_term=AO&utm_campaign=Daily%20Newsletter&utm_content=email&utm_source=Daily%20Newsletter&utm_medium=email https://www.linkedin.com/pulse/mechanics-war-economy-ray-dalio/ https://www.ft.com/content/19d90308-6858-11ea-a3c9-1fe6fedcca75 https://www.forbes.com/sites/jeffmcmahon/2020/04/16/air-pollution-drop-surpasses-50-percent-in-some-cities-during-coronavirus-lockdown/#257bfb99557b https://www.advisorperspectives.com/commentaries/2020/04/08/market-review-q1-20-changing-of-the-guard https://www.ft.com/content/d6c96612-67c0-11ea-800d-da70cff6e4d3 Strategy https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/the-perils-of-bad-strategy https://www.isc.hbs.edu/creating-shared-value/csv-explained/Pages/default.aspx Get in Touch: [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vcGitTeam git_team="9354"][/vc_column][/vc_row] ### A guide to taxes in Mauritius – 2020 [vc_row][vc_column][vc_column_text]The surge in foreign investment to our island is due to a number of factors including a robust regulatory framework, harmonised tax environment, a bilingual and skilled workforce, political stability, economic diversity, an ideal time zone, a valuable network of Double Taxation Avoidance Agreements (DTAAs) and Investment Promotion and Protection Agreements (IPPAs) and compliance with international standards. It is undeniable that Mauritius has put in place the foundation of a world-class International Financial Centre (IFC). Currently, the financial services sector accounts for 11.8% of our GDP and provides direct employment to more than 8,000 people and many more indirect employments through the transport or hospitality industries and the likes. Mauritius is not about attractive fiscal incentives. It continuously strives to improve its attractiveness by being forward-looking. Mauritius has progressed from the 20th place in 2019 to the 13th place in the latest World Bank Ease of Doing Business Report. Moreover, it abides to all the international standards, in particular those prescribed by the Organisation for Economic Cooperation and Development (OECD) and the European Union (EU).  It is a fact that Mauritius is on the whitelist of both the OECD and the EU. This recognition is mainly due to the sturdy and reliable regulatory framework and the revamped harmonised tax regime. As an IFC, Mauritius has offered incentives to foreign companies for them to set up in Mauritius.  Actually, there is no restriction on ownership of companies and Mauritius allows for 100% foreign shareholding. In settling here, foreign investors enjoy a hybrid legal system and an investment-friendly regulatory regime.  The Global Business sector, regulated and monitored by the Financial Services Commission (FSC), is the cornerstone of our financial industry that aided Mauritius in weathering the global financial crisis. Mauritius offers a plethora of product offerings such as Protected Cell Companies, Limited Partnerships, Trusts and Foundations, Regional Headquarters or Family Offices. It has been confirmed by the OECD that there are no harmful tax practices in Mauritius. As mentioned previously, Mauritius has a harmonised tax system. It applies a 15% tax rate and this rate is applied across board (income, corporate and VAT). Clearly, we are not a zero-tax jurisdiction. It is true that Mauritius offers a range of incentives that reduces or even nullifies the tax rates and these are provided largely with the view of boosting competitiveness of the jurisdiction in terms of facilitating business in the country. For instance, dividends paid by a Mauritius resident company and gains derived from the sale of units, securities or debt obligations are exempt from income tax in Mauritius. There is no withholding tax on dividends paid by a Mauritian resident company. Moreover, there is no capital gains tax and no inheritance tax in Mauritius. In addition to the above, the following fiscal incentives are available to residents and non-residents alike, subject to specific conditions being met: Partial exemption of 80% on foreign dividends, interest, income derived by a collective investment scheme (CIS), closed end fund, CIS manager, CIS administrator, investment adviser or asset manager, as the case may be, licensed or approved by the FSC; 8-year tax holiday to Global Headquarters; 8-year tax holiday on income derived from the manufacture of pharmaceutical products, medical devices and high-tech products; 8-year tax holiday on income derived from the exploitation and use of deep ocean water for providing air conditioning installations, facilities and services; 5-year tax holiday on income derived by a company from activities carried out as a project developer or project financing institution in collaboration with the Mauritius Africa Fund for the purpose of developing infrastructure in the Special Economic Zones; and 5-year tax holiday to a Global Treasury Activities Licence; a Global Legal Advisory Services Licence; an Overseas Family Office (Single) Licence; or an Overseas Family Office (Multiple) Licence. To be eligible to the aforementioned incentives, it is crucial for a taxpayer to demonstrate substance in Mauritius. Those substance requirements, prescribed by the FSC as well as the Mauritius Revenue Authority (MRA), encompass real presence and genuine business criteria and are rigidly monitored. Taxpayers have the obligation to carry out their core income-generating activities in Mauritius. We are continuously working towards reinforcing our regulatory framework. In that respect, we have addressed the concerns of the EU by introducing the Controlled Foreign Corporation (CFC) rules and stiffening the economic substance in Mauritius. Mauritius DTAA agreements is fully based on the OECD and UN Model and have been negotiated bilaterally with partner countries founded on mutual understanding. We have ratified Tax Information Exchange Agreements with several countries, disclosing information upon request. DTAAs, by definition, also require the exchange of information with partner countries when necessary. Adding concrete actions to its commitment of global crackdown on combatting tax abuse and treaty shopping, Mauritius has signed, in July 2017, the Multilateral Convention to implement the OECD measures to prevent Base Erosion and Profit Shifting (BEPS “Multilateral Instrument” or “MLI”) and treaty abuses. It has deposited its instrument of ratification with the OECD on 18 October 2019. The MLI entered into force for Mauritius on 1 February 2020 (i.e., the first day of the month following the expiration of a period of three calendar months beginning on the date of the deposit by Mauritius of its instrument of ratification). 44 of our 46 DTAAs have been listed as Covered Tax Agreements (CTAs) and Mauritius has opted for the minimum standards of the MLI relating to Treaty Abuse and Mutual Agreement Procedure. Moreover, Mauritius has joined the Inclusive Framework on BEPS and has committed to implement the BEPS minimum standard to tackle tax avoidance, improve the coherence of international tax rules and ensure a more transparent tax environment. With the view to enhance its transparency and collaboration framework, Mauritius is equally committed to the Common Reporting Standard (CRS) and Country-by-Country reporting (CbCr). Information is also being exchanged on an automatic basis under Foreign Account Tax Compliance Act (FATCA) with the Internal Revenue Service (IRS) for years now. Furthermore, Mauritius’ new Code of Corporate Governance, coupled with its presence on the OECD’s and EU’s white lists, represents great strides towards better transparency. Once again, the achievements of the country have been acknowledged by the OECD and the EU which has rated Mauritius as Compliant with regards to international standards for the exchange of information on request between tax authorities. It is explicit that Mauritius does not tick any boxes of a ‘tax haven’ which has been described by OECD as being a jurisdiction where there is no or low taxation, ring fencing, no treaties, the culture of secrecy, lack of exchange of information, insignificant contribution of tax revenue to GDP and no substantial activities. This gives a clear signal that Mauritius is deepening its commitment to fight international tax avoidance whilst given the status of being a reliable and renowned tax jurisdiction. Get in Touch [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vcGitTeam git_team="683"][/vc_column][/vc_row] ### Thinking about cost optimisation amidst COVID-19? Technology has time and again proved to be an ally to business operations, even more so now, during the COVID-19 outbreak. Remote communications, access and business continuity have all been made possible through technology at this time of crisis. Nonetheless, this is just a small fraction of how organisations can harness the power of technology to optimise operations and reduce costs without compromising on service and quality. At this moment in time, we feel it is more of our duty to create awareness and sensitise the business community about the various avenues that can be explored to avail to cost efficiencies. As your trusted and reliable partner, Rogers Capital is here to assist: Secure Private Network and Internet Connectivity Services – Maintaining communication is a critical aspect of the IT infrastructure. Enterprises need to review their communication costs while ensuring the same or even better quality of service. As an Internet Service Provider, we are able to provide tailor-made shared and guaranteed Internet services coupled with Service Level Agreements for critical services. We are able to provide customised solutions to include back up and redundancy as a measure of fall back. Collocation Solutions – Maintaining an enterprise infrastructure in-house also means having to bear costs such as: - Space and rental costs; Electricity costs; Systems administrators to maintain and manage the infrastructure. The solution is simple. Collocating the infrastructure in a secured Data Centre with multiple fibre-based high capacity connectivity will eliminate the above-mentioned costs. Employees can be redeployed to focus on other value-added deliverables. Data Centre infrastructures are specially designed to provide for maximum availability, high level of security and highly efficient operations. Rogers Capital offers such services at its state-of-the-art and carrier neutral Data Centre in the heart of the Cyber City in Ebene, which is manned on a 24x7x365 basis. For critical operations which require maximum uptime, we have a Disaster Recovery site where production infrastructures can be fully backed up. Secure Remote Access to Enterprise Data – As work from home becomes the “new normal”, enterprises are finding ways to implement it as a permanent measure. While evaluating work from home solutions, we need to ensure that adequate security measures are in-built to minimise cyber-attacks. Rogers Capital offers turnkey solutions where employees can access enterprise applications through a secured portal, from anywhere. As an end to end solutions provider, we are able to provide fully customised solutions to fit the needs and budgets of our customers. Robotic Process Automation (RPA) - To enhance productivity and optimise operations, automated processes help companies to speed up their operations without compromising on quality. RPA is an invaluable asset that allows companies to re-evaluate the true potential of their workforce and ultimately shift resources to higher value-added tasks The above are just a few solutions to manage your costs efficiently with regards to enterprise IT and data connectivity infrastructure. Our team of seasoned experts will be delighted to work with you to assess your requirements. We will advise you on the best ways to optimise your budget and while maintaining the required quality of service for business continuity. For more information, get in touch with: Ranveer Seetaloo Head - Managed Connectivity Services ranveer.seetaloo@rogerscapital.mu ### Eligiblity of Mauritius Based Funds [vc_row][vc_column][vc_column_text]In a welcome boost to the Mauritius International Financial Centre and to the Indian securities market, the Minister of Finance of India has amended the Securities and Exchange Board of India (SEBI) Foreign Portfolio Investors (FPI) Regulations 2019 (‘The Regulations’) so that Mauritius Funds can now be registered as Category I FPI in India. Background Previously, SEBI had classified FPIs in India into three categories. SEBI issued new regulations in October 2019, and under these regulations the number of categories was brought to just two (Category I and Category II). Until last week, only funds registered in a Financial Action Task Force (FATF) member country were eligible to be registered as a Category I FPI. On 7 April 2020, SEBI amended the regulations so that FPIs based in those countries which are not members of the FATF may obtain a Category I licence subject to Indian government approval. On 13 April 2020, the Minister of Finance of India approved foreign portfolio investors (FPIs) registered in Mauritius to be licenced as Category I investors. Consequently, funds established in Mauritius are fully eligible for registration as Category I FPI in India. Our analysis The main benefits that will be enjoyed by FPIs registered in Mauritius are as follows: From a regulatory perspective FPIs registered in Mauritius can continue to issue offshore derivative instruments (ODIs) Under the new SEBI regulations only Category I FPIs may issue ODIs such as participatory notes. Higher position limits in equity stock and equity index derivatives The position limit for Category I FPI is 20% of market wide position limits of stock derivative as opposed to 10% for Category II investors and Higher of INR 5 billion or 15% of total open interest of the market in index derivatives as opposed to Higher of INR 3 billion or 10% for Category II investors. Lower KYC requirements  FPIs registered in Mauritius will benefit from less stringent KYC procedures. On the other hand, FPIs coming from countries like Cayman Island will continue to be subject to more stringent KYC regulations. From a tax perspective Under the Indian Income Tax Act, sale of shares in non-resident funds that have deployed more than 50% of their investments in India may be subject to indirect capital gains tax in India between 10% to 40%. Prior to the Budget 2020, Category I and Category II investors were exempt from capital gains tax on indirect transfer of shares. Following the Budget 2020, the exemption was granted to existing Category II FPIs only (registered prior to October 2019) which were grandfathered while all Category I investors were exempted. Category II FPIs registered with SEBI after October 2019 are not specifically exempted, and may be subject to capital gains tax on indirect transfer. Mauritius FPIs should now be specifically exempted from the indirect transfer provisions under Indian domestic law. Conclusion Mauritius is the second largest source of FDI in India after Singapore and this announcement will only reinforce the Mauritian route for investment in India. This amendment is a key development in reaffirming Mauritius as the holding location of choice for international investments. Feel free to reach out to our Tax Team and our Fund team in case of any queries you may have.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text] Get In Touch [/vc_column_text][vcGitTeam git_team="9291,683,677"][/vc_column][/vc_row] ### Looking ahead – Opportunities amidst the turmoil “Price is what you pay. Value is what you get.” - A classic quote from US investor Warren Buffett that could not be more relevant in today’s volatile times. With the upheaval in financial markets, contrarians (investors who purposefully go against prevailing market trends) are finding excellent opportunities to grab bargains in terms of companies with good fundamentals - strong brands, low debt, good management and under normal conditions, stable earnings growth. However, a key prerequisite is patience and this is a difficult virtue to master now as we are overwhelmed by the coronavirus’ negative impact on people, economies and financial markets. Nevertheless, this now could also be an opportune time as an investor to shift focus from short-term and to try looking ahead. An important message in these tough times is that discipline with one’s investment strategy, being the overall allocation between equities, bonds and other financial instruments that meets the investor’s investment profile, should be maintained for as much as possible. Common to all historical crises is that equity markets have always rebounded strongly, and the expectation is that this will be the case this time too. However, sticking to an investment strategy does not necessarily mean remaining passive – on the contrary. It is expected that the shutdown in the global economy will have an extremely negative effect on the economy for a couple of quarters, and that we will then see a start of recovery in economic activity during the course of H2 2020. However, some companies will probably not survive the COVID-19 crisis or emerge at the other end in an enfeebled state. In contrast, the strongest and most cushioned companies will have the best means for pulling through the crisis and potentially gain ground on their competitors. Hence, there is a need to manage portfolios actively to limit downside and take positions with potential upsides. While plummeting equity prices have pulled most companies down, it is estimated that current prices now offer attractive opportunities to buy into a number of companies that are generally well equipped, including strong cybersecurity, to survive the economic hard times that lie ahead. Hence, this could be a good point to adjust the composition of equities in a portfolio to obtain a more robust base of quality equities. While it may be difficult to imagine right now, there will be a normal everyday life on the other side of the COVID-19 crisis, where the wheels of industry will turn again and consumers and companies will spend money. It would therefore be better not to focus on price movements today or tomorrow, but look ahead – a year or two from now, and focus on the solid companies that can still be expected to have a strong position at that time. Sectors such as ICT, e-commerce, agriculture and food processing, healthcare and medical supply production are expected to have consolidated their position, and this is valid even for the medium to long term as consumption patterns change. Furthermore, it is important not only to have the right equities in a portfolio, but also the right share of equities. If there are both equities and bonds in a portfolio, the deep fall in equity prices over the past month has probably shifted the balance, so that equities now account for a lesser share of the portfolio than prior to the COVID-19 crisis – and potentially also a lesser share than the investor would like and that the investment strategy would dictate. In that case, there is a need to rebalance the portfolio (selling off instruments in which the portfolio is overweight so that the desired allocation between the different financial instruments is achieved), otherwise there will have be a lower risk exposure in the portfolio and the investor would enjoy less of the recovery when equity markets turn. However, doing this gradually is preferred, as it is impossible to say precisely when equity markets will bottom out. Going forward, days with significant price rises could very well be followed by further marked price falls. Uncertainty on the future trajectory of the COVID-19 crisis and financial market jitters remains very high. Nevertheless, looking at the bigger picture, there are attractive investment opportunities right now for long-term investors – and remember, investing should be considered as a marathon, not a sprint. As Warren Buffett also said on the importance of being patient and long-term as an investor: “Someone is sitting in the shade today because someone planted a tree a long time ago”. Disclaimer: This insight does not constitute investment advice nor should be relied upon to make investment decisions. Please contact our team for tailor-made advice on your portfolio. For more information do not hesitate to contact us ANTISH BISSESSUR Head – Investment Advisory antish.bissessur@rogerscapital.mu ### Preventing phishing – A serious threat to organisations Phishing – A serious threat to organisations  Our expose begins with a simple question. What is phishing? In a nutshell, phishing is a fraudulent attempt to trick people into revealing sensitive information such as usernames, passwords, credit card details etc. by cybercriminals disguised as a trustworthy party. While phishing attackers can disguise their attempted phone calls and messaging applications, email remains a widely exploited means to reach users easily. The goal with email phishing is to hoax the email recipient into believing that the message is something they want or need — a request from their bank, for instance, or a note from someone in their company — and to click a link or download an attachment. Sadly, it is one of the oldest types of cyberattacks in the book, dating back to the 1990s. To this day it is still one of the most widespread and pernicious, with phishing messages and techniques becoming increasingly sophisticated. In the wake of Coronavirus (COVID-19), phishing has taken yet another dimension. Due to the lockdown measures imposed globally, to contain the spreading of the disease, most organisations have had to shift to a Work from Home model of operations to maintain business continuity. Having been caught off guard with this unprecedented situation, companies have had to re-engineer their networks to cater for remote access capabilities. These measures have had to be urgently implemented to provide staff members access to their systems and applications. Organisation have seen their attack surface grow as employees have started working from home without the same security controls, as they would usually have at the office. Cyber criminals have been exploiting the vulnerable position companies find themselves in, to send phishing emails claiming to have important updates or encouraging donations while impersonating trustworthy organisations. The fraudulent practice can flourish in the current situation as recipients are induced to reveal personal information, such as passwords and credit card numbers. This when successful, creates havoc for companies through loss of sensitive information as well as money. In this moment of deep crisis and uncertainty, companies are focused on keeping operations afloat. However, it is critical to also ascertain organisations remain secured and that cyber threats are avoided at all costs. This is where Rogers Capital Technology comes into play. Our free phishing campaign can immediately be deployed to employees by the IT department to generate the required awareness. At your disposal is an automated platform in partnership with KnowBe4, the world-renowned information security awareness platform available in Mauritius. Key features of the FREE service include: Operational from day 1 Tests for up to 100 users Customised landing page users see after the click 25+ COVID-19 phishing templates PDF report with Phish–prone % & data, emailed in 24 hours In-built Learning Management Solution for customised enterprise learning. Make the most of this free and no–commitment tool today. Secure your enterprise network, empower employees and avoid phishing attacks! Contact us ASHISS SOOBHUG Manager - Information Security Advisory securityadvisory@rogerscapital.mu ### Government Measures amidst COVID-19 Against the backdrop of COVID-19, the World Tourism Organization (UNWTO) calls for: financial and political support for recovery measures targeting the tourism sector; planification and implementation of recovery measures and incentives in coordination with international development and donor organizations; and tourism support to be included in the wider recovery plans and actions of affected economies. Mauritius tourism is certainly one of the sectors of our economy most affected by COVID-19. To alleviate the adverse impacts posed by the outbreak of COVID-19, the Government has taken targeted sectoral initiatives, in line with UNWTO calls, with the aim of providing adequate support to the tourism industry as well as to all economic operators across the economy. We highlight below the key measures announced including from a general financial perspective to industry specifics: Drop of Key Repo Rate from 3.35% to 2.85% implying a reduction in lending rate on bank loans. The introduction of a Special Relief Programme of MUR 5 billion through commercial bank loans from 16th March to end July 2020 so that businesses can meet their cash flow and working capital requirements. The loans will be with a maturity of 2 years at an interest rate of 2.5% p.a. inclusive of a 6 months moratorium on capital and interest payments. Banks will provide a moratorium of 6 months on capital repayment for existing loans for those enterprises that are being affected by COVID-19. The launching of the State Investment Corporation (SIC) Equity Participation Scheme to overcome the financial difficulties of enterprises through the issue of redeemable preference shares up to an amount of MUR 2.7 billion. Support schemes by Investment Support Programme Ltd (ISP Ltd) and SME equity Fund Ltd through lower interest rates, factoring schemes and corporate guarantee amongst others. The Development Bank of Mauritius assistance to ease cash flow difficulties of companies with turnover of up to MUR10 million through DBM Revolving Credit Fund up to 31st December 2020. Under this scheme, the credit to companies will be free of interest, provided that it is repaid within 9 months. Otherwise, DBM Ltd will charge interest at commercial rate. Double Tax Deduction for enterprises affected by COVID-19 on their investment in Plant and Machinery for the period 1st March 2020 to 30th June 2020. All work permits that will expire this year will be extended automatically up to 31st December 2021. To minimise physical contact, Government will give full support to promote the Work at Home Scheme as announced in the 2018-2019 Budget Speech. Some measures were already included in the Income Tax Act like double deduction of salary and tax credit in respect of expenditure on information technology system subject to meeting required conditions. The introduction of Wage Assistance Scheme for employers where employers affected by COVID-19 may after payment of the salary, apply to Mauritius Revenue Authority (MRA) for financial support under the scheme. The introduction of Self-Employed Assistance Scheme (SEAS) through the MRA to assist self-employed persons who have suffered a loss of revenue as a consequence of the lockdown in the fight against Covid-19. SME Sector: A series of schemes set up for the small and medium enterprises. Tourism Sector: Suspension of the Environment Protection Fee (EPF) of 0.85% charged on the monthly turnover of hotels, guest houses and tourist residences up to 31st July 2020. Reduction of the training levy from 1% to 0.5% for operators in the tourism sector as from 1st April 2020 up to 31st July 2020. Targeted discounts and promotional fares. Manufacturing and Trade sector: The waiving of export charges imposed by the Mauritius Ports Authority and Cargo Handling Corporation Ltd up to 31st December 2020. The extension of Freight Rebate Scheme on exports to South Africa and Tamatave up to 31st December 2020. Extension of Speed to Market Scheme for exports of manufacturing sector to Africa, Japan, Australia, Canada and Middle East up to 31st December 2020. Agricultural Sector: Call to sugar estates for the disposition of land to small planters for vegetable cultivation. MUR 100 million earmarked to encourage local production of food crops. Our comments: Whilst there is a general drastic drop in economic activity and as such in revenue, the Government has intervened to: suspend some expenses for a defined period (e.g. EPF) reduce commercial expenses (e.g. interest expenses on bank loans) provide double tax deductions (capital expenditure on plant and machinery), in order to sustain the various industries in the short term It is noted that some measures were announced before the complete lockdown/curfew period but are still valid until 31st July 2021. The recent Wage Assistance Scheme for employers and the Self-Employed Assistance Scheme also serve this purpose. Besides, the Ministry of Finance has set up COVID-19 Solidarity Fund (Fund) and has invited the public and the private sector to provide support to those affected by the pandemic through their contribution. To encourage the public, the Ministry announced, on 01st April 2020, the tax deductibility of the amount contributed to the Fund from the taxable income of any individual and company contributing therein. The tax deductibility is applicable to contributions made to the Fund up to 31st December 2020 and any unrelieved deduction may be carried forward for a maximum period of two successive income years (for individuals) and as a already prescribed by law for a company. In addition, and to accelerate economic recovery post pandemic, wider recovery plans and actions are expected in the forthcoming National Budget. As the UNWTO is calling for global coordination for a quicker recovery, we hope the global initiatives coupled with domestic measures will re-boost our tourism industry along with other sectors of the economy. In the meantime, every financial measure has a tax incidence and most of the above measures may have a direct impact on the corporate tax of the enterprises. Should you require more clarifications on how the above measures would impact your tax calculations, feel free to contact us. Get in Touch CATHIE HANNELAS Head of Tax Services cathie.hannelas@rogerscapital.mu< SHAMEEMAH RAMAN-SAHEBALLY Senior Manager - Tax shameemah.raman-sahebally@rogerscapital.mu ### OECD Measures in response to COVID-19 [vc_row][vc_column][vc_column_text]The Organisation for Economic Co-operation and Development (‘OECD’) has on 20 March 2020 suggested potential tax policy responses to the COVID-19 pandemic with a view to limit damage to productive potential and protecting the vulnerable. The outbreak and rapid spread of COVID-19 have brought a sharp decrease in the economic activity of many countries. COVID-19 pandemic is totally different from other traditional business continuity threats and is normally outside the scope of issues typically considered by continuity planners. Plans are usually designed to help companies respond to localized threats that affect infrastructure such as fires, bombs, riots, cyclones, tsunami, earthquakes or hurricanes. Once such event has occurred and is over, recovery may be predicted even though the effects may linger. In the face of this crisis which has become the present-day greatest threat to business continuity, the other priority of government, in addition to support households, is to improve liquidity for businesses. Those businesses have to keep the productive capacity of economies intact as much as possible. Bearing this in mind, the OECD has come forward with a range of suggested tax policy and tax administration measures that could be adopted by governments after taking into consideration their own national context. Those suggested measures are as follows: Temporarily provide more generous welfare payments and income support, including through benefits provided through the tax system, to individuals and workers, including those that are normally not entitled to such payments. Waiving or deferring employer and self-employed social security contributions, as well as payroll related taxes. Providing tax concessions for workers in health and other emergency-related sectors. Deferring payments of VAT, customs or excise duties for imported items (e.g. food, medicine, capital goods). Speeding up refunds of excess input VAT, accompanied by targeted measures to limit fraud risks. Simplifying procedures for claiming relief from VAT on bad debts. Adjusting the required advance payments of corporation tax on the basis of a revised expected tax liability. Deferring or waiving fixed taxes like recurrent business property taxes or business turnover taxes. Increasing the generosity of loss carry-forward provisions where businesses could opt to receive a one-off cash payment that equals their accumulated tax losses multiplied by the statutory corporate income tax rate. Preparing for recovery including through a careful balance of fiscal stimulus and fiscal consolidation once the pandemic ends. Our view In the local context, we have seen that the Government of Mauritius has already implemented a few of the above measures such as subsidising the wages of certain employees, abolition of VAT on masks and hand sanitizer, suspension of the Environment Protection Fee up to 31 July 2021 and reduction of Training Levy from 1% to 0.5% for operators in the tourism sector as from 1 April 2020 to 31 July 2020. The other measures like waiving of fixed taxes, cashing in of loss carry forward, tax concessions for workers in emergency related sectors could also be considered by the Government. It is a great opportunity for the Government to take appropriate measures to reduce wastage in the public sector and to consider bold and efficient initiatives in the coming national budget with a view to boost up the economy at both micro and macro levels However, it is acknowledged that the Government will need the appropriate funding to implement these measures. Resorting to more debt will certainly lead to a worsening of the government budget deficit. The government will be tasked to deliver one of the most important and difficult budgets in recent times against the backdrop of the COVID-19 outbreak. The easiest way for governments to reduce budget deficit is through new taxes. However, history has shown that increased tax rates to increase government revenue is usually counterproductive. In any case, the aftermath of COVID-19 will be unpreceded and can only be overcome with bold and extraordinary measures. Get in Touch [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vcGitTeam git_team="9291"][/vc_column][/vc_row] ### COVID-19 Update Update 5  (15/05/2020) Mauritius is currently in its final week of complete lockdown enforced by the local authorities to contain the spread of the coronavirus (COVID-19). So far, the country has had a total of 332 positive COVID-19 cases, out of which 320 have fully recovered and there has unfortunately been 10 deaths. Therefore, as at date there is NO active COVID-19 cases in Mauritius. No new cases have been reported in the past few days. The strict confinement measures resulting from the lockdown started on 20 March 2020 and shall be lifted partially on Friday 15 May 2020. As per guidelines from the authorities, businesses and other institutions are expected to open gradually over the next two weeks, to culminate in a complete resuming of all activities on 1 June 2020. The airport however, will remain closed for the time being. At Rogers Capital, we are putting all the necessary measures in place to ensure that our employees resume work progressively and safely. Our business operations during this first phase will be as follows: The majority of our staff will be working from home. Where necessary, a limited number of employees will initially be operating from the office and on roster basis. Over the next few weeks, we will gradually augment the number of employees coming to the office. We wish to remind you that staff not at the office will still be working from home. We will limit physical interactions as much possible and will for e.g. encourage our clients to hold meetings via conference calls in the spirit of maintaining strict safety measures in the short term. Your relationship manager/usual point of contact remains available to you via email and mobile phone We remain at your disposal and shall keep you updated of any new developments. We would like to reassure you and reiterate that you should not experience any disruption in our services despite the working arrangements stated above. We thank you for your usual support and understanding. The Rogers Capital Team Update 4  (04/05/2020) Mauritius is currently in its 7th week of lockdown enforced by the local authorities to contain the spread of the coronavirus (COVID-19). So far, the country has had a total of 332 positive COVID-19 cases, out of which 314 have fully recovered and there has been 10 deaths. There are currently only 8 active cases under treatment. No new cases have been reported in the past few days. Despite the significant reduction in the spread of the virus, the local authorities have extended the lockdown to avoid a second surge of the virus. The confinement measures which started on 20 March 2020 have been extended to 1 June 2020. As per guidelines from the authorities, some businesses and other institutions are expected to open gradually as from 15 May 2020. The airport will remain closed for the time being. Our business operations till 15 of May are as follows: All our staff will be working from home and have the appropriate equipment and facilities to do so efficiently Your relationship manager/usual point of contact remains available to you via email and mobile phone We shall keep you updated of any new developments. We would like to reassure you and reiterate that you should not experience any disruption in our services despite the working arrangements stated above. We thank you for your usual support and understanding. The Rogers Capital Team Update 3  (14/04/2020) Despite the lockdown prevailing in Mauritius since 19 March 2020, the number of coronavirus (COVID-19) has increased, albeit at a slower pace recently. As at date there are 324 cases, out of which 42 have recovered and sadly 9 people have died. Given the circumstances, the Prime Minister has extended the lockdown period to 4 May 2020. The lockdown measures already in force will be applied all over the country to contain the spread of the virus. During the past 3 weeks of confinement, our entire workforce has been working from home. Our agility coupled with our resilient staff has enabled us to keep operations running remotely. We would like to reassure you that the next 3 weeks will be no different. Rogers Capital remains your trusted and reliable partner amidst these unprecedented times. As a reminder, our business operations are detailed below: All our staff are working from home until further notice from the authorities. The necessary facilities have been allocated to all staff to allow for the Work from Home. This Work from Home strategy will be subject to revision as circumstances dictate. Your relationship manager/usual point of contact will remain available to you via email and mobile phone. We remain at your disposal and shall keep you updated of any new developments. We thank you for your understanding given the exceptional circumstances. The Rogers Capital Team Update 2 (02/04/2020) Despite the complete lockdown imposed by the Prime Minister throughout Mauritius since 19 March 2020, the number of coronavirus (COVID–19) cases has increased. As at date there are 161 cases and regretfully 7 deaths. As such the Prime Minister has extended the lockdown period to 15 April 2020. The lockdown measures already in force shall be maintained across the country to reduce risks of contamination. For the past week, our teams have been working from home efficiently to keep our operations running. We would like to reassure you that the same level of operations and service shall be maintained during the coming weeks. As a reminder, our business operations are detailed below: All our staff are working from home until further notice from the authorities. The necessary facilities have been allocated to all staff to allow for a seamless Work from Home process. This Work from Home strategy will be subject to revision as circumstances dictate. Your relationship manager/usual point of contact will remain available to you via email and mobile phone. We remain at your disposal and shall keep you updated of any new developments. We thank you for your understanding given the exceptional circumstances. The Rogers Capital Team Update 1 ( 20/03/2020) Following our communique of 19 March 2020, the situation has evolved rapidly. During the night of Thursday 19 March, the Prime Minister Honourable Pravind Kumar Jugnauth confirmed four additional cases of COVID-19 in Mauritius bringing the total number of cases to seven. The Prime Minister further announced that complete lockdown measures will be applied across the country with effect from 06h00 am on 20 March 2020 for a period of two weeks to reduce risks of contamination. We, at Rogers Capital have set our business continuity plans in motion to ensure continuity in our operations despite the lockdown. We wish to communicate important changes in our work practices which shall remain in place until further notice as follows: All our staff will work from home effective Friday 20th March 2020. The necessary facilities have been allocated to all staff to allow for a seamless Work from Home process. Needless to say, that this Work from Home strategy will be subject to revision as circumstances dictate. We are available by email and via our social media platforms & website We remain at your disposal and shall keep you updated of any new developments. We thank you for your understanding given the exceptional circumstances. The Rogers Capital Team ### Mauritius to help African tech start-ups with active Intellectual Property management Innovation is the cornerstone of the digital economy. Indeed, today’s global economy is increasingly being powered by new knowledge and ideas. Digital technology, the Internet, biotechnology, information technology and communication, as well as a host of other such emerging technologies, are playing a critical role in what is termed 'the knowledge economy.' A business term for creations of the mind, Intellectual Property (IP) refers to the universe of inventions, literary and artistic works, symbols, names, images and designs used in commerce. As the knowledge economy expands, IP is playing an important role in an increasingly broad range of areas, ranging from the Internet to healthcare. With the prominent place being accorded to intellectual property, the capacity to tap IP assets while protecting the rights of inventors will be a determining factor in the development of the global, knowledge-based economy during the next decade. Speaking of the knowledge-based economy, it is no secret today that the world is looking to Africa as it transforms into the new cradle of innovation. Indeed, emerging technologies such as mobile money transfers and peer-to-peer lending are becoming ground-breaking realities in the land of opportunities. Africa also plays host to many start-ups in the area of e-commerce, which is proving to be a vital economic sector to serve its fast-growing consumer market. To provide an idea of the potential size of the consumer market in Africa, consumer expenditure on the continent is expected to reach US$2.1 trillion by 2025, and US$2.5 trillion by 2030. Also, in 2030, if the recently-ratified Continental Free Trade Area (CFTA) is properly implemented, a single continental market for goods and services will be operational, offering corporations different points of entry to the continent and a potential market of 1.7 billion people. Why do start-ups need to protect IP? If you have founded a tech start-up in Africa, you might wonder why it is so important to “protect assets”, considering you have so few of them to begin with. However, it is ironically this very lack of tangible, physical assets that makes it so critical you identify and protect the assets you do have – your intellectual, intangible assets. Indeed, your start-up possesses valuable IP assets such as patentable technologies, registrable trademarks and protectable copyrights. It is highly likely that these very intellectual assets will be your key differentiating factor and will help you develop a value proposition that stands out from competition. Failure to identify and protect your intellectual assets can even mean that your business suffers a serious setback if a more established competitor sees your business succeeding and takes the essence of what is special about it – your innovation. To take your creative ideas to their full potential, as an African tech start-up owner, you need a jurisdiction where you can innovate with peace of mind, and the certainty that your Intellectual Property shall not be used without your express consent. Why should you outsource IP management? This is where IP holding companies are widely used by tech companies in order to provide unfettered access to experts who can protect their intellectual assets and undertake active IP management for them, while they focus on their core business. These legal entities are expected to perform the following key roles: To hold IP rights such as patents, copyrights and trademarks; To charge royalties, commissions, marketing expenses, manufacturing costs and fees for advertising services and technical assistance to the subsidiaries of the group. Such a holding structure allows you to undertake active management of IP assets, which requires a concerted focus on three key pillars, also referred to as the holy trinity of IP management: Protection - Undertaking patent registration to ensure control of IP assets. Valuation - Conducting due diligence to determine the market value of IP assets. Optimisation – Licensing your IP assets in order to leverage them to generate revenue. All three roles must be performed to enable your business to protect its IP assets, understand their true value as well as to ensure that your IP assets are in a position to yield the desired revenue for your business. Why Mauritius is a good choice for IP outsourcing? Mauritius offers unparalleled ease of doing business. Recently making it to the top 20 in the World Bank’s Doing Business Report for 2019 with a 79.58 score on the “Ease Of Doing Business” (EODB) scale - where it is ahead of countries like Ireland, France, or even Germany - Mauritius is the first African country from the Sub-Saharan region to achieve this feat. Supplemented with the business facilitation advantage, Mauritius has signed 23 Investment Promotion and Protection Agreements (IPPAs) and 22 Double Tax Avoidance Agreements (DTAAs) across Africa, making it a natural gateway to the continent. Moreover, the presence of major international and local banks in Mauritius with branches in various African nations, together with international accounting, financial and legal institutions, makes the country a leading International Financial Centre (IFC) which attracts both local and foreign talent to its advantage. Recognised by international authorities such as the OECD as a secure and well-regulated jurisdiction, the Mauritius IFC is consistently improving upon its legal and regulatory frameworks for exchange of information and transparency in line with international norms and standards. Most importantly, IP legislation in Mauritius is consistent with leading international norms, as the island economy is a member of the World Intellectual Property Organisation (WIPO), and signatory to the Paris Convention for the Protection of Industrial Property, the Universal Copyright Convention, and the Berne Convention. IP is protected in Mauritius by the Patents, Industrial Designs and Trade Marks Act of 2002 and the Copyrights Act 2014. To reinforce and expand IP protection in Mauritius, the government announced in 2017 that it would adopt a new Industrial Property Bill, covering all aspects of IP. In addition to patents, trademarks, and industrial designs, the Bill protects plant breeders’ rights, geographical indications, and layout designs of integrated circuits and utility models which are not covered by the existing legislation. Under this Bill, legislation on industrial property in Mauritius has recently undergone a thorough review with a view to promote innovation and enhance a legal environment that keeps abreast with international trends, thus reinforcing the status of Mauritius as a platform with a sound legal framework to protect IP rights. In conclusion With a vibrant global business sector that offers options to structure active investments into the continent with the use of holding companies that ensure your rights are protected, Mauritius is indeed the preferred choice for African tech start-ups looking for an IP outsourcing destination. If you are looking at outsourcing your IP management to Mauritius, we invite you to consider Rogers Capital Corporate Services Ltd, an experienced corporate services provider run under the aegis of Mauritius-based conglomerate Rogers Group. With our robust product and service offerings, including but not limited to corporate administration, accounting and payroll, tax advisory and compliance, we can help your African tech start-up to set up a holding company in Mauritius and take care of IP management on behalf of operating companies in multiple African jurisdictions. For more information do not hesitate to contact us KEVIN BESSOONDYAL Head-Business Development kevin.bessoondyal@rogerscapital.mu ### Testament ou Trust? Comment un patrimoine est-il transmis aux générations futures ? A Maurice, il existe 3 types de testaments utilisés couramment : Le testament olographe (sous seing privé) ou private deed ; Le testament authentique ou public will, établi devant notaire en présence des témoins ; Le testament secret ou secret will, qui consiste en la remise d’une enveloppe sellée en mains propres au notaire en présence de témoins. Traditionnellement, à Maurice, le concept du testament est utilisé principalement par les plus fortunés pour organiser et planifier leur succession. De ce fait, les biens et le patrimoine se transmettent de génération en génération par le biais d’un transfert impliquant des procédures juridiques complexes et coûteuses qui impliquent l’intervention d’un notaire. Quelle est l’alternative à un testament ? Une des meilleures alternatives est l’utilisation d’un Trust. Qu’est-ce qu’un Trust ? L’origine des Trusts peut être retracé au XI ème siècle. A l’époque, les chevaliers confiaient leurs manoirs et propriétés à leurs amis les plus fiables pendant leurs croisades. Un Trust est une relation fiduciaire au sein de laquelle une partie connue comme étant le constituant (Settlor), donne à une autre partie, le fiduciaire (Trustee), le droit de détenir des titres de propriété de biens au profit d’une troisième partie, le bénéficiaire (Beneficiary). Les Trusts permettent de protéger juridiquement les biens du constituant, dans l’objectif de s’assurer que la répartition des biens se fasse conformément au souhait du constituant, tout en réalisant un gain de temps, en réduisant le formalisme et, dans certains cas, en réduisant ou en évitant certains couts fiscaux. Le Trust est géré par un Trustee professionnel tel qu’une société fiduciaire agréée. A l’Ile Maurice, l’activité d’un Trustee tel que Rogers Capital, est règlementée par le régulateur financier, la Financial Services Commission (FSC). Après le décès du constituant, le Trustee continuera d’assurer la gestion des biens et du patrimoine qui lui ont été confiés au profit des bénéficiaires, conformément aux vonlontés exprimées du constituant défunt. Comment un Trust est-il plus flexible qu’un testament ? Un testament doit être constamment mis à jour afin de tenir compte d’éventuels changements de circonstances tels que, par exemple, la naissance d’un enfant, un divorce, ou le décès d’un héritier.  Un testament peut être amendé, annulé ou réécrit autant de fois que le testateur le souhaite avant son décès par le biais d’un avenant au testament, le codicille, établi par un notaire. Ce document vient modifier et non remplacer un testament exécuté. Un Trust, par contre, permet de réaliser rapidement des modifications. Si, par exemple, le constituant souhaite rajouter ou enlever un des bénéficiaires, il peut se contenter de remettre une nouvelle Letter of WIshes aux Trustees. Comparé à un testament, un Trust n’entraîne pas de frais notariés significatifs pour chacun des différents amendements apportés. Quels sont les avantages de créer un Trust pour des Mauriciens ? L’Ile Maurice est une juridiction qui connait la notion de réserve héréditaire. Ainsi, une partie de la propriété d’une personne décédée qui était de nationalité mauricienne, est réservée à ses enfants. Toutefois, le reste de la propriété peut être transmise dans un Trust. Quels sont les avantages de créer un Trust pour des non-Mauriciens ? Les avantages principaux sont les suivants : Les revenus du Trust seront taxés à 0% si aucune des personnes impliquées dans le Trust n’est mauricienne ; Pas de retenue à la source sur les distributions faites aux bénéficiaires ; Maurice n’étant pas membre de l’Union Européenne, n’est pas souimse aux dispositions des Directives européennes concernant la divulgation d’informations. Les Trusts sont régis par le droit commun et le Trust Act 2001 ressemble de très près aux législations UK et des autres pays du Commonwealth. Les provisions de réserve héréditaire ne s’appliquent pas aux étrangers. Les créanciers n’ont pas de droits sur les biens si ces derniers sont dans le Trust depuis plus de deux ans.  Les Trusts de Droit mauricien sont protégés contre les recours formés par des tribunaux étrangers pour ce qui concerne la banqueroute et les retombées personnelles et financières suite à un divorce ou une annulation d’un mariage.   ### Rogers Capital expands into Wealth Management Rogers Capital, the financial arm of the group has recently launched its new wealth management arm, the Private Client Services. The head of the new department, Antish Bissessur and the Managing Director of Rogers Capital Corporate Services, Roshan Nathoo, outline what this service consists of and the Group’s strengths in this sector. The emergence of a new offering Until recently, Rogers Capital’s main offering was structuring transactions (trusts, holding companies, foundations, etc.) historically for Asian markets. It has grown its presence on the African market over the past 5 years – without overlooking traditional markets. The growing number of successful businesses on the African continent in recent years means that there are more high-net-worth individuals (“HNWIs”) both in Mauritius and mainland Africa. Naturally, more HNWIs imply a growing need for assistance in managing personal wealth. Rogers Capital has closely monitored this regional trend and is launching a new wealth management line for private clients through its sister company, Rogers Capital Investment Advisors. “Our clients do not necessarily have the required time to give due attention to the optimal management of their personal wealth and often require help with this,” says Antish. “We can now assist them in managing their wealth and selecting their investments.” Personalised assistance Rogers Capital places strong emphasis on being attentive to their clients’ needs – an essential part of advisory services. The wealth advisor’s primary role is therefore to understand the needs and determine the risk profile of the client. “Everyone has different risk profiles and a one-size-fits-all approach rarely works,” says Antish. The advisor makes sure that the client’s preferences and constraints are well documented, for it is critical to align the investments with the values of each individual. After carefully assessing the client’s expectations, the advisor turns to Rogers Capital’s international partners, including a Swiss private bank and a Canadian asset management firm. “This is a beneficial collaboration for all involved. We capitalise on the proven expertise of our reliable, independent and firmly established partners. Our clients then have access to very attractive investment opportunities, along with our technical expertise and that of our partners,” says Roshan. A proposal is issued and carefully considered by the advisor prior to its submission, for it must completely meet the client’s requirements. It is important to recall that Rogers Capital Investment Advisors is an independent company, free from any conflict of interest or bias with regards to its clients. Once the proposal is accepted, the investments and their performance are closely monitored. "We want to use this service to become THE contact point for private clients through sustainable structures and a broad range of investment products. This new activity will help us better serve our existing clients, with whom we already have an established trusted business relationship, in all wealth-related matters.  We are confident that it will also attract many new clients!” says Roshan. For more information do not hesitate to contact us ANTISH BISSESSUR Manager - Corporate Advisory antish.bissessur@rogerscapital.mu ### The African Continental Free Trade Agreement: the world’s largest free trade area unfolds “There has never been a better time to invest in Africa”, said South African President Cyril Ramaphosa at a recent conference in Johannesburg. This statement was made in a very particular context, one in which we are currently a few months away from the birth of what will be the world’s largest free trade area – the African Continental Free Trade Area (“AfCFTA”). This game-changing deal will bring together 54 countries under a single market (with Eritrea the only African Union member country that has not yet formalised its participation) with a combined population of over 1.2 billion people and combined GPD of over USD 3trillion. Establishing a single African market has been a topic of major debate for policymakers across the continent for years and with the implementation of the AfCFTA in 2020, the pieces of this gigantic puzzle seem to be at last falling into place. The overriding goal of this agreement is to create a single African market for goods and services produced in the continent, along with visa-free movement of people. It will also facilitate the movement of capital, stimulating intra-African investments and regional trade flows. It is worthy to note that as of today, the intraregional trade share between African countries stands at a mere 15%, in comparison to 47% in the Americas, 61% in Asia and 67% in Europe. It is estimated that the AfCFTA has the potential to propel the value of intra-Africa trade to nearly 40% within the next 20 years[1]. Today, many African countries export their valuable resources during early stages ofthe production value chain, only to end up importing the finished products from foreign sources for consumption. The result -low receipts in terms of export revenue and high expenditure in terms of imports – inevitably accentuating balance of payment deficits across the continent.  With the AfCFTA, it is expected that expertise will disseminate from more developed African states. With the upskilling of the continent, African countries will thus be in a better position to benefit from higher positions in production value chains. There is also a misalignment between what various African countries need and what is produced on the continent, clearly signalling a missed opportunity to reduce foreign imports and increase trade flows within the continent. Naturally, as is normally the case with free trade agreements, some countries are better positioned to make the most of the new deal. Research from Baker McKenzie and Oxford Economics supports this presumption and suggests that some countries are better placed than others to reap the rewards of intra-regional trade. A large player like South Africa is very likely to experience the maximum benefit due to its existing strong connections with countries across the continent – being one of the largest investors on the continent. Countries with open economies and good infrastructure, such as the West African states of Ghana and Côte d’Ivoire are also well positioned to benefit from the agreement[2]. On the other hand, countries with higher security and political risks may find it more difficult to integrate into regional value chains. The AfCFTA’s success will also be largely dependent on the continent’s ability to overcome limitations in infrastructure and improve the currently limited air connectivity across the continent. It is not uncommon to have to leave the continent and connect through an air hub in the Middle East to travel between two African cities. Considering the African railway map, intra-state connectivity is very limited and this poses serious logistics challenges. In many instances, it is easier for an African country to trade with a foreign counterpart as opposed to an African one. Onerous regulatory requirements and regional conflicts are also hurdles to free trade on the continent. To enable the AfCFTA, important institutions such as the Afreximbank (African’s largest trade bank) have also come up with supportive measures. Afreximbank has put in place a USD1 billion financing facility to support the adjustment arising from trade liberalisation in terms of loss of tariff revenue. Afreximbank, in collaboration with the African Union, has also launched a Pan-African Payment and Settlement System (“PAPSS”). This platform aims to domesticate intra-regional payments and has the potential to save the continent more than USD5 billion in payment transaction costs per annum[3]. It is expected that such measures will facilitate the implementation of the AfCFTA agreement and will act as catalysts for other supportive measures from African institutions. Now, coming to Mauritius, the country signed and ratified the AfCFTA in September 2019, thus becoming a full member of the new area. For some time now, Mauritius has been positioning itself as the financial centre for Africa. Culminating at the 13th place worldwide and the 1st place in Africa in the World Bank’s Ease of Doing Business Report 2020, Mauritius enhances its attractiveness as being the ideal hub for business into Africa. Mauritius is a tried and tested jurisdiction in terms of facilitating investments towards the continent and with the unfolding of the AfCFTA, it is anticipated that there will be more foreign investments in Africa – especially to address the infrastructural needs in Africa in terms of both connectivity and energy, will be channelled through Mauritius. With its acute focus on investor protection and its EU/OECD compliant status, Mauritius remains a safe destination for promoters to structure their investments and to raise financing. To make the most of the AfCFTA, African governments will have to address their infrastructural needs as well as ensure that their regulations relating to cross-border investments and capital flows are optimised. In doing so, both domestic and foreign trade will benefit and the continent, as a block, will progress. However, set timeframes should be realistic, as it will take time for the current limited infrastructure to improve and the prevailing administrative hurdles to tumble. More importantly, the will to change for the better should accentuate and permeate the younger generations. With this, the challenges will inevitably be overcome and the next decades will see the rise of the world’s largest free trade area. The African free-trade train will soon depart and all stakeholders have been cautioned, the journey will be long.     [1] Trade for Development News (2019): The AfCFTA – a free trade area and a flagship project of the African Union [online]. Available at: https://trade4devnews.enhancedif.org/en/news/afcfta-free-trade-area-and-flagship-project-african-union [2]Forbes (2019): With a New Free Trade Area and Its $3 Trillion Combined GDP, Africa Expects Business To Flourish, South African President Says [online]. Available at: https://www.forbes.com/sites/tobyshapshak/2019/10/15/with-a-new-free-trade-area-and-its-3tn-combined-gdp-africa-expects-business-to-flourish-says-south-african-president/#7cde9f144db3 [3] Global Trade Review (2019): Expert analysis: Africa’s free trade area – where are we now? [online]. Available at: https://www.gtreview.com/news/africa/expert-analysis-africas-free-trade-area-where-are-we-now/   For more information do not hesitate to contact us ANTISH BISSESSUR Manager - Corporate Advisory antish.bissessur@rogerscapital.mu ### Relocate your business to Mauritius Are you worried about the future of your business? With increasing challenges facing the global business landscape it is the right time to consider your alternatives. The correct decision now will ensure the success of your business for generations to come. Discover Mauritius. It is one of the fastest growing nations in Africa and amongst the best ranked African countries for its business and corporate environment. Mauritius currently ranks at 13th worldwide in the latest World Bank’s Ease of Doing Business Index and 1st amongst African countries. It boasts a stable political and economic environment, an excellent banking sector and a unique hybrid legal system. All of these ingredients contribute to make Mauritius the ideal jurisdiction to relocate your business. There are many compelling reasons for corporate relocation to Mauritius: Clean and transparent jurisdiction The Organisation for Economic Co-operation and Development (OECD) recently deemed that Mauritius has no harmful tax practices and is fully compliant to EU norms. In this vein, in October 2019 the European Union also endorsed Mauritius as being a compliant jurisdiction for tax matters. African, Regional and International Cooperation Mauritius is a member of various African regional blocks and international committees that makes it a favourable gateway for trade in goods and services globally. We outline some below; African Union (AU) - created to focus on increased cooperation and integration of African states to drive Africa’s growth and economic development. South African Development Community (SADC) - established to achieve development, peace and security, economic growth, alleviate poverty, enhance the standard and quality of life of the people of Southern Africa, and support the socially disadvantaged through regional integration, built on democratic principles, equitable and sustainable development. Common Market for Eastern and Southern Africa (COMESA) – which has the objective of forming a large economic and trading unit that is capable of overcoming some of the barriers that are faced by individual states. Indian Ocean Rim Association (IORA) - which facilitates and promotes economic co-operation, bringing together inter-alia representatives of Member States’ governments, businesses and academia. World Trade Organization (WTO) - deals with rules of trade between nations. DTAA’s, IPPA’s and MOU’s - As at date, Mauritius has signed 46 Double Taxation Avoidance Agreements (DTAA), 28 Investment Promotion and Protection Agreements (IPPA) out of which 21, and 9 respectively are with African countries. Business friendly environment Over and above an excellent ranking in terms of Ease of Doing Business, Mauritius has a bilingual and highly qualified working force. While there is no foreign exchange control, there is a sound governance and legal framework. Creating a domestic company can be accomplished within a couple of hours provided that the statutory and regulatory requirements are met. Investment opportunities Mauritius is promoting investment in several sectors namely, Agro-industry, Creative Industry, Education, Financial Services, Healthcare, ICT, Lifesciences, Logistics, New Manufacturing, Traditional Manufacturing, Ocean Economy, Real Estate and Hospitality. The country’s vision is to achieve high-income status before 2025. The government has also introduced various schemes to promote the economy and encourage investment in innovation and research for a Smart Mauritius. Some examples are: The Smart City Scheme, Property Development Scheme, Film Rebate Scheme, Food Processing Scheme, Freight Rebate Scheme Licence, Regulatory Sandbox, Blueprint for a modern financial services sector. In fact, as evidenced by Foreign Direct Investment (FDI) figures, Mauritius has recorded a 20% increase in the first semester of 2019.  South Africa remains the largest investor from Africa with around MUR 2.500 million. Personal relocation Mauritius has a low crime rate and is a peaceful country. The hospitality of Mauritius and the pleasant openness to foreigners encourages investors to move to Mauritius while moving their business to Mauritius. There are various options to relocate: Acquisition of property The aforementioned Property Development Scheme (PDS) allows for non-citizens to acquire a high end property on freehold and become eligible for a permanent residence permit. There are conditions applicable such as a minimum of investment of USD 500,000 or equivalent during the purchase of a qualifying property. Occupation permit The occupation permit is a combined work and residence permit allowing a non-citizen to work and live in Mauritius under 3 categories: Investor - an investor is a non-citizen who invests USD 100,000 or equivalent into a business in Mauritius and is consequently a shareholder and director of a company in Mauritius. The company should generate a cumulative turnover of at least MUR 12 million during the first 3 years and with a turnover of at least MUR 2 million per year. Professional - a professional is a person who earns at least MUR 60,000 monthly. The amount applicable for professionals in the ICT sector is MUR 30,000 monthly. Self-employed - a self-employed is a non-citizen engaged in a professional activity under the services sector only. An initial amount of USD 35,000 should be made. Furthermore, the business activity should generate a cumulative business income of at least MUR 2,400,000 during the 3 years preceding the application for occupation permit and with a business income of at least MUR 600,000 per year. Retired non-citizen - a retired non-citizen is a person who is above 50 years of age. An initial transfer of USD 1,500 should be made to the bank account of the retired person. A subsequent monthly transfer of an amount of USD 1,500 or aggregate amount of USD 54,000 for the 3 years’ duration of the permit should be made. In terms of the family of the investor or occupational/residential permit holder, the spouse or lawful partner of the investor as well as child(ren) under the age of 24 will also be eligible to obtain a residence permit. Mauritius remains the key to your success!   Kevin Bessoondyal – Head of Business Development kevin.bessoondyal@rogerscapital.mu Kevin is a seasoned professional, with a thorough knowledge of the Global Business industry and a detailed appreciation of the requirements of clients. He is a proactive professional who has, over the past two decades, gained much experience and expertise in various domains. Kevin holds a BEng in Electronics & Computer Science and an MBA from the University of Surrey, UK. He is also an associate of the Chartered Institute of Marketing.   ### Mauritius Business Environment Looking Up The World Bank issued the Ease of Doing Business Index 2019. This year, Mauritius ranks at an all-time high at the 13th position globally and first among African countries. For decades, authorities in Mauritius have strived to make the country an ideal destination to do business. Slowly but steadily, Mauritius has climbed the coveted list from 49th position in 2016 to 25th in 2017 and thereafter up to 20th position in 2018 and finally this year to 13th position. The measures used to create the list cover the following (individual ranking per measure for Mauritius indicated): starting a business (20th), dealing with construction permits (8th), getting electricity (28th), registering property (23rd), getting credit (67th), protecting minority investors (18th), paying taxes (5th), trading across borders (72nd), enforcing contracts (20th), and resolving insolvency (28th). Mauritius has ranked fairly well across most measures with the exception of getting credit and trading across borders. The four areas where Mauritius has improved notably are: Dealing with construction permits Mauritius has simplified its process of plan approvals for utilities and has reduced the time required to apply for a wastewater connection. This has positively impacted the overall time taken for obtaining a construction permit. Registering property It is now easier to check for encumbrances thereby making property registration faster in Mauritius. Mauritius has improved the quality of its land administration system by publishing official service standards and court statistics on land disputes. Enforcing contracts Publishing performance measurement reports for the commercial division of the Supreme Court of Mauritius has made enforcement of contracts easier.   Resolving insolvency Resolving insolvency is now easier following an improvement on the continuation of debtor’s business during insolvency proceedings. The release of the index coincides nicely with the recently published list of non-cooperative jurisdictions for tax purposes issued by the European Union (EU) council.  Mauritius does not feature on the list anymore having deemed to be a cooperative jurisdiction for tax purposes. This is a result of substantial changes made recently to ensure compliance to meet requirements set by the EU. Indeed, the new Finance Act adopted in July 2019 and the subsequent regulations issued in August 2019 have addressed perceived deficiencies in the Freeport Zone and Partial Exemption regimes. The Freeport Zone regime is no longer considered as preferential following the removal of “Companies in the Freeport zone” from Section 49 of the Income Tax Act. Simply put, Freeport Zone companies are no longer exempt from income tax. The Mauritius Partial Tax Exempt Regime was created in 2018 to replace fiscal regulations on the regime of Global Business Licence that included Category 1 Global Business Company (GBC1) and Category 2 Global Business Company (GBC2). GBC1 companies would benefit from a deemed foreign tax credit of 80% lowering the effective tax rate to 3% or less depending on treaty benefits. GBC2 companies, on the other hand, were tax exempt in Mauritius. The Organisation for Economic Co-operation and Development (OECD) deemed such practice to be potentially harmful. In an attempt to address the OECD’s concerns, the government has introduced the Partial Tax Exempt Regime. The new Regime provides for an 80% tax exemption on specified categories of income of Global Business Companies (GBC) in Mauritius. This is subject to some enhanced substance requirements regarding employment and minimum expenditure in Mauritius, being met. Furthermore, the GBC has replaced GBC1 companies. As for GBC2 companies, they have been replaced by Authorized Companies (AC). While AC’s are not considered to be tax resident in Mauritius, they are required to file a tax return in Mauritius. Following the above changes, the OECD announced that Mauritius does not have any harmful tax practices in its regime. Pledges by the government to make Mauritius a business hub in the Indian Ocean and globally, backed by such positive outlook from international institutions reinforce the position of Mauritius as a jurisdiction of substance and repute. This makes Mauritius the ideal business platform to access different regions of growth particularly in Africa and Asia. Rogers Capital allows you to access all the advantages the Mauritius International Financial Centre has to offer to your business. Madhvi Bokhoree - Head of Business Development madhvi.bokhoree@rogerscapital.mu Madhvi joined Rogers Capital Corporate Services in 2002. Today she heads the business development department. She has experience in a wide range of corporate services offered to international clients with an extensive expertise in business structuring & setting up, global business product development and compliance & onboarding client services. Madhvi holds a BA (Hons) in Economics from Delhi University and a MA in Global Financial Services from University of Mauritius and is an associate of the Institute of Chartered Secretaries and Administrators. ### Will or Trust? How is wealth traditionally passed on to future generations? In Mauritius there are 3 types of wills commonly used namely holographic will (private deed), the public will that is drawn up before a notary in presence of witnesses and the secret will whereby a sealed envelope is handed to a notary in presence of witnesses. Traditionally in Mauritius the concept of wills as a succession planning vehicle is more popular with ultra-wealthy individuals rather than the majority of the population. Accordingly, wealth and assets are traditionally passed to the next generation through a transfer - before death or after death - through complicated and costly legal proceedings involving a notary. What is the alternative to a Will? One of the best alternatives to the use of wills is through the creation of a trust. What is a Trust? The origin of trusts can be found in the eleventh century crusades. Crusading English knights left their manors and estates in the care of trusted friends for safekeeping while they were away on crusade. A trust is a fiduciary relationship in which one party, known as a testator (settlor),  gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. Trusts are established to provide legal protection for the trustor’s assets, to make sure those assets are distributed according to the wishes of the trustor, and to save time, reduce paperwork and, in some cases, avoid or reduce inheritance or estate taxes. A trust can be set up to hold all the assets of the testator (settlor) for the benefit of beneficiaries. The Trust is managed by a professional Trustee like Rogers Capital duly licensed by the FSC in Mauritius. Upon the death of the testator (settlor), the Trustees will ensure the wealth and assets are managed for the benefit of the beneficiaries as per the wishes of the testator (settlor). How is a Trust more flexible than a will? A will needs to be constantly updated for changes in circumstances e.g the birth a child, divorce, the death of an heir.  A will can be modified, cancelled or rewritten as many times as the testator wishes before his death by means of an addendum called a codicil drafted by a notary which shall amend, rather than replace, a previously executed will.. A Trust however allows for modifications to be made more quickly e.g. if testator (settlor) wants to add or remove beneficiaries, testator (settlor) can give a new letter of wishes to the Trustees. As compared to a will for a Trust there are no significant additional notary fees / redrafting fees incurred when making such changes. What are the advantages of setting up a Trust by Mauritian Citizens? Mauritius is a forced heirship jurisdiction and Mauritius legislation provides for a portion of the estate of the deceased who was domiciled in Mauritius to be reserved for his children. However, the unreserved or available portion of the estate of a deceased can be freely settled into a Trust. A Trust created by a Mauritian citizen provides greater flexibility in terms of management, implementation of changes and distribution of assets to beneficiaries as compared to a will. What are the advantages of setting up a Trust for Non -Mauritian Citizens? For non-Mauritians, setting up a Trust in Mauritius may provide significant advantages as follows: All income of the trust taxed at 0% if all trust parties are non-Mauritians No withholding tax on distribution made to beneficiaries No tax on dividends received from Mauritius Companies Mauritius not part of European Union – Not bound by European Directives on Disclosures Trusts based on common law and Mauritius Trust Act 2001 follows closely UK and other Commonwealth countries legislation. Highest Court of Appeal – Privy Council in UK No forced heirship rules for Trust set up by foreigners Creditors cannot claim if trust property settled for more than 2 years Trusts are protected from claims from foreign courts in respect of bankruptcy and the personal and proprietary consequences of marriage or the dissolution of marriage Please get in touch with us if you have any questions or want to know more on how a Trust can be of use for your succession planning/asset protection needs. ### Rogers Capital acts as Transaction Advisor to Semaris Ltd We are pleased to announce that Rogers Capital, through its corporate finance advisory arm - Rogers Capital Investment Advisors Ltd (“RCIA”), has successfully delivered on its first listing mandate. Its client, Semaris Ltd (previously part of the New Mauritius Hotel Limited (“NMH”) group) was since 16th September 2019, admitted on the Development & Enterprise Market (“DEM”) of the Stock Exchange of Mauritius (“SEM”) and trading of shares started on Friday 11th October 2019. Our advisory team worked in close collaboration with the Semaris team – including their Company Secretary and Independent Financial Advisor and steered the process from start to finish. As transaction advisor, it was imperative to understand and be aligned with the objective of the client to be able to deliver a well-phased plan that would meet their requirements. With our client’s interest at the centre of everything we do, we advised on the various stages of the project and were in charge of the compilation of the admission document, the main document required for a listing on the DEM. Since Semaris was a newly set-up structure, we also prepared a business plan incorporating details on the Company’s projects, feasibility and financial viability, while always taking into consideration the requirements of the SEM. Having successfully delivered on this mandate, the advisory arm of Rogers Capital positions itself as a credible alternative corporate finance service provider and intends to build on this success to further co-create value with its clients. Seeing challenges as opportunities, our corporate finance advisory team has the required grit to go the extra mile for the success of our clients. Rogers Capital Investment Advisors Ltd is duly licensed as Investment Advisor (Corporate Finance Advisory) by the Financial Services Commission in Mauritius. Set up in 2018, RCIA serves both the Rogers group and external clients. This article does not constitute an invitation or offer to acquire, purchase or subscribe to the shares of Semaris Ltd.   For more information on our Listing services contact us. ANTISH BISSESSUR Manager - Corporate Advisory antish.bissessur@rogerscapital.mu ### Internet in Africa Internet across the African continent, has and continues to, undergo a real transformative journey. The potential to connect millions in Africa is enormous and will likely change lives and as well as entire societies in regions that were previously isolated and disconnected. Ten years ago, during the period from around 2005-2010, internet was growing faster in Africa than in any other region of the world, and although growth has slowed somewhat in the years from 2010-2015, it still remains higher than in other regions of the world. One obvious reason for this is that it is easier to grow from a lower base than it is to grow from a higher base. Currently, there exists a clear digital divide within the African region. Internet penetration rates, defined as the percentage of the population who are internet users range wildly from a mere 14% in Malawi all the way to 64% in Mauritius (2018).  This is a result of a conflation of different factors such as access to basic infrastructure like electricity as well as the options service providers make available, which unfortunately, remains very limited in some regions. The costs of bandwidth are also similarly very prohibitive for many African users. The lack of connectivity is astounding given that much of the network traffic routed in Africa is actually routed from servers that are located elsewhere (mainly in Europe). Scarcity of the overall bandwidth has also forced some users to go through satellites which is very expensive. If we combine this fact with the low number of Internet hosts on the African continent versus other regions of the world, we can understand why African Internet users lag behind the rest of the world. The picture is not all gloomy. Real progress can be achieved and has been achieved in the past. Going forward the remaining task concerns the achievement of further progress. To address the low rates of internet connectivity and to fix the last mile problem; final leg of the telecommunications networks that allow us to deliver services to customers. Large infrastructural programs have been undertaken and others are under way to develop the cable system in the Indian Ocean. These include EASS (East African Submarine cable System) connecting South Africa and Sudan to several countries on the eastern coast of Africa, TEAMS (The East Africa Marine System), as well SEACOM, which is driven completely from Africa. Rogers Capital is also contributing to make connection in Africa a reality. Through our Managed Datacomm Services we offer internet access and connectivity to remote offices in a private, secure and guaranteed way. Managed Datacomm Services is a One-Stop-Shop for all connectivity and managed security requirements. Businesses benefit from strong Service Level Agreements and a 24x7x365 proactively managed service. Our services include best effort broadband, dedicated Internet access, Wide Area Network (WAN), International Private Leased Circuits (IPLC/MPLS), Network Operations Center as a Service (NOCaaS), Managed Wi-Fi, and fiber optic solutions. ### Offshore Jurisdictions, A Reality Check For a long time, small islandic jurisdictions have been subject to attacks from more established countries such as the UK, USA, France and even India for being tax havens. Often linked to shady transactions and fancy structures, these jurisdictions are pictured with the clichéd triple ‘S’- Sea, Sand and Sun. And let us not forget the token multi-coloured cocktail in hand. What defines a tax haven? To quote James R. Hines Jr. (University of Michigan Law School), “tax havens are countries and territories that offer low tax rates and favourable regulatory policies to foreign investors.” This is probably the most accurate and objective definition.  Such countries are not rogue countries that will hide and launder money through bank secrecy and corporate anonymity. Mauritius is among those countries targeted time, and time again by WikiLeaks, Offshore Leaks and most recently: Mauritius Leaks. These articles and so-called revelations instil great anxiety amongst existing as well as potential investors and rightfully so. No one likes to see their name or the name of their company in the news for the wrong reasons. The government and regulators of Mauritius have a keen interest to ensure compliance with standards imposed by international organisations such as the Organisation for Economic Co-operation and Development (OECD). On an almost annual basis, new rules and regulations are issued by the Mauritius Financial Services Commission (FSC) and the Bank of Mauritius (BOM) to keep up with the dynamic changes occurring in the global financial world. When analysed, most of these islandic jurisdictions have a good scoring with the World Bank where measures of governance are concerned. These include: accountability, political and economic stability, corruption control, government effectiveness and proper legal framework. Another measure taken by Mauritius has been to diversify the offshore services from the traditional setting up and management of special purpose vehicles and portfolio investments to a more hands on approach by encouraging investors to have more presence in Mauritius and thus justify the choice of jurisdiction. Offshore jurisdictions exist due to agreements and treaties between countries. It is interesting to note that most direct investment flowing in offshore jurisdictions come from high-tax countries. It is almost a paradox to find the latter bullying tax havens when they happen to be the main investors. On that note, we would love to hear your thoughts. ### ATMC - GFM Statement ICJI Rogers Capital-Corporate is as an active member of the Association of Trust and Management Companies in Mauritius and is fully supportive of the following communique. ### Exiting the middle-income trap [vc_row][vc_column][vc_column_text]“The GDP of Mauritius has passed the half trillion rupees (approximately USD14 billion) mark this year”. This phrase enounced by the Prime Minister and Minister of Finance of Mauritius in his last budget speech grasped the attention of many. Should this be considered as an achievement? Several factors need to be considered to assess the importance of this event. Considering the absolute amount, the fact of passing this mark is definitely an achievement for Mauritius. Albeit, assessing the time taken to cross this milestone will give us a better measure of success. Back in the 1960s, Mauritius was a low-income economy mostly driven by the agricultural sector. It was during the 1970s and 1980s that the Mauritian economy diversified, with the then policy makers providing impetus for new sectors to kick off, namely the manufacturing and tourism sectors. Back in those days, the Mauritian economy experienced high GDP growth rates and even hit double digit growth rates (bearing in mind that it was relatively easier to achieve double digits in those days as the base GDP of the country was relatively low). The 1990s saw the surge of the Financial Services sector, effectively becoming one of the most important sectors in the Mauritian economy and driving the country’s economic growth right until the first decade of the millennium. All the while, the country’s GDP and GNI per capita improved, and Mauritius moved to the upper-middle income category status (for the fiscal year 2020, countries having GNI per capita between USD3,996 and USD12,375, as per the World Bank[1]). The next logical phase for Mauritius, or any country experiencing sustained economic growth over decades, is to achieve the high-income status (GNI per capita greater than USD12,376 as per World Bank and Mauritius’ GNI per capita is very near this goalpost, at about USD12,000 based on latest available figures[2]). While the mathematics seems to be able to predict a date by when this would be achieved, the economics is more challenging. The ability to sustain sufficient economic growth to become a high-income country is a very significant precondition. As a matter of fact, many countries that were middle income countries in the 1960s remain so as of today. Hence, many seem to be locked in a phenomenon referred to as the “Middle-Income” Trap (“MIT”) – defined by economists as the period of time in which a country’s growth is subdued after GNI per capita reaches middle-income levels, which makes the transitioning to high-income levels more complicated. This can be explained by several considerations. Firstly, middle-income countries like Mauritius often lose (and logically so) their preferential trade agreements that they used to benefit from as low-income countries, for example, Mauritius losing its preferential prices from the European Union for its sugar exports. The level playing field hinders the new middle-income countries’ ability to sustain economic growth at rates that helped them come out of the low income bracket. Another consideration is the country’s capability building roadmap. Over the years, Mauritius has experienced brain drain, with youngsters attracted by more lucrative opportunities overseas. While measures such as the Mauritian Diaspora Scheme have been put to attract talent back into the country, their effectiveness remain questionable. This remains a problem to be tackled as brain drain limits a country’s economic growth potential. Moreover, the MIT phenomenon is supported by the fact that high-income growth is different to middle-income growth and involves different prerequisites – mostly in terms of policy making. The main differentiating factor nowadays is the capacity to innovate which is regarded as vital in supporting higher value adding production. Economists who have studied the subject matter also find that countries tend to fall in the MIT if they cannot make a timely transition from resource-driven growth, e.g. low-cost labour in manufacturing sectors, to productivity-driven growth, e.g. in high value financial services and innovative sectors. The Mauritian situation can be used as an example – whereby the country has lost a competitive advantage in standardised labour intensive goods’ production as wages have become too high, but also cannot compete in the higher value-adding activities on a broad enough scale as labour productivity in those sectors is relatively lower as compared to more advanced economies. The result in such cases is often slow and stagnant economic growth. There seems to be consensus regarding the fact that Mauritius needs to find ways to promote innovation. The last budget included measures aimed at promoting innovation and the development of innovative skills within the country. There is a need to upgrade our educational system across levels (from primary to tertiary), emphasise on Science, Technology, Engineering and Mathematics (“STEM”), attract world class tertiary educational institutions and create a continuum between the academic and the industrial/professional worlds to drive innovation, research and development which will build capacity and the capabilities of tomorrow. The creation of an environment which is conducive to the attraction of foreign talents, highly skilled labour and sophisticated competencies is of utmost importance. Bearing the aforementioned in mind, the cost of domestic innovation needs to be assessed along with considerations regarding the current globalisation context, which makes it more challenging for middle-income countries to narrow the capabilities gap – as they have less time to do so and more and more players are engaged in the ever-changing innovation space. Hence, there is a need to choose our battles wisely so as to make the best use of our resources. The financial support given to innovative industries by financial players in the country, more specifically funding institutions like banks, always bears great importance in uplifting an economy to high-income level. While the innovation industry entails higher risks, the rewards are usually disproportionately higher and financial institutions backing the right innovation labs are often rewarded heftily. Unfortunately, in Mauritius, we are still a long way from such financial backing as most funding institutions are still geared towards favouring traditional industries. Countries that have escaped the MIT (other than those gifted with abundant natural resources) seem to have one thing in common – improved labour productivity over time.  Hence, to ensure and achieve higher labour productivity, the relevant policies relating to knowledge must be pursued with a view to provide incentive and encourage investments in human capital, technology, and innovation in the entire country.  Mauritius is to continue embracing a capability-focused strategy to move up the value chain and create higher value-adding jobs for its people. Notwithstanding these, the “traditional” measures, which are, pursuing low inflation, reduction in inequality and dependency ratios and achieving higher export shares, amongst others, retain their importance in helping a country transition from middle to high income. As our policy makers aspire to make Mauritius a high-income country, it is of paramount importance to understand the factors that hinder or support the transitioning to high-income status. Countries with better strategies to access or, even better, generate state-of-the-art technologies and management practices will be able to catch up with high-income countries. Achieving the half trillion rupee GDP mark is an achievement, that we have to build on with a revamped mind-set and skill set. Feel free to share your views with us.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_raw_html]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[/vc_raw_html][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Antish joined Rogers Capital in 2018 and is a manager in the Corporate Finance Advisory team. He assists our clients with their corporate finance needs, with a focus on transactions within the African continent. Antish holds a first class BA in Accounting and Finance from the University of Manchester (UK) and a Masters in International Business and Management from the Manchester Business School (UK). He is also an Associate Chartered Accountant (ACA) - member of the Institute of Chartered Accountants in England and Wales. [/vc_column_text][/vc_column][/vc_row] ### Quality Education - Financial Literacy for the Youth [vc_row][vc_column][vc_column_text]Listed number four of the United Nations Sustainable Development Goals, quality education of young people is paramount to shaping the future we aspire towards. The realisation of this truth has led to the global increase in the emergence of youth programs and organisations devoted to supporting the holistic development of young people. One such organisation is the Junior Achievement Worldwide, one of the largest global organizations focused on the economic empowerment of youth. As a branch of Junior Achievement Worldwide; Junior Achievement Mascareignes is dedicated to educating Mauritian youth on financial and economic literacy; innovation and entrepreneurship; workforce readiness and soft skills which are much needed for the 21st century work environment. Every year, Junior achievement Mascareignes organises The Company Program, one of their Learn by Doing Programs. The Company program has been running for the past eight years and is the flagship program of Junior Achievement Mascareignes. The program is organised for young people between the ages 15 to 19 and is centered on hands-on experience and business development. Through the eleven week long program, the young participants are challenged with the art of competition; entrepreneurial acumen; public speaking; product marketing and sales amongst others. Last year, our company sponsored the winners of the national Junior Achievement Company Program to the regional competition held in Ghana. The Mauritian team was represented by four grade 12 students from The Royal College of Port Louis whose innovative product and business acumen won them the national competition. Thinking through the perspective of problem solving, the Atlantis Co. Ltd’s product ‘Aquabag’ is a waterproof bag designed to keep books and school supplies from getting drenched during the rainy season. The competition brought together several teams from Kenya, Uganda, Ghana, South Africa, Swaziland, Burkina Faso, Zimbabwe, Nigeria, and Mauritius. All teams pitched their innovative ideas with an eye on the grand prize. Despite not emerging first in the regional competition, the Mauritian team testified that the competition was a great learning opportunity and an eye-opening experience for them. Risheek Chummun, general manager of Atlantis Co. Ltd shares his experience saying “once at the regional competition, it was a great and enriching experience. We had the opportunity to meet inspiring individuals, successful businessmen, CEOs and representatives of global enterprises. We had to venture out of our comfort zone by presenting in front of a large audience composed of professionals and fellow participants. It was an immense honour to represent Mauritius at regional level”. Additionally, when asked about the level of competitiveness of the regional competition, Ani-Keith Teeluckdharry, stock controller at Atlantis Co. Ltd replied “one important thing we learnt in Ghana is that we need to know how to tap into our potential. We listened to people talk, some who did not even have a formal academic background, yet today, they have become internationally respected entrepreneurs. So Why not us?” Many other such testimonies from alumni of Junior Achievement Mascareignes prove that the programs offered are truly impactful and life changing. Learning from their experience in Ghana where they were challenged by the digitally innovative perspectives of the other African teams, the Atlantis Co. Ltd advocate for the need of disruptive technological entrepreneurship among Mauritian youth. Given the current high youth unemployment rate, there is a real need for the youth to shift towards passion-driven entrepreneurship which leads to the creation of more jobs and contributes to economic growth. The Mauritian youth unemployment rate stands at an alarming rate of 23.5% as of 2019 (World Bank). Several factors which contribute to this high rate include the mismatch between the demand and supply of skills of young workers and lack of experience and training for high skilled jobs. Consequently, the economy suffers a loss of productivity, talent and skills from the country’s most physically active population. In support of the development of the youth, we at Rogers Capital for the past three years have been a firm sponsor of Junior Achievement Mascareignes. We are committed to supporting the NGO through active mentorship and coaching of the young participants by our staff on financial literacy and the art of competing. Urmila Toofany, a Client Relationship Officer at Rogers Capital, describes her role as a Communications Coach for the young participants as “Fulfilling to coach the participants on public speaking and presentation skills to boost their confidence”. Additionally, we are engaged in funding activities and programs aimed at the quality education of our youth. Rogers Capital’s active involvement in the Junior Achievement Mascareignes programs is evidence of the value we place of shaping the future of the youth and the country at large.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width="1/6"][/vc_column][vc_column width="2/3"][vc_raw_html]JTVCRmluYWxUaWxlc0dhbGxlcnklMjBpZCUzRCUyNzElMjclNUQ=[/vc_raw_html][/vc_column][vc_column width="1/6"][/vc_column][/vc_row] ### Quality Education- Financial Literacy for the Youth [vc_row][vc_column][vc_column_text]Listed number four of the United Nations Sustainable Development Goals, quality education of young people is paramount to shaping the future we aspire towards. The realisation of this truth has led to the global increase in the emergence of youth programs and organisations devoted to supporting the holistic development of young people. One such organisation is the Junior Achievement Worldwide, one of the largest global organizations focused on the economic empowerment of youth. As a branch of Junior Achievement Worldwide; Junior Achievement Mascareignes is dedicated to educating Mauritian youth on financial and economic literacy; innovation and entrepreneurship; workforce readiness and soft skills which are much needed for the 21st century work environment. Every year, Junior Achievement Mascareignes organises The Company Program, one of their Learn by Doing Programs. The Company program has been running for the past eight years and is the flagship program of Junior Achievement Mascareignes. The program is organised for young people between the ages 15 to 19 and is centered on hands-on experience and business development. Through the eleven week long program, the young participants are challenged with the art of competition; entrepreneurial acumen; public speaking; product marketing and sales amongst others. Last year, our company sponsored the winners of the national Junior Achievement Company Program to the regional competition held in Ghana. The Mauritian team was represented by four grade 12 students from The Royal College of Port Louis whose innovative product and business acumen won them the national competition. Thinking through the perspective of problem solving, the Atlantis Co. Ltd’s product ‘Aquabag’ is a waterproof bag designed to keep books and school supplies from getting drenched during the rainy season. The competition brought together several teams from Kenya, Uganda, Ghana, South Africa, Swaziland, Burkina Faso, Zimbabwe, Nigeria, and Mauritius. All teams pitched their innovative ideas with an eye on the grand prize. Despite not emerging first in the regional competition, the Mauritian team testified that the competition was a great learning opportunity and an eye-opening experience for them. Risheek Chummun, general manager of Atlantis Co. Ltd shares his experience saying “once at the regional competition, it was a great and enriching experience. We had the opportunity to meet inspiring individuals, successful businessmen, CEOs and representatives of global enterprises. We had to venture out of our comfort zone by presenting in front of a large audience composed of professionals and fellow participants. It was an immense honour to represent Mauritius at regional level”. asked about the level of competitiveness of the regional competition, Ani-Keith Teeluckdharry, stock controller at Atlantis Co. Ltd replied “one important thing we learnt in Ghana is that we need to know how to tap into our potential. We listened to people talk, some who did not even have a formal academic background, yet today, they have become internationally respected entrepreneurs. So Why not us?” Many other such testimonies from alumni of Junior Achievement Mascareignes prove that the programs offered are truly impactful and life changing. Learning from their experience in Ghana where they were challenged by the digitally innovative perspectives of the other African teams, the Atlantis Co. Ltd advocate for the need of disruptive technological entrepreneurship among Mauritian youth. Given the current high youth unemployment rate, there is a real need for the youth to shift towards passion-driven entrepreneurship which leads to the creation of more jobs and contributes to economic growth. The Mauritian youth unemployment rate stands at an alarming rate of 23.5% as of 2019 (World Bank). Several factors which contribute to this high rate include the mismatch between the demand and supply of skills of young workers and lack of experience and training for high skilled jobs. Consequently, the economy suffers a loss of productivity, talent and skills from the country’s most physically active population. In support of the development of the youth, we at Rogers Capital for the past three years have been a firm sponsor of Junior Achievement Mascareignes. We are committed to supporting the NGO through active mentorship and coaching of the young participants by our staff on financial literacy and the art of competing. Urmila Toofany, a Client Relationship Officer at Rogers Capital, describes her role as a Communications Coach for the young participants as “Fulfilling to coach the participants on public speaking and presentation skills to boost their confidence”. Additionally, we are engaged in funding activities and programs aimed at the quality education of our youth. Rogers Capital’s active involvement in the Junior Achievement Mascareignes programs is evidence of the value we place of shaping the future of the youth and the country at large.[/vc_column_text][/vc_column][/vc_row] ### National Budget Insights 2019-20 [vc_row][vc_column][vc_column_text] Honourable Pravind Jugnauth, Prime Minister, Minister of Finance and Economic Development of the Republic of Mauritius delivered the 2019-20 National Budget Speech. We are pleased to share our Budget Insights with you. View Online See PDF [/vc_column_text][/vc_column][/vc_row] ### Afrique à l'Afrique [vc_row][vc_column][vc_column_text]«L’ Afrique est une terre riche en opportunités MAIS…» Nous avons tous entendu cette phrase maintes fois. Bien qu'une grande partie de ces MAIS soient vrais, nous devons reconnaître que les choses changent et s'améliorent. Lors d'une récente conférence à Johannesburg, la présidente de la Banque africaine de développement, Akinwumi Adesina, a lancé sa déclaration avec force: "Je ne cherche pas d'aide, je recherche des investissements pour l'Afrique". Cela donne clairement le ton pour les décennies à venir. Les Africains ont réalisé leur potentiel (comme d’autres avant les Africains!) Et intensifient leur jeu pour libérer les richesses du continent. Les premiers venus sur le continent - principalement des investisseurs asiatiques avisés - ont généré une valeur considérable grâce aux investissements réalisés sur tout le continent, principalement dans le cadre de projets d'infrastructure et de production d'énergie bien nécessaires. Cependant, les dernières années n’ont pas été les meilleures en termes d’investissements directs étrangers («IDE») hors du continent. Un montant de USD 41 milliards a été investi en 2017, en baisse par rapport au sommet de USD 74 milliards en 2013 [1]. Les chiffres de 2018 ne devraient pas être très éloignés de ceux de l’année dernière et la tendance à la baisse des investissements est une préoccupation et une menace pour le rêve africain. Dans le contexte actuel, il devient de plus en plus important pour l’Afrique de réduire sa dépendance aux flux extra-continentaux et de promouvoir les investissements intrarégionaux, parallèlement aux investissements internationaux. Personne ne connaît mieux l'Afrique que les Africains et les entreprises africaines qui investissent sur le continent sont mieux placées pour générer des rendements plus élevés. Considérons Shoprite Holdings; ce sont les plus grands détaillants de produits de grande consommation sur le continent [2], devant des concurrents européens tels que Spar. Leur croissance soutenue et leur pénétration réussie du marché ont été largement motivés par la connaissance des marchés locaux. Des sociétés comme Old Mutual et Sanlam ont eu des expériences similaires dans le secteur des assurances et des services financiers au sens large. Dans le même esprit, l’Agenda 2063 de l’Union africaine insiste sur la nécessité d’un investissement intrarégional en tant que nouveau moyen de renforcer l’intégration régionale et de stimuler la croissance économique [3]. L’augmentation des investissements des entreprises africaines peut contribuer aux efforts d’intégration de la région. Alors que de plus en plus d’entreprises africaines s’orientent vers des investissements intra-continentaux, la zone de libre-échange continentale (dont l’objectif est de faire passer l’Afrique vers une zone de libre-échange continentale composée de 54 pays comptant au total plus d’un milliard d’habitants et un PIB supérieur à 3 USD .4 trillions [4]!) Définis par l’Union africaine deviennent plus ciblés. L'Afrique du Sud et le Maroc figurent parmi les principaux pays qui investissent en Afrique en nombre de projets. Le Kenya, le Nigéria et Maurice sont également des sources importantes d’investissements intra-africains. Tous les investissements comportent un élément de risque et nous savons que le risque d’investissement du continent a toujours été supérieur à celui d’autres régions du monde, plusieurs obstacles ayant été soulignés par les investisseurs. Cependant, ces obstacles dépassent-ils les opportunités que le continent peut offrir aux investisseurs? Nourriture pour la pensée. Certes, la plupart des pays africains ne peuvent pas toujours répondre à toutes les conditions recherchées par les investisseurs - un environnement économique et politique incertain, une bureaucratie administrative accablante et des lacunes en infrastructures peuvent entraver les investissements. Toutefois, d’un point de vue intercontinental, de nombreux obstacles à la promotion des investissements africains en Afrique sont en train d’être levés dans le cadre du programme d’intégration et de prospérité du continent. Des mesures telles que la suppression des visas aux frontières et la promotion de la connectivité des compagnies aériennes sur tout le continent ont déjà été mises en œuvre et sont essentielles à la transformation économique. La promotion des investissements intra-africains aidera le continent à atteindre plus rapidement ses objectifs de développement. En tant que Mauriciens et Africains, nous avons un rôle important à jouer dans le projet de développement du continent en nous positionnant comme le Centre financier international («SFI») pour l’Afrique. Une aspiration intéressante pour nous serait de devenir ce que Singapour est en Asie, en Afrique. Bien que les investisseurs extra-continentaux aient l’avantage d’utiliser Maurice comme plateforme d’investissement en Afrique, que ce soit pour notre environnement commercial porteur (1er en Afrique et 20ème dans le monde [5]), notre main-d’œuvre bilingue hautement qualifiée, notre réseau des accords de promotion et de protection des investissements ("IPPA") et des accords de non double imposition ("DTAA"), notre offre est tout aussi convaincante pour les investisseurs intercontinentaux. De nombreuses entreprises sud-africaines ont déjà utilisé Maurice comme tremplin pour investir dans d'autres juridictions africaines, avec de nombreuses réussites. D'autres suivent. La SFI de Maurice héberge l’une des plus anciennes banques commerciales de l’hémisphère sud et dispose d’un système bancaire sophistiqué, avec plus de 20 banques opérant sur l’île, notamment des banques classiques et islamiques. En conséquence, traiter avec le continent est une formalité. Sa bourse, la Mauritius Stock Exchange («SEM»), ne cesse de s’améliorer et exploite deux marchés, à savoir le marché officiel et le marché du développement et des entreprises, deux plates-formes utilisées par des entreprises du continent africain. Les différentes options pour structurer les entreprises mondiales ont également joué un rôle primordial dans le renforcement de la compétitivité de la SFI à Maurice. Les commandités choisissent souvent de domicilier leurs fonds à Maurice, ce qui leur donne la possibilité de structurer et de déployer facilement des capitaux dans des sociétés de portefeuille prometteuses tout en offrant à leurs commanditaires une protection de responsabilité et une efficacité fiscale. Pour ces raisons, entre autres, Maurice est le domicile privilégié de nombreux investisseurs centrés sur l’Afrique. Avec la présence de cabinets d’avocats internationaux et locaux, Maurice offre également d’excellents services juridiques aux entreprises locales et internationales sur tous les aspects du droit des sociétés, du droit commercial et de la réglementation. Le Privy Council du Royaume-Uni est la plus haute instance d'appel pour régler les litiges. Le pays héberge également la plupart des meilleurs cabinets de comptabilité et d'audit, le tout dans un environnement bien réglementé. La juridiction mauricienne est considérée comme une juridiction conforme aux normes de l'OCDE et a été saluée pour son engagement continu à appliquer les meilleures normes en matière de transparence et d'échange d'informations à des fins fiscales [6]. Avec de tels attributs, la Maurice, la SFI, a créé le cadre permettant aux investisseurs africains et internationaux prêts à saisir les opportunités d'investissement en Afrique. Face à la diminution des flux d’investissements directs étrangers dans le monde et à la volatilité des perspectives internationales, les entreprises africaines peuvent toujours stimuler la croissance de l’Afrique en diversifiant leurs investissements et leur présence sur le continent. Avec le renforcement de la coopération entre les secteurs privé et public, les rendements des investissements et la croissance seront catalysés, ce qui se traduira par des environnements commerciaux plus sûrs et prévisibles. Notre rôle? Eh bien, la promesse d’une Afrique connectée et prospère devrait nous guider dans nos efforts pour positionner Maurice en tant que plate-forme de choix pour les investissements africains.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_raw_html]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[/vc_raw_html][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Antish Bissessur- Manager- Corporate Advisory Antish a rejoint Rogers Capital en 2018 et est responsable de l'équipe de conseil en d'entreprise. Il assiste nos clients dans leurs besoins de financement, en se concentrant sur les transactions sur le continent africain. Antish est titulaire d'un BA en comptabilité et finance de l'Université de Manchester (Royaume-Uni) et d'un Master en commerce international et gestion de la Manchester Business School (Royaume-Uni). Il est également expert-comptable agréé (ACA) et membre de l'Institut des experts-comptables agréés d'Angleterre et du pays de Galles.[/vc_column_text][/vc_column][/vc_row] ### Listé à Maurice [vc_row][vc_column][vc_column_text]Maurice se classe au premier rang des pays africains selon l'indice de la facilité de faire des affaires de la Banque mondiale et nous nous positionnons stratégiquement comme le centre financier international (IFC) privilégié de la région. Notre secteur financier connaît également un processus de transformation en améliorant ses compétences et en mettant davantage l'accent sur les services à plus forte valeur ajoutée. Fort de cette aspiration, la Bourse de Maurice (SEM) réorganise actuellement offre pour répondre aux demandes sans cesse croissantes de la communauté des investisseurs et des entreprises. Bien que les actions domestiques restent les instruments les plus couramment cotés en bourse, un nombre croissant d'autres classes d'actifs se frayent un chemin vers le SEM. Depuis le début de la décennie, un plus grand nombre d’obligations, de récépissés de dépôt, de fonds négociés en bourse (FNB) et d’actions de sociétés titulaires d’une licence Global Business ont été cotés au SEM. Cela a conduit à une activité accrue en termes de volumes échangés sur le marché ainsi qu'à une visibilité accrue pour l'ensemble du pays. Avec l’annonce de l’arrivée prochaine d’Afrinex, filiale de la Bourse de Bombay (BSE), l’environnement mauricien de cotation devrait encore se développer et l’offre d’Afrinex renforcera la compétitivité du pays en tant que destination de cotation et de mobilisation de capitaux. En s’appuyant sur les antécédents de la BSE, Afrinex pourrait également améliorer le flux de capitaux indiens vers le continent africain. L’éventualité de la cotation et de la négociation de marchandises sera également bien accueillie par les investisseurs. Bien que la plupart d’entre nous connaissent les avantages de l’équité en matière de référencement, qu’il s’agisse de faciliter l’augmentation de capital, de réduire le coût du capital et de rehausser l’image de marque d’une société grâce au respect des meilleures pratiques de gouvernance d’entreprise, l’un des principaux avantages de la est un mécanisme puissant pour libérer la valeur pour les actionnaires. Les actions cotées peuvent être négociées librement sur une bourse et la liquidité ajoutée est généralement intégrée dans la valeur des actions. En outre, l'exposition au marché permet aux entreprises d'attirer l'attention d'investisseurs sophistiqués et de traders institutionnels, renforçant ainsi la demande et la valeur. Par conséquent, les actions cotées se négocient généralement à une prime par rapport aux actions non cotées. Les fonds propres de la cotation sont traditionnellement considérés comme une ‘‘ ‘grande’ ’entreprise, compte tenu des coûts et des exigences qui en découlent. Ce n'est pas nécessairement vrai dans le contexte mauricien. Les sociétés dont la capitalisation n'est que de 20 millions de MUR (environ 570 000 USD) peuvent demander à être inscrites sur le marché du développement et de l'entreprise («DEM») du SEM. Le DEM considère également les candidats sans antécédents, mais qui peuvent soumettre un plan d'entreprise solide, approuvé par un conseiller financier indépendant (IFA). Cette flexibilité permet à différentes entreprises, à différentes étapes de leur cycle économique, de choisir entre leurs actions. De nombreuses sociétés internationales * ont choisi de figurer sur le SEM et ont ainsi construit leurs antécédents en se conformant aux exigences de la bourse. En tirant parti de cette expérience, entre autres facteurs, une société (un grand acteur immobilier panafricain) a également la possibilité de coter en bourse sur le London Stock Exchange (LSE). Par conséquent, la plate-forme de cotation mauricienne est un tremplin éprouvé pour accéder à des marchés plus développés. En mars 2019, le SEM comptait plus de 200 titres cotés, provenant de divers émetteurs locaux et internationaux appartenant à différentes classes d'actifs et dont la capitalisation boursière dépassait 400 milliards de MUR (environ 11,5 milliards de USD). Ces chiffres ne feront qu'augmenter avec l’arrivée du nouvel échange et la plateforme mauricienne est bien placée pour jouer un rôle plus important sur le continent africain.   Souhaitez-vous que votre société soit cotée à l'Ile Maurice? Nos conseillers en finance d'entreprise peuvent vous guider tout au long du processus. Contactez-nous pour savoir comment vous pouvez tirer parti des nombreux avantages offerts par l'inscription. Chez Rogers Capital, nous misons sur nos connaissances approfondies du secteur dans les domaines de la finance, de la technologie de pointe et de notre héritage en tant que principal acteur de l'entreprise pour transformer votre entreprise en une centrale puissante.[/vc_column_text][/vc_column][/vc_row] ### Data Protection Compliance [vc_row][vc_column][vc_column_text]The right to privacy refers to the concept that one’s personal information should be protected from public scrutiny. It is forms part of the legal objective to restrict actions that threaten the privacy of individuals. Mauritius enacted the Data Protection Act of 2004, which allowed for the protection of privacy rights of individuals used to manage data relating to them. However, given the rapidly evolving nature of data it became very apparent that the Data Protection Act of 2004 no longer met Mauritius' evolving digital needs. It was thus repealed, and replaced, by the Data Protection Act 2017 (the "Act") which came into force on the 15th of January 2018. The Act necessitates that personal data is safeguarded and processed properly. It aims to minimize the risk of data breaches in the most effective way possible. The Act also seeks to align the Mauritius data protection framework with international standards, specifically, the General Data Protection Regulation (GDPR) (Regulation (EU) 2016/679). What does this imply for companies going forward? They now have a clear responsibility to work towards establishing policies and improving company-wide practices. Under the GDPR regulations - which have extra-territorial reach - failure to comply with obligations could result in fines being imposed that can reach as much as 4% of annual global turnover. Under the Data Protection Act 2017, failure to comply with the law can also lead to imprisonment. As such, it is primordial to improve practices to guarantee information security. Which industries will be significantly impacted by the Data Protection Act 2017? Industries that provide services to individual customers Companies whose core business is to provide services to individuals generally include the processing of personal data on a day-to-day basis. These companies include the hospitality sector, financial services, insurance, and human resources management amongst others. When we consider Mauritius, hotels will confront a direct impact as they also service EU Citizens. Industries that provide marketing, business process outsourcing and support services A significant number of companies provide marketing, business process outsourcing and support services wherein they handle personal data on a day-to-day basis particularly through printed forms, phone calls and emails. Retail Sector The retail business sees thousands of people visiting its showrooms for either support or the purchase of goods. Merchants handle enormous amount of personal data on a day-to-day basis. The current privacy landscape is about to experience a major change in the coming years with the adoption of a privacy culture by companies. Every business is inherently unique and going forward the quantity of data available on hand is only set to increase. New technological developments are further adding urgency to this need with the ever-growing usage of social media, cloud services and mobile apps and e-payment platforms. The need for information security is a truly pressing one. Understanding the context of business processing and information security is therefore vital. Rogers Capital through its team of experts helps companies to achieve Data Protection Compliance in the most effective manner. Rogers Capital offers a comprehensive consultancy service in Data Protection and Privacy compliance to help companies achieve an acceptable level of maturity in order to comply with the Data Protection Act 2017. Our consultancy services combine analysis of related business processes, information security risks and take in to consideration the legal aspects of the process. We delineate the entire process into three parts; Data Discovery phase, Assessment & Design phase and the Compliance phase. We analyze business processes to understand the amount of personal data in the business and we evaluate the requirements for policies, procedures and also review all processes to correct any non-conformities detected. The compliance phase subsequently takes the form of project management where we guide the organisation in implementing the appropriate compliance tasks, security controls and security standards adoption.  We also believe that the involvement of people in the entire process has a major impact on compliance. We add value to the exercise by further providing a user awareness so as to empower people, as they remain the human firewall in this entire process.[/vc_column_text][/vc_column][/vc_row] ### Listing in Mauritius [vc_row][vc_column][vc_column_text]Mauritius ranks 1st in Africa in the Ease of Doing Business Index of the World Bank and we are strategically positioning ourselves as the preferred International Financial Centre (IFC) for the region. Our financial sector is also undergoing a transformative process by upskilling itself with increased emphasis placed on higher value added services.  Building on this aspiration, the Stock Exchange of Mauritius (SEM) is also revamping its offering to match the ever-growing demands of the investor/business community. While domestic equities are still the most commonly listed instruments a growing number of other asset classes are finding their way on to the SEM. Since the beginning of the decade, more Bonds, Depository Receipts (DR’s), Exchange-Traded Funds (ETFs) and shares of Global Business-licensed companies have been listed on the SEM. This has led to greater activity in terms of volumes traded on the market as well as improved visibility for the country overall. With news of the upcoming arrival of Afrinex, a subsidiary of the Bombay Stock Exchange (BSE), the Mauritian listing environment is expected to mature further and the Afrinex offer will enhance the country’s competitiveness as a listing and capital raising destination. Leveraging on the BSE’s track record, Afrinex may also have the potential to improve the flow of Indian capital to the African continent. The eventuality of listing and trading of commodities will also be welcomed by investors. While most of us are acquainted to the textbook advantages of listing equity – be it for facilitating capital raising, reducing the cost of capital and enhancing a company’s image through greater compliance to corporate governance best practices, one of the main advantages of listing is that it is a potent mechanism to unlock shareholder value. Listed shares can be traded freely on an exchange and the added liquidity is usually priced into the value of the shares. Also, market exposure enables companies to attract the attention of sophisticated investors and institutional traders, enhancing demand and value. Hence, listed equity typically trades at a premium vis-à-vis unlisted equity. Listing equity is traditionally regarded as being a ‘’large’’ company contemplation given the costs and requirements involved. This is not necessarily true in the Mauritian context. Companies with a capitalisation of only MUR 20 million (approximately USD 570,000) can apply to list on the Development & Enterprise Market (“DEM”) of the SEM.  The DEM also considers applicants with no track record but who can submit a solid business plan, vetted by an Independent Financial Advisor (IFA). This flexibility allows different companies in various phases of their business cycle to have the option to float their shares. Many international companies* chose to list on the SEM and in doing so, build their track record by complying to the requirements of the exchange. Leveraging on this experience, amongst other factors, has allowed one particular company (a large Pan-African real estate player) to also float its shares on the London Stock Exchange (LSE). Hence, the Mauritian listing platform is a tried and tested stepping stone to access more developed markets. As at March 2019, the SEM had more than 200 listed securities, from various local and international issuers across different asset classes with a market capitalisation that exceeds MUR400 billion (~USD11.5 billion). These numbers will only increase with the arrival of the new exchange and the Mauritian platform is well poised to play a more important role in the African continent.   Are interested in having your company listed in Mauritius? Our corporate finance advisors can help guide you through the entire process. Get in touch with us to see how you can benefit from the many advantages that listing has to offer. For more information do not hesitate to contact us ANTISH BISSESSUR Manager - Corporate Advisory antish.bissessur@rogerscapital.mu [/vc_column_text][/vc_column][/vc_row] ### Compliance - Today and Tomorrow [vc_row][vc_column][vc_column_text]In today’s ever-changing regulatory climate, organisations must be adaptable in order to be compliant with legislation, regulations & policies. The international push for transparency and the demand for more stringent reporting from regulatory authorities is changing the way businesses operate globally. Compliance impacts every single aspect of a business, whether it is mandated through regulations, voluntary frameworks or as a result of contractual agreements. Additionally, businesses face other compliance related challenges including effective management of workflow and processes. Businesses reluctant to adapt and evolve risk falling behind and may ultimately be branded as non-compliant and possibly having their licences revoked. It is therefore essential that compliance frameworks within a business are dynamic not only to keep pace with the changing regulatory environment but also to satisfy the business risk appetite and customer needs. To meet this challenge, a compliance assessment of the business products offered needs to be carried out in the first instance. The regulatory requirements can be aggregated into control sets and normalised to establish policies and guidelines to be followed. The whole compliance infrastructure set up after an appropriate assessment will need to be monitored to ensure its proficiency. We will discuss two major developments in this field that businesses that impact the compliance infrastructure of a business. Changes to Beneficial Ownership Threshold The Eastern and Southern Africa Anti-Money Laundering Group (“ESAAMLG”) is a regional body ascribed by international laws to combat money laundering and financing of terrorism. ESAAMLG is a member of the Financial Action Task Force (the “FATF”). Established in 1989, by the Ministers of its member jurisdictions, the FATF is an intergovernmental organization founded to develop policies to combat money laundering. ESAAMLG abides by the recommendations issued by the FATF. Since Mauritius is a member of ESAAMLG, several mutual evaluation processes have been undertaken and the relevant reports have been issued. As far as practicable, Mauritius has tried to include the recommendations given by ESAAMLG in its legal and regulatory framework. The most recent ESAAMLG report was issued in July 2018. The 2018 report highlighted a series of weaknesses in the anti-money laundering framework of Mauritius. For instance, there were no legal provisions requiring disclosure of beneficial ownership or information related to them. As such we were faced with a situation where the lack of documents on the beneficial owners directly hindered the application of the recommended risk assessment methods. Consequently, ESAAMLG recommended to amend The Financial Intelligence and Anti-Money Laundering Act 2002 (“FIAMLA”) to include preventive measures aligned with the FATF standards. Prior to October 2018, a 20% threshold defined the controlling interest of the beneficial owners. In line with the recommendations of ESAAMLG, this threshold was scrapped from the Financial Intelligence and Anti-Money Laundering Regulations 2018. Instead, licensees, for instance, Rogers Capital Corporate Services or Rogers Capital Fund Services, must apply their respective judgements to decide upon the extent of the controlling ownership interest and also the verification of the identity of beneficial owners. It is important to note that the Financial Services Commission (the “FSC”) has already started applying this standard to licensees. This implies that any management company should act responsibly in ascertaining who the controlling owners and the beneficial owners are respectively. Practice statement issued by the Government of Mauritius to define the Place of Effective Management The Organisation for Economic Cooperation and Development (the “OECD”), as part of its recommendations relating to base erosion and profit shifting, recommended that countries use a mutual agreement procedure – an in-built treaty mechanism to resolve double tax disputes –relating to corporate tax residence. According to the OECD, a company’s “place of effective management” (“POEM”) is one of the factors that countries should look at when determining corporate tax residence. In order to determine if a company’s POEM is in Mauritius, the company needs to demonstrate substance in Mauritius. The FSC has issued indicative guidelines for substance requirements for the different legal entities composing the new global business framework. Further to the Finance (Miscellaneous Provisions) Act 2018, the Income Tax Act has been amended to introduce a new Section 73A which provides that a company which is incorporated in Mauritius shall be treated as non-resident if its POEM is situated outside Mauritius. For a Mauritian entity to be treated as tax resident in Mauritius, the following requirements should be applied: all the strategic decisions relating to its core income generating activities should be made in Mauritius. Reference is being made to the place of decision making and not to the place of income earning activities of the entity. any one of the two conditions are met: a majority of the members of the Board of Directors should be in Mauritius; or the executive management should be regularly exercised in Mauritius. In accordance with the Financial Services Act, to qualify for the Global Business Licence (“GBL”), an entity will have to carry out its core income generating activities in Mauritius by: employing, either directly or indirectly, a reasonable number of suitably qualified persons to carry out the core activities; having a minimum level of expenditure, which is proportionate to its level of activities; being centrally managed and controlled in Mauritius; and being administered by a management company. It is to be noted that the requirement to submit a tax return still applies even though a company is considered to be resident outside of Mauritius on the basis that its POEM is outside of Mauritius. The regulatory environment is dynamic and this makes compliance a never-ending learning process. Hence, all companies are bound to abide by the changes to be able to keep afloat in the cut-throat competitive world of global business. The one with the greater aptitude to adapt will be the winner. The above examples provide only a glimpse of some of the compliance matters with respect to global business. Should you require any information, please contact us.[/vc_column_text][/vc_column][/vc_row] ### Customer Experience [vc_row][vc_column][vc_column_text]It is no longer about Customer Service … It is all about the Customer Experience! Business is now moving faster than ever. We are living through a time of seismic change in innovation and digital transformation that will continue to have far reaching impacts on every facet of business life. At the heart of this revolution we are confronted with customers who are both better informed and more demanding. The benchmark for service level is no longer solely with competitors but rather has shifted to the best service a customer has experienced. To successfully meet rising customer expectations, everyone in the organisation needs to understand that customer service forms part and parcel of their job. Achieving this requires fostering a strong culture that embraces the right systems, processes and technology to ensure that each employee is empowered to have meaningful, empathetic conversations with customers. In order to keep your customers happy, it is imperative to know them very well. Using this acquired knowledge to deliver personalised experiences across the entire customer journey will invite their loyalty. But gaining this in-depth knowledge about customers is not something that will just happen overnight. The days of simply awaiting customers to contact a firm are behind us. Customer Service is more than just reading scripted responses or working on a ticket queue. It is about doing everything possible to exceed the customer’s expectations. Embracing new technologies like AI, blockchain, marketing automation, chatbots, and personalization can help provide valuable insights through data collection & analysis. For instance, it can help an agent by sharing information about the customer based on past issues incurred, purchases and more. Additionally, AI can provide insights to proactively address issues that have not yet occurred by comparing the customer’s situation to similar customers or precedents. It can also help the agent cross-sell to the customer. Innovating throughout the customer experience can significantly boost efficiency simply by changing a sequence in a process or entirely redefining it to help reduce your cost to serve a customer. Better experiences translate to more loyalty, improved word of mouth and repeat business. It is common knowledge that it can cost five times as much to acquire new customers versus retaining existing ones. However, the biggest challenge is how and where to innovate and invoke digital transformation in order to improve the Customer Experience. According to the research firm Forrester, more than 80 percent of senior business leaders say that their companies are focused on improving the customer experience. Yet 85 percent have no systematic approach to determining what a differentiated customer experience looks like, let alone how to come up with a new one. Rogers Capital Technology Services has already embarked on this new wave of digital transformation. As an ISO 9001:2015 and ISO 27001:2013 certified company, we provide the foundation needed to achieve success in the digital world. Our continued drive to achieve progress not only depends on integrating various technologies but also improving performance by redesign functions to create value for customers.[/vc_column_text][/vc_column][/vc_row] ### Retirement Gratuities Made Simple [vc_row][vc_column][vc_column_text]We sat down with Richard Li – Head of the Insurance and Actuarial services branches at Rogers Capital – to talk about Retirement Gratuity. (Q) What is retirement gratuity? “Retirement gratuity is prescribed under the Employment Rights Act of 2008 in Mauritius. It is a sum of money paid by an employer to an employee at retirement, at the end of a period of employment. The gratuity is calculated as 15 days’ remuneration for every period of 12 months’ continuous employment, which means that it is a defined benefit plan. This is not to be confused with a pension plan where a pension is provided at retirement. Instead, the gratuity involves a one-off payment (lump sum) at retirement. In Mauritius, there is no legal obligation for an employer to set up a pension plan for their employees. However, an employer may deduct 5 times the amount of any annual pension granted at retirement age to an employee from the gratuity due to that employee. The Employment Rights Act of 2008 also makes provision for a gratuity in case of death before retirement.” (Q) Do employers need to set aside money for the provision of this gratuity? “Unlike a pension plan, there isn’t any legal or regulatory requirement for an employer to fund for the gratuity as the benefit accrues. However, under the International Financial Reporting Standards (IFRS) – more precisely under IAS 19, companies are required to recognize the cost of providing for employee benefits in the period in which the benefit is earned by the employee. This means that the employer is required to account in its financial statements a liability amount representing an estimate of the retirement gratuity cost. This liability is commonly referred to as the Retirement Benefit Obligation (RBO). One of the services that we provide to our clients is the calculation of the RBO under IAS 19 and we have observed that this is an area where there is still a number of very important misconceptions among clients and even auditors. For example, A company can calculate its own RBO by computing for each employee, the years of service multiplied by the current salary and dividing it by 2. This computation does not take into account the timing of payment of the gratuity, mortality and withdrawal rates, components of remuneration and salary increases – which may have a material impact. Employers assume that having a pension plan, in particular a Defined Contribution plan, de facto implies that they do not have to make any provision for RBO. It is possible that the pension under the pension plan is not sufficient to fully offset retirement gratuity and that there is a residual liability. Inaccurate reading of the provisions of Employment Rights Act OF 2008 and concluding that retirement gratuity only applies to employees earning less than MUR 360,000 per annum.” (Q) What are the implications of not funding the retirement gratuity? “From an employer’s perspective;             this exposes the employer to the risk of falling short of cash at the time the retirement gratuity is due or having to postpone investment plans. It may also be a source of volatility in the financial statements of the employer from one year to another, through OCI (other comprehensive income) reported under the standard IAS19 disclosures. From an employee’s perspective;             employees may find that the employer has gone out of business and is unable to honor   its obligations even before they retire.” (Q) Recently there has been much talk about portability of retirement gratuity. Can you elaborate on this? “The Ministry of Labor, Industrial Relations, Employment and Training very recently issued a notice and has proposed to introduce a Portable Retirement Gratuity Fund (PRGF). Essentially, the proposal is to replace the current 15 days’ remuneration calculation of gratuity by defined contribution scheme with a contribution of 4.8% of monthly remuneration. The motivation for this proposed change is to address the following issues Limited job mobility for employees – An employee who has spent 30 years with employer A and another 10 years with employer B will only receive gratuity in respect of the 10 years of service with employer B and nothing from employer A. An employee who has accumulated a substantial number of years of service with an existing employer is therefore penalised for changing job. Non-payment of retirement gratuity due to declared bankruptcy of the employer or termination of employment close to retirement age. Let me please point out that at this stage, the proposed changes to the portability of retirement gratuity and other technical points are currently still at the discussion level among the different stakeholders.” Thank you, Richard, for breaking down what appears to be such a complex topic![/vc_column_text][vc_raw_html]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[/vc_raw_html][vc_column_text]Richard is a Fellow of Institute of Actuaries (FIA) and is the Head of actuarial & insurance services at Rogers Capital Corporate Services where he specialises in the setting up of insurance related entities in Mauritius, including reinsurance companies, captives, reinsurance brokers and Lloyd’s coverholders. He also heads the Rogers Capital entity that provides captive insurance management services to captives in Mauritius. He has over 10 years of actuarial and insurance experience in UK and Mauritius. Before joining Rogers Capital, he spent 6 years in London working for major consulting firms such as KPMG, PwC and Mercer, advising major corporations and insurance companies on areas including technical actuarial, investment, risk, compliance and governance.[/vc_column_text][/vc_column][/vc_row] ### Mauritius Recognised As A Fully Compliant Tax Jurisdiction [vc_row][vc_column][vc_column_text] This clearly serves to reinforce the position of Mauritius as a fully compliant tax jurisdiction in accordance with international standards.Mauritius maintains its strong commitment to respecting the global order on tax compliance.This is very apparent through the latest international reports on compliant jurisdictions i.e.  the Organisation for Economic Co-operation and Development (OECD) White List, the European Union (EU) blacklist and the Netherlands list of low-tax jurisdictions.These lists result from an in-depth analysis of multiple jurisdictions on different relevant metrics. Mauritius was not on the European blacklist which contained 5 jurisdictions nor was it on the list the Netherlands issued of low-tax jurisdictions containing 21 jurisdictions. This clearly serves to reinforce the position of Mauritius as a country of substance.International lists that identify jurisdictions which promote tax evasion are an important tool to tackle the underlying issues tax havens perpetuate. The fact that Mauritius is not on the OECD blacklist, the EU blacklist or the Netherlands list of low tax jurisdictions is strong evidence that Mauritius is indeed a jurisdiction that promotes fairness on tax matters. As a member of the OECD white list Mauritius is firmly committed to improving transparency and establishing an effective exchange of information in tax matters. The OECD white list looks at jurisdictions from multiple angles; tax transparency, fair taxation, the implementation of OECD BEPS measures and substance requirements for zero-tax countries.[/vc_column_text][/vc_column][/vc_row] ### Africa To Africa [vc_row][vc_column][vc_column_text]“Africa is a land brimming with opportunities BUT...” We have all heard this time and again. While much of those BUTs are true, we have to acknowledge that things are changing, and changing for the better. At a recent conference in Johannesburg, the President of the African Development Bank, Dr. Akinwumi Adesina, kicked off with a strong statement: “I do not seek aid, I seek investment for Africa.” This clearly sets the tone for the decades to come. Africans have realised their potential (as have others before Africans!) and are stepping up their game to unlock the continent’s riches. First movers in the continent – mostly savvy investors from Asia have generated massive value from investments all across the continent, mostly in much needed infrastructural and energy generation projects. However, the past years have not been the best in terms of Foreign Direct Investment (‘FDI’) from outside the continent. USD41 billion was invested in 2017, down from a high of USD74 billion in 2013[1]. The 2018 figures are not expected to be a far cry from last year’s and the reduced investment trend is a concern and threat to the African dream. In the actual context, it is becoming more important for Africa to reduce its dependence on extra-continental flows and promote intra-regional investment, alongside international investment. No one knows Africa better than Africans and African companies that invest in the continent are better poised to generate higher returns. Let’s consider Shoprite Holdings; they are the largest FMCG retailers on the continent[2], ahead of European competitors such as Spar. Their sustained growth and successful market penetration have largely been driven by cognizance of the local markets. Companies like Old Mutual and Sanlam have had similar experiences in the insurance and wider financial services sector. In line with this, the African Union’s Agenda 2063 emphasises on the need for intra-regional investment as the new conduit to enhance regional integration and boost economic growth[3]. Increasing the scale of investment by African companies can propel the region’s integration efforts. As more African businesses steer towards intra-continental investments, the Continental Free Trade Area (which is the goal to move Africa towards a Continental Free Trade Area of 54 countries with a total population of more than one billion people and a GDP of more than USD3.4 trillion[4]!) set out by the African Union moves into sharper focus. South Africa and Morocco are amongst the top countries that invest in Africa by project numbers. Kenya, Nigeria and Mauritius are also important sources of intra-African investment. All investments entail an element of risk and we know that the continent’s investment risk has historically been higher than other areas of the world, with several obstacles highlighted by investors. However, do those obstacles outweigh the opportunities that the continent can offer to investors? Food for thought. Admittedly, most African countries cannot always meet all the conditions being sought by investors – uncertain economic and political environments, along with overwhelming administrative red tape and infrastructure gaps can impede investments. However, from an inter-continental perspective, many of the hurdles to promoting African investments in Africa are being removed as part of the continent’s integration and prosperity agenda. Measures such as the removal of visas at borders and promoting airline connectivity across the continent are already being implemented and are key to economic transformation. Promoting intra-African investments will help fast-track the continent in reaching its development goals. As Mauritians and Africans, we have an important hand to play in the continent’s developmental blueprint as we position ourselves as the International Financial Centre (‘IFC’) for Africa. An interesting aspiration for us would be to become what Singapore is to Asia, to Africa. While extra-continental investors have definite advantages of using Mauritius as a platform for investments in Africa, be it for our enabling business environment (1st in Africa and 20th in the World[5]), our highly educated bi-lingual workforce, our network of Investment Promotion and Protection Agreements (‘IPPAs’) and Double-Taxation Avoidance Agreements (‘DTAAs’), our offer is as compelling to inter-continental investors. Many South African companies have already used Mauritius as the stepping stone to invest in other African jurisdictions, with numerous success stories. Others are following. The Mauritius IFC is home to one of the oldest commercial banks in the Southern Hemisphere and has a sophisticated banking system, with more than 20 banks operating on the island and including conventional as well as Islamic banking. As a result, transacting with the continent is a formality. Its stock exchange, the Mauritius Stock Exchange (‘SEM’) is continuously improving and operates two markets namely the Official Market and the Development and Enterprise Market – two platforms that have been used by enterprises from mainland Africa. The various options for structuring global businesses have also been of paramount importance in boosting the competitiveness of the Mauritius IFC. General Partners often choose to domicile their funds in Mauritius since this provides them the flexibility to easily structure and deploy capital into promising portfolio companies while providing their Limited Partners with liability protection and tax efficiency. For these reasons, amongst others, Mauritius is a preferred domicile for many investors focused on Africa. With the presence of international as well as local law firms, Mauritius also offers excellent legal services to local and international corporations on all aspects of corporate, commercial and regulatory laws. The highest court of appeal to settle legal disputes is the Privy Council of the United Kingdom. The country also hosts most of the top accountancy and auditing firms, all within a well regulated environment. The Mauritian jurisdiction is rated as an OECD compliant jurisdiction and has been acclaimed for its continued commitment to implement the best standards in terms of transparency and exchange of information for tax purposes[6]. With such attributes, the Mauritius IFC has created the enabling framework to serve both African and international investors willing to take on African investment opportunities. Amidst dwindling global foreign direct investment flows and volatile international outlook, African companies can still drive Africa’s growth by diversifying their continental investments and presence. With enhanced cooperation between private and public sectors, investment returns and growth will catalyse, resulting in more certain and predictable business environments. Our role? Well the promise of a connected and prosperous Africa should drive us all in our endeavours to position Mauritius as the platform of choice for African investments.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_raw_html]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[/vc_raw_html][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Antish joined Rogers Capital in 2018 and is a manager in the Corporate Finance Advisory team. He assists our clients with their corporate finance needs, with a focus on transactions within the African continent. Antish holds a first class BA in Accounting and Finance from the University of Manchester (UK) and a Masters in International Business and Management from the Manchester Business School (UK). He is also an Associate Chartered Accountant (ACA) - member of the Institute of Chartered Accountants in England and Wales. [/vc_column_text][/vc_column][/vc_row] ### Business Automation [vc_row][vc_column][vc_column_text]“About half of all the activities people are paid to do in the world’s workforce could potentially be automated” McKinsey & Company Automation is a powerful tool your team can use to be more efficient. Using it lets you delegate routine tasks to computers freeing everyone to focus truly important work — work that only humans can do. It’s not complex, it’s not scary, and it certainly will not be putting your team out of a job. Automation is designed to let people produce more work to a higher standard with less effort. While there are different schools of automation, the main principle lies in identifying those tasks in your operations and processes which machines are better at completing. After that, practices and software usage can be tweaked to let those tasks be dealt with automatically. In this way, automation does not just mean that simple tasks are completed quicker and more efficiently – it also frees up valuable time for your employees to focus on work that humans are better at (and more engaged with). This includes tasks like interviewing and helping customers and reviewing important documents — anything which requires human intelligence or judgment. According to CIO, 78% of workers say that “automating manual, repetitive tasks would allow them to focus on the more interesting and rewarding aspects of their jobs”. Managing a team or heading a department becomes much easier too, since your communication, accountability, and processes are all being maintained to a high standard. Instead of chasing everyone up for their work you can go into your BPM overview and instantly see who’s doing well, who’s on schedule, and who might need some help or a follow-up message. In other words, automation lets you create a more efficient, accurate, motivated, and manageable team which can scale as your company grows.[/vc_column_text][vc_column_text] Scaling your company’s growth Automation lets you create a more e­fficient, accurate, motivated, and manageable team which can be scaled up as your company grows. Traditional customer onboarding A traditional customer onboarding process might look like this: Lead converts into a customer CRM entry is updated (/created) to log the new customer Customer value assessed, and employee chosen with proportional experience for client onboarding Employee is tagged in the customer’s CRM entry to make them easy to find Customer onboarding is performed While this fulfils the basic requirements of onboarding, it is open to error. In this process, there’s too much reliance on employees communicating information to each other, which creates bottlenecks and oversights. Automated client onboarding In contrast, an optimized and automated client onboarding process would look something like this: Lead converts into a client Lead status updated in CRM Client onboarding checklist automatically triggered to run Client information automatically pushed into the new checklist Basic onboarding material automatically sent to client in an email Employee checks their BPM inbox to see what they need to do Employee performs the client onboarding process using the instructions provided in the checklist Compared to the manual version, much less of this process relies on inefficient communication, which limits the risk of human error. Communication isn’t an issue because all the steps that would require it (e.g. telling the employee to perform client onboarding) are now automatically taken care of as soon as the client status is updated. No information is lost during these steps either, as the onboarding checklist is automatically populated with all the relevant information. Not to mention that this makes client onboarding easier to track and review as a manager, as all you must do is use the template overview tab in BPM to get a summary of every checklist run. [/vc_column_text][/vc_column][/vc_row] ### Multi-Country Payroll And HR Outsourcing Services [vc_row][vc_column][vc_column_text]Human Capital Management (HCM) challenges in the expansion process For any entrepreneur, the prospect of expanding overseas, tapping into new markets and increasing profits is truly exciting. In addition to establishing the right company structure, gaining a comprehensive understanding of local laws and regulations governing the target markets is critical to the success of any multinational. Expansion goes hand in hand with a growth in staff, catalysed by a need for quality Payroll and Human Resources Management. These requirements are country specific given that employment and labour laws vary widely based on country. For instance, in Mauritius, as stipulated by the Employment Rights Act 2008; every full-time worker who remains in continuous employment with the same employer for a period of 12 consecutive months shall be entitled, during each subsequent period of 12 months while he remains in the continuous employment, to 15 working days’ sick leave on full pay, whereas in France, there is no such legal provision except for special Collective Bargaining Agreements provisions. Legislation around the globe is increasingly becoming more complex and fragmented. Governments are leading this shift by implementing more aggressive methods of payroll and income tax collection using technological advancement as a lever. An obvious example of this is the implementation of the Tax at Source system (P.A.Y.E.), effective as from January 2019 in France. Gradually, countries are striving for greater regulatory transparency of personal data collection and data privacy protection. As demonstrated by the implementation of the General Data Protection Regulation (G.D.P.R.) for all EU citizens.[/vc_column_text][vc_column_text]Therefore, anyone seeking to expand its global footprint in the search for new revenue streams needs to strongly consider Payroll and HR implications.[/vc_column_text][vc_column_text]Moving from a Single Country operation to a Global Payroll model In the journey towards global expansion, some organizations will take a very pragmatic but uncoordinated approach to address HCM issues. This typically involved dealing with the payroll aspects of global expansion on a country by country basis, thus resulting in: Increased operational costs and inefficiencies, Ineffective internal reporting, Governance and compliance issues, Lack of standardization, Combinations of service providers, software vendors and in-house teams offering a service that varies in quality from country to country… [/vc_column_text][vc_column_text]Adopting a multi-country payroll strategy is the ultimate antidote to these problems. Indeed, an organization with employees based in a single country commonly centralizes the payroll function, either with a dedicated in-house team, shared service centre or via an outsourced provider, in order to take advantage of the benefits that a single and focused payroll structure can offer. This same principle can be effectively applied to organizations evolving on an international scale with workforces in several countries. The complexity of international payroll can make companies question the decision to enter foreign markets. They are challenged with staying on top of fast-changing local regulations. Adding to this one needs more control and visibility of multiple subsidiairies in order to minimize people-related costs and protect the company’s most sensitive information, i.e. Personal Data. And the more global it becomes, the greater the need for compliance and standardization across jurisdictions.[/vc_column_text][vc_column_text]In this context, the move to Global Payroll can prove to be invaluable.[/vc_column_text][vc_column_text]Mauritius as a Global Human Capital Management Centre for multinationals The reputation of Mauritius as an International Financial Centre is well established and rests mainly on the quality of its services, infrastructure, modern and innovative legal framework, friendly business environment and its pool of highly qualified and bilingual professionals. The story of Mauritius does not end here. Our island has established itself as an emerging business process outsourcing destination for both financial and non-financial activities. Among these, Human Capital Management is expanding due to well-known high-quality vendors like Rogers Capital. Indeed, the international exposure of our island, local corporates, and workforce have been instrumental in developing local capabilities to offer Multi-Payroll Outsourcing services to multinationals. Technology has also served as a key enabler given our high levels of connectivity and the move to cloud-based platforms. It is therefore not uncommon nowadays to find multinationals using the Mauritian HCM platform capabilities for their global expansion into Africa or Asia. They have set up locally in Mauritius through in-house global payroll centres or they have outsourced to local HCM service providers – the management of their entire group workforce. Even French Payroll and HR services are provided locally from Mauritius. As you may know, France is the most complex country worldwide to run payroll but this has not prevented local HCM services vendors from providing, their expertise to France-based headquarters. The multi-country payroll provider is capable of servicing multiple clients at once, based in different jurisdictions, sometimes even on the same platform. Therefore, they are more likely to have optimized technical and human resources that multinationals can benefit from. As a result, accessing in-country HCM expertise from a Single Point Of Contact (SPOC) based in Mauritius undoubtedly helps multinationals to seamlessly set up their operations in multiple countries and focus on their core business. The benefits of this are real and tangible: A lower and flexible total cost of ownership More consistency in processes, remunerations and benefits across countries Improvement in business intelligence data Gain of Peace of mind (Outsourcing as in insurance) Improved Global governance with global Sla’s and Kpi’s … Mauritius is engaged in a Transformative Journey to attain the status of an Inclusive High-Income country based on innovation and sustainable value-creation. Moreover, with our strategic geographic location between Asia and Africa, our island has strengthened its position as a preferred investment gateway to Africa. Assuredly, the development of Multi-Country Human Capital Management Outsourcing services and skills on our island is a valuable asset that benefits companies and entrepreneurs on their path to global expansion, thus allowing our economy to achieve its strategic goals.[/vc_column_text][/vc_column][/vc_row] ### Footfall Cam: People Counting System [vc_row][vc_column][vc_column_text]FootfallCam’s Premier Stereo Overhead (3D) people counter mounts on the ceiling to provide holistic traffic view with enhanced activity analysis and video validation abilities. It provides some key benefits and business value to the retailers such as Casinos, Retail Chain, Museum and Libraries, Shopping Malls, etc. Advanced capabilities allow the sensor to count side-by-side traffic, track multiple people simultaneously, differentiate between adults and children and avoid carts and trolleys.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image="2788" img_size="1405x272" alignment="center"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Global Leader in People Counting System FootfallCam’s Premier Stereo Overhead (3D) people counter mounts on the ceiling to provide holistic traffic view with enhanced activity analysis and video validation abilities. It provides some key benefits and business value to the retailers such as Casinos, Retail Chain, Museum and Libraries, Shopping Malls, etc.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image="2789" img_size="1437x436" alignment="center"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Advanced capabilities allow the sensor to count side-by-side traffic, track multiple people simultaneously, differentiate between adults and children and avoid carts and trolleys. As shoppers pass through the sensor’s field of view, they leave a unique trail or path. Each path is tagged with a unique ID that can then be converted into numerous metric opportunities within the sensor. The built-in Wi-Fi sensor collects the shoppers’ Wi-Fi beacons and combining with the video counting data, it can track each person’s movement using unique identifier of Wi-Fi signal.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image="2796" img_size="1437x436" alignment="center"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Coupled with our innovative approach to product development, we have successfully developed our flagship product, FootfallCam 3D Max. It is currently the: Most accurate. Using 3D counting technology Most features rich. Wi-Fi analytics, video counting, etc. Most powerful hardware. With quad-core 1Ghz processor and built-in graphics card Most comprehensive software suite. Manage multiple counters from the head office FootfallCam is the first in the world who combines people counter and Wi-Fi analytics into a single device, with the commitment to continually maintain our market leading position, bringing a great deal of strategic foresight that our customers needed.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_video link="https://www.youtube.com/watch?v=wJkLeY2-TUI" title="How it works" css=".vc_custom_1540988922414{padding-top: -5px !important;}"][/vc_column][/vc_row][vc_row][vc_column css=".vc_custom_1540988975728{margin-top: 5px !important;border-top-width: 5px !important;padding-top: 5px !important;}"][vc_btn title="Contact Us" style="outline" color="primary" align="center" link="url:mailto%3Aservices.info%40rogerscapital.mu|||"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text][/vc_column_text][/vc_column][/vc_row] ### Mauritius Film Rebate Scheme [vc_row][vc_column][vc_column_text]The world of cinema demands talent to reach out for EXCELLENCE, for its audience to gasp at the AGILITY of the script. PIONEERING through your work of art is what you need, and we can help. Leveraging on our deep industry insights in finance, our legacy as a leading corporate player and our cutting-edge minds in the technology sector, Rogers Capital is your go-to partner.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image="2691" img_size="500x200" alignment="center"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]How we can help? In relation to the Film Rebate Scheme (FRS), Rogers Capital facilitates your application process through its back-o‑ce support, which will set up the domestic structures eligible for the FRS, file the application with the Economic Development Board (‘EDB’), arrange for Film Producers Indemnity Insurance (‘FPI’) and introduce the producers to local capital providers. We also have access to Completion Guarantee Bond providers within our network.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image="2692" img_size="500x200" alignment="center"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Our network Rogers Capital forms part of Rogers and Co. Ltd, a company listed on the Stock Exchange of Mauritius and one of the largest conglomerates on the island. Together with our sister companies, our value proposal includes all-inclusive services, with notably: Accommodation for film stars and crew at discounted rates* at hotels within the Rogers Group – from the famous Beachcomber Hotels, to the prestigious 5-star Heritage Le Telfair. Special air fares, hotel accommodation & airport transfers* for crew travel through our sister company, Rogers Aviation. Catering for all your logistics needs with our sister company, Velogic. Bespoke Insurance Solutions* from a Rogers associated company, SWAN Insurance - which is the largest insurance company in Mauritius; and* Access to locations, locations and locations! Ascencia Malls have the largest and most beautiful portfolio of retail properties in Mauritius, while our renowned natural landscapes are accessible through Heritage Le Chateau, Heritage Golf Club, and Heritage Nature Reserve, to name a few.   *Conditions apply.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_btn title="Contact Us" style="outline" color="primary" align="center" link="url:mailto%3AAntish.Bissessur%40rogerscapital.mu|||"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]   [/vc_column_text][/vc_column][/vc_row] ### M-Files: Document Management System [vc_row][vc_column][vc_column_text]M-Files DMS is a powerful and dynamic enterprise content management and document management solution that eliminates duplicate files, paper documents and chaotic network folders. A FRESH THINKING APPROACH TO DOCUMENT MANAGEMENT Traditional enterprise content management and document management systems are expensive complicated products that require major changes in business processes and extensive IT services and support. M-Files DMS changes this paradigm by providing a powerful yet easy-to-use solution that helps businesses organize manage and track documents and information. M-Files achieves higher levels of user adoption resulting in faster ROI with a uniquely intuitive approach based on managing information by "what" it is versus "where" it's stored M-Files is: Metadata-driven: The Solution has a dynamic content management arranged by what something is V/S where it’s been stored. Flexible to Deploy: Cloud, On-premise, Hybrid Simple, yet highly configurable ECM Instantly familiar (integrated in to windows) Integrates well with other software Accessibility on every device TOP REASONS TO CHOOSE M-FILES FOR YOUR BUSINESS M-Files has all the features you need to make document management and enterprise content management easy and efficient. See why you should consider M-Files for your organization’s needs. SAY GOODBYE TO CHAOTIC FOLDERS, FOR GOOD Stop wasting time with inefficient file folders and start finding your documents the easy way. Just like the physical filing folders and cabinets they were meant to replace, network folders are an outdated and difficult-to-navigate way to organize and manage documents. DID YOU KNOW?  59% of 1,000 managers surveyed say they miss important information almost every day because it exists within the company, but they can’t find it.  An efficient solution for conducting enterprise searches across all available internal content could improve staff productivity by an average of 30%.  Rogers Capital in the Authorised Reseller of M-Files DMS in Mauritius.  Go-Green with M-Files scanning and archiving features.  M-files DMS offers cloud services. [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_btn title="Contact Us" style="outline" color="primary" align="center" link="url:mailto%3Aservices.info%40rogerscapital.mu|||"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text] [/vc_column_text][/vc_column][/vc_row] ### Evaluating Your Video Conferencing Needs With businesses going global in an increasingly tech-driven world, employees are geographically dispersed and required to work on the move. Being based in different buildings, cities, countries, continents and time zones presents its own set of challenges for companies looking to maintain clear communication with their employees and resources. How meetings are conducted has radically changed: where once costly travels were a necessary expense to doing business, conference calls and e-mails helped expedite decision-making. However, without visual cues as with face-to-face interactions, information is often misinterpreted. This miscommunication gave rise to new connectivity tools with video components, restoring effective communication and trust within virtual teams. Video conferencing earned its place as a vital collaborative solution for start-ups and multinational companies across all industries. A report by Research and Markets even predicts that the global video conferencing market will grow to $6.4 billion by 2020. While Skype and Google Hangouts have long stood as the most popular solutions for virtual meetings, they have fallen short of a business’ telecommunication needs. Challenges Global companies, by nature of their business, operate in several countries across the world. Face to face meetings and traveling is an option, but a time consuming and expensive one. Employees often waste time commuting—time that could otherwise be used being productive. Audio and video quality both rely on bandwidth. Yet, some offices are located in remote or rural areas, with low bandwidth and slow Internet, leading to long set up times, frozen faces, low quality calls and therefore, failed meetings. Emails and telephone calls sometimes fail to engage employees because of the lack of visual contact: pieces of information get lost in translation, lengthy emails are overlooked, and as a result, employees feel isolated and disengaged. Some video conferencing solutions do not always offer support services. If a problem arises, there is no help desk to contact. Skype mainly caters to large corporations that use Microsoft Office. It cannot be customized and does not have the flexibility to accommodate all businesses. Additionally, Skype’s on-premise configuration requires an organisation to invest in expensive equipment and infrastructure. Solution InstaVC, a peer-to-peer video conferencing solution, serves instead as an all-in-one alternative, replacing face-to-face meetings with a far more cost-effective solution, while also keeping dispersed teams connected and helping organisations graduate to new levels of productivity. Results: ENGAGEMENT Increase in engagement and closer relationship between users. EFFICIENCY Increase in efficiency and productivity of the teams involved. INITIATIVES Observable increase in initiatives taken by these teams through workshops and business development. Get started immediately InstaVC is compatible with all devices and major operating system. It requires no software downloads, no plugins, no login, ensuring that users can conference directly from their browser. Bandwidth Co-workers can connect with each other with ease, regardless of location. While several video conferencing systems are sensitive to unstable connections, InstaVC allows even users with slow Internet connections to participate in virtual meetings, without compromising on audio or video quality. The software’s Ultra High Definition video applies even to team members located in remote areas. Multi-party conferencing Typically, in meetings, co-workers often find themselves in scenarios where they need to loop in a remote group of stakeholders to solve pressing issues. While some video conferencing solutions are designed for point-to-point calls, meaning two devices and two participants, InstaVC is optimized for multi-point calls. It can seamlessly connect up to sixteen participants in a single call. Multiple devices Users have the option of making calls to desktops, laptops, iPhones, iPads and Android phones, allowing anyone in the organization to remain involved. InstaVC even has the ability to include normal telephone calls to the meeting so nobody has to miss out. Seamless interoperability InstaVC’s integration and customization possibilities are what make the solution unique. It seamlessly connects with a wide range of business-critical applications and tools, from cloud storage to checking meeting room availabilities. InstaVC supports a company’s existing ways of working, rather than the other way around. Collaboration tools InstaVC’s uniqueness also lies in its collaborative functions. It supports application sharing, screen sharing, a group chat and even allows participants to talk in private if needed. Users can also use an interactive whiteboard, with the ability to draw shapes and text, which reduces the chances of information falling through the cracks. Security InstaVC was designed with the awareness that security is vital when it comes to a company’s interactions with its external stakeholders. It effectively minimizes security breaches with a 128-bit AES encryption. Users are guaranteed a completely secure connection.   ### GDPR and Data Protection Act The EU General Data Protection Regulation (‘GDPR’) took effect on 25 May 2018. The GDPR affects the rights of individuals to access the information companies hold about them, the obligations for better data management for businesses and overall increased accountability for data controllers and processors. In Mauritius, the local data protection laws have also been brought up to speed by the coming into force in January 2018 of the Data Protection Act 2017 (‘DPA’), thereby replacing its 2004 predecessor. The new local law is aligned with GDPR requirements and is enforced by the Data Protection Office. In addition, Mauritius is expecting to receive an “adequacy status” from the European Commission in respect of its data protection laws any time soon. Objectives Our objectives remain: the safeguard of information and personal data of our clients the reinforcement of security over data portability and transfer the continuous respect of data confidentiality enhanced data security through streamlined processes the review and upgrade of our existing systems and software accordingly compliance with prevailing laws and regulations, both locally and internationally Our Update We wish to reiterate our promise and commitment to our clients to adhere to strict codes of confidentiality and ensure that adequate levels of security regarding data management are in place. Moreover, our core team is working effortlessly to ensure compliance with the new requirements under the GDPR and the DPA. To be more transparent on the use of your personal data and to comply with the requirements of the GDPR and the DPA, we are updating our Privacy Policy to make it easier for you to understand what information we collect from you, why we collect it and how we store and use it, amongst other things. Queries You may address your queries to us on contact@rogerscapital.mu and we look forward to continuing our business relationship with you. ### Highlights & Analysis Following the National Budget 2018/2019 presented on 14 June 2018. Rogers Capital is pleased to bring you its Key Insights. Please click here to download the Complete Report Veuillez cliquer ici pour télécharger le Rapport ### Senegal & Mauritius: Building a Two-Way Street [vc_row][vc_column][vc_column_text]A GDP growth rate of 6.6%, a stable political environment, an advantageous geographic position, a network of bilateral investment treaties and strong institutions are all indicative of Senegal’s tremendous progress over the last decade. In a region that has been devastated by civil wars and instability, Senegal, one of Africa’s oldest democracies, is somewhat of an outlier. This West African nation made a notable turnaround in the mid 1990s after years of poor policy choices coupled with adverse climatic conditions. Fast forward to today, it is ranked among the top three fastest-growing economies in the continent. In the midst of this, Diamniadio Industrial Park, the first Special Economic Zone (SEZ) Project in the country, emerges as a unique opportunity to unlock the door to industrialization and position Senegal—and Mauritius—as an attractive FDI destination. What are Special Economic Zones (SEZs)? First, a brief introduction to SEZs, often lauded as the largest contributor to China’s resounding success. In essence, SEZs are demarcated trade areas within a country’s boundaries. These zones, designed as catalysts for regional development and industrialization, often have more liberal trade laws than those in the wider domestic economy. Typically, they include enterprise zones, freeports, foreign trade zones and industrial parks, all aimed at increasing trade, boosting investment and creating employment, but also spurring technological advances and innovation. To encourage companies to set up their operations in the zone, they are offered a range of fiscal and infrastructural advantages. As part of its ambitious plan to achieve the ‘emerging market’ status, the government of Senegal has been rolling out policies to support the implementation of no less than 10 SEZs across the country. Diamniadio, whose aim is to ease congestion in Dakar, provides a holistic solution to the country’s most pressing urban issues: mobility, infrastructure, housing, sustainability… The development, with designated financial, residential and recreational areas, meets Senegal’s need for an intelligent, durable and connected district. It is against this backdrop that in 2015, Senegal appealed to Mauritius’ know-how and expertise in co-developing an SEZ in Diamniadio, resulting in a Joint Development Agreement signed in 2017. To this end, a Senegalese-Mauritian joint venture, Société des Infrastructures d’Affaires Atlantic (SIAA), was set up in Senegal, establishing Mauritius Africa Funds as the majority shareholder with 51% of shares. Under the deal, Mauritius has been allocated 53 hectares of land to manage in Diamniadio, an area that is strategically located in close proximity to the ports of Dakar and Sendou, as well as at the intersection of roads and railway networks into Senegal and neighbouring countries. Of those 53 hectares, 13 will give Mauritian companies access to warehouses, office spaces and business facilities (Phase I), while the remaining 40 will serve as an extension to the industrial park (Phase II). Through this collaboration, Diamniadio is projected to become a hub for manufacturing, textile and apparel, ICT/BPO and services—sectors that Mauritius has successfully developed. This project is steadily garnering interest from Mauritian companies, who view it as a mutually beneficial arrangement for both countries. The Advantages for Senegal So what does this mean for Senegal? It is no secret that Africa’s attempts at establishing SEZs have not been particularly fruitful. But it is indisputable that Mauritius, an early adopter in free zone development, stands as a shining example when it comes to leveraging SEZs to achieve far-reaching economic transformations—a success story also commonly dubbed ‘the Mauritian experience.’ With its impressive business-friendly environment, expanding network of Double Taxation Avoidance Agreements, economic stability, bilingual workforce and preferential access to Western markets, Mauritius is the natural springboard from which the African continent can rise. Senegal can draw on Mauritius’ know-how and technical prowess to instill in Diamniadio a business-friendly regulatory framework, one that will attract waves of significant investment, knowledge transfer and employment into the zone. The Advantages for Mauritius There is a general consensus that Africa is more attractive than ever before to international investors. Perceptions have shifted, becoming increasingly positive as a direct result of the socio-economic growth that has permeated the continent. Further strengthening ties with Africa is at the top of the Mauritian agenda, and the Diamniadio project reinforces just that. Mauritian businesses operating in the zone will not only benefit from fiscal and customs incentives, but they will also be able to tap into the extended regional market, namely through the Economic Community for West African States (ECOWAS) covering over 300 million consumers. As Mauritius builds its presence on the continent, new prospects to penetrate the American and European markets will also emerge, given their proximity to Senegal. This new economic space has the potential to open up huge investment avenues for Mauritius, further stimulating its financial sector and the internationalization of the Mauritian expertise. Mauritius and Senegal—and by extension, Africa—are faced with a remarkable opportunity to synergize their development strategies, and Diamniadio Industrial Park might just be the game-changer that brings West Africa to life.[/vc_column_text][/vc_column][/vc_row] ### Blockchain Simply Explained Blockchain was a hot topic at the recent Economic Forum in Davos. Wall Street banks, incumbent financial services companies and venture capitalists are investing billions in research and startups developing this technology. The market hype surrounding the Bitcoin has a lot of people talking about cryptocurrencies but very few understand that Blockchain is much more than the technology driving cryptocurrencies, it is a revolution of the internet and is digitizing the global financial system like never before. Rogers Capital has profound interest in Blockchain and wants you to learn about its disruptive effect in finance and other sectors beyond cryptocurrencies. Building the internet of tomorrow Web 1.0 - The internet of information Being able to freely share copies of files and information across borders, between institutions and people lead to the internet of information. This is the first version of the Web as we know it so well. Today, transactions and transfer of assets between unknown parties are not trusted over the internet due to the ease of copying and sharing digital information leading to frauds and counterfeited transactions. To create trust in the transfer of digital assets we pass transactions through multiple intermediaries to be validated, cleared and processed, and are stored on a single ledger maintained by a central authority, such as a bank in the case of financial transactions. Note that central intermediaries have been necessary in forming the internet of information. However, we are all starting to be concerned about the freedom of central social media platforms that have the ability to collect tremendous amounts of personal data on their users causing worldwide security and privacy issues as seen in the recent Facebook data leaks to Cambridge Analytica. Web 2.0 - Blockchain & the internet of value "Blockchain, is bringing us the internet of value [...] that can help us reshape the world of business and transform the old order of human affairs for the better." - CEO of The Tapscott Group, Alex Tapscott. In simple terms, the Blockchain enables the safe transfer of value from one party to another over the Internet without the need for a third-party. Value can be any form of ownership such as property, currencies, copyrights and any personal data — even a vote in elections. The blockchain distributes the validation and storage of such transactions over many computers on the internet in the most secure and trusted manner. It is eliminating the need for a middleman slowing down transactions, asking for fees for their trust and gives users full control over their data. In doing so, Blockchain’s effect on the transfer of value is comparable to what the e-mail did to the mail. It drastically reduces the cost and time of transactions and opens up real-time transfer of value across borders between people and institutions. Blockchain builds trust to safely record and freely transfer valuable assets on the web leading to the internet of value. This revolution of the World Wide Web of trust and value is termed Web 2.0. "Our vision is for value to be exchanged as quickly as information." - Ripple Potential applications are endless Blockchain will enhance efficiency in all processes where a trusted middle-man can be replaced by the “Blockchain trust machine”, as termed by The Economist. The sectors affected range from Agriculture to Forestry & fisheries; Manufacturing & Supply Chains to Electricity, Gas & Water supply; Finance to Governance; Hotels & Restaurants to Transport, Storage & Communications. The sectors above are just a glimpse of its potential applications, the possibilities are endless and the probability that your daily life will be affected is certain. ### Captives 101: Are They Right For Your Business? Insurance is a risk management tool which has traditionally been and is still widely used by most businesses to transfer risks that they are unwilling to take on their books. Whilst most businesses understand how insurance works, many are not aware of Alternative Risk Transfer (ART). One such ART is a captive which has been around since the 1970s. Richard Li, our Head of Actuarial and Insurance Services, is passionate about captive insurance and is keen to spread the word out, which is why he is giving an elementary explanation of what they are and how they operate in this exclusive interview. How would you define captive insurance?  Let us first shed light on why commercial insurance companies exist. All businesses involve risks although the extent of the risks will vary for each business and industry. The business owner can decide to either retain or transfer the risks and it decides to transfer the risks, it needs to find another party that is willing to accept the risks. The principal activity of commercial insurance companies is to accept the risks of other businesses in exchange of an insurance premium and pools those risks together. A captive is not much different from a commercial insurance company except that it is an insurance or reinsurance company owned by a non-insurance company and which insures some or all of the risks of its parents and affiliated companies. How do they operate?  The basic principles of a captive’s operations are relatively simple. Once the insurance programme for the business has been designed and agreed, the captive will issue an insurance policy to the parent company to cover the risks being insured. The captive will then keep part of the risks and will purchase reinsurance to protect it against large individual and/or high aggregate losses. This is very similar to what a commercial insurance company would do. The management of a captive insurance will usually be performed by a captive manager which is a company that provides specialised insurance management services. What are the main benefits of forming a captive? Whilst there is still much work to be done in the African continent for businesses to consider ART and adopt a captive, in North America and Europe, captives are very popular and widely used. This is particularly the case for North America where many businesses use a captive for their Workers Compensation. There are many benefits to gain from using a captive. For me, the main benefit is to gain direct access to the reinsurance market and to know who is the ultimately risk carrier. For a business where the risk is financially important, taking an insurance policy with an insurance company which would certainly reinsure the risk – not knowing and not talking to the reinsurers or the ultimate risk carrier is really scary. I would be much more comfortable doing the negotiations directly with the reinsurance market and this is made possible through the use of a captive. Dealing directly with the reinsurance market will also reduce your insurance costs by eliminating intermediary costs. Other reasons for using a captive are Insuring the uninsurable: A captives can provide insurance cover for risks that are either unavailable or too costly to obtain from existing conventional insurance policies. Tailored policies: There is a disparity between the wishes of the buyer and those of the insurer. Commercial insurance companies do not always grasp the idiosyncrasies of a business, resulting in an overpriced bundle of services that might not reflect the needs of a particular business. Having a captive allow a business to cover its specific risks with policies that match its financial goals and objectives. Direct access to reinsurance: Bypassing traditional insurers means you also eliminate the significant markups they charge for administrative fees or broker commissions—markup costs that could, in fact, outweigh the startup costs of a captive. Stability and continuity: The traditional market is very cyclical in premium costs, coverage and capacity which can result in fluctuation in premium costs. A captive can provide long term stable cover at steady costs without wild fluctuations. Enhanced cash flow: With a captive, a company can time its premium payments in   accordance with its cash flow situation. Africa particularly serves as a great example. It is not a surprise to see many businesses struggle to find the right risk transfer solution because of the lack of capacity in the continent for certain specialty risks. As Africa continues to develop, investments in oil, gas, infrastructure and technology are increasing, new risks are emerging, the demand for customised policies is growing which will result in the use of captives more and more. What types of companies are ideal candidates for captives? Captives are not for every business. The business will require a minimum level of annual premium. Having said that, captives are not only for the largest businesses. There are other criteria which when met would also benefit medium sized businesses, in particular those that have high frequency but low severity in terms of risks. What types of companies are ideal candidates for captives? Captives are not for every business. The business will require a minimum level of annual premium. Having said that, captives are not only for the largest businesses. There are other criteria which when met would also benefit medium sized businesses, in particular those that have high frequency but low severity in terms of risks. Broadly speaking, ideal candidates are: Companies that pay annual premiums in excess of USD 1 million.  Companies with a strong claim and loss history, which is often reflective of solid risk management. A positive loss ratio speaks well of a company’s track record. Businesses with multiple entities, multiple insurable assets and thus, diversified risks. A company with only one exposure in one location is an unlikely candidate. Having said that, I would invite businesses to seek advice from experts who are experienced in advising, creating and administering captive insurance companies to carry out a feasibility study to assess and determine how a captive can work for them. ### Scanning financial possibilities with QR codes [vc_row][vc_column][vc_column_text]QR codes (short for “Quick Response”)—or those squiggly black-and-white mazes you know them as—have only increased in popularity lately, but they’ve been around for years. The first ones sprung up in the early 90s as an innovation meant to track car parts across Japan, much like a DHL parcel is tracked throughout its delivery. They were fleetingly hailed as the future of information-sharing, but they never really took off in the ways experts had hoped they would. Instead, they became known for their absurd uses, failed miserably and sank into oblivion. But as with all great things, QR codes found a way of coming back around. It turns out they were not so much futile as simply incompatible with their times, and have certainly come a long way since their development. Today, they’re being used for marketing, bookmarking web pages, adding friends on Snapchat, exchanging business cards or even by homeless people—many are seen dangling QR codes around their necks, by which they accept donations via mobile phones. (“Sorry, no loose change” is no longer a viable excuse to fend them off!) QR codes versus barcodes QR codes are readable faster and have a greater storage capacity than regular barcodes. But what makes QR codes better than simple barcodes, and why are we only talking about them now? Industries outside the automotive one gained keen interest in them due to their fast readability and greater storage capacity than regular barcodes. While both contain machine-readable information, a QR code is two-dimensional, meaning it carries information both in vertical and horizontal directions, allowing it to hold up to some hundred times the amount of information a conventional barcode can; it can be read in 360 degrees, from any direction, and requires no other infrastructure than a smartphone. One major trend has led this upsurge: the world is on the fast track toward a cashless society to boost financial inclusion for the unbanked (the World Bank estimates that two billion people are without a bank account)—enabled, of course, by the ubiquity of smartphones. With cash being more and more associated to money laundering, terrorism financing, obsolescence and inefficiency, there is a “war on cash” being played out today. Several countries are making a definite move towards digital payment solutions, which have proved to be particularly popular in countries with notoriously inadequate banking infrastructures. Nowhere is this trend more obvious than in China, who takes the lead when it comes to mobile payments: in 2016, the digital payment market hit over $5 trillion (50 times that of the United States’), leapfrogging credit and debit cards; and thanks to a savvy decision by Alipay to use QR codes, one-third of those $5 trillion transactions were made using QR codes. The digitalization of “fiat” currencies and payment Easy-to-deploy, inexpensive and secure, merchants are increasingly adopting them for payments The global “electronification of payments” trend was accelerated (or arguably, even triggered) by India’s demonetization. In a desire to purge black money, the country eliminated 86% of all cash from the economy, paving the way for BharatQR, a nation-wide standardized QR-code payment method that combines MasterCard, American Express, Visa and National Payment Corporation of India (NPCI)—the first solution of its kind in the world. The popularity of M-Pesa also bears witness to Africa’s appetite for digital payments. Quick to realize that mobile phones are more accessible than bank branches, M-Pesa enabled 60% of the Kenyan population to access financial services with mobile money accounts, and no requirement for a bank account. As an easy-to-deploy, inexpensive and secure technology, merchants are increasingly adopting them for payments. It’s simple: customers just point and scan. Retailers are given a unique merchant code, which customers can quickly scan and make easy, direct payments. There is no need to type in convoluted numbers—therefore minimizing typos and errors—or to invest in expensive point of sale (POS) hardware. As six billion people across the world are projected to own a smartphone by 2020, and as the likes of Bitcoin continue their meteoric rise, one thing is sure: cash is no longer king. The future of finance is upon us, set to bring millions of people into the folds of financial inclusion. And QR codes happen to be quite the fitting technology to that end.[/vc_column_text][/vc_column][/vc_row] ### Net Neutrality: Who is losing? [vc_row][vc_column][vc_column_text]The internet is under attack. But we can still win. This assertion, in bold bright orange lettering against a black background, can be read on one of the many, many Internet freedom group sites that are speaking up against a repeal of net neutrality. Net Neutrality. “The only two words that promise more boredom in the English language are Featuring Sting,” professes John Oliver, comedian and political commentator in his skit on the topic. This skit, however, was aired in 2014, so why is it that four years later the term is back at the center of the debate? And what even is net neutrality? What is net neutrality? Net neutrality is the idea that Internet Service Providers (ISPs) and wireless providers should treat all internet traffic equally. It prohibits Internet providers from blocking, throttling, and paid prioritization—"fast lanes" for sites that pay, and slow lanes for everyone else. Despite being a simple idea (maybe even a given,) net neutrality has proven difficult to translate into policy. Its position at the intersection of highly technical internet architecture and equally complex administrative law makes it a contender for ongoing debate. The term “net neutrality” itself wasn’t even coined by an engineer but a legal academic, Tim Wu. Why is it threatened? The FCC voted to repeal 2015 net neutrality regulations, requiring ISPs to treat all web traffic equally On December 15, 2017, the Republican-controlled Federal Communications Commission (FCC) chaired by Ajit Pai (a former Verizon lawyer) voted to repeal 2015 net neutrality regulations, dismantling the Obama-era policy that requires ISP to treat all web traffic equally, and classified broadband as a common carrier. Can repealing net neutrality, a cornerstone of the open Internet, fundamentally change the way the Internet is experienced? Let’s have a look at the key players that command the Internet ecosystem. First, there’s the FCC, which represents the main U.S. regulatory bodies for internet usage. There’s the president, who appoints the members of the Commission and Congress. Then there are the businesses, which are awkwardly divided into “edge providers” (Google, Facebook, Netflix) and “infrastructure” providers (ISPs). Increasingly, the divide is blurring as ISPs become content creators. In between are advocacy groups with strong biases, minus the funds to lobby like the other titans. There’s the question of whether or not the Internet should be treated as a utility, which by definition, doesn’t compete with anyone, its monopoly eliminating incentives for investment, innovation, maintenance and customer service. The rather sad state of most power, water and mass transit systems illustrates that argument. There’s the state of today’s commercial internet, its activities having evolved from static web browsing and email to streaming, shopping and socializing. ISPs (note that the top 6 providers account for 92% of broadband.) complain that this growing, unstoppable amount of data transferred by content providers to end users is clogging up their networks, and why should they pay the cost? Why should I care? Smaller ISPs could not compete with the larger content providers, crushing innovation and dissuading investment Concretely, what could be a plausible scenario? Providers could practice “zero rating,” which exempts certain services from data caps. Comcast for example zero-rated its own service, Stream TV, to give itself competitive advantage over Netflix or Youtube. The provider could also demand that the content provider pay an upfront fee to join the Zero Rating club or simply benefit from a fast connection. If fees can be extracted from the likes of Netflix, then surely ISPs can lower the monthly fees charged to consumers. However, small ISPs could not compete, which sort of brings us back to square one: a monopoly that crushes innovation and dissuades investment. And even if giants like Spotify can dish out the money and buy dominance, you would be wiping out the next Google, the next Facebook, many of which were created without much seed capital and likely would have not been so successful if they’d had to face heavy upfront investment and limited access to broadband networks. An internet driven more by deep pockets than bright ideas would take us back to an outdated form of entrepreneurship. Never before has launching a new venture been so easy (we call it the democratization of entrepreneurship.) Good ideas can emerge from anywhere and instantly achieve global reach. This is the beauty of an open Internet. An unprecedented and inexhaustible resource, a global community. Three years ago, Netflix Inc. was a strong proponent for net neutrality. At the time, the video-streaming service provider depended wholly on ISPs AKA a good connection. Netflix, in anticipation of big guys like Disney pulling out their films streamed on Netflix, has recently become an original content creator with shows like Stranger Things, whose Season 2 premiere was watched by 15.8 million people (of which 361,000 binge-watched the all nine episodes in one day.) This year the company that just joined the 100-billion dollar club yesterday, wasn’t so outspoken. Like other tech titans, their newfound strength insulates them from ISPs themselves. “I’m not sure that Google, Netflix and Facebook need the protection of the open internet order anymore,” Cowen & Co. analyst Paul Gallant said in an interview. “They have a lot more power than they used to.” Gallant contends that the largest content providers now have an edge over ISPs. “If Facebook or Netflix or Google or Amazon go pull their content off a particular ISP -- that’s a problem for the ISP,” Gallant said. Internet Freedom advocates can support big guys like Google in pitting themselves against ISPs, each taking turns lobbying millions of dollars to commissions like the FCC but the truth is, as Netflix CEO Reed Hastings puts it, “net neutrality principles have been and will continue to be strictly enforced not by regulations but by powerful market forces.”[/vc_column_text][/vc_column][/vc_row] ### Leveling the field for Mauritian SMEs [vc_row][vc_column][vc_column_text]As technology allows more geographic flexibility and a hyper-connected economy, SMEs become serious contenders to well-established MNEs (MultiNational Enterprises). They can achieve today what once only giant corporations could - a global footprint. They are no longer simple lubricators to a machine controlled by big businesses - they are the final economic output generators, and they are global in their own right. In developed countries, SMEs account for 99% of all firms, provide 70% of all jobs and generate between 50% and 60% of the national economic output while in Mauritius, they contribute only about 40% to the economy and 62% of total employment*[1]. SMEs significance across the world are beyond question; yet, the gap between these figures is blatant. What is impeding their growth in emerging countries, and particularly in Mauritius? Mauritius is held up as an oft-used illustration for small, successful nations. With limited natural resources, a barely-educated workforce, a multicultural society and a small domestic market, the island has managed to multiply its GDP 35-fold since its independence in 1968, with no signs of abating. A lesser known fact, however, is the mid-income trap Mauritius is caught in. The supply chain is increasingly restricted to mature enterprises and the economy is polarised around vertically-integrated conglomerates. The result? An SME sector that is trailing behind. There is little denial about the vulnerabilities that SMEs face, chief among which are access to finance, organisational development, training and access to technology. Having gained prominence in the policy debate, these issues elicited a 10-Year Master Plan, crafted by the Ministry of Business, Enterprise and Cooperatives. The government, by turning to entrepreneurs to support future growth, hopes to transform the SME sector into a powerful propeller of the economy. In response to the challenges outlined, the Master Plan devises concrete measures that might just be the ‘game-changing’ formula it aspires to be. Access to financing Mauritian’s most common financing options remain traditional debt instruments (family loans, bank loans, overdrafts and credit lines) and asset-based financing (leasing and factoring). Yet, when seeking these options, SMEs face stringent conditions compared to bigger companies. The Master Plan’s strategy aims to tackle the issue at the root, at the start-up or development phase: Encourage alternative financing by amending the current framework to allow online platforms for equity crowdfunding and peer-to-peer lending Provide tax incentives to Angel Investors and, potentially, partial protection against loss. Angel Investors, beyond monetary investment, add as much value from mentoring budding entrepreneurs. Organisational development and training SMEs, being deeply rooted in the local ecosystem, often lack entrepreneurship acumen and formal training in matters like bookkeeping, how to secure a bank loan or even customer service. Tailored skills training is key in bolstering entrepreneurship and ensuring business viability over time. The Master Plan resolutely seeks to foster an attitude of entrepreneurship and reinforce the human capital: Make entrepreneurship mainstream in secondary and tertiary education by emphasizing personal development - not as a mere add-on, but as a compelling prerequisite - and making three to nine-month internships mandatory for university students. Institute the Global Entrepreneurship Week, where students and graduates connect with entrepreneurs, mentors and potential investors. Successful entrepreneurs can showcase their ventures and in, turn, encourage young people to follow suit. Set up incubators, which offer start-ups a shared operation space for a more collaborative work environment with networking and funding opportunities. Access to technology Daunted by diseconomies of scale and an inability to distinguish themselves from their larger competitors, SMEs can only foster innovation by appropriating technologies which, more often than not, are associated to risks and costs that many cannot bear. The Master Plan acknowledge this gap and brings forward solutions to create high-tech SMEs: Optimize the Intellectual Property framework (cost, procedures and time) to enable SMEs to protect their creations and intellectual rights, which is vital in an increasingly knowledge-based economy. Encourage technology transfer through a structured network including MNCs, universities and technology institutes and grant fiscal advantages (a waiver of up to 25% of taxes) to MNCs that cooperate And while these measures only scratch the surface of what the Master Plan outlines, they represent great strides in Mauritius’ relentless pursuit of joining the league of high-income countries by 2030. [1] Mauritius National Budget 2016: https://www.investmauritius.com/budget2016/Download/BOI_Budget_Highlights_2016.pdf[/vc_column_text][/vc_column][/vc_row] ### IT’S LIT: Dissecting The iGeneration Mindset [vc_row][vc_column][vc_column_text]An astounding amount has been written up about Millennials (they are the most studied generation after all.) Every corporation, marketer, university and parent has been trying to solve Millennials, the entitled, brash generation that invented Facebook and changed the world exponentially. Still, millennials recall the agonizingly slow days of dial-up internet in a world full of landlines with acute clarity. They weren’t born with a smartphone as an extension of the arm, unlike the youngest generation, one that appears even more puzzling: Generation Z. As the attention shifts to the real digital natives, we embark on the process of understanding this crop of young people born after 1998. Age Using Pew Research’s generational delineation, the oldest Gen-Zers were born in 1998. That makes them 18 today, meaning they are entering formative years. How to tell if someone is a Gen-Zer and not just a young millennial? (They are pretty similar after all. Some even talk about “millennials on steroids”.) Well, if you don’t recall 9/11 because you were too young to remember, then you probably are Generation Z. If millennials were internet pioneers, Gen-zers are digital natives. What millennials perceive as being milestones (gay marriage, a black president), Zers see as the norm. Millennials came of age during the economy’s golden years (and were disillusioned by the unwelcoming job market upon graduation); generation Z, who has been shaped by the recession is ready to fight and fend for themselves. Diversity Diversity and inclusion may be their most defining traits yet. And it is a diversity that transcends race, gender and sexual orientation. According to Christopher Wolf, a Goldman Sachs Research analyst, “the Census Bureau is actually forecasting that over half of kids in America will belong to a minority race or ethnic group by 2020, so diversity in the traditional sense of the word has actually become the norm.” Today’s innovations and trends (think Pokémon Go, Uber, Amazon, WhatsApp, the Cloud...) aren’t just impacting our world in the traditional, linear way. We’ve tapped into an intangible, virtual world that has led to a shared connectedness evolving exponentially and at a dizzying rate. The result? An entire generation of behaviorally and culturally diverse global citizens. When diversity becomes the norm, fashion follows on the lead: Normcore (a tendency to blend in and reject brands) has emerged at a big trend among today’s youth. Retailers are focusing on messages of authenticity and transparency in hopes of convincing the less brand-conscious, thrifty generation. Behaviour  Today’s tweens and teens are careful spenders. They watched their parents come through, older siblings struggle after college (with a mountain of debt.) If millennials prioritize traveling, working out, and spending time with family/friends, the financial cautious younger siblings’ top priorities are getting a job, finishing college and safeguarding money. A survey by Lincoln Financial Group of 400 Zers aged 15 to 19 found that they are saving far earlier than older generations. 60% have a savings accounts and 71% are intent on saving for their future. They are laser-focused on how they spend and the value they’re going to get out of something. They are also entrepreneurial: a recent Harvard Business Review article stated that nearly 70% of Zers were self-employed (tutoring, selling goods on eBay) versus just 12% that work traditional summer jobs like waitressing. The digitally-fluent, independent and pragmatic youth is fully aware of how to turn skills into earning power, which will undoubtedly have great impact on the workplace and economy at large. Beyond the pragmatism, conservative spending, and wariness, Gen-Zers display considerable optimism about their futures. They did after all, see their parents overcome a financial crisis. Like Millennials, Generation Z will likely endure the dissecting, studying, and analyzing of their mindset. With the oldest Zers barely 18, the next few years should offer incredible insight into the true digital natives of this world.[/vc_column_text][/vc_column][/vc_row] ### Trends in the telecommunications industry [vc_row][vc_column][vc_column_text]Since the advent of Internet and of the information age, telecommunications have been one of the main drivers of global development and value creation. We have asked Manish, our in-house telco expert, to bring to light the telco trends that are currently shaping the industry and the challenges that it is facing. What is the current state of telecommunications globally and in Mauritius? In an increasingly interconnected world, the telecommunications sector is stimulating new business models. Operators, enablers of connectivity for other sectors, are reviewing their business models to keep up with the pace and magnitude of technological breakthroughs. The rise of OTT players like WhatsApp or FaceTime is interfering with incumbent telcos, and Mauritius is no exception. Local mobile operators are seeing a decline of the total consumer spend on traditional voice service even while overall communication activity grows. Africa, an emerging and relatively untapped market, presents itself as the final frontier for telecom operators, namely in comparison to more mature markets like Europe, Asia or North America. The opportunities for growth are significant Coming out on top of the digital revolution demanded a thorough review of our business model and investment strategy. The rise of digital media and mobile technology has prompted telecom operators to radically review their business models and services. How has RCTS (Rogers Capital Technology Services) innovated to meet these changes? RCTS, one of the regional market leaders, has been operating in the traditional IT sector for years, providing enterprise infrastructure and business solutions. Our management rapidly realised that telecommunications would be a motor for growth in the new digital economy - so long as emerging trends in SMAC (Social, Mobile, Analytics and Cloud) were forestalled. Coming out on top of the digital revolution demanded a thorough review of our business model and investment strategy. We are currently the only provider to offer end-to-end solutions. The vertical integration gives us a greater capacity to control over quality and the customer journey. We are also working on development of new capabilities in Digital Transformation and the Internet of Things, which offer big opportunities.   The ICT sector, characterized by dynamic growth, is poised to become the third pillar of the Mauritian economy. How is this sector benefiting the island? With Mauritius having crossed the one million Internet subscribers milestone, and Internet becoming ubiquitous (adequate infrastructure, mobile Internet coverage and network access and user capability), Mauritians can get online and be a part of the global community. The economic benefits of connectivity and the social impact on our communities at large are substantial. Talent can be exported across borders while individuals and firms can tap into a wealth of data, conduct business and benefit irrespective of time zones. How do our skills and infrastructure currently match up? We have a shortage of skilled workers despite a pool of labor. The rapidly-evolving nature of this sector means the skillset needs to continuously be updated. We have witnessed a surge in the industry as emerging trends reshape the way we do business. Yet, the skillset is lacking. It is imperative that our education system review its curriculum in order to educate and train students to perform in a technology-driven economy. The number of businesses in the tech sector is increasing, and providing interesting job opportunities. At RCTS we have policies and incentives to attract and retain talent. Reaching out to people with a digital acumen is the surest way to cultivate the next generation of specialists. A cyber-attack could cripple customers, businesses and government operations. What measures - government-led and enterprise-wide - are being taken to protect networks? The telco sector is stimulating new business models. It is very important to understand that it is incumbent upon all of us - not just the government or enterprises - to ensure that the security issue is being addressed. It begins with awareness. At every level, a lot is being done to implement adequate policies, directives and measures, as well as hardening of networks and systems while simultaneously developing skills in the field of information security to be able to prevent and react to a security breach. More than half of the world’s population is still without internet access. What role can telecommunications play in integrating marginalized people? Telecommunications merely serves as an enabler of access to Information. In parallel, a number of measures must be taken to afford marginalized populations the same freedom, liberty of expression and access to information as those who are connected to the global network. The democratization of knowledge begins with governments recognizing that all populations, including vulnerable ones, have a right to universal access. By working at grassroots levels, we can greatly improve citizens’ livelihoods and enable sustainable development within our communities. Certain traditional financial institutions are partnering with tech startup ventures in order to instigate a more rapid and efficient digitization transformation. What sort of partnerships would benefit telecom operators? A number of traditional telco giants have established venture capital units that invest at an early stage in startups, which tend to adapt faster (this is vital when you consider the pace and magnitude of innovation.) However, to identify and assess these opportunities, it helps to have an understanding of how the telecom ecosystem functions. So as not to fall behind, telecom providers are increasingly pursuing joint ventures, mergers, acquisitions or investing heavily in R&D, creating, in the process, digital ecosystems that involve key industry actors. This is no easy feat as companies like Google and Apple have a head start. In order to thrive, telecom operators must enter the right partnerships. In a dynamic sector like this one, the pace of change is so fast that even looking a few years down the road is of strategic importance. What lies ahead? As Blockchain and Artificial Intelligence gain momentum in the new digital economy, they will undeniably shape the ICT sector’s future performance and instigate ‘breakthrough’ moments. The new era of 5G - characterized by high broadband speeds and intelligent networks - will provide seamless connectivity and support over 50 billion devices by 2020. Blockchain, which until recently was mainly of interest to financial institutions, presents incredible opportunities for ICT - reducing roaming fraud, optimizing ID management with smart contracts, increasing revenues from identity-as-a-service solutions are only a few of them. We are only just beginning to unlock the potential of IoT. Fast-forward a few years, and they will be entrenched across the sector. No doubt, exciting times lie ahead…[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column el_class="profile-article-bio"][vc_column_text]Before joining Rogers Capital, Manish was leading the development of a regional IT/Telecom services provider. Since 2015, he has been continuously enhancing Rogers Capital’s telecommunication value proposal to help our clients communicate faster and safer wherever they operate.[/vc_column_text][/vc_column][/vc_row] ### Overcoming the challenges of the digital economy [vc_row][vc_column][vc_column_text]We are in the midst of a revolution, one that is only just beginning – sometimes called the “Digital” Revolution. It has enabled transformative improvements in business processes. It has spurred innovation across all sectors of the economy. It is ceaselessly adapting technologies to make them more accessible, productive and powerful. It bears little resemblance to any other disruption the world has known - and its magnitude is seismic. The new norm for today’s customers is to access new products, manage their finances and conduct transactions online. Technology has breached the walls of all sectors: in The digital economy is characterised by a heavy reliance on intangibles. logistics, freight companies are able to track vehicles and cargos across continents; manufacturers remotely monitor production processes and use robots, who now harness human capabilities like dexterity, memory and sensing; knowledge is easily imparted through online classes; doctors may diagnose and monitor patients from a distance; and data processing allows retailers and service providers to deliver a more seamless customer experience. The phenomenon of digitisation is the biggest driver of innovation across businesses; one that is pervasive and knows no physical or territorial borders; one that has bolstered dramatic changes in all disciplines and sectors. Today, virtually all commerce is digital: e-commerce, cloud computing, online payment services, high-speed trading, app stores, online advertising, participative networked platforms… The importance of physical presence in the customer's market is decreasing, and that of intangibles is growing. It is safe to say that the digital economy is the economy itself, and that it cannot be isolated as a separate sector with its own set of rules. Against this backdrop is an outdated international tax system fraught with fragilities and deficiencies, leading to abuses. International tax rules, many of which date back to a century ago, are still rooted in boundaries designed for bricks-and-mortar businesses. A good or service was taxed in the country it was produced and sold in. Simple. But where should VAT be paid in the digital age? In the country of purchase? The one where the order was received? Or the one where the product was delivered? That age-old tax regulations are antiquated is apparent. In parallel to this, new ways of doing business could also result in an unintended relocation of core business functions to a different distribution of taxing rights, ultimately leading to low taxation. Today, virtually all commerce is digital. G20 finance ministers and the OECD have joined forces to redefine how tax rules can play catch-up with the needs of new business models, particularly with the BEPS (“Base Erosion and Profit Shifting”) Project’s first action: “Addressing the Tax Challenges of the Digital Economy”. This initiative resulted in a 290- page report published in 2015, after years of studies and discourse. Despite the painstaking effort spent addressing the issue, this report only roughly provides general principles - conclusions may evolve alongside the exponential development of the digital economy. Besides, the outcomes of these measures will be reviewed in yet another report due for release in 2020. Such is the scale of this challenge. The digital economy is characterised by a heavy reliance on intangibles, the widespread use of data, the adoption of multi-sided business models capturing value from externalities generated by free products. The outcome? A struggle to correctly identify the jurisdiction in which value creation occurs. The definition of “substance”, which is naturally associated to a company with headquarters, employees and tangible assets, has to be restored. How do enterprises add value and generate profit in the digital economy? And how do we now define the concepts of “country of source” or “country of residence” in this shifting context? The World Economic Forum characterises this new wave as one in which “the speed of current breakthroughs has no historical precedent.” It builds on the digital disruption set in motion by the Third Revolution, but with added speed, scope and scale, fusing the physical, digital and biological worlds. Tax regulations have never been as high on the international agenda as they are today. It isn’t a question of whether tax will be disrupted - it is a matter of when and how. As the whirlwind of change sweeps the globe, what is perfectly legal today may not be tomorrow; an organisation that has a monopoly today might go the way of the dodo tomorrow. The tax industry is fair game for experiential change, and there is no end in sight. The answer to adeptly advising and anticipating the future lies in our ability to grasp how companies of the digital economy are adding value and how they are deriving profit. [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column el_class="profile-article-bio"][vc_column_text]Nadia is a Business Development Manager at Rogers Capital and the French Desk leader. Before joining Rogers Capital, she worked over ten years in Paris at EY Société d’Avocats and at Allianz Group. Her experience encompasses French and International tax issues, tax planning and restructuring and regulatory compliance.[/vc_column_text][/vc_column][/vc_row] ### Big data is a big deal [vc_row][vc_column][vc_column_text]If you try to keep tabs on all the ways you use data in a single day - text messages, to-do-lists, calendar meetings, uploaded photos, e-mails, calorie-tracking… - you might have trouble keeping track. Google’s ex-CEO Eric Schmidt claims that “From the dawn of civilization until 2003, humankind generated five exabytes of data. Now we produce five exabytes every two days.” In case you’re wondering, one exabyte is a billion gigabytes. Let that sink in. The only logical response to this flood of data is to create more ways to store it. That’s where Big Data comes in. As a catch-all term, it can spur a fair amount of confusion - which is why Gary Allagapen, our Head of Innovation, shares the important (and jargon-free) takeaways on Big Data. What is it? Don’t do Big Data for the sake of it, it will not magically translate into value. Let me first tell you what it is not. Big Data does not mean “a lot of data.” It isn’t about the size. In fact, having swaths of unfettered data is almost dangerous. Some businesses accumulate as much data as possible in the hope that they will unearth business secrets from it - “data rich, insight poor” coins this attitude rightly. What Big Data is, is a combination of the 3 Vs - volume, variety and velocity. It’s too big for conventional databases to process (forget about spreadsheets), moves too fast and presents itself in an unstructured, disorderly way. While this definition isn’t restricted by any means, the 3 Vs are a good place to start. Why, you may ask, is it important to process this data? Because within it lie invaluable patterns, trends and relationships. And with this comes a massive demand for data analytics, which businesses can use to know more about their customers and, in a way, predict the future. ‘Data is the new Gold in the modern economy.’ Where does Big Data come from? Every aspect of your customer’s journey leaves a trail. Big data - structured or unstructured - can be extracted from consumer data (invoices, payments, delivery records, complaints), ERP, Financial System, Excel, social data (Facebook Likes, tweets, browsing history, personal interests) but also security cameras, fingerprints, financial markets data, meteorological statistics, damage forecasts, media outlets… And if you think not having a Facebook account means you aren’t leaving a trail, consider this: Facebook owns Instagram AND WhatsApp. Is Big Data only for Big Businesses? If you are still thinking that Big Data “isn’t for you” and is only relevant to giants like Google and Amazon, here’s why you should tap into it: What Big Data is, is a combination of the 3 Vs - volume, variety and velocity. If you are customer-focused - which is unavoidable in the digital age - then Big Data is most certainly for you. As a small retailer, your biggest concern might be the uncertainty of future events. But what if you were able to analyze Facebook users’ buying trends? And what if you were able to capitalize on these sales opportunities? Exploiting data can show you what your customers want, how much money they are willing to spend to get it, why they leave without buying - and how you can reduce the likelihood of them leaving. The good news is that today, small businesses - even a garage startup - can easily exploit Big Data without having to break the bank. You can rent server space, open-source software systems or processing power from third-party cloud service providers. There is no need to spend huge amounts on hardware or technical staff. How do I go about it? Don’t do Big Data for the sake of it, it will not magically translate into value. First, be certain that there’s a need for it. The second step involves a roundtable discussion with key stakeholders: what is your shared vision for success? Define your problems clearly, and make sure they are solvable Now, you must identify the potential sources of data - external or internal - and dig into them. Often, Big Data is trapped in silos across disparate departments, impeding exploitation. Combining all information into a single warehouse gives you a more holistic view of individual customers. The combined data will likely come to you in an unstructured way. To make sense of this, businesses need to use cutting-edge analytics programs. The messy, disparate data goes into these tools, and outcome “actionable insights.” Don’t forget - there is no silver bullet. You may have to use several big data technologies to solve your problems. As with all markets, the data-processing market evolves at an astounding pace. Keep up with new trends and changes. Often, businesses tend to skip the initial steps, which are, in fact, the most decisive. If you think intelligently about how to use data to achieve your specific goals, you are on the way to building a solid road map and fast-tracking your business decisions. In this case, what we’re dealing with is Smart Data.[/vc_column_text][/vc_column][/vc_row] ### A guide to taxes in Mauritius [vc_row][vc_column][vc_column_text]Intent on understanding everything there is about the complex world of taxation, Cathie Hannelas spent a decade with PwC Mauritius, and more than a year (in progress) spearheading Rogers Capital’s Tax Services department. The spotlight today is on Mauritius’ fiscal advantages and its erroneous label as a “tax haven”. Amid hazy notions of what comprises today’s tax system and an outcry of criticism post Panama leaks, Cathie provides clear answers to your most pressing tax-related queries and puts some common misconceptions to bed. How has Mauritius managed to position itself as an affluent international financial centre? The surge in foreign investment on our island is largely due to our ideal geographical position, which has favored us ever since the spice trade. Today, financial services represent 12.1% of the GDP and employ more than 7,000 people (direct employment). Combine this with a favourable and harmonised tax environment, dozens of double It is undeniable that Mauritius offers more than attractive fiscal incentives. taxation avoidance agreements (DTAAs), a bilingual and skilled workforce, political stability, economic diversity, deal time zone and compliance with international standards – and you have a winning combination for the emergence of a world-class international financial centre. What incentives are offered to foreign companies looking to put down their roots in Mauritius? The Global Business sector, regulated and monitored by the Financial Services Commission (FSC), is the cornerstone of our financial industry that aided Mauritius in weathering the global financial crisis. A foreign company can fall in either one of two categories: GBC1 or GBC2. In broad lines, a GBC1 licensee, as a Mauritian resident, is taxed at a normal corporate rate of 15% - but its eligibility to claim 80% in foreign tax credit reduces that effective rate to a maximum of 3%. No capital gains tax, no withholding taxes on royalties and dividends, no estate duty or inheritance tax. They also avail of the island’s extensive network of tax treaties. A GBC2, on the other hand, is not liable to taxes but is denied the benefits of DTAAs. The Global Business sector, regulated and monitored by the Financial Services Commission (FSC), is the cornerstone of our financial industry. It is undeniable that Mauritius offers more than attractive fiscal incentives. As mentioned earlier, Mauritius has distinctive features making it the ideal investment platform. In addition, the reliable regulatory system, ease of doing business and other products offerings such as Protected Cell Companies, Limited Partnerships, Trusts and Foundations, Regional Headquarters or Family Offices can only contribute to provide the foreign companies with the optimised benefits that they are looking for. No doubt that the foreign companies are scrambling to put down their roots on the island. So what exactly is a tax haven? The term “offshore” tends to incorrectly trigger tax haven alarm bells. Most people simply imagine a tax haven to be a country with lenient tax laws, and more often than not, they conjure up images of a tropical island fringed with palm trees. Viewed this way, Mauritius fits right in. But this image is a far cry from reality. The OECD has identified some basic criteria to identify a real tax haven. These include: No tax or low tax regimes on the relevant income. Lack of effective exchange of information with authorities abroad. Lack of transparency Which begs the question, how does Mauritius fare with regards to these criteria? Let’s clear that right up. Mauritius applies a 15% tax rate - which is certainly not negligible and this rate is applied across board (income, corporate and VAT); we have ratified Tax Information Exchange Agreements with several countries, disclosing information upon request. DTAAs, by definition, also require the exchange of information with partner countries when necessary. Mauritius’ new Corporate Governance, combined with its presence on the OECD’s white list, represents great strides towards greater transparency. The island has permanently ditched its erroneous notoriety as a tax haven. What further measures are being taken to break away from the tax haven label? Mauritius is fully engaged in the international fight against tax evasion and has shown its commitment to combatting tax evasion by signing (on 5th July 2017) the Multilateral Convention to implement the Organisation for Economic Co-operation and Development’s (OECD) measures to prevent Base Erosion and Profit Shifting (BEPS "Multilateral Instrument" or "MLI"). In addition to the signature of the MLI, Mauritius has also been recently rated as Compliant by the OECD as regards compliance with international standards for the exchange of information on request between tax authorities. With the view to enhance its transparency and collaboration framework, Mauritius is equally committed to the Common Reporting Standard (CRS) on the automatic exchange of financial account information, developed by the OECD. Adding concrete actions to this commitment of global crackdown on tax abuse, Mauritius continues to reinforce its regulatory framework. In that respect, the FSC has played a detrimental role in ensuring that there is more economic substance in Mauritius. By “substance”, I mean they must have a real presence and genuine business activities in the incorporated country – the absence of which could suggest that the firm’s intents are purely tax-driven. In this case, Mauritius would be viewed as a destination for “treaty shopping.” Rather than simply functioning from the island, the companies must now prove that they are truly integrated. For instances, GBC1 companies are compelled to have at least two qualified local directors, a local auditor, local employees, a principal bank account, board meetings in Mauritius, office space and reasonable business expenditure, amongst others. As companies shift to Mauritius for more than its tax rates, the value-creation story in the financial sector is only just beginning. This gives a clear signal that Mauritius is deepening its commitment to fight international tax avoidance whilst it continues to develop as a reliable and secure International Financial Centre.[/vc_column_text][/vc_column][/vc_row] ### Keeping up with digital transformation [vc_row][vc_column][vc_column_text]Most executives will agree that while there is no formula for success, digital empowerment is the only way forward to stay relevant, even more so at a time when technology and customers’ expectations are advancing like shifting sand beneath our feet. Evyn Valayen, our Innovation Manager, certainly seems to think so. What exactly is Digital Transformation? Digital Transformation (“DT”) is the buzz phrase of the moment, thrown around loosely to mean innovation. You must be wondering: if companies have been digitizing for decades, why is it only now that the term is descending upon us like a rolling storm? The impression we get is that transformation is the end goal of a business, when in reality it is otherwise. Many companies still fear that handing over important data to cloud service providers will jeopardize their security. It is important that we correctly define DT. Simply put, it is the ability to understand how technology can deliver value to customers. It isn’t purely about the tools themselves, but how to leverage the capabilities of these tools to take advantage of new opportunities. How important is it for companies to keep up with the curve? DT is an ongoing process, a journey. One that never ends. Stop that journey, and you’re in trouble. Technologically speaking, if your business is standing still, you are actually lagging behind. What are the biggest IT trends shaping businesses these days? Personally, I am amazed at the speed at which technology is advancing. Blink, and you could miss it. The trends to watch out for in 2017 are not radically different than those in 2016. This year, businesses are just getting more acclimated to them. My list is by no means exhaustive, but the ones that spring to mind are the Internet of Everything (the connectedness between People, Processes, Data and Things), Blockchain (a game changer that will provide transparent access to all information in the chain), Artificial Intelligence (machines carrying out tasks that usually require human intelligence), chatbots, Virtual Reality, Augmented Reality…  Businesses and employees are becoming empowered with technology, paving the way for what we call an Intelligent Enterprise – which is mainly enabled by Artificial Intelligence. Picture this: each day, companies are flooded with large volumes of data - structured and unstructured, - from various sources, in different formats... This data has a limited “shelf life”, meaning it loses value over time if you leave it sitting for too long. Artificial Intelligence automates the analysis of this data and translates it into actionable insights, and automated key processes enable companies to function more efficiently. It will be particularly beneficial for industries that have huge back offices, like insurance companies or banks. Digital Transformation is an ongoing process, a journey. One that never ends. Is DT synonymous to moving to the cloud? Yes and no. The cloud isn’t the only enabler to DT - a company can digitally transform itself without necessarily moving to the cloud. That being said, in my opinion, moving to the cloud is the first step to unlocking DT. But many companies still face a roadblock and fear that handing over important data to cloud service providers will jeopardize their security – and back they go to on-premises data storage. Ironically, having a cloud IT infrastructure does just the opposite - it keeps your data more secure. Here’s why: It is no secret that traditional hardware is extremely high-maintenance, with hours on end going into supporting systems. Adopting the cloud replaces all those labour-intensive tasks with full automation; more energy can be focused toward other critical aspects of the organization, such as Innovation. It offers the unprecedented opportunity to ensure business continuity. Natural disasters or power failures strike with little to no warning, hitting a business where it hurts: data loss and downtime. For large companies, an hour of downtime can cost up to $1.1 million. Having your data backed up in the cloud ensures that you minimise downtime and that you access your data quickly. You can continue business as usual in no time. High levels of security are the top priority for cloud technologies. This includes security tools and controls like advanced encryption, automatic backup, identity and access management controls. Beyond the usual security audits, cloud businesses also face tougher standards; they must adhere to strict Higher International Organization for Standardization standards Speaking of security, where does Mauritius stand on the cybersecurity front? I am pleased at the level of commitment that Mauritius is showing to Cybersecurity. Our rankings are pretty impressive: we are placed 6th globally on the Global Cybersecurity Index, and we have secured the top spot in Africa. There have already been over 180 awareness sessions for 2,000 in several state departments. Continuing to improve our regulatory framework and train our people can only have a positive impact on our bottom line.[/vc_column_text][/vc_column][/vc_row] ### Integrated reporting: the new Rulebook [vc_row][vc_column][vc_column_text]“Too time-consuming,” “too costly,” “my investors only care about profits.” The reasons some executives come up with when asked about their thoughts on the integrated report are endless. If I had a rupee for every time I heard one of those... Let’s be real: public sentiment towards business practices has become distrusting to say the least. Nothing eludes today’s savvy, more-connected-than-ever consumers. Their political opinion, innermost feelings or a photo of their dinner are bared online, for all to see. Withholding information or “alternative facts” are no longer viable options in a time where cynicism is the default setting through which many view the world. Integrated Reporting’s goal is simple: to provide meaningful and transparent information to investors. Corporate reporting is no different. The business world is at a crossroads where information is the crux of markets, yet it lacks clarity. A study on Intangible Asset Market Value found that in 1975, S&P 500 companies assessed 83% of their total value to derive from their material assets; today, that number is as low as 16%. What do the remaining 84% represent? Intangible factors. Trust, brand equity, innovation, customer loyalty and governance are the sustainable value drivers and hallmark of today’s economy. Consider this: Facebook bought WhatsApp for $19 billion, of which $15.3 billion was earmarked for - wait for it - goodwill. In other words, an intangible asset that represents WhatsApp’s potential future value. In 1975, the annual report as we know it was, indeed, the perfect document to capture companies’ major concerns: financial and manufactured capital. Today, if you combine increasing concerns about climate change, political instability, social inequality, and the importance of human capital – you realize that the annual report loses sight of what matters to today’s investors. The current framework communicates information in silos, with no link between different elements of the value creation story. For instance, a company could have to make certain short-term sacrifices to gain profit in the long-term - these trade-offs are not reflected in financial statements. It fails to link business strategy and risk. Above all, it is overly complex and long. It just doesn’t cut it. The answer isn’t to abolish the annual report; let’s call it a reboot. Integrated Reporting (IR) puts to rest the clamour of voices about corporate reporting opacity. Its goal is simple: to provide meaningful and transparent information to investors. Not more, just better. The business world is at a crossroads where information is the crux of markets, yet it lacks clarity. Developed by the International Integrated Reporting Council (IIRC), IR explains the dependencies and connectedness between the six capitals: financial, manufactured, human, intellectual, social and natural. Presenting financial alongside non-financial information allows shareholders, customers and employees to understand how these factors impact long-term and sustainable value. What stakeholders see is the unravelling of a holistic story: the effect of the company’s decisions on the community it operates in, its impact on the environment, how many jobs it created. These are what make a company resilient. And these are what inspire greater trust and eventually, create value. IR has certainly gained momentum globally and is reshaping corporate reporting. Over 1,500 global businesses have adopted its principles. In Mauritius, only about a dozen listed companies have made the switch. So why aren’t they all using it, since it is the obvious step to take? Because such a novel concept requires time to delve into the complexity of the framework, the participation of all internal resources, a move away from figures, and wide-ranging change. The report is only a milestone in the continuous journey known as “Integrated Thinking.” You cannot articulate the value story without questioning and reassessing how you work across departments. Integrated thinking breaks down functional silos and brings together people from all departments to understand how all aspects of the business - internal and external - are connected. Embedding this shared understanding makes the connectivity of information flow naturally into decision-making and the communication with stakeholders more effective. This shift is taking place alongside the adoption of the New Code of Corporate Governance in Mauritius, mandatory as from 2018. Its goal? To enhance the quality of information provided by listed companies to investors – which also happens to be IR’s ethos. Rather than the rigid tick-the-box “Comply or Explain” methodology, companies must now “Apply and Explain”, an approach which requires astuteness, the ability to step back, gather internal resources and offer a clear explanation of how a company has applied each principle of the New Code. This combination goes beyond compliance, beyond the letter of the law, beyond reporting. To choose the Integrated Report is to choose a business model that enables a change in behaviour. It is the product of a company that has taken the time to bridge the gaps between strategy, governance and performance. It shows commitment. Now, it’s time for everyone to follow.[/vc_column_text][/vc_column][/vc_row] ### Augmented Business: Connecting Data to Action Think back to Blockbuster, MySpace and Kodak. What do these businesses have in common? At first glance, nothing: they all operate in different industries. What connects them, though, is their tumble in the abyss of irrelevance. Why do good companies dissolve? One plausible explanation is that management, upon facing new, disruptive situations in their environment, falls back on methods that were successful in the past. Call it short-sightedness, incompetence or complacency; either way, clinging to old formulas can be a glaring mistake. Rather than providing frontline managers with complex models and Byzantine algorithms, simple and intuitive interfaces should make information available quickly and easily Companies like Amazon have created a generation of utterly spoilt customers: all they have to do is click on a button. Two days later, their product at their doorstep, shipped for free. No wonder Amazon’s logo doubles as a smile. How do they do it? By digging into their goldmine - data - and using it to drive their strategy and build relationships with customers. The volume of data available in the world is exploding and changing the nature of competition: companies with more access to data have a bird’s eye view of activities in their market and are less likely to be blindsided by a start-up in a garage. The secret lies in mapping three distinct landscapes: industry, competition and consumers. Watching out for shifting business conditions, new opportunities and competitive threats lays the foundation for a predictive analysis, but scanning internal sources of unstructured data - e-mail enquiries, customer complaints, social media - is equally important. In today’s world, a combination of social media and a disgruntled customer means that your reputation is only a tweet away from taking a hit. How you manage your relationship with clients is the underlying hallmark of success, no matter your industry, focus, product or service. Amassing vast quantities of consumer intelligence is the surest way of earning loyalty in the face of competition. Streamlining every interaction you have with a customer can generate useful information like their likelihood of using your product or service again. That being said, building a competitive advantage does not originate with data; it begins with identifying a business opportunity. “Why” needs to come before “how.” Aimless data mining means that you corral huge amounts of data in an endless search of what it really means and how it can boost your performance. Rather, the right approach is a targeted strategy that begins with analysing all the factors that affect your performance, before asking the question “What bottom-line-enhancing decisions can I make if I have all the information I need?” The volume of data available in the world is exploding and changing the nature of competition The modus operandi lies not in embellishing old-world thinking with the latest available technology; instead, new processes and systems need to be built around the technology that is available. Businesses are tasked with carefully selecting the ecosystems that are most compatible with their goals. Business Intelligence (BI) tools were developed with this in mind: they interpret large volumes of data about market trends and competitor performance. Customer Relationship Management (CRM) tools, being consumer-centric, also provide opportunities to analyse buying behaviours and patterns. With their help, executives uncover trends, deliver insights and are able to forecast growth. The modus operandi lies not in embellishing old-world thinking with the latest available technology; instead, new processes and systems need to be built around the technology that is available. Businesses are tasked with carefully selecting the ecosystems that are most compatible with their goals. Business Intelligence (BI) tools were developed with this in mind: they interpret large volumes of data about market trends and competitor performance. Customer Relationship Management (CRM) tools, being consumer-centric, also provide opportunities to analyse buying behaviours and patterns. With their help, executives uncover trends, deliver insights and are able to forecast growth. Data-driven insights need to be designed for those who are on the actual frontlines, not for analysts or IT programmers.  Rather than providing frontline managers with complex models and Byzantine algorithms, simple and intuitive interfaces should make information available quickly and easily. Analytics, when embedded into simple tools like a collaborative work application, workflow management software or even the cloud, allow for information to be more accessible, pervasive and transparent. This is when your data goes from being powerful to truly transformational. Any new measure, strategy or tool invariably demands a new mindset. Executives have the responsibility of upgrading all employees’ skills and capabilities – failing to do so would be a disservice to their company. Continuous training and coaching will bridge the literacy gap within the organization. Ultimately, the objective is that change be woven into the fabric of the company. ### What They Want From Their Employer They’re lazy, entitled, disloyal and narcissistic. Oh, and they can’t interact face to face. Millennials are tired of the derogatory stereotyping. And no, they don’t want a trophy just for showing up. “They will be the most high-maintenance workforce in the history of the world, but they may also be the most high-performing” says Bruce Tulgan, author of It’s Okay to Manage Your Boss, who also believes the negative stereotypes can be turned into positive attributes and be leveraged - if understood well. Google has been named the No. 1 place to work for the eighth time in 11 years on Fortune’s list of the 100 Best Companies to Work For. Twelve other companies have made the cut every year. These powerhouses stand out because they engage this Y-generation. Here’s how they do it. Growth Opportunities: Millennials embrace a strong entrepreneurial mindset and are constantly on the lookout for opportunities to grow. While it is true that the average tenure of millennial employees is a fleeting two years period (in comparison to five years for Gen X and seven for Baby Boomers), roadblock to career and personal growth is a decisive factor in a Millennial’s decision to change As digital natives, they grew up in a fast-paced environment where vast amounts of information are accessed in a swipe, and they aren’t about to slow down. Employers should challenge their Gen Y workforce and provide positive reinforcement to keep them going. The generation that was coddled by their parents also wants to see their bosses invested in their personal growth. “They will be the most high maintenance workforce in the history of the world” Coaches not bosses! They want to work with you, not for you. While their cynical grand-parents lament the fact that smartphones are simply extensions of their arms, Millennials are, in fact, predisposed to networking and socializing with an eclectic mix of diverse people. They are the most inclusive and collaborative generation to date. Companies should capitalize on their affinity for networking by encouraging team-work. Contrary to previous generations, millennials firmly believe groups accomplish more. Their Can-do attitude feeds off frequent, constructive feedback.  Managers should view themselves as coaches who can provide guidance and a framework within which millennials Balance and Fairness: Millennials are disrupting the status quo: the shift toward a democratic participatory economy and consumer equality is spilling into the workplace, impacting office life, work culture and company morale. Millennials seek jobs that offer the best perks and benefits (which they value more than money by the way). A flexible work schedule (meaning less commute time, and the ability to work from a beach in Positano, provided there’s Wi-Fi) is not about Millennials’ so-called laziness. On the contrary, they measure their performance on output rather than time spent. Sitting around the office until 5, “pretending” simply does not cut it. These multitaskers enjoy balancing work, friends, exercise (they are big on that) and travel, to which they are committed. Once employers recognize and understand where Millennials are coming from and their perceptions of office life, bosses-turned-coaches can leverage their huge potential to change the way their companies work. ### Recruiting the Can-Do Generation The first digital natives, those who grew up with the first handheld devices, the eery sounds of Dial-Up Internet, who used Limewire to illegally download Limewire Pro, were raised during the relative peace of the 1990s. The Sept. 11 attacks and two economic crashes in 2000 and 2008 darkened their world. Internet these days is packed with memes, articles, GIFs, academic papers and TED talks about the Archetypal Millennial. Born between 1980 and the year 2000, millennials have come of age during a time of globalization, technological advancement and economic disruption. Their spending habits, behaviours and tastes have large implications for the future shape of the economy. Their reluctance to buy items such as cars, music, homes and luxury goods has led the world into a new economic age - that of the gig and sharing economy. Millennials have come of age during a time of globalization, technological advancement and economic disruption Millennials tend to get a bad rep for job-hopping and their refusal to commit. Yet a somewhat turbulent 2016 (terror attacks in Europe, Brexit, Trump’s election) shook up the confidence of this generation. Young professionals are now less likely to leave the security of their jobs. According to The Deloitte Millennial Survey 2017, “Millennials in emerging markets generally expect to be both financially (71 percent) and emotionally (62 percent) better off than their parents. This is in stark contrast to mature markets, where only 36 percent of millennials predict they will be financially better off than their parents and 31 percent say they’ll be happier.” Thinking about Gen Y’s attitudes toward work provides employers with all the necessary cues to recruit the generation that by 2025 will dominate the workforce. Eighty-six percent of working people in their first decade of employment use social media to hunt for jobs and google employers. Social media is a great way to reach out to the technology-savvy talent pool if used the right way. Here’s how. Manage your presence online: Every tweet, picture you share, content you publish, status, and like creates a mental image of your company and work culture. It is your job to make sure it appeals to millennials. What they think of you matters as much as what you think of them: Remember, Google is a verb for these guys, and they care a lot more about transparency and doing the right thing than their baby-boomer counterparts. Millennials will tend to be attracted to brands they admire as consumers and distance and even boycott those they feel are morally questionable. Google alerts allows you to receive notifications when your brand is mentioned online - this is a great tool for monitoring the web and keeping track of what people think of you as a brand. Be yourself: Don’t overdo the hip, millennial thing (a Millennial pink website with catchy phrases won’t necessarily cut it if it’s not representative of you). Bear in mind that a generation, by definition, is a broad swath of tens of millions of people with varying tastes, interests and habits. Be authentic and you will attract the most fitting talent (You do you, as they would say). Be active on the platforms used by millennials: Don’t limit yourself to Facebook, Twitter and Instagram. Millennials basically have a smartphone instead of a hand, and are always downloading new apps and finding new platforms on which they can express their views. Start being active on these platforms to reach your audience. Don’t wait until they start job hunting: Get to know potential recruits and build relationships early on. On-campus fairs and LinkedIn are great ways to network with people in your industry. Make it so they look you up immediately once they begin to shop around for jobs that best align their #lifegoals. We have a pretty good idea of the impact of millennials in the workplace. The next wave of employees - Generation Z or Gen Z (some have called them, “centennials) - is  already attracting attention. Deloitte conducted a survey to get millennials’ views of those about to join them in the workplace. “Millennials tend to have a broadly positive opinion of GenZ (those currently aged 18 or younger). Maybe because of perceptions that they have strong information technology skills and the ability to think creatively, six in 10 (61 percent) millennials believe GenZ will have a positive impact as their presence in the workplace expands. This increases to 67 percent among millennials in senior positions and is higher in emerging markets (70 percent) than in mature markets (52 percent). However, while millennials see great potential within GenZ, they also believe these younger employees will need a lot of support when they enter the workforce.” Only time will tell. ### A New Frontier For Wealth Management In a world where billionaires have ousted multi-millionaires off rich-lists, where the rich have made way for the super-rich, and where High Net Worth Individuals (HNWI) pale in comparison to Ultra High Net Worth Individuals (UHNWI), to say that the rich are proliferating in number and in the quantum of their wealth is no overstatement. Which begs the question: where do these ultra wealthy people park their money? Well, as it turns out, Mauritius could be on the map as the new frontier for wealth management. Africa, a new haven for the affluent Previously, anytime somebody talked about the next hot spot to invest in, Mauritius was seldom (if even at all) mentioned. Instead, all talks of wealth management mainly channelled towards the West. Today, that mind-set has been revisited. We are witnessing a paradigm shift in the global financial landscape: in no time, Singapore is slated to outperform Switzerland as the world’s largest offshore wealth centre, partly as a result of tightened regulations in Europe. According to the latest report by Boston Consulting Group, “Global Wealth 2016: Navigating the New Client Landscape,” Singapore’s offshore assets will rise at a compound annual rate of 8% over the next four years, in contrast to Switzerland’s modest 3%. Now, the pendulum is swinging towards Africa. The African continent has enjoyed a surge in its number of millionaires in the last decade. While the “AfrAsia Bank Africa 2017 Wealth Report” predicts a 36% rise in the number of HNWI in Africa over the next 10 years, it has also recorded a 2% drop in the number of millionaires compared to 2015. In stark contrast, tiny Mauritius - an island-nation with a population of just over 1.2 million - bucked the trend pervading the continent: that same report places Mauritius as the wealthiest country in Africa (an average wealth per capita of $25,700), with a staggering 230% growth in the number of millionaires between 2006 and 2016. As it navigates the shifting terrain of European wealth management, Mauritius is asserting itself as a serious contender, and others are listening. An enabling context for investors The nation-island is poised to position itself as a service hub for the affluent in Africa It comes to no surprise that Mauritius’ white-sand beaches and year-round good weather make it a hotspot for tourists. The idyllic setting, coupled with its low tax rates, has particularly appealed to retirees: residents not only enjoy an alluring 15% income and business tax, but they also gain automatic permanent residency if they purchase a property worth $500,000. This has turned the island into a honey pot for deep-pocketed South Africans, - who have amassed far more than the $1 million mark - 280 of whom have set up home in Mauritius since 2006. Equally impressive are the 90% literacy rate and skilled, bilingual workforce that put it in a commanding position to serve both English and French speaking countries. Historically, the island was a strategic vital stop on the Spice Trade route that criss-crossed between Europe and the East. The various waves of immigrants have led to an unusually eclectic mix of people, fostering a culture of integration and community. Securing a footing in wealth management A growing number of HNWI invariably rouses a demand for sophisticated financial solutions. In response to the influx of HNWI into the territory, Mauritius has diligently crafted the prerequisites to be a politically and economically stable nation. As the easiest country in Africa to do business with a low regulation that fosters a competent functioning of businesses, the island has pulled its weight as a worthy platform for banking and financial services. It has also made great strides in strengthening its regulatory framework by adhering to good governance global standards and ethical norms. It is no wonder that Mauritius is on par with nations like the United States, Singapore and Hong Kong in its compliance with global requirements. In demonstrating a high commitment in its collaboration with the Organisation for Economic Co-Operation and Development (OECD), the island has joined the movement towards greater transparency, divesting itself of the unsettling notoriety of being a “tax haven”. Deservedly, it has made it to the OECD’s “white list”, a feat attained only by nations whose tax laws allow information-sharing. Mauritius has also signed a whopping 19 Memorandums of Understanding with different regulators in its quest for more transparency, and ratified 38 Double Taxation Agreements (DTAA) that ensure lower taxation on dividends, interest and royalties. This has spurred the inception of international banks, audit firms and law firms in Mauritius, earning it its fitting reputation as a trustworthy international financial services centre. A positive GDP growth and a favourable Asset under Management (AuM) indicator are a good start to defining a thriving asset management sector. While Mauritius’ GDP loiters around 3.3% per year, it is predicted to soar to 4% by 2020, an impressive figure when weighed against the average global GDP growth of 3.8%. This triumph, when coupled with the fact that AuM is projected to reach MUR 18.4 billion by 2020, almost twice its actual figure, brings Mauritius one-step ahead. The nation-island is poised to position itself as a service hub for the affluent in Africa - and across the globe – propelling the ultra-rich to look beyond tried and tested destinations like Singapore and Hong Kong. ### The Long Road To Transparency Post-Recession feels With a decade’s hindsight, it is clear the 2008 crisis that almost brought down the world’s financial system emerged after “The Great Moderation,” a long period of economic and price stability that fostered complacency and risk-taking. While economists debate as to who is to blame or what triggered the chain reaction leading to the financial collapse, it seems as though the fault lies in lax financial regulations, a lack of oversight, a hunt for riskier assets by banks, hedge funds and investors, and irresponsibility toward risk. Fast-forward a decade, the terms “Risk Management,” “Transparency,” and “Integrity” are preponderant, conscientiously woven into the codes of corporate governance of most nations, forming the very basis of company morale. An Open-Source Culture Ending corporate secrecy and corruption is on the agenda of most nations Nine years ago, GitHub, an open software collaboration plat-form was founded, an embodiment of our open source culture. Tech enterprises are in the habit of empowering individuals to collaborate, create and produce. The relationship between producers, contributors and consumers is blurred. The collective pursuit has created an ecosystem, where contribution and community-driven work drives the economy. “Open source” is synonymous with transparency where an individual’s ability to openly collaborate with others is leveraged. Elon Musk, the Silicon Valley’s rebel, demonstrated the power of transparency, when in 2016, he published his now legendary post, “The Secret Tesla Motors Master Plan (just between you and me)” - a basic roadmap that lays out his vision. Elon Musk’s secret-sauce is in plain sight, for everyone to see. (This seems counter-intuitive when we consider the extent to which individuals and corporations will go to great lengths to keep something a secret.) Musk, by offering total transparency, encourages a trusting public to buy into his ventures as they feel he has nothing to hide. “Wait, I’ll Google It” The Internet-Era is entrenched in the Information Age, an age where Google is a verb, and Mark Zuckerberg’s motto, “The more we connect, the better it gets.” His mission would make it possible for any individual to access and share information, redistributing global power. It is this access and sharing that is a) Pushing companies to take on a highly inclusive approach and b) Holding companies and public or-ganisms accountable. The Sharing Economy, Social Media, and user ratings are a foundation for an increasing number of businesses of the likes of Uber or Airbnb Whistle-blowers, Leakers, Hackers, NGOs and  Investigative Journalists From Edward Snowden to Chelsea Manning, whistle-blowers are global countercultural heroes, cultural icons of this era, willing to pay the steep price of denouncing wrongdoing. More recently, Michael Moore launched TrumpiLeaks, an online platform, on which users can anonymously share information about the White House. Ending corporate secrecy and corruption is on the agenda of most nations, an endeavour that is incited by fierce investigative journalism (recall the exposure of the Panama Papers by the International Consortium of Investigative Journalists.) NGOs in the transparency sphere, acting as external entities, are increasingly sophisticated, and capable of pushing for openness by pressuring multinationals and governments. Governments and Corporate Governance Governments are demanding greater corporate accountability in the wake of the 2008 global crisis, which exposed the fragilities of our financial system. Borders may present an obstruction to the compliance to standards and laws, which is complicated by companies’ presence in various countries. However, governments are pushing for global standards and compliance to these standards. Company Morale Successful start-ups and companies founded on transparency, supportive manage-ment, fair work ethics and ‘cool’ corporate culture have won over the people. Elon Musk’s gamble on transparency paid off big-time. There is nothing we love more than consistency, transparency and a healthy dose of ludicrousness. With transparency gaining traction and companies forced to reveal more about themselves, we wonder: where should the limits of transparency lie? ### Business - Second-Hand Vehicle Financing ### Business - Lease a vehicle ### Business - Borrow Cash ### Individual - Second-hand vehicle Credit Financing ### Individual - Insurance ### Individual - Lease a vehicle ### Individual - Borrow cash ### Individual - Buy on Credit ### Compliance ### Captive Insurance ### Accounting ### Payroll ### Work & Live ### Tax Services ### Fund Administration ### Corporate & Trust ### Robotic Process Automation & Artificial Intelligence ### Cloud & Data Center Services ### Cybersecurity Advisory ### Digital & Data Solutions ### Enterprise Infrastructure Services ### Managed Connectivity Services ### Senior Corporate Administrator About Rogers Capital At Rogers Capital, we are a dynamic team of strategists, thinkers, and innovators – united to help you defy limitations. With ingenious solutions, we navigate through evolving markets, converting challenges into opportunities using our credit expertise, corporate legacy, and cutting-edge technology. But our story extends beyond expertise – it’s about our unwavering commitment, passion, loyalty, and people – the values that truly count. Embodying Agility, Pioneering, and Excellence, we drive transformation for our people, clients, businesses, and the communities they thrive in. Together, we conquer new horizons. Summary of the Role Carry out and manage all the administrative and corporate services duties for a portfolio of clients with varying level of complexity. Assist Team leader/Manager in the day to day administration of portfolio of global business client companies. Main Responsibilities Assist Team Leader/Manager with ongoing interaction with clients and business partners. Handle more complex structures / clients and high profile clients and ensure the expectations of the clients are being met within the agreed deadlines. Review of administrators' work - including coaching of administrators. Provide guidance and ensure they always comply with statutory regulation and company’s policy and procedures. Carry out day-to-day administration including corporate work, organising board meetings, preparing board packs, attending board meeting, if required and drafting of minutes. Statutory filing - Ensure records are properly maintained and compliant with local legislations including file reviews/KYC updates, conducting due diligence, etc. Filing, Scanning of Statutory Files and updating of information on relevant system within the set deadlines. Provide support on clients’ requests. Ensure all transactions pertaining to the management of the clients’ affairs are executed promptly and efficiently. Liaise on an ongoing basis with clients and business partners. Handle a portfolio of clients being GBC, Authorised, and foreign companies. Deal with authorities, banks, auditors and other service providers. Provide information / statistics as may be required by Team Leader/Manager and other departments within set timeframe. Ensuring compliance with all relevant regulations, laws, guidelines,including internal policies and procedures ,etc. Any other cognate duties in line with your capabilities. Be committed to excellence and promote efficiency by setting personal example of corporate values (Agility, Pioneering & Excellence). Ideal Candidate Profile First Degree in Law and Management or Accounting and Finance or any other relevant fields. Studying towards ICSA qualification will be a definite advantage. Between 3 - 5 years’ experience within the Global Business sector. Dynamic, committed and proactive. Able to work under pressure with tight deadlines. Strong interpersonal and communication skills are essential. Good team player, with strong customer service drive What’s in it for you?  Medical Insurance – Benefit from medical coverage, for you and your dependent(s), with 50% company contribution. 24Hrs Personal Accident Cover – Up to Rs 100,000 cover for accidents, 24/7. Pension Scheme – Enjoy a pension plan with company contributions for your future. Company Doctor Services – Free on-site medical consultations for your health needs. Performance Bonus – Earn a bonus for your hard work. Incredible discounts at our restaurants – Save 25% at Domino’s Pizza and 15% at Ocean Basket. Exclusive Employee Discounts – Benefit from a wide range of discounts with ENL & Rogers Mobile App. Instant Leave Benefits – Earn 1 annual and 1 sick leave monthly from day one. Career Growth & Internal Mobility – Find diverse career and internal mobility options within our various clusters. Learning & Development – Grow with training and development opportunities through our Training Academy. ### Business Process Analyst Rogers Capital Finance Ltd is looking for a Business Process Analyst to join the Project Management team. The candidate will be responsible for evaluating existing business processes, identifying areas for improvement, documenting clear, actionable process requirements and monitoring the execution of the process changes with the aim to enhance operational efficiency and meet strategic goals. Your Role: Analyse existing business processes using data, observations, and stakeholder input. Collaborate with stakeholders to understand business needs and goals. Work out, document, and validate business and process requirements. Facilitate workshops and meetings with cross-functional teams. Serve as the key person between operational units and IT teams. Create detailed process maps, workflows, and diagrams Develop clear documentation of processes, procedures, and operating models. Define metrics and KPIs to evaluate process performance. Monitor post-implementation outcomes to ensure success and identify areas for further improvement. Ensure process changes comply with internal policies and regulatory standards. Identify potential risks or impacts associated with process modifications. Your profile: • Degree in Business Administration/ Operations Management or related fields • Experience in Visio, Excel and Microsoft Office • Minimum 2-3 years of experience • Dynamic and can-do attitude. • Outgoing personality, result oriented, orderly and excellent team player. ### Compliance Analyst About Rogers Capital At Rogers Capital, we are a dynamic team of strategists, thinkers, and innovators – united to help you defy limitations. With ingenious solutions, we navigate through evolving markets, converting challenges into opportunities using our credit expertise, corporate legacy, and cutting-edge technology. But our story extends beyond expertise – it’s about our unwavering commitment, passion, loyalty, and people – the values that truly count. Embodying Agility, Pioneering, and Excellence, we drive transformation for our people, clients, businesses, and the communities they thrive in. Together, we conquer new horizons. Summary of the Role Assist the Compliance Department to effectively support the business and operational areas/line of services of the Employer, its subsidiaries and associate companies in their respective requirement and duty to comply with relevant laws and regulations and internal policies and procedures. Main Responsibilities Assist in coordinating and monitoring compliance of Client Companies/Entities ("clients") of the Employer with applicable Anti Money Laundering (AML) laws, regulations and codes including the Employer's own AML policy, procedures and framework Assist in performing ongoing monitoring and compliance reviews including reviews of clients' file to ensure compliance with internal procedures and statutory requirements from a regulatory (including AML), internal and general compliance perspective Assist in providing advisory services, prompt solutions and feedback on compliance matters towards ensuring an effective and efficient compliance risk management solutions in servicing clients Assist in carrying out due diligence outside office and searches including at premises of the relevant authorities Assist in conducting training courses and presentations for employees on AML issues and maintaining records evidencing such training Assist in the design/revision and implementation of compliance framework, policies, processess including those related to the Employer's regulatory and statutory risk management Performing other compliance related tasks, assignments and projects as requested Be committed to excellence and promote efficiency by setting personal example of corporate values (Agility, Pioneering & Excellence) Ideal Candidate Profile HSC or Degree Holder (Management, Economics, Law & Management, Business Administration). Fully computer literate – Microsoft Outlook, Word, Excel, PowerPoint. Strong oral and written communication skills, both in English and French. Strong interpersonal skills What’s in it for you? Medical Insurance – Benefit from medical coverage, for you and your dependent(s), with 50% company contribution. 24Hrs Personal Accident Cover – Up to Rs 100,000 cover for accidents, 24/7. Pension Scheme – Enjoy a pension plan with company contributions for your future. Company Doctor Services – Free on-site medical consultations for your health needs. Performance Bonus – Earn a bonus for your hard work. Incredible discounts at our restaurants – Save 25% at Domino’s Pizza and 15% at Ocean Basket. Exclusive Employee Discounts – Benefit from a wide range of discounts with ENL & Rogers Mobile App. Instant Leave Benefits – Earn 1 annual and 1 sick leave monthly from day one. Career Growth & Internal Mobility – Find diverse career and internal mobility options within our various clusters. Learning & Development – Grow with training and development opportunities through our Training Academy. ### Senior Business Associate About Rogers Capital At Rogers Capital, we are a dynamic team of strategists, thinkers, and innovators – united to help you defy limitations. With ingenious solutions, we navigate through evolving markets, converting challenges into opportunities using our credit expertise, corporate legacy, and cutting-edge technology. But our story extends beyond expertise – it’s about our unwavering commitment, passion, loyalty, and people – the values that truly count. Embodying Agility, Pioneering, and Excellence, we drive transformation for our people, clients, businesses, and the communities they thrive in. Together, we conquer new horizons. Summary of the Role Deal with the day-to-day duties of Business Development for existing and prospective clients of Rogers Capital that are assigned to you within the Business Development Team. Main Responsibilities Communicate with clients and provide guidance related to client onboarding forms and KYC requirements/CDD and ensure follow up is made for timely submission and in conformity with the AML/CFT requirements Attend client meetings and understand the client requirements. Respond to queries from prospective clients and all other stakeholders as requested promptly Maintain a close link with the clients post incorporation Set up / Register client matters, lodge bank account opening forms on behalf of client entities and individuals applications for occupational permit and residence permit as the case may be. Ensure reservation and renewal of names Liaise with Compliance team with regards due diligence exercise on clients and other stakeholders involved in the proposed structure Liaise with legal advisors, tax advisors, banks and intermediaries as the case may be and file relevant documents to statutory bodies, ensuring all client files are organised and complete Assist in drafting information/marketing materials with respect to structures and licensing requirements Target potential clients on digital platforms such as LinkedIn Identify and contribute to the mitigation of risks. Report any issues or matters to Head of Business Development in a timely manner Assist other team members and review their work where appropriate and carry out a timely basis all administrative tasks assigned Develop and maintain positive working relationships with colleagues, external parties and staff in other departments through effective communication and collaboration Undertake ad-hoc tasks, carry out duties including special projects and delegated responsibilities as required Be committed to excellence and promote efficiency by setting personal example of corporate values (Agility, Pioneering & Excellence) Ideal Candidate Profile First Degree in Law and Management or Accounting and Finance. Studying towards a professional qualification will be a definite advantage. 3 - 5 years’ experience within the Global Business sector. Dynamic, committed and proactive. Able to work under pressure with tight deadlines. Strong interpersonal and communication skills are essential. Good team player, with strong customer service drive. What’s in it for you? Medical Insurance – Benefit from medical coverage, for you and your dependent(s), with 50% company contribution. 24Hrs Personal Accident Cover – Up to Rs 100,000 cover for accidents, 24/7. Pension Scheme – Enjoy a pension plan with company contributions for your future. Company Doctor Services – Free on-site medical consultations for your health needs. Performance Bonus – Earn a bonus for your hard work. Incredible discounts at our restaurants – Save 25% at Domino’s Pizza and 15% at Ocean Basket. Exclusive Employee Discounts – Benefit from a wide range of discounts with ENL & Rogers Mobile App. Instant Leave Benefits – Earn 1 annual and 1 sick leave monthly from day one. Career Growth & Internal Mobility – Find diverse career and internal mobility options within our various clusters. Learning & Development – Grow with training and development opportunities through our Training Academy. ### Business Development Manager About Rogers Capital At Rogers Capital, we are a dynamic team of strategists, thinkers, and innovators – united to help you defy limitations. With ingenious solutions, we navigate through evolving markets, converting challenges into opportunities using our credit expertise, corporate legacy, and cutting-edge technology. But our story extends beyond expertise – it’s about our unwavering commitment, passion, loyalty, and people – the values that truly count. Embodying Agility, Pioneering, and Excellence, we drive transformation for our people, clients, businesses, and the communities they thrive in. Together, we conquer new horizons. Summary of the Role Execute the defined sales and business development strategy and promote the offering of Rogers Capital Fiduciary. Main Responsibilities Identify and secure new business opportunities through exisiting client portfolio and with new leads in identified markets and sectors. Provide corporate structuring advice to clients/leads based on their requirements. Track new Business Development opportunities, utilise market knowledge and tools to identify projects which are aligned to Rogers Capital Fiduciary’s strategy. Attend client/lead meetings to develop an understanding of the client’s/lead’s requirements before proposing business solutions that Rogers Capital Fiduciary could provide. Liaise with clients/leads and provide assistance/supervision in matters relating to client onboarding forms and KYC requirements/CDD, ensure regular follow up is made for timely submission and in conformity with the AML/CFT requirements. Build strong working relationships with stakeholders in the global business industry, including but not limited to corporate lawyers, bankers, wealth managers, etc. Ensure timely hand-over of client files from the business development team to the operations team. Train and develop team members to continually improve their performance and ability to meet and/or exceed business needs and targets, ensuring that the required standards are being maintained. Prepare and give new business updates to the management through timely reports. Identify and contribute to the mitigation of risks. Report any issues or matters to senior management in a timely manner. Effectively complete any other ad hoc assignments and/or internal projects as requested by the Head of Department. Be committed to excellence and promote efficiency by setting personal example of corporate values (Agility, Pioneering & Excellence). Ideal Candidate Profile Degree in Law/Management/Accounting/Finance/Business At least 7 years’ experience within the Global Business or related sector Dynamic, committed and proactive Able to work under pressure with tight deadlines Strong interpersonal and communication skills Good team player, with strong client service drive What’s in it for you? Medical Insurance – Benefit from medical coverage, for you and your dependent(s), with 50% company contribution. 24Hrs Personal Accident Cover – Up to Rs 100,000 cover for accidents, 24/7. Pension Scheme – Enjoy a pension plan with company contributions for your future. Company Doctor Services – Free on-site medical consultations for your health needs. Performance Bonus – Earn a bonus for your hard work. Incredible discounts at our restaurants – Save 25% at Domino’s Pizza and 15% at Ocean Basket. Exclusive Employee Discounts – Benefit from a wide range of discounts with ENL & Rogers Mobile App. Instant Leave Benefits – Earn 1 annual and 1 sick leave monthly from day one. Career Growth & Internal Mobility – Find diverse career and internal mobility options within our various clusters. Learning & Development – Grow with training and development opportunities through our Training Academy. ### Corporate Administrator About Rogers Capital At Rogers Capital, we are a dynamic team of strategists, thinkers, and innovators – united to help you defy limitations. With ingenious solutions, we navigate through evolving markets, converting challenges into opportunities using our credit expertise, corporate legacy, and cutting-edge technology. But our story extends beyond expertise – it’s about our unwavering commitment, passion, loyalty, and people – the values that truly count. Embodying Agility, Pioneering, and Excellence, we drive transformation for our people, clients, businesses, and the communities they thrive in. Together, we conquer new horizons. Summary of the Role Attend to day-to-day queries of clients, business partners, service providers (preparing bank transfers and ensure there is supporting documents, change in directorship and authorised signatories, passing resolutions with respect to investments, allotment of shares, preparing share certificate, amongst others) Main Responsibilities Carry out day-to-day administration including corporate work, organising board meetings, preparing board packs, attending board meetings, if required and drafting of minutes. Statutory filing - Ensure records are properly maintained and compliant with local legislations including file reviews/KYC updates, conducting due diligence, etc. Filing, Scanning of Statutory Files and updating of information on relevant system within the set deadlines. Provide support on clients’ requests. Ensure all transactions pertaining to the management of the clients’ affairs are executed promptly and efficiently. Liaise on an ongoing basis with clients and business partners. Handle a portfolio of clients being Domestic, GBL, AC, Trust, Foundation, foreign companies and any other type of entity which can be under the administration of RCCS. Deal with authorities, banks, auditors and other service providers. Provide information / statistics as may be required by Team Leader, Associate Manager and other departments within set timeframe. Assist senior team members with ongoing interaction with clients and business partners. Ensuring compliance with all relevant regulations, laws, guidelines, including internal policies and procedures. Any other cognate duties in line with your capabilities. Be committed to excellence and promote efficiency by setting personal example of corporate values (Agility, Pioneering & Excellence). Ideal Candidate Profile HSC or Degree Holder (Management, Economics, Law & Management, Business Administration). At least 1 year experience in similar position. Fully computer literate – Microsoft Outlook, Word, Excel, PowerPoint. Strong oral and written communication skills, both in English and French. Strong interpersonal skills. What’s in it for you?  Medical Insurance – Benefit from medical coverage, for you and your dependent(s), with 50% company contribution. 24Hrs Personal Accident Cover – Up to Rs 100,000 cover for accidents, 24/7. Pension Scheme – Enjoy a pension plan with company contributions for your future. Company Doctor Services – Free on-site medical consultations for your health needs. Performance Bonus – Earn a bonus for your hard work. Incredible discounts at our restaurants – Save 25% at Domino’s Pizza and 15% at Ocean Basket. Exclusive Employee Discounts – Benefit from a wide range of discounts with ENL & Rogers Mobile App. Instant Leave Benefits – Earn 1 annual and 1 sick leave monthly from day one. Career Growth & Internal Mobility – Find diverse career and internal mobility options within our various clusters. Learning & Development – Grow with training and development opportunities through our Training Academy. ### Team Leader - Client Entity Management About Rogers Capital At Rogers Capital, we are a dynamic team of strategists, thinkers, and innovators – united to help you defy limitations. With ingenious solutions, we navigate through evolving markets, converting challenges into opportunities using our credit expertise, corporate legacy, and cutting-edge technology. But our story extends beyond expertise – it’s about our unwavering commitment, passion, loyalty, and people – the values that truly count. Embodying Agility, Pioneering, and Excellence, we drive transformation for our people, clients, businesses, and the communities they thrive in. Together, we conquer new horizons. Summary of the Role Lead and coach a team of Associates and Senior Associates in the Client Entity Management Team to ensure timely and efficient operations, high-quality deliverables and seamless collaboration. Assist the Line Manager / Head of Department in the day-to-day operations of the Client Entity Management Team, including resource planning, process optimisation and addressing operational challenges. Take responsibility for meeting team objectives and regularly update the Line Manager / Head of Department on progress. Provide accurate, meaningful and timely information or statistics as requested by the Line Manager / Head of Department, or other departments within set timeframe. Main Responsibilities Lead and coach a team of Associates and Senior Associates in the Client Entity Management Team to ensure timely and efficient operations, high-quality deliverables and seamless collaboration. Act as the reviewer for work produced by Associates and Senior Associates, ensuring accuracy, compliance with defined processes and templates, and adherence to applicable laws and regulations. Ensure all deliverables of Client Entity Management are accurate, high-quality and submitted within agreed timelines. Assist the Line Manager / Head of Department in the day-to-day operations of the Client Entity Management Team, including resource planning, process optimisation and addressing operational challenges. Provide regular reports, trackers, and dashboards to the Line Manager / Head of Department, highlighting task completion rates, team performance, and key success metrics. Issue recommendations for process improvements based on data trends. Process and assign incoming tasks and requests for Client Entity Management and ensure that all tasks are completed on a timely basis and in the most efficient and optimal manner. Coordinate with IT support and Project team to resolve technical issues, assist in the implementation of new technologies. Update and maintain client information on digital platforms. Ensure completeness of client records on work platforms. Take responsibility for meeting team objectives and regularly update the Line Manager / Head of Department on progress. Drive productive meetings for Client Entity Management with team members and key stakeholders, providing recommendations and following up with action items daily. Provide accurate, meaningful and timely information or statistics as requested by the Reporting Line / Head of Department, or other departments within set timeframe. Adhere to data collection and management procedures to prepare, collect, record and input data. Verification of data for accuracy and completeness. Collaborate with the Line Manager/ Head of Department on operational excellence initiatives, strategic operations projects, and the continuous improvement of processes to align with organisational goals. Implement enhancements to improve the efficiency, productivity and quality of operations within the team. Deal with authorities, banks, auditors and other service providers. Provide support on clients’ requests. Ensure all transactions pertaining to the management of the clients’ affairs are executed promptly and efficiently. Ensure records are properly maintained and compliant with local legislations including file reviews /KYC updates, conducting due diligence, etc. Filing, Scanning of Client records and updating of information on relevant system within the set deadlines. Review and validate time records for Associates and Senior Associates, promptly identifying and resolving any inconsistencies or irregularities to ensure productive time is optimised. Assist in monitoring timely submission and validation of time sheets for Client Administration and Fund Services, including analysis of timesheet reports of chargeable and billable time. Constantly scan the business environment, advising senior management about developments and opportunities for growth in the business. Share the knowledge among colleagues & team members. Meeting statutory deadlines for filing of accounts, TRC, CRS, FATCA amongst others. Monitor filing of Financial Statements and produce exception report for Compliance team and trackers for Client Operations team. Ensuring compliance with all relevant regulations, laws, guidelines, including internal policies and procedures. Any other cognate duties that you may be requested by the Management of the Company to perform in furtherance of the objects, financial and business targets of the Company. Coach and train Associates and Senior Associates on an ongoing basis, ensuring they meet established performance standards and remain updated on processes, templates and best practices. Train and develop team members to continually improve their performance. Remain well informed on changes in legislation and the financial services environment impacting the industry of the Company. Ensuring compliance with all relevant regulations, laws, guidelines, including internal policies and procedures. Be committed to excellence and promote efficiency by setting personal example of corporate values (Agility, Pioneering & Excellence). Ideal Candidate Profile First Degree in Law and Management or Accounting and Finance or any other relevant fields. Studying towards ICSA qualification will be a definite advantage. At least 5 years’ experience within the Global Business sector. Dynamic, committed and proactive. Able to work under pressure with tight deadlines. Strong interpersonal and communication skills are essential. Proven experience in task allocation, progress monitoring, and quality assurance within a team setting. What’s in it for you?  Medical Insurance – Benefit from medical coverage, for you and your dependent(s), with 50% company contribution. 24Hrs Personal Accident Cover – Up to Rs 100,000 cover for accidents, 24/7. Pension Scheme – Enjoy a pension plan with company contributions for your future. Company Doctor Services – Free on-site medical consultations for your health needs. Performance Bonus – Earn a bonus for your hard work. Incredible discounts at our restaurants – Save 25% at Domino’s Pizza and 15% at Ocean Basket. Exclusive Employee Discounts – Benefit from a wide range of discounts with ENL & Rogers Mobile App. Instant Leave Benefits – Earn 1 annual and 1 sick leave monthly from day one. Career Growth & Internal Mobility – Find diverse career and internal mobility options within our various clusters. Learning & Development – Grow with training and development opportunities through our Training Academy. ### Accounts Assistant - Finance About Rogers Capital At Rogers Capital, we are a dynamic team of strategists, thinkers, and innovators – united to help you defy limitations. With ingenious solutions, we navigate through evolving markets, converting challenges into opportunities using our credit expertise, corporate legacy, and cutting-edge technology. But our story extends beyond expertise – it’s about our unwavering commitment, passion, loyalty, and people – the values that truly count. Embodying Agility, Pioneering, and Excellence, we drive transformation for our people, clients, businesses, and the communities they thrive in. Together, we conquer new horizons. Summary of the Role Provide support on financial accounting and maintain accuracy of the general ledger. Ensure financial reporting requirements are in compliance with laws and Rogers’ policies Main Responsibilities Perform bank reconciliation fir the entities under Fiduciary group. Assist in the reconciliation of Payroll Outsourcing salary control and debtors' balance. Prepare Purchase Orders and relevant Capex Form where applicable. Maintain the CAPEX schedule and perform variance analysis against budgeted plan. Cognos reporting within the set deadline and attend to queries from ENL consolidation team. Preparation of VAT and TDS returns and assist in the finalization of APS and CTX filing. Assist in the preparation of Audited Financial Statements and Financial summary. Assist in both the internal and group reporting requirements. Build and maintain accurate and confidential filing system. Ensure proper filing of all documents of the Department. Filing should be completed within 24 hours. Scan documents as far as possible for eco-friendly environment. Maintain and reconcile ledgers, reports and account records, examine and correct accounting transactions and prepare/post journal entries. Handle queries and assist customer service personnel as and when required timely. Work cooperatively with Auditors (Internal & External), attend to queries and resolve audit findings in a timely manner. Ensure effective communication link is maintained within the department and absolute confidentiality is maintained throughout all processes / procedures / activities. Foster and maintain good working relations with all other departments, stakeholders and employees in Rogers Capital. Be committed to excellence and promote efficiency by setting personal example of corporate values (Agility, Pioneering & Excellence). Perform any other cognate duties as requested by immediate supervisor. Ideal Candidate Profile Degree in Finance related subjects or ACCA partly qualified 1 - 2 years working experience in related field Be proficient in Microsoft Excel Be result-oriented & team player Be able to work under pressure and meet tight deadlines What’s in it for you?  Medical Insurance – Benefit from medical coverage, for you and your dependent(s), with 50% company contribution. 24Hrs Personal Accident Cover – Up to Rs 100,000 cover for accidents, 24/7. Pension Scheme – Enjoy a pension plan with company contributions for your future. Company Doctor Services – Free on-site medical consultations for your health needs. Performance Bonus – Earn a bonus for your hard work. Incredible discounts at our restaurants – Save 25% at Domino’s Pizza and 15% at Ocean Basket. Exclusive Employee Discounts – Benefit from a wide range of discounts with ENL & Rogers Mobile App. Instant Leave Benefits – Earn 1 annual and 1 sick leave monthly from day one. Career Growth & Internal Mobility – Find diverse career and internal mobility options within our various clusters. Learning & Development – Grow with training and development opportunities through our Training Academy. ### Manager - Corporate Administration About Rogers Capital At Rogers Capital, we are a dynamic team of strategists, thinkers, and innovators – united to help you defy limitations. With ingenious solutions, we navigate through evolving markets, converting challenges into opportunities using our credit expertise, corporate legacy, and cutting-edge technology. But our story extends beyond expertise – it’s about our unwavering commitment, passion, loyalty, and people – the values that truly count. Embodying Agility, Pioneering, and Excellence, we drive transformation for our people, clients, businesses, and the communities they thrive in. Together, we conquer new horizons. Summary of the Role The Manager – Corporate Administration is responsible for leading and managing a team of professionals delivering corporate administration services to a diverse portfolio of clients. The role requires ensuring operational efficiency, maintaining high-quality standards, developing team capabilities, and driving client satisfaction. The Manager also plays a key role in business development, internal governance, and strategic growth initiatives. Main Responsibilities Provide strategic oversight of the Corporate Administration team, ensuring high levels of service delivery, compliance, and operational effectiveness. Supervise, coach, and develop Team Leaders and Associate Managers to foster a culture of excellence, collaboration, and continuous improvement. Act as the reviewer for work produced by Team Leaders / Associate Managers, ensuring accuracy, compliance with defined processes and templates, and adherence to applicable laws and regulations. Ensure all deliverables are accurate, of high-quality and submitted within agreed timelines. Attend management meetings and contribute to departmental planning, risk mitigation, and operational initiatives. Provide regular reports, trackers, and dashboards to the Senior Manager / Head of Department, highlighting task completion rates, team performance, and key success metrics. Issue recommendations for process improvements based on data trends. Liaise with internal stakeholders to support cross-functional collaboration and integrated client service delivery. Engage with existing and prospective clients to identify business opportunities, manage relationships, and ensure exceptional service delivery. Act as the senior point of escalation for client matters and provide expert guidance on complex structuring and administration issues. Monitor team performance, set KPIs, and drive accountability for achieving objectives and maintaining client satisfaction Ensure that all statutory filings, board meetings, resolutions, and client records are maintained in accordance with regulatory standards and company policies. Deal with authorities, banks, auditors and other service providers. Provide support to team on complex clients’ requests. Ensure all transactions pertaining to the management of the clients’ affairs are executed promptly and efficiently by the team. Implement internal controls and reporting systems, including dashboards and trackers to enhance decision-making and transparency. Provide accurate, meaningful and timely information or statistics as requested by the Senior Manager / Head of Department, or other departments within set timeframe. Adhere to data collection and management procedures to prepare, collect, record and input data. Verification of data for accuracy and completeness. Take ownership of billing processes, fee reviews, and timely collection of receivables. Take responsibility for meeting team objectives and regularly update the Senior Manager / Head of Department on progress. Drive productive meetings for with team members and key stakeholders, providing recommendations and following up with action items daily. Promote innovation and automation of routine tasks to enhance productivity. Lead or contribute to strategic projects and initiatives at department or group level. Remain well informed on changes in legislation and the financial services environment impacting the industry of the Company. Ensuring compliance with all relevant regulations, laws, guidelines, including internal policies and procedures. Any other cognate duties that you may be requested by the Management of the Company to perform in furtherance of the objects, financial and business targets of the Company. Ideal Candidate Profile Degree in Management, Law, Finance, Accounting, or a related field. Minimum of 8 years’ experience in a fiduciary, global business, or corporate administration environment, with at least 3 years in a leadership or management role. Sound knowledge of the regulatory framework governing corporate services in Mauritius. Proven track record in client relationship management, operational delivery, and team leadership. Excellent interpersonal, communication, and organizational skills. Strong problem-solving ability and a proactive, solution-driven mindset. Exposure to business development and service innovation is an advantage. What’s in it for you?  Medical Insurance – Benefit from medical coverage, for you and your dependent(s), with 50% company contribution. 24Hrs Personal Accident Cover – Up to Rs 100,000 cover for accidents, 24/7. Pension Scheme – Enjoy a pension plan with company contributions for your future. Company Doctor Services – Free on-site medical consultations for your health needs. Performance Bonus – Earn a bonus for your hard work. Incredible discounts at our restaurants – Save 25% at Domino’s Pizza and 15% at Ocean Basket. Exclusive Employee Discounts – Benefit from a wide range of discounts with ENL & Rogers Mobile App. Instant Leave Benefits – Earn 1 annual and 1 sick leave monthly from day one. Career Growth & Internal Mobility – Find diverse career and internal mobility options within our various clusters. Learning & Development – Grow with training and development opportunities through our Training Academy. ### Credit Administration Officer Rogers Capital Credit Ltd is looking for a Credit Administration Officer its Credit team. This position requires keen attention to detail while reviewing document. The ideal candidate should be a team player and have knowledge of basic accounting functions. Your role: Minimum 3 years’ experience in the financial sector, preferably in the credit field. The ability to multitask and quickly switch your focus. Strong communication, organizational, and time management skills Attentive to details with an analytical and objective mind Ability to multitask and be flexible Proactive, dynamic and solution provider; Follow up on KYCs and other required documents Ensure proper filling and scanning of all files Ensure completion of checklist and documents and accuracy of same Assess credit worthiness of existing clients as per set SLAs Your profile Diploma in Finance / Accounting or any other relevant field Proficiency in Microsoft office tools. Good analytical skills and detailed oriented. Dynamic and can-do attitude. Outgoing personality, result oriented, orderly and excellent team player. Analytical skills & able to work independently Willing to work on extended shifts and during weekends, as and when required ### Fund Administrator About Rogers Capital At Rogers Capital, we are a dynamic team of strategists, thinkers, and innovators – united to help you defy limitations. With ingenious solutions, we navigate through evolving markets, converting challenges into opportunities using our credit expertise, corporate legacy, and cutting-edge technology. But our story extends beyond expertise – it’s about our unwavering commitment, passion, loyalty, and people – the values that truly count. Embodying Agility, Pioneering, and Excellence, we drive transformation for our people, clients, businesses, and the communities they thrive in. Together, we conquer new horizons. Summary of the Role To provide fund administration services with the support of senior staff to a variety of entities for which Rogers Capital provides service and to, at all times, comply with the Policies and Procedures of Rogers Capital. Main Responsibilities Work on a portfolio of client companies under the supervision of a Senior Fund Administrator. Perform day-to-day administration tasks including opening of bank accounts, application and renewal of TRC, processing the winding up and liquidation of companies. Process bank transfers. Organise board/shareholders meeting, prepare board packs, attend board/shareholders meetings, draft minutes. Draft minutes and resolutions. Perform filings to be made with the Registrar of Companies and Financial Services Commission. Perform collection, record and maintenance of due diligence documents on investors, directors, third-party service providers, etc. Attend to ad-hoc internal queries/reporting. Update internal database for the various registers to be maintained for the client entities. Prepare Investors reports. Process subscriptions and redemptions. Perform capital call and distributions. Ideal Candidate Profile Degree holder or qualified ICSA or partly qualified ACCA/ACA Fluent in English and French (written and spoken) Ms. Office conversant Self-disciplined, well-organized and attentive to details Highly motivated with the ability to work independently and in a team What's in it for you?  Medical Insurance – Benefit from medical coverage, for you and your dependent(s), with 50% company contribution. 24Hrs Personal Accident Cover – Up to Rs 100,000 cover for accidents, 24/7. Pension Scheme – Enjoy a pension plan with company contributions for your future. Company Doctor Services – Free on-site medical consultations for your health needs. Performance Bonus – Earn a bonus for your hard work. Incredible discounts at our restaurants – Save 25% at Domino’s Pizza and 15% at Ocean Basket. Exclusive Employee Discounts – Benefit from a wide range of discounts with ENL & Rogers Mobile App. Instant Leave Benefits – Earn 1 annual and 1 sick leave monthly from day one. Career Growth & Internal Mobility – Find diverse career and internal mobility options within our various clusters. Learning & Development – Grow with training and development opportunities through our Training Academy. ### Senior Finance Officer Rogers Capital Finance Ltd is looking to hire a Senior Finance Officer to join its Finance team. The role and responsibilities of the Senior Finance Officer are: - Management Accounts: Monthly reconciliation of all Debtors Control accounts as per General Ledger with respective Ageing reports to be submitted before finalisation of management accounts. - Accounts Payable: Independent verification of new supplier bank details and upload on Internet banking platform Upload bulk payments and transfers on internet banking platform. - Operations : Partipate in all new projects involving changes in operations and financial processes. Assist Operations regarding their queries / issues. Assist in interacting with merchants / dealers regarding their queries. Ensure daily follow up and reporting done on Cash collection and Cash in Transit. - Internal & External Audit : Assist the Finance Manager on specific tasks / reports linked with internal / external audits Liaise with internal / external auditors as may be required. - Insurance : Assist the Finance Manager in the preparation of schedules for renewal of all yearly Motor Vehicle, General and Professional Indemnity insurance policies. - Recovery : Assist the Finance Manager in having an overview / monitoring of the Recovery process. Assess on a periodic basis specific provisions to be accounted/adjusted following review/consultation with the Head of Recovery. Extract on a monthly basis from amounts recovered from Attorney those relating to contracts already written off for processing. Review settlements for contracts already written off for change of status on system for forwarding to MCIB. - People and Processes : Assist the Finance Manager in overlooking / planning / supervising the work done by the Finance Officers and Clerks. Provide regular feedback to the Finance Officers and Accounts Clerks/Trainees on improvement areas.   Skills required: - Bachelor Degree in Finance or Accounts - CFA, ACCA or CIMA - Strong knowledge of applicable industry legislations ### IT Technician - Helpdesk Rogers Capital Technology Services Ltd is searching for an IT Technician - Helpdesk to work in his Enterprise Infrastructure Services department. If you are agile and have a pioneering mindset, join a winning team so that we can evolve together. Skills required: • Professional certification such as CompTIA A+ and N+, MCP or any other certification in computer repairs & maintenance. • Proven experience in Helpdesk and Desktop Support, Proven experience in installation and support of computers and peripherals will be an advantage. • Certificate / Diploma in IT would be an advantage. • Ability to prioritize incident tickets based on business impact and/or urgency. • Good team player. • Excellent communication. Duties: • Attend to phone calls and emails received on IT Helpdesk extension. • Logging of incident and/or request tickets for all issues reported to IT Helpdesk. • Triage & assignment of tickets to L2, L3 or 3rd party support teams as appropriate. • Follow up, with assigned teams and/or impacted callers, for open & long outstanding tickets. • Assist in support of laptops, desktop, printers, and basic networking. • Assist in support of desktop operating systems, applications, and system utilities. ### RPA /AI Support Software Engineer Rogers Capital Technology Services Ltd is searching for a RPA /AI Support Software Engineer to work in its Digital Factory Department based at our Ebene office. The RPA & AI Support Software Engineer will be responsible for providing ongoing support for existing RPA and AI solutions deployed with clients, ensuring these systems meet performance standards and are aligned with service-level agreements (SLAs). This role demands a detail oriented professional with strong problem-solving skills and the ability to troubleshoot, optimize, and maintain RPA and AI systems effectively to meet client needs. Skills required Bachelor’s degree in Computer Science,Software Engineering,or a related field (or relevant professional certification). At least 3 years of hands-on experience in one or more of the following programming languages: Python,PHP,C#,Java,VBA,or .NET. 1 year of experience with RPA tools is a significant advantage. Familiarity with AI platforms and frameworks is desirable. Demonstrated experience in supporting client projects,ensuring compliance with SLAs and performance expectations. Strong troubleshooting,debugging,and software maintenance skills. Excellent communication and client management skills,with the ability to collaborate effectively with teams and clients to resolve issues and enhance automation processes. Duties Provide consistent support for existing RPA and AI client projects,ensuring systems are maintained and optimized according to client requirements. Ensure that all support and maintenance tasks comply with client SLAs and contractual obligations. Collaborate with internal teams and clients to design and refine automation processes and troubleshoot issues in real-time. Analyze system performance and suggest improvements based on client feedback and usage patterns. Produce clean,efficient,and maintainable code based on project specifications and ensure adherence to best practices. Monitor the health of RPA and AI systems,identify potential issues proactively,and resolve them swiftly. Gather user feedback to evaluate system performance,making necessary adjustments to meet evolving client needs. Recommend,implement,and execute improvements to enhance system reliability and functionality. Generate and maintain clear technical documentation for internal and client reference,troubleshooting,and reporting purposes. Work closely with clients and software developers to evaluate processes for automation and implement new RPA & AI initiatives. Contribute to Research & Development projects aimed at improving the capabilities of existing systems. ### RPA /AI Junior Software Engineer Rogers Capital Technology Services Ltd is searching for a RPA /AI Junior Software Engineer to work in its Digital Factory Department based at our Ebene office. The Junior RPA /AI Software Engineer will be responsible for the implementation of Robotic Process Automation (RPA) & AI solutions. Skills required Bachelor degree in an appropriate subject (e.g. computer science,Software engineering or any relevant professional certificate(s)) At least 1 year experience in Software Development. At least 1 year experience in any RPA tools experience will be a definite advantage. Knowledge of any AI Platform will be a definite advantage Should have prior experience in any of the following coding languages (Python,php,C#Sharp,Java,VBA or .Net) Duties Work with the team to design algorithms and flowcharts. Produce clean,efficient code based on specifications. Troubleshoot,debug and upgrade existing software. Gather and evaluate user feedback. Recommend and execute improvements. Create technical documentation for reference and reporting. Work with clients and Senior software developers to execute RPA & AI initiatives by analysing potential Process for Automation. Participate in Research & Development Projects ### Sales Consultant (Leasing) Rogers Capital Finance Ltd is looking to hire a Sales Consultant to join its Leasing team. We’re looking for a dedicated professional with a proven track record of helping businesses increase their sales numbers and improving their sales associates’ performance. Our growth requires a dynamic Leasing Sales Consultant, passionate by building relationship, who can usher us into the next phase of our development and ensure that we continually meet our sales target on a monthly basis. Your Role: Implement the Sales strategy with a special focus on Leasing. Grow the client database by meeting with and signing new clients. Provide excellent quality service and information to clients and assist them to fill their leasing applications. Set appointments with clients and follow up with them afterward. Maintain excellent relationship with clients to ensure customer satisfaction and loyalty. Gather regular customer feedback document same and provide management with relevant  reports. Liaise with the Marketing department to share product knowledge and participate in advertising / promotion campaigns Prepare and compile relevant sales reports and monitor the sales performance Your Profile: Diploma or equivalent in marketing or business management. Valid Driving license with 2 years minimum Proven ability to drive sales and generate new business. Relevant industry experience ideally gained in leasing field. Confident and experienced negotiator able to drive revenue. Ambitious and driven personality with a hunger for success. Willing to work on extended shifts and odd hours ### Store and Logistics Executive Rogers Capital Technology Services Ltd is searching for a Store and Logistics Executive to work in its Managed Connectivity Services Department based at our Ebene office. The Store and Logistics Executive will be responsible for overseeing all aspects of supply chain management, ensuring the flow of raw materials and final products from suppliers to customers. Skills required Minimum a Higher school certificate. Diploma in stock management will be an advantage. Two years + of experience in storekeeping, inventory control, and recordkeeping. Good knowledge of Ms office. Knowledge of standard practices, procedures, and equipment used in the receipt, storage, requisitioning, and disbursement of supplies and materials. Ability to maintain work schedules and uphold work standards. Ability to maintain records and prepare reports. - Ability to communicate effectively with others, both verbally and in writing. Duties Assist work that involves ordering, receiving, inspecting, returning, unloading, shelving, packing, labeling, pricing, delivering, and maintaining a perpetual inventory of forms, office supplies, and various types of equipment. Keep records to maintain inventory control, cost containment and to assure proper stock levels. Maintain records, prepares reports, and composes correspondence relative to the work. Responsible for developing and adhering to processes and procedures in the Operations section to ensure its smooth operation. Assure the reliability and consistency of production by checking processes and final output. Lead by example on the production floor; working with production and technical staff to determine training needs and process improvements. Responsible for Training, motivating, coaching, and correcting employees to ensure that standards are met. Coordinate freight handling, equipment moving and minor repairs. Provide support in mail handling and courier service. Assist in inspecting items as to quality and quantity against freight documents. Coordinate the allocation of internal and external resources as well as internal logistics. Adhere to all health and safety process and procedures in place. Obtain cost quotes, issue purchase requests, and follow finance policies and procedures in the ordering and budgetary controls. Ensure the security and protection of data as required by company policy. Resolve discrepancies in requisitions, purchase orders, and delivery reports by contacting vendors or requesters. Prepare and file complaints on unsatisfactory shipments. Assist in unpacking incoming goods and wraps and packs outgoing goods. Compile and type statistical reports including tables and text using spreadsheet software as requested by upper management or the company. Make recommendations concerning any gaps or risks in the Network. Assist in operating simple office machines (which may in some cases include computer assisted inventory, automotive equipment, and may operate other light equipment used in moving heavy items). May participate in the selection, training and supervision of subordinates, when applicable. Provide assistance in logistics planning. Ensure vehicles are kept in good conditions, quote to be requested from suppliers and request HOD to vet costing for any repairs related, constant follow up to be done. Support & coordinate all actions with the Network Operations Center, Project, Maintenance and Field services Teams. If you are agile and have a pioneering mindset, join a winning team so that we can evolve together. ### Sales Administrator Rogers Capital Technology Services Ltd is searching for a Sales Administrator to work in its Managed Connectivity Services Department based at our Ebene office. We are seeking a meticulous and adaptable Sales Administrator. In this role, you will verify customer information, issue invoices, relay order instructions, and complete monthly sales reports. You may also be required to process timesheets. Skills required At least 3-5 years’ experience in a similar position Strong organizational skills Advanced administrative skills Good interpersonal and customer service skills Minimum HSC with other studies in sales or communication. Duties Receiving and processing purchase orders. Issuing sales transaction invoices. Verifying orders, including customers' personal information and payment details. Contacting customers by phone or email to answer queries and obtain missing information. Maintaining and updating sales and customer records. Compiling monthly sales reports. Expediting orders through internal liaison. Directing feedback from customers to relevant departments. Identifying new products to add to those on offer. Supporting the sales department with other administrative tasks, if requested. If you are agile and have a pioneering mindset, join a winning team so that we can evolve together. ### Analytics Analyst Rogers Capital Finance Ltd is looking for an Analytics Analyst to support the Head of Analytics and the risk functions by providing analytics reporting and data-driven strategic insights, trends and perspectives. The ideal candidate will have the technical skills to perform critical data analysis and develop BI reporting to help make informed decisions. The candidate will be agile, fast learner and a team player. Your role: • Perform in-depth analysis of financial data to identify trends, patterns, and anomalies. • Build and implement predictive models using various statistical and machine learning techniques. • Monitor ongoing performance of predictive models using appropriate back-testing methods. • Work with stakeholders throughout the organization to identify opportunities for leveraging company data to drive business solutions. • Analyze data from company databases to drive optimization and improvement of product development, marketing techniques and business strategies. • Actively participate, as measurement and reporting experts, in risk management. • Design and build reports and dashboards in a Business Intelligence tools (Power BI) • Support business units by providing data-driven insights to enhance decision-making processes. Your profile: • Bachelor's degree in Statistics, Mathematics, Economics, Data Science, Computer Science or a related field. • A previous experience in Data/Analytics will be an advantage. • Understanding of financial concepts and products. • Proficiency in data analysis tools such as Excel, SQL, and knowledge of scripting languages (e.g., Python, R, SAS). • Familiarity with data visualization tools, such as Power BI. • Strong attention to detail and problem-solving skills.   ### System Engineer Rogers Capital Technology Services Ltd is looking for a System Engineer to work in its Datacentre Department. This role involves managing and monitoring all installed systems and infrastructure. If you are agile and have a pioneering mindset, join a winning team so that we can evolve together. Skill(s) required Certificate / Diploma in IT A minimum of 3 years of experience as a System Administrator or Engineer Server Hardware Architechture Storage Area Network Microsoft Windows Services - HyperV and Active Directory, Linux Server would be an advantage VMware would be an advantage Backup solutions such as Veeam B & R or Veritas systems Microsoft SQL would be an advantage Anti-Virus solutions, Microsoft Certified System Administrator or Expert Duties Design and implement sets of systems and IT infrastructures Investigate, analyse, troubleshoot and provide timely solutions on occurred incidents on installed system, hardware, software, and infrastructure Ensure the good functioning of installed systems through proper monitoring, follow-ups, and maintenance Work in close collaboration with other engineers and key vendors and ensure a good relationship is maintained Participate actively in the migration of new and/or existing infrastructure of existing and new customers Define operational procedures and maintain a proper documentation Research and Development on new Technologies ### Team Leader - Corporate Administration About Rogers Capital At Rogers Capital, we are a dynamic team of strategists, thinkers, and innovators – united to help you defy limitations. With ingenious solutions, we navigate through evolving markets, converting challenges into opportunities using our credit expertise, corporate legacy, and cutting-edge technology. But our story extends beyond expertise – it’s about our unwavering commitment, passion, loyalty, and people – the values that truly count. Embodying Agility, Pioneering, and Excellence, we drive transformation for our people, clients, businesses, and the communities they thrive in. Together, we conquer new horizons. Summary of the Role Assist Manager with ongoing interaction with clients and business partners. Handle more complex structures / clients and high profile clients Review of administrators' work - including coaching of administrators. Provide guidance and ensure they always comply with statutory regulation and company’s policy and procedures. Carry out day-to-day administration including corporate work, organising board meetings, preparing board packs, attending board meeting, if required and drafting of minutes, Statutory filing - Ensure records are properly maintained and compliant with local legislations including file reviews/KYC updates, conducting due diligence, etc. Filing, Scanning of Statutory Files and updating of information on relevant system within the set deadlines. Provide support on clients’ requests. Ensure all transactions pertaining to the management of the clients’ affairs are executed promptly and efficiently. Liaise on an ongoing basis with clients and business partners. Handle a portfolio of clients being Domestic, GBL, AC, Trust, Foundation, foreign companies and any other type of entity which can be under the administration of RCCS. Deal with authorities, banks, auditors and other service providers. Provide information / statistics as may be required by Team Leader/Manager and other departments within set timeframe. Ensuring compliance with all relevant regulations, laws, guidelines, including internal policies and procedures, etc. Any other cognate duties in line with your capabilities. Be committed to excellence and promote efficiency by setting personal example of corporate values (Agility, Pioneering & Excellence) Ideal Candidate Profile First Degree in Law and Management or Accounting and Finance or any other relevant fields. Studying towards ICSA qualification will be a definite advantage. Able to work under pressure with tight deadlines. Good team player, with strong customer service drive. Between 3 - 5 years’ experience within the Global Business sector. Dynamic, committed and proactive. Strong interpersonal and communication skills are essential. What’s in it for you? Medical Insurance – Benefit from medical coverage, for you and your dependent(s), with 50% company contribution. 24Hrs Personal Accident Cover – Up to Rs 100,000 cover for accidents, 24/7. Pension Scheme – Enjoy a pension plan with company contributions for your future. Company Doctor Services – Free on-site medical consultations for your health needs. Performance Bonus – Earn a bonus for your hard work. Incredible discounts at our restaurants – Save 25% at Domino’s Pizza and 15% at Ocean Basket. Exclusive Employee Discounts – Benefit from a wide range of discounts with ENL & Rogers Mobile App. Instant Leave Benefits – Earn 1 annual and 1 sick leave monthly from day one. Career Growth & Internal Mobility – Find diverse career and internal mobility options within our various clusters. Learning & Development – Grow with training and development opportunities through our Training Academy. ### Support Tax Officer About Rogers Capital At Rogers Capital, we are a dynamic team of strategists, thinkers, and innovators – united to help you defy limitations. With ingenious solutions, we navigate through evolving markets, converting challenges into opportunities using our credit expertise, corporate legacy, and cutting-edge technology. But our story extends beyond expertise – it’s about our unwavering commitment, passion, loyalty, and people – the values that truly count. Embodying Agility, Pioneering, and Excellence, we drive transformation for our people, clients, businesses, and the communities they thrive in. Together, we conquer new horizons. Summary of the Role This role requires a highly organized, adaptable, and detail-oriented individual with good communication and multitasking skills. Main Responsibilities Calendar Management: - Maintain and coordinate daily schedules for the Managing Director and other Senior Members of the Management Team. - Schedule, organize, and manage meetings, appointments, and conference calls. - Proactively manage any conflicts or changes in the schedule. Meeting Coordination: - Plan and organize internal and external meetings, including booking meeting rooms, coordinating audio/video conferences, and preparing meeting agendas and materials. - Draft and distribute meeting minutes, as required. - Collaborate with various stakeholders to ensure smooth meeting logistics. Administrative Support: - Handle incoming and outgoing correspondence, emails, and telephone calls on behalf of the Managing Director and other Senior Members of the Management Team. - Draft and proofread various documents, presentations, and reports. - Assist with raising of sales orders, sending of weekly time sheet to clients - Coordinate and maintain documentation, files, and records. - Assist in the updating of Job Monitoring sheets Special Projects and Research: - Support the Managing Director and other Senior Members of the Management Team in special projects, research, and data analysis as required. - Assist in preparing presentations and business development materials. Ideal Candidate Profile Excellent organizational and time management skills.- Good written and verbal communication skills. Proficient in using Word, Excel, PowerPoint, Outlook, Argos. Ability to handle confidential information with discretion including all items discussed during Management Meeting Exceptional attention to detail and accuracy. Ability to anticipate needs, take initiative, and execute tasks efficiently. Flexible, adaptable, and able to handle multiple priorities within tight deadlines. What's in it for you? Medical Insurance – Benefit from medical coverage, for you and your dependent(s), with 50% company contribution. 24Hrs Personal Accident Cover – Up to Rs 100,000 cover for accidents, 24/7. Pension Scheme – Enjoy a pension plan with company contributions for your future. Company Doctor Services – Free on-site medical consultations for your health needs. Performance Bonus – Earn a bonus for your hard work. Incredible discounts at our restaurants – Save 25% at Domino’s Pizza and 15% at Ocean Basket. Exclusive Employee Discounts – Benefit from a wide range of discounts with ENL & Rogers Mobile App. Instant Leave Benefits – Earn 1 annual and 1 sick leave monthly from day one. Career Growth & Internal Mobility – Find diverse career and internal mobility options within our various clusters. Learning & Development – Grow with training and development opportunities through our Training Academy. ### Logistics Driver Rogers Capital Technology Services Ltd is looking for a Logistics Driver to work in its Customer Service Department. As an IT Logistics Driver, you will play a crucial role in our operations by managing the delivery and transportation of IT equipment and supplies. If you are agile and have a pioneering mindset, join a winning team so that we can evolve together. Skills required: Valid driver’s license and clean driving record. Experience in logistics and transportation, preferably within the IT sector or other industries requiring careful handling of sensitive equipment. Excellent organizational and time management skills. Ability to lift heavy objects and equipment. Good communication skills and the ability to work independently. Duties: Safe and timely delivery of products, including hardware, software, and other equipment, to various locations Loading and unloading IT equipment while ensuring the security and handling requirements specific to sensitive technology. Maintaining accurate logs and inventory records of all items transported. Performing regular vehicle maintenance checks and coordinating repairs to ensure vehicle safety and reliability. Assisting in route planning and navigation to optimize delivery schedules. Adhering to all company policies and legal regulations governing vehicle operation and goods transportation ### Business Development - Cybersecurity Rogers Capital Technology Services Ltd is searching for a Business Development- Cybersecurity (with an IT Background) to join its Cybersecurity Advisory team. This exciting opportunity will provide ability to be in touch with strategic business development initiatives and networking opportunities. If you are agile and have a pioneering mind-set, join a winning team so that we can evolve together. Skill(s) Required Degree in Marketing, Computer Science, or any relevant qualification. Ability to generate revenue by onboarding new clients and obtaining new projects. Excellent communication and interpersonal skills. Excellent customer presentation skills. Excellent documentation skills. Ability to prioritize and multitask and work under pressure. Fast learner and willingness to learn new technologies and maintain industry knowledge. Ability to travel 25-50% of the time. Experience in sales and marketing selling enterprise solutions.  A “can do it” attitude. Valid driving license. Duties & Responsibilities Develop familiarity with products and services offered through the service line. Onboard new clients through direct contact, word-of-mouth, and collaboration with the marketing initiatives. Manage lead generation process, commercial proposal writing, deal closing and after-sales account management. Achieve revenue and profit targets as set by Management. Identify and develop business development initiatives in collaboration with the advisory team to promote creative value-added services. Build and sustain positive and profitable relationships with strategic corporate partners. Liaise with internal stakeholders to achieve customer satisfaction and retention targets. Attending networking activities to research and connect with prospective clients. Adhere to leading industry business frameworks for delivering quality services. Perform any other cognate duties as may be assigned by Management. ### Head of Legal About Rogers Capital At Rogers Capital, we are a dynamic team of strategists, thinkers, and innovators – united to help you defy limitations. With ingenious solutions, we navigate through evolving markets, converting challenges into opportunities using our credit expertise, corporate legacy, and cutting-edge technology. But our story extends beyond expertise – it’s about our unwavering commitment, passion, loyalty, and people – the values that truly count. Embodying Agility, Pioneering, and Excellence, we drive transformation for our people, clients, businesses, and the communities they thrive in. Together, we conquer new horizons. Summary of the Role Assist the Managing Director and Heads of Departments in servicing the legal needs of Rogers Capital and its clients. Ensure clients of Rogers Capital receive high quality and timely legal services at all times. Main Responsibilities Provide assistance on any tax and legal issues as and when required to Rogers Capital and its clients. Keeping a constant watch on the legal environment in order to apply and explain changes in legislation (including tax legislations), rules, regulations, codes and guidelines to the firm and group employees, clients or collaborators. Assist in managing legal aspects of tax audits, tax disputes and taking charge of the legal follow-up of cases. Assist from a legal perspective the tax team to represent the group and its clients and defending its interests before the tax authorities and the courts. Assist in conducting and leading training sessions on legal issues (including legal tax issues). Advice on the legal aspects of any tax structuring advice. Assist in drafting and reviewing legal documents and provide legal advice/opinion on a wide range of subjects including global business matters, as and when required. Conduct legal research and communicate findings clearly and concisely. Liaise with regulatory authorities and represent the company for resolution of issues. Maintain the litigation register of the company and the master log of litigation of client companies. Work in collaboration with the Head of Compliance & Risk/Compliance Department on any legal/compliance issues as and when required. Consultation with the legal department of the Rogers and Company Limited, or any external lawyer, as needed, to resolve legal issues. Maintain and manage a network of lawyers and legal professionals. Assist the Managing Director in managing the overall functioning of the company including the preparation of the budget, achievement of revenues and management of legal debtors. Coach & develop team members with a view to build a culture based on Rogers Capital values, and by extension to Rogers Group core values. Help team members to learn new skills so that they are capable and willing to develop themselves and upgrade their knowledge. Ensure customer satisfaction and delivery through fast, efficient and quality service that meets customers' expectations. Handle queries from Manager, Team Leader and Associate Team Leader, clients and other stakeholders efficiently and promptly. Provide quality service to clients. Show willingness to help other team members in difficult times. Build up the legal department as and when the volume and scope of work grows. Such other work as may be requested from time to time by the MD or other Reporting Manager. Prioritize and refocus resources to deliver on targets to ensure meeting targets as may be set out or agreed with the Managing Director. Be committed to excellence and promote efficiency by setting personal example of corporate values (Agility, Pioneering & Excellence). Show and promote positive attitude. Ideal Candidate Profile At least 6 years of relevant experience in a similar role in a financial institution environment LLB/LLM degree holder Excellent analytical, research and writing skills and ability to make good judgements Good interpersonal skills and excellent team player Ability to manage a large workload with a tight deadline, and remain up-to-date with laws What's in it for you?  Medical Insurance – Benefit from medical coverage, for you and your dependent(s), with 50% company contribution. 24Hrs Personal Accident Cover – Up to Rs 100,000 cover for accidents, 24/7. Pension Scheme – Enjoy a pension plan with company contributions for your future. Company Doctor Services – Free on-site medical consultations for your health needs. Performance Bonus – Earn a bonus for your hard work. Incredible discounts at our restaurants – Save 25% at Domino’s Pizza and 15% at Ocean Basket. Exclusive Employee Discounts – Benefit from a wide range of discounts with ENL & Rogers Mobile App. Instant Leave Benefits – Earn 1 annual and 1 sick leave monthly from day one. Career Growth & Internal Mobility – Find diverse career and internal mobility options within our various clusters. Learning & Development – Grow with training and development opportunities through our Training Academy. ### Freelance App Promoter Are you passionate about technology, enjoy interacting with people, and want to be part of a forward-thinking team, apply now to become a Noula App Promoter!  The role is on a freelance basis making it perfect for those looking for flexible work arrangements (students, hsc leavers,..). Key Responsibilities: Actively promote the Noula App to customers at retail outlets, partner stores, and promotional events. Demonstrate the app’s features and benefits to potential users, ensuring they understand its functionalities. Assist customers with downloading, registering, and navigating the app. Address customer inquiries and provide troubleshooting support where necessary. Collect feedback from users and share insights with the marketing and product teams to improve the app experience. Collaborate with internal teams to execute marketing campaigns and promotional activities. Maintain accurate records of customer interactions and app downloads for reporting purposes. Requirements: Availability to work flexible hours, including weekends and peak business periods. Strong communication and interpersonal skills with a friendly and approachable personality. Tech-savvy with the ability to explain digital applications to non-tech users. Experience in customer service, sales, or promotional roles is an advantage. Self-motivated, proactive, and able to work independently. Fluent in English & French. What We Offer: Interesting remuneration Flexible working hours Hands-on training on the Noula App and promotional strategies. Opportunity to be part of a growing digital transformation initiative. A dynamic and supportive work environment. ### ERP Senior Functional Consultant Rogers Capital Technology Services Ltd is looking for an ERP Senior Functional Consultant to work in its Digital and Data Department. If you are agile and have a pioneering mind-set, join a winning team so that we can evolve together. Skills: •Experience: Minimum of 5-10 years in ERP consulting, with a proven track record of leading end-to-end implementations across multiple industries. • Education: Bachelor’s degree in Software Engineering, Accounting/Finance, Business Administration, or a related field. • Technical Expertise: In-depth knowledge of ERP platforms, including system integration, reporting tools, and advanced module configurations. • Business Acumen: Strong understanding of business processes in finance, supply chain, and operations. • Leadership Skills: Exceptional ability to manage teams, drive collaboration, and inspire high performance. • Communication: Fluent in English and French (written and spoken), with the ability to present technical solutions to non-technical audiences. • Adaptability: Comfortable working in fast-paced environments, managing multiple projects, and adapting to evolving client needs. • Problem-Solving: Analytical mindset with the ability to develop innovative solutions for complex challenges. • Certifications (optional but desirable): Microsoft Certified: Dynamics Business Central or equivalent. Duties: • Client Advisory : Act as a trusted advisor to clients, understanding their strategic goals and aligning ERP solutions to drive business values. • Solution Design : Lead the analysis, design, and architecture of ERP systems, ensuring solutions are scalable, efficient, and meet industry standards. • Project Leadership : Oversee ERP implementations from initiation to go-live, ensuring timely delivery within budget while maintaining quality. • Team Mentorship: Guide and mentor junior consultants and project team members, fostering professional development and knowledge sharing. • Advanced Customization: Manage complex configurations and customizations to address unique client requirements. • Stakeholder Engagement : Collaborate with C-level executives and key stakeholders to gather business requirements and define project scope. • Quality Assurance : Establish testing frameworks, oversee system testing, and validate deliverables to ensure alignment with client objectives. • Process Optimization: Conduct process reviews and recommend best practices to improve operational efficiency. • Knowledge Management : Develop and maintain comprehensive documentation, including functional design documents, training materials, and user guides. • Business Development: Identify opportunities for additional services, contribute to proposals, and support presales activities. ### NOC Specialist Rogers Capital Technology Services Ltd is searching for a NOC Specialist to work in its Managed Connectivity Services Department. If you are agile and have a pioneering mind-set, join a winning team so that we can evolve together. Duties & Responsibilities: Monitor network performance and system health using various tools and technologies. Respond to network alerts and incidents, diagnosing and resolving issues promptly. Collaborate with other IT staff to ensure efficient network operations. Create and maintain comprehensive documentation for network configurations, processes, and procedures. Conduct network performance tuning and optimization. Provide technical support and guidance to end-users and internal teams. Escalate complex issues to senior network engineers or appropriate teams as necessary. Participate in an on-call rotation to provide 24/7 network support. Assist in the implementation of network security measures and protocols. Skill(s) required: Excellent troubleshooting and problem-solving skills. Strong analytical and critical thinking abilities. Ability to work under pressure and handle multiple tasks simultaneously. Effective communication and interpersonal skills. Attention to detail and strong organizational skills. Ability to work independently and as part of a team. Willingness to work in a fast-paced and dynamic environment. ### Accounts Trainee Rogers Capital is looking for an Accounts Trainee to assist in the day-to-day challenges of the Finance department. Responsibilities: • Prepare bank reconciliation • Prepare daily cash flow • Prepare cash and card in transit reconciliation • Prepare point of sale settlement report • Maintain records of cash collections from counters • Attend service desk operation queries • Assist in the debtor’s management • Assist in monthly and end of year reporting as well as posting of journal entries Your Profile: BSC Finance / Accounting or undergoing ACCA Good Mathematics & Accounting results at HSC level Good knowledge of office tools ### Tele Sales Agent Rogers Capital Technology Services Ltd is looking for a Tele Sales Agent to work in its Enterprise Infrastructure Services Department. If you are agile and have a pioneering mindset, join a winning team so that we can evolve together. The selected candidate will be responsible to provide support and guide clients to successfully apply and onboard and provide a seamless customer experience. You will be required to work on a shift system on a rotational basis Mondays to Fridays. Skill(s) required Higher School Certificate (HSC) holder  Experience in dealing with customers to ensure high-quality interaction management and query handling  Excellent communicator along with convincing abilities  Passion for customer success and deep interest in understanding client needs  Be able to deal with unclear requests and high volume of requests Ability to work under time and target pressure  Strong interpersonal & communication skills Strong relationship management skills Strong problem-solving skills Strong digital acumen Duties The incumbent to this position has the chief responsibility and targets for converting leads into customers across various digital banking products offered by the client. Contacting existing and prospective customers, understanding customer requirements, and closing sales, providing top-quality tele-support to our new and existing customers while ushering them into new markets, products, or operations, helping to ensure customer satisfaction and strengthen merchant relationships. Ensuring customers are digitally active throughout their lifecycle, Provide the Product team with customers’ feedback to help identify potential new features or products. Having complete and end-to-end detailed knowledge for all the products & services offered by the bank. Ability to learn about products and services and describe/explain them to prospects. Responding in a timely and effective manner to all internal communication. Make outbound telephone calls to persuade and influence customers to use the client’s digital products. ### Credit Analysis Trainee Are you a recent university graduate looking to kickstart your career in the financial services industry? Join our team as a Credit Analysis Trainee (YEP program) and embark on a journey that offers professional growth, hands-on experience, and the opportunity for permanent employment! This traineeship will provide fresh graduates with comprehensive training and practical exposure to the critical function of credit risk assessment and equip with the skills and knowledge necessary to excel in the field of credit vetting, preparing you for a promising career in financial services. Your role: • Assess creditworthiness of prospective and current clients (individuals and corporate)- For Consumer Finance, Leasing, Factoring and Secured Loan • Make clear and informed recommendations to the Approval Authority to mitigate the risks identified in the Credit Proposals • Ensure turnaround time for each Credit Proposal is within the agreed SLA • Ensure compliance with the company’s Credit Policy, other internal policies and regulatory guidelines. • Ensure operational excellence in the delivery of services and actively participate in the development of the business with new ideas • Work as a team and share expertise & knowledge Your profile: • University degree in Banking/Finance/ Accounting or any other relevant qualifications • Ability to analyze financial data and assess credit risk. • Computer literate (well versed with Microsoft Tools) • Attentive to details and very focused • Strong sense of Ethics with a good mindset and attitude • Ability to multitask and be flexible ### Freelance Branch Officer Rogers Capital is looking for motivated Freelance Branch Officers to provide high-quality service to our customers and to promote our digital application ''noula'' to the local public. Responsibilities: Be the dedicated point of contact with clients Record and assess Hire/Purchase applications Handle clients’ payments, requests, and queries Provide information about our products and services to the public Attend phone calls promptly to answer queries or on-board clients Liaise with all stakeholders Engage with the local community to create awareness about ‘’noula’’. Showcase the unique features and benefits of the app to potential users to highlight the app’s advantages. Generate interest and excitement around ‘’noula’’ through creative promotional strategies. Establish a physical presence in key local malls and public spaces. Approach and interact with visitors, answering questions, and providing information about ‘’noula’’. Utilize persuasive communication skills to encourage people to download, install and explore ‘’noula’’ on their devices. Your Profile: Strong interpersonal and communication skills. Proactive and self-motivated with the ability to work independently. Comfortable approaching and engaging with diverse groups of people. Ability to work autonomously with minimal supervision. Basic understanding of smartphone applications and technology. Access to a smartphone with the ability to demonstrate ‘’noula’’ features. ### Branch Officer Rogers Capital is looking to hire branch officers to join its Client Relationship department. The ideal candidate will provide high-quality service to our customers, manage Hire/Purchase applications and go the extra mile to make sure our customers are satisfied. Responsibilities: Provide excellent quality service and information to clients and assist them to fill their HP & Loan applications. Record, analyse and review the HP & Loan applications within the guidelines set forth in the Company's credit policy framework. Handle clients’ payments. Follow-up all HP & Loan applications with merchants and clients Attend phone calls promptly to answer queries or on-board clients. Your Profile: HSC Level or equivalent. Customer-oriented and professional attitude Good communication skills Work experience in a client facing environment will be an advantage Computer literate Willing to work on extended shifts & odd hours ### Leasing Officer Rogers Capital is looking for a Leasing Officer to join its Leasing team. We are looking for a dedicated professional with a proven track record of dealing with leasing applications and helping businesses increase their sales numbers via exceptional customer service. In this role, you should be an excellent communicator who can stay positive when facing difficult situations. You should also be reliable and customer-oriented, as you’ll serve as a primary point of contact for our customers. Responsibilities: Ensure completeness of leasing files as per established policy and guidelines. Ensure all customer queries and issues are resolved in a timely manner. Follow up of files with Credit team and ensure set SLAs are met Participate in Roadshows and exhibitions. Prepare and compile relevant sales reports. Maintain positive business and customer relationships. Your profile: A high school diploma or equivalent in marketing or business management. At Least 2 years relevant working experience in a similar position. The ability to multitask and quickly switch your focus. Strong communication, organizational, and time management skills Ambitious and driven personality with a hunger for success. ### Credit Officer - Leasing Rogers Capital is hiring a Credit Officer to join the Credit Team. In this role, you should have excellent financial acumen and the ability to accurately interpret financial data. Your role: • Assess creditworthiness of prospective and current clients (individuals and corporate)- For Consumer Finance, Leasing, Factoring and Secured Loan • Make clear and informed recommendations to the Approval Authority to mitigate the risks identified in the Credit Proposals • Ensure turnaround time for each Credit Proposal is within the agreed SLA • Ensure compliance with the company’s Credit Policy, other internal policies and regulatory guidelines. • Ensure operational excellence in the delivery of services and actively participate in the development of the business with new ideas • Work as a team and share expertise & knowledge Your profile: • University degree in Banking/Finance/ Accounting or any other relevant qualifications • Minimum 2 years’ work experience in Financial Sector • Experience in Credit will be an advantage • Computer literate (well versed with Microsoft Tools) • Attentive to details and very focused • Strong sense of Ethics with a good mindset and attitude • Ability to multitask and be flexible ### Messenger/Driver Rogers Capital Technology is searching for a Messenger/Driver to work in its Administration Department. The selected candidate will report to the Supervisor – Administration & Logistics. If you are agile and have a pioneering mind-set, join a winning team so that we can evolve together. Your Role: To provide transportation services to the company staff and always use safe driving. To be responsible for the good maintenance of the vehicle assigned to you. To drive company vehicles to servicing place or for any mechanical repairs when needed. To run errands as and when needed. To maintain cleanliness of the Company’s vehicles at all times. To do general dispatch for all incoming and outgoing mails. Dealing with enquiries from the client, both face to face and on the telephone. Your Profile: SC holder or any other acceptable qualification. Minimum of 2 years experience in a similar position. Valid car driving license. Dynamic, pleasant and outgoing personality. Good level of written and spoken English and French. Good knowledge of Mauritian routes.   Your application should be sent together with a detailed curriculum vitae careers.technologyservices@rogerscapital.mu ### Plant a Tree [vc_row el_class="sustainability-banner-row"][vc_column el_class="rogerscap-wpwidth1265"] Plant A Tree Initiative by Rogers Capital: Nurturing biodiversity and sustainability In an unwavering commitment to sustainability and environmental conservation. Rogers Capital proudly organised a 'Plant a Tree' initiative, a monumental step toward safeguarding the natural heritage of Mauritius. Through the dedicated of forts of our volunteer staf I. a remarkable milestone was achieved an additional 100 trees took root, symbolising our shared responsibility to protect and rejuvenate our planet [/vc_column][/vc_row][vc_row el_class="sustainability-text-row"][vc_column el_class="rogerscap-wpwidth1265"][vc_row_inner el_class="sustainability-text-inner-row"][vc_column_inner el_class="sustainability-text-col" width="1/2"] Jacotet River: A precious ecosystem At the heart of our initiative lies the Jacotet Rivera vital natural boundary encompassing the UNESCO Man and Biosphere Reserve of Mauritius. Within this sanctuary exists the last remnants of the island's endemic forest, constituting a mere 2% of the total expanse. This reserve serves as a sanctuary for countless endemic species. both flora and fauna, encapsulating the unique biodiversity that defines Mauritius. [/vc_column_inner][vc_column_inner el_class="sustainability-text-col" width="1/2"] A threefold vision of sustainability Our 'Plant a Tree' endeavour has been meticulously designed to address multiple aspects of sustainability, fostering a harmonious coexistence between human activities and the environment. 1. Creating an Endemic Corridor: 2. Mitigating Soil Erosion for Coral Reef Protection: 3. Employee Engagement in Biodiversity Conservation: [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row][vc_column] A Pledge for a Sustainable Future Rogers Capital's 'Plant a Tree' initiative stands not only as a tangible testament to our dedication but also as a reminder that even the smallest actions can yield transformative results. Our commitment to sustainability is not just a fleeting gesture; it is a heartfelt promise to be stewards of our planet's beauty and diversity. Having planted more that 400 trees at La Citadel, Jacotet River is the next stop on our Journey. View all photos A Pledge for a Sustainable Future Rogers Capital's 'Plant a Tree' initiative stands not only as a tangible testament to our dedication but also as a reminder that even the smallest actions can yield transformative results. Our commitment to sustainability is not just a fleeting gesture; it is a heartfelt promise to be stewards of our planet's beauty and diversity. Having planted more that 400 trees at La Citadel, Jacotet River is the next stop on our Journey. [/vc_column][/vc_row] ### Donation Drive [vc_row el_class="sustainability-banner-row"][vc_column el_class="rogerscap-wpwidth1265"] Making a difference: The Good Shop donation drive Empowering change through giving At Rogers Capital, we believe that small actions can lead to significant changes. The Good Shop Donation Drive is one such example and we couldn't be prouder of the collective effort from our employees. By encouraging participation in charitable endeavours like this, we aim to create a more eco-conscious workplace while giving back to the community. The heart of The Good Shop lies in its ability to breathe new life into items we no longer need. By donating or purchasing pre-loved clothes. shoes, and other items. we take a significant step towards reducing waste that would otherwise end up in landfills. Each item you contributed or purchased has a second chance to make a difference. [/vc_column][/vc_row][vc_row][vc_column] Our Impact: Numbers speak louder than words Total Donated: 478.5 kilograms of clothes, shoes. and other items. This remarkable achievement reflects not only our dedication to reducing waste but also our commitment to supporting local empowerment and education through The Good Shop. View all photos Our Impact: Numbers speak louder than words Total Donated: 478.5 kilograms of clothes, shoes. and other items. This remarkable achievement reflects not only our dedication to reducing waste but also our commitment to supporting local empowerment and education through The Good Shop. [/vc_column][/vc_row] ### Bis Lamer [vc_row el_class="sustainability-banner-row"][vc_column el_class="rogerscap-wpwidth1265"] Reflecting on an Inspiring World Oceans Day with BIS LAMER at Rogers House Thursday, June 8, 2023, marked a significant occasion as we gathered at Rogers House to celebrate World Oceans Day. The day was made even more special by the presence of BIS LAMER, a renowned organisation dedicated to the preservation of our oceans. From 9:30 am to 2:00 pm, BIS LAMER graced us with their expertise and passion for ocean conservation. Their Intervention centred around the thought-provoking theme 'PLANET OCEAN: TIDES ARE CHANGING; illuminating the critical transformations occurring within marine ecosystems. [/vc_column][/vc_row][vc_row][vc_column] The day was filled with a sense of inspiration and a renewed commitment to environmental stewardship. BIS LAMER's presence resonated deeply, reminding us of the collective role we play in creating a sustainable future for our planet. As we move forward, let us carry the spirit of World Oceans Day In our hearts. May it serve as a catalyst for continued efforts towards the preservation and protection of our oceans, as we strive to make a positive difference for the planet we call home. View all photos The day was filled with a sense of inspiration and a renewed commitment to environmental stewardship. BIS LAMER's presence resonated deeply, reminding us of the collective role we play in creating a sustainable future for our planet. As we move forward, let us carry the spirit of World Oceans Day In our hearts. May it serve as a catalyst for continued efforts towards the preservation and protection of our oceans, as we strive to make a positive difference for the planet we call home. [/vc_column][/vc_row] ### World Environment Day [vc_row el_class="sustainability-banner-row"][vc_column el_class="rogerscap-wpwidth1265"] Inspiring Talk on Climate Change: Acting for a Sustainable Future On a bright afternoon at the Rogers Capital headquarters, 62 staff members gathered eagerly in a meeting room and well as online, anticipating an inspiring talk on climate change. The room hummed with anticipation as they awaited the arrival of Mickael Apaya, the Chief Sustainability & Inclusive Development Executive of Rogers. With his commanding presence and unwavering commitment to environmental causes, Mlckael Apaya stepped onto the stage and began his talk. His passionate voice resonated through the hall as he painted a vivid picture of the effects of climate change on our planet. Mickael Apaya highlighted the urgent need for action, emphasising that the consequences of climate change are not distant scenarios but real, impacting lives and ecosystems around the globe. He stressed that each individual and organisation has a role to play in addressing this global challenge. [/vc_column][/vc_row][vc_row][vc_column] Drawing on his expertise, Mlckael Apaya shared Insights into the specific effects of climate change, such as rising global temperatures, sea-level rise, and extreme weather events. Through compelling stories and data, he demonstrated how these changes affect vulnerable communities, ecosystems, and economic stability. However. he did not dwell on the dire situation. Instead, MickaOl Apaya focused on the power of collective action and the remedial actions that should be taken. He painted a vision of a sustainable future, where businesses thrive while minimising their environmental impact. Drawing on his expertise, Mlckael Apaya shared Insights into the specific effects of climate change, such as rising global temperatures, sea-level rise, and extreme weather events. Through compelling stories and data, he demonstrated how these changes affect vulnerable communities, ecosystems, and economic stability. However. he did not dwell on the dire situation. Instead, MickaOl Apaya focused on the power of collective action and the remedial actions that should be taken. He painted a vision of a sustainable future, where businesses thrive while minimising their environmental impact. [/vc_column][/vc_row] ### Food Donation [vc_row el_class="sustainability-banner-row"][vc_column el_class="rogerscap-wpwidth1265"] Making a Difference: Gratitude for Generous Food Donation We would like to take a moment to express our heartfelt gratitude for your remarkable generosity and support. It is with great joy and pride that we announce the successful donation of over 175 kilograms of food to the Adolescent Non Formal Education Network (ANFEN) - Alphabetisation de Fatima, located on Trou aux Biches Road, Triolet. The Alphabetisation de Fatima is an informal school with a noble mission to provide education and support to vulner-able children, helping them build a better future while nur-turing their skills and qualities. The school plays a crucial role by offering breakfast and lunch to 15 children every day, ensuring they receive essential nourishment alongside their education. [/vc_column][/vc_row][vc_row el_class="sustainability-text-row"][vc_column el_class="rogerscap-wpwidth1265"][vc_row_inner el_class="sustainability-text-inner-row"][vc_column_inner el_class="sustainability-text-col" width="1/2"] Among the beneficiaries, 140 children fall between the ages of 11 and 18, while the remaining 20 are in pre-primary classes. These children hail from various areas, including Goodlands, Cap Malheureux, Grand Gaube, Roche Bois, and Triolet. Through your generous contributions, we have made a tangible impact on the lives of these young indi-viduals, providing them with the necessary sustenance to thrive. [/vc_column_inner][vc_column_inner el_class="sustainability-text-col" width="1/2"] Your participation in this initiative exemplifies the spirit of compassion and empathy that defines our organization. We are immensely grateful for employees like you who consistently demonstrate a deep commitment to making a positive difference in our community. Your generosit and willingness to lend a helping hand truly exemplify the core values we hold dear. Together, we have shown that when we join forces, we can create meaningful change and transform lives. The impact of your donations reaches far beyond the weight of the food items; it brings hope, encouragement, and nourishment to those who need it most. [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row][vc_column] Let us take pride in this collective achievement and continue our efforts to uplift those in need Together, we can build a brighter future and inspire others to follow in our footsteps. Once again, our sincerest gratitude for your unwavering support and for being a driving force behind this noble cause. Your dedication to making a positive impact is truly commendable. A look back at the special day in pictures... View all photos Let us take pride in this collective achievement and continue our efforts to uplift those in need Together, we can build a brighter future and inspire others to follow in our footsteps. Once again, our sincerest gratitude for your unwavering support and for being a driving force behind this noble cause. Your dedication to making a positive impact is truly commendable. A look back at the special day in pictures... [/vc_column][/vc_row] ### Blood Donation [vc_row el_class="sustainability-banner-row"][vc_column el_class="rogerscap-wpwidth1265"] 2nd Edition Rogers Capital Blood Donation: A Testament of Generosity On the 19th of October, the spirit of compassion and generosity flounshed as Rogers Capital hosted the 2nd edition of our Blood Donation Drive, an initiative organised by our very own sustainability champion, Rama Paupiah. The event was a resounding success, thanks to the incredible and selfless contributions made by our dedicated colleagues. The 2nd edition of the Blood Donation Drive stands as a symbol of unity and kindness, emphasising the ethos of caring for others and embodying the values of empathy and support within our organization. Thank you to each one of our colleagues for embodying the spirit of giving and for being an integral part of this noble endeavour. [/vc_column][/vc_row][vc_row][vc_column] Successful Blood Donation Event Collects Life-Saving Units Rogers Capital's Sustainability champion, Pavina Paupiah organised a blood donation event, in collaboration with the National Blood Transfusion Service. Donors praised the event for its easy and painless process and expressed their fulfillment in contributing to a life-saving cause. The event highlighted the importance of regular blood donation and the power of collective action in making a difference. Donating blood is a wonderful act and to all our donors, thank you and well done! View all photos Successful Blood Donation Event Collects Life-Saving Units Rogers Capital's Sustainability champion, Pavina Paupiah organised a blood donation event, in collaboration with the National Blood Transfusion Service. Donors praised the event for its easy and painless process and expressed their fulfillment in contributing to a life-saving cause. The event highlighted the importance of regular blood donation and the power of collective action in making a difference. Donating blood is a wonderful act and to all our donors, thank you and well done! [/vc_column][/vc_row] ### Inclusive Development [vc_row el_class="sustainability-banner-row"][vc_column el_class="rogerscap-wpwidth1265"] Inclusive Development NGO Market Showcases Artisan Crafts at Rogers House Rogers House, a symbol of community engagement, recently hosted a remarkable event - the NGO Market. 
This vibrant gathering aimed to highlight the craftsmanship and creativity of women from various NGOs. [/vc_column][/vc_row][vc_row][vc_column] The event provided a platform for these talented artisans to exhibit their exquisite, handcrafted products, ranging from handmade soap, accessories to intricately woven textiles. The NGO Market celebrated the skill, dedication, and cultural heritage preserved through these unique creations. The event provided a platform for these talented artisans to exhibit their exquisite, handcrafted products, ranging from handmade soap, accessories to intricately woven textiles. The NGO Market celebrated the skill, dedication, and cultural heritage preserved through these unique creations. [/vc_column][/vc_row] ### Circular Economy [vc_row el_class="sustainability-banner-row"][vc_column] Circular Economy Waste Valorisation Recycling has always been at the centre-stage on Rogers Capital sustainability agenda. For the past years we have set up multiple initiatives to structure a seamless recycling process across all Rogers Capital business units and departments. As of date we have implemented 3 projects that are followed meticulously: [/vc_column][/vc_row][vc_row][vc_column el_class="rogerscap-wpwidth1265"][vc_row_inner][vc_column_inner] Implementation of in-house paper recycling with We Recycle Specific paper bins from We Recycle have been place at strategic locations in our offices. Every 15th of the month, the paper is collected and sent for recycling. This system has been very successful with the staff who have also been sensitised on the importance of paper recycling and how easy it is to do. Paper Recycling Campaign to decrease our consumption Specific paper bins from We Recycle have been place at strategic locations in our offices. Every 15th of the month, the paper is collected and sent for recycling. This system has been very successful with the staff who have also been sensitised on the importance of paper recycling and how easy it is to do. Implement in-house E-waste collection with BEM Recycling Rogers Capital collected all used Toners, Batteries, old screens, CD/ DVD, a lot of material used by our Technology sector and sent the items for recycling. Getting such items properly recycled was very important to us, due to the damage they could have caused if not properly handled. [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row] ### Vibrant Communities [vc_row el_class="sustainability-banner-row"][vc_column] Vibrant Communities Healthy happenings at Rogers Capital In order to give our clients, the best, we must be our best. And how can you be in the best of shape both physical and mental? The answer is simple, you nurture your body and soul, treat them like a temple and honour them. As the saying goes “A sound body keeps a sound mind”. [/vc_column][/vc_row][vc_row el_class="vibrant-communities-boxes-row"][vc_column el_class="rogerscap-wpwidth1265"][vc_row_inner][vc_column_inner] Eye Test Screening As such, the health and safety department organised a complimentary eye test for all the staff from the 9th to 11th February 2021, in the Rogers House parking lot. The tests were facilitated by i2i Optical Ltd. Free consultations offered to the staffs by a qualified optometrist as well as amazing offers on prescribed glasses. The initiative was a huge success as more than 185 employees got the eye test done. Blood Donation Helping out people in need is a great way to become the best version of ourselves! A blood donation co- organised by Rogers Capital and the US Embassy on the 18th of February 2021 saw an impressive turn – out with many dedicated employees selflessly giving blood. Donating blood is a wonderful act and to all our donors! Last donation was on 10th February 2022 where we received about 65 participants but only 39 were successful donors. [/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row el_class="forthcoming-session-row"][vc_column el_class="rogerscap-wpwidth1265"] [vc_row_inner][vc_column_inner width="2/5"] Forthcoming sessions (2024) [/vc_column_inner][vc_column_inner width="3/5"] Breast Cancer Awareness & Screening Eye Test Screening Talk on Diabetes, Cholesterol & Hypertension Talk on Nutrition and Health Eating Dental Care Mental Health SPA Massage Therapy Road safety awareness Ergonomics [/vc_column_inner][/vc_row_inner] [/vc_column][/vc_row] ### Kabir Ruhee ### Roshan Nathoo ### Marc Ah Ching ### Dev Hurkoo ### Annick Corroy ### Yashinn Bhoyroo ### Antish Bissessur ### Ryan Allas ### Diya Kinnoo ### Information Security Advisory - Rogers Capital Technology ### Tax Services - Rogers Capital Corporate ### Rogers Capital Corporate Services ### Why use Mauritius to do business in Africa? ### A leading Management Company ### Testimonial name #6 ### Testimonial name #5 ### Testimonial name #4 ### Testimonial name #3 ### Testimonial name #2 ### Testimonial name