Eternity Law International News Forex license in Mauritius

Forex license in Mauritius

February 18, 2022

Mauritius is one of the most popular offshore sites in the Indian Ocean, as well as a known financial centre, making it suitable for a variety of businesses. Mauritius is a good place for investment management, in addition to the low costs of founding a business and the beneficial taxation structure. Such transactions must adhere to the Financial Services Commission’s (FSC) strict standards, which include obtaining a Mauritius forex license before offering any services.

In the sections below, our experts outline the essential steps to obtaining a forex license in Mauritius.

Legislation on financial services in Mauritius

Mauritius is known for offering high-quality financial services to clients all over the world, and this reputation is backed up by a large number of financial experts. The Mauritius Forex License is governed by the Financial Services Act, the Insurance and Securities Laws, and the Financial Services Act.

Anyone seeking to provide financial services that need a Forex license must also get a brokerage license that permits them to deal in a range of currencies, including euros, US dollars, GBP, gold, and silver, according to the legislation.

Forex license holders must additionally form a Global Business Company. A Category 1 business, which is widely used to provide financial services, is the most appropriate type of organization for such operations.

The main categories of investment dealer licenses in Mauritius

Mauritius’ regulatory organization, the Financial Services Commission (FSC), is in charge of examining and providing Foreign Exchange licenses (forex). Financial institutions that wish to engage in FX trading can receive FSC licenses in as short as six months provided they meet certain FSC requirements. Mauritius FSCs were established in compliance with the Financial Businesses Development Act of 2001 to serve as financial regulators for non-banking services.

The FSC requires a firm applying for a Global Business License (GBL1) to fill out an application and provide documentation of conducting business outside of Mauritius. According to the Financial Services Development Act, a GBL1 firm is one that engages in any recognized worldwide commercial activity, such as raising money from the public, needing investor protection, or conducting business in a currency other than the Mauritius Rupee. You can work as a full-service Forex dealer, a securities intermediary, underwrite or distribute securities for an issuer or holder, trade securities as a principal for the purpose of reselling to the public, and serve as an Investment Advisor with a Forex license. Businesses are not taxed for stamp duties, registration fees, or other such costs. Non-resident royalties are tax-free, and Mauritius maintains strict privacy with no public records. You must have a bank account in Mauritius.

Mauritius’ Investment Dealers License is classified into two categories by the Mauritius Financial Services Commission.

Investment Dealers License including underwriting with capital requirement of MUR
10,000,000 (approx. USD 290,000) – Suitable for brokerages operating under STP / A-Book Model

Investment Dealers License excluding underwriting with capital requirement of MUR
1,000,000 (approx. USD 29,000) – Suitable for brokerages operating under Market Maker/ B-Book Model

Permitted Activities under including underwriting license :

  • act as an intermediary in the execution of securities transactions for clients
  • trade in securities as principal with the intent of reselling them to the public
  • underwrite or distribute securities on behalf of an issuer or a holder of securities • provide investment advice that is ancillary to his business activities
  • manage client portfolios

Permitted Activities under excluding underwriting license :

  • act as an intermediary in the execution of securities transactions for clients
  • trade in securities as principal with the intention of reselling these securities to the public
  • give investment advice which is ancillary to the normal course of his business activities
  • manage portfolios of clients

Obtaining a broker license in Mauritius

The FSC can provide authorizations to brokers and discount brokers to manage portfolios and execute client orders related to securities transactions on the Mauritius Forex market.

Discount brokers may be allowed to complete transactions without offering consumer advice. To get a Forex License as a discount broker, a company must meet additional requirements. Two of these requirements include obtaining an investment dealer license and having adequate share capital.

Foreign firms can trade on the Mauritius forex market through subsidiaries that meet the same requirements as domestic entities, such as Global Business Companies.

Registering a GBC Category 1 in Mauritius for Forex trading activities

The GBC organization is also known for its expertise in completing offshore operations and is well-suited to providing trading services to international clients. An offshore company’s registration requirements in Mauritius are simple, needing simply the drafting of statutory papers and their submission with the local Trade Register. Among other things, the business must have a registered location in Mauritius, a resident company secretary, at least two resident directors, and a local bank account.

Requirements for Mauritius companies offering trading services

In order to obtain a Forex license, a company must be formed in Mauritius and meet specific requirements. A minimum of one shareholder is required, who must choose a local agent to represent the business before local authorities, even if he or she is not a Mauritius resident.

The company must also report on its activities to the Mauritius supervisory authorities on a regular basis.

Local bank account and office for Forex license holders in Mauritius

Two of the most important requirements for acquiring a Forex license in Mauritius are a bank account with a local financial institution and a local office. A bank account can be opened at any bank in the insular state, and the office can be located anywhere in the country.

It’s crucial to keep in mind that the Mauritius offshore bank account will be utilized to deposit the share capital and then for the operations of the license holder.

Resident director for a GBC company

Another key condition for a GBC firm seeking a Forex license in Mauritius is that at least two local directors be present. This requirement applies to all offshore firms that operate under Category 1 and 2 licenses and participate in financial operations, not simply those applying for investment dealer licenses.

Requirements for obtaining a Mauritius forex license

When seeking for a Mauritius forex license, a foreign or local service provider must meet the following standards, according to the Financial Services Commission:

  • a company must be registered in Mauritius (the Global Business Company Category 1 is preferred for such activities);
  • the company must have an office and a bank account in Mauritius;
  • at least two directors must be appointed who are Mauritius residents with knowledge and experience in the financial sector;
  • a detailed business plan must be submitted to the FSC when applying for a forex license.

Why choose to invest in Mauritius

Mauritius is one of the world’s most significant offshore financial hubs, but it also has a robust local economy, making it attractive to investors interested in other areas such as tourism.

The following are the primary benefits of obtaining an Investment Dealer license in Mauritius:

  • the investment management company may be formed in 3 to 4 weeks;
  • the Mauritius forex license can be obtained in 3 to 4 months;
  • the corporate tax rate when utilizing an offshore corporation can be as low as 3%;
  • More than 30 double tax treaties are available to the firm.

We can assist you in acquiring a forex license and registering your business in Mauritius. If you still have questions about obtaining a license in Mauritius or another jurisdiction you are interested in, contact our specialists for detailed advice or write to us in the CRM form at the bottom of the page, our specialists will answer you online. You can also see our offers in category ready-made companies and licenses for sale.

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