Country investment factsheet · National framework (non-OHADA)
Legal & tax framework for investment — 2026 edition, updated September 2026
Series: UGGC Africa country factsheets — a country-by-country overview of investment across Africa.
A bridge between the Maghreb and West Africa, Mauritania combines leading mineral resources (iron, gold, copper), some of the world’s richest fishing waters and a new status as a gas producer through the offshore Grand Tortue Ahmeyim (GTA) project, shared with Senegal. Mauritania is not an OHADA member (nor an ECOWAS member): company law, accounting and arbitration follow a national framework. The country is, however, a party to the ICSID Convention and linked to France by a tax treaty in force. This factsheet summarises the macroeconomic, tax and legal data relevant to an entry decision, with particular focus on the legal securing of the investment.
Mauritania at a glance
A national business-law framework
- National law (non-OHADA). Mauritania does not apply the OHADA Uniform Acts: company law is governed by the Commercial Code (Law 2015-032), and security interests, contracts and insolvency by Mauritanian law.
- Arbitration & investor protection. Mauritania is a party to the ICSID Convention (1965), a mechanism for resolving disputes between states and investors; a mediation and arbitration centre exists within the chamber of commerce (CCIAM). It is also a party to the 1958 New York Convention (acceded 30/01/1997), enabling enforcement of foreign arbitral awards.
- Accounting. National framework — Mauritanian Chart of Accounts (1999 law), with the ONEC-RIM accountants’ body.
- Mauritania is a member of the African Union, the Arab Maghreb Union and the AfCFTA (it left ECOWAS).
Common company forms
| Form | Minimum capital | Typical use |
|---|---|---|
| SA (public limited co.) | MRU 500,000 (MRU 2,000,000 if offering securities to the public) · 3 directors min. | Larger projects, share-based governance |
| SARL (LLC) | No statutory minimum | Common form for a subsidiary |
| Branch | Attached to the foreign company | Initial entry |
SA capital: Commercial Code (Law 2015-032, Art. 394), whose thresholds — 5 and 20 million — are expressed in old ouguiyas, i.e. MRU 500,000 and 2,000,000 since the 2018 redenomination. Investment promotion and one-stop shop: the APIM agency (fast-track registration).
Tax regime — key points
| Tax | Rate | Details |
|---|---|---|
| Corporate income tax (CIT) | 25% | 25% of taxable net profit, or 2% of taxable revenue if higher (Art. 51 General Tax Code); minimum levy of MRU 100,000 (standard real-profit regime). |
| VAT | 16% | Standard rate; 20% petroleum products, 18% telephony; 0% on exports. Registration threshold: MRU 3,000,000 of turnover (Art. 211 General Tax Code); importers liable regardless of turnover. |
| Financial transactions tax (TOF) | 16% | Standard rate on banking and financial operations; 20% on fees for transfers and withdrawals via e-wallets (2026 Finance Law). |
| Electronic transactions tax (TTE) | 0.1% | New tax (2026 Finance Law) on the gross amount of electronic payments and transfers, borne by the user initiating the transaction; transactions under MRU 5,000 exempt; capped at MRU 200 per transaction by the 2026 Amending Finance Law. |
| Withholding (non-residents) | 15% (royalties / services) | Dividends: 10%. Interest: 10%. Reduced by tax treaty. |
| Tax treaties | France | France–Mauritania treaty signed 15/11/1967 (in force 1969; amendment 1972). Source: DGI Mauritania. |
Tax sources: General Tax Code, 2026 Finance Law and 2026 Amending Finance Law (adopted 30/07/2026) — Ministry of Finance (finances.gov.mr); PwC Worldwide Tax Summaries — Mauritania (31/03/2026).
Attractive sectors
- Mining — iron (SNIM, a historic player), gold, copper (Akjoujt); still significant exploration potential.
- Gas & energy — the GTA project (offshore gas shared with Senegal, operated by BP and Kosmos); gas and green-hydrogen prospects.
- Fisheries — one of the world’s richest fishing zones; processing and value-addition of marine products.
- Agriculture & livestock — the Senegal River valley, value chains to be structured.
- Renewables — strong solar and wind potential, green-hydrogen projects.
Investment incentives
- New Investment Code (2025) — enhanced guarantees, special economic zones (SEZs), duty relief, access to land.
- Investment Promotion Agency (APIM) — one-stop shop, fast-track company registration.
- Sector regimes — dedicated mining and oil/gas frameworks.
Work permits for expatriates
- Employment of foreign staff requires authorisation; residence and work permits are issued on the basis of a contract.
- Transfer of expatriates’ pay is possible, within the foreign-exchange rules.
Foreign-exchange regulation
- Central Bank of Mauritania (BCM). The ouguiya (MRU) — following the 2018 redenomination (1 MRU = 10 old ouguiyas) — is administered by the BCM; foreign-currency operations and transfers fall under its regulation.
- Repatriation of dividends and capital. Transfer of profits and disposal proceeds is in principle open to investors, provided the investment was made in foreign currency and duly declared, and taxes due are settled.
- Good practice. Documenting the initial foreign-currency contribution and flow traceability secures later transfers; precise terms to be verified with the BCM and an approved bank.
Regulation subject to change — terms (thresholds, supporting documents, timelines) to be confirmed with the BCM.
Securing the investment — the UGGC angle
Outside OHADA, Mauritania offers valuable securing tools — the ICSID Convention and a France tax treaty — which must be used effectively, particularly for large mining, gas and fisheries projects.
- ICSID protection — for investor-state disputes, use the ICSID Convention in structuring agreements (notably extractive).
- Commercial arbitration — a well-drafted clause (CCIAM or international arbitration); accession to the New York Convention (1997) opens enforcement of foreign awards.
- Exchange & repatriation — document the foreign-currency contribution to ease dividend repatriation.
- Tax & structuring — 2%-of-revenue minimum CIT, France treaty, mining and gas sector regimes (GTA local content).
Our teams support these transactions in mergers & acquisitions, tax law and litigation & arbitration.
Our reading — the practitioner’s view
The figures don’t tell the whole story. Here is what we flag to clients before any entry into Mauritania.
Which structure to choose?
The SARL suits most subsidiaries; the SA is required for larger projects or share-based governance. The SA minimum capital is MRU 500,000: the Commercial Code (Law 2015-032, Art. 394), which predates the 2018 redenomination, states it in old ouguiyas (5 million) — hence the contradictory figures still in circulation. Budgeting in the wrong unit skews the capitalisation plan by a factor of ten.
Three pitfalls investors underestimate
- The minimum CIT. CIT cannot be lower than 2% of taxable revenue, with a floor of MRU 100,000: this minimum tax is due even with no profit and must be built into the early-years business plan.
- Local content in large projects. Mining, gas (GTA) and fisheries carry local-content requirements and sector authorisations; well anticipated they open partnerships, poorly prepared they delay the project.
- Documentary discipline. Since the 2026 Amending Finance Law, an expense is deductible only if the invoice bears the supplier’s active tax ID (NIF), and any business required to keep accounts must hold a bank account dedicated to its activity (flat fine of MRU 1 million per financial year). Add the 0.1% TTE on electronic payments: all points to build in when setting up purchasing and treasury flows.
From text to practice
APIM is the entry point for incorporation and incentives. For extractive sectors and gas, the sector framework and local content shape the schedule. ICSID protection and the France tax treaty are two assets to integrate from the structuring of agreements.
Frequently asked questions
What is the minimum capital to set up an SA in Mauritania?
MRU 500,000, raised to MRU 2,000,000 for companies offering securities to the public (Commercial Code, Law 2015-032, Art. 394 — thresholds expressed in old ouguiyas, before the 2018 redenomination). The SA requires at least 3 directors; the SARL has no statutory minimum capital. As Mauritania is not an OHADA member, company law is national.
What is the corporate income tax rate in Mauritania?
CIT is 25% of taxable net profit, or 2% of taxable revenue where that amount is higher (Art. 51 General Tax Code), with a minimum levy of MRU 100,000 under the standard real-profit regime.
What is the VAT rate in Mauritania?
VAT is 16% (standard); 20% on petroleum products, 18% on telephony; 0% on exports. The registration threshold is MRU 3,000,000 of turnover (Art. 211 General Tax Code); importers are liable regardless of turnover.
How can an investment be secured in Mauritania?
Mauritania is a party to the ICSID Convention (1965) and to the 1958 New York Convention (acceded 30/01/1997), and has a mediation and arbitration centre (CCIAM). Accounting follows the Mauritanian Chart of Accounts. Dividend repatriation must be structured in light of the BCM foreign-exchange rules.
What is the GTA gas project in Mauritania?
The Grand Tortue Ahmeyim (GTA) project is an offshore gas field shared with Senegal, operated by BP and Kosmos. First gas was produced at the end of 2024 and the first LNG cargoes shipped in 2025.
Considering an entry into Mauritania?
Contact the UGGC Africa team · Download the country factsheet (PDF)
Disclaimer. This factsheet is provided for general information, as of September 2026; it does not constitute legal or tax advice and cannot bind UGGC Africa. Figures come from public sources and may change (finance laws, foreign-exchange rules). Any investment decision should be the subject of a tailored analysis.
Sources: IMF (World Economic Outlook / Mauritania Country Report 26/27) · World Bank (Macro Poverty Outlook) · Worldometer (population) · Commercial Code (Law 2015-032) · General Tax Code, 2026 Finance Law and 2026 Amending Finance Law (finances.gov.mr) · PwC Worldwide Tax Summaries — Mauritania (31/03/2026) · DGI (impots.gov.mr) · UNCITRAL (New York Convention status) · Central Bank of Mauritania (bcm.mr) · Kosmos Energy / BP (GTA project) · uggcafrica.com.