One of Nitin Collappen's first operations since taking over the helm of the Mauritian trust Nexus Global Financial Services in August, was to reigster a holding company on 22 September.
Like its Mauritian neighbour, the Seychelles is striving to placate international institutions like the OECD and EU while at the same time preserving its offshore appeal. The latest hurdle to negotiate is the introduction in May of a register of offshore company beneficiaries.
With his proposed global minimum tax rate, Joe Biden could deprive offshore players in Mauritius of one of their unique selling points.
Accused by Brussels and FATF of being too lenient on firms active in its offshore ecosystem, Mauritius is trying to clean up its act but in a measured fashion so as not to scare off its traditional clients.
The Harel family has sold its financial arm to Axis Fiduciary. The young trust company now finds itself up against the families firmly established in offshore finance on the island - Ah-Chuen, Lagesse, Dalais or Espitalier-Noel - as well as stiffer competition from international groups.
The international instrument, designed to limit base erosion and profit shifting, will come into force in Mauritius on February 1. Negotiated by the government and accommodating the interests of offshore finance, it will allow the island nation to leave official tax haven list.