The economical sector of Mauritius is driven by its position as an international financial center, proposing among others foreign exchanges activities. Being a perfect location for the operation of FX brokers, the jurisdiction offers a Mauritius Forex License which authorizes all operations in the respect of foreign exchange, including operating as an introducing & direct broker. The license has a worldwide recondition and many famous brokers operate under licenses obtained here. The main advantages of this permission are cost-effectiveness and can fast accomplishment.
Overview of the financial sector of the Republic of Mauritius
Mauritius, officially the Republic of Mauritius, is a sovereign island country in the Indian Ocean. With a membership in the Commonwealth of Nations, the country has a system of democratic governance of a state with an effective constitution and stable political regime. The English language is commonly used in communication on the Island and the main currency in circulation is the US dollar.
Due to the bill on financial servicing developments introduced in 2001, the state authorities have turned the nation as an international monetary services powerhouse respected by sophisticated professional investors across the world. Generally, the country hosts over 3 hundreds of approved organizations, carrying out their main activities in the sector of finances. The country provides an attractive taxation rate of only 3% and no taxation on returns for organizations carrying out activities in offshore zones. To date, in Mauritius, there are substantial impediments to the formation of foreign judgments creating a good basis for assets safeguarding application.
Benefits of FX trading in Mauritius
Just a fact: the average number of shares traded within a day in the FX markets is more than USD 4 trillion. The smooth-running and cost-efficient process of receiving a brokerage license in Mauritius can grant you access to this huge market with strong turnovers in as little as up to 90 days. With stronger volatile movements in the worldwide FX markets, the scope has significantly grown – meaning that forex brokers’ returns constitute more than USD 1 billion per year. Accordingly, smaller players are enjoying tremendous profits owning just a little part of this huge and promising market.
Main considerations of brokerage licenses
- The capital obligation under the license is USD 24,000.
- The tax rate on gains other than onshore is 3%.
- The appointment of a local director is obligatory.
- Drawing up operational policies in line with the Know Your Customer standard and anti-money laundering law is obligatory.
- Regular reporting and conducting an audit on the business are obligatory.
- In general, the procession of license applications takes 30-60 days.
Terms to receiving a Forex License
- Setting up an international business corporation;
- Formation of shareholder and officer agreements;
- Formation of client agreements;
- Formation of a descriptive business plan;
- Formation of current financial statements;
- Formation of financial statements for owners;
- Formation of three-year financial projections;
- Formation of AML/KYC policies and procedures;
- Appointment of an auditor and forex prime broker;
- Opening bank accounts and payment procession platforms;
- Formation and provision of application with Mauritius FSC;
- Formation of responses to Mauritius FSC.
Our experienced lawyers are pleased to provide answers to any of your questions. Please contact us the experts at Eternity Law International to initiate the process of receiving your foreign exchange license now.
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