Eternity Law International — News — Forex broker license in Mauritius

Forex broker license in Mauritius

Published:
June 26, 2023

More than 20 years ago, the leaders of Mauritius created a favorable environment for corporations in the provision of financial-services. Since then, this small island state in the Indian Ocean has become one of the most considerable monetary centers on the planet. Today many legal-entities working in this area would like to get a Mauritius Forex license.

In the territory of this country, there are more than 300 licensed institutions, among which a large percentage of enterprises work as Forex-brokers. A local business-license is very advantageous for doing business around the world. Therefore, legal entities with this document develop faster than their competitors and can work actively on transnational platforms.

Blessings of achieving a Mauritius Forex-license

To date, the potential of this market has not yet been fully disclosed. Moreover, there are strong trends for its growth. Representatives of legal entities who have had the opportunity to obtain Investment Dealer license in Mauritius highlight the following edges of working in this countryside:

  • an impressive daily turnover of trade transactions in the forex markets of over 4 trillion U.S. dollars);
  • the straightforward approach of gaining ownership to work on the Forex-market;
  • increase in the volatility of the forex markets;
  • annual growth in the profits of forex-brokers in the country.

In this region, even small dealers can earn due to high spreads (much higher than in other markets). So having even 0.1% of the total turnover in your hands is possible to earn significantly.

However, to work in this market it is not only necessary to establish an appropriate legal entity with the necessary legal status. It is extremely important to issue the appropriate permission and disburse the expenditures instructed in the country.

forex license mauritius

Basic prerequisites for the allotment of a permission to legal persons

To acquire this permission a legal entity could be enlisted in Mauritius in advance. The local-authorities guarantee the confidentiality of info furnished to them regarding the financial-activities of the registered legal-entity.

In this countryside, forex-license is referred to as a global-business-license. It is this document that will have to be obtained. The corporation will have to wait up to 2 months from the date of application to obtain it. In some cases, the deadline may be cut in half.

Those who acquire a Forex-license in the region are considered non-residents. Accordingly, they are exempt from most taxes in the region. The only tax payable is the 3% tax on offshore profits. There is virtually no currency control over transactions and this attracts those wishing to apply for such licenses.

In addition, applicants for Forex license Mauritius are demanded to have a provincial director, compliance-department, and audit department. However, the auditors do not have to be based in Mauritius.

Docs Needed for Licensing

To convey Forex license Mauritius, representatives of a corporation must do more than just register a legal entity. The corporation they have created must meet several important document necessities. In addition to the application for a privilege, one should proffer:

  • a cooperative agreement with a local oversight league;
  • docs of a minimum amount of capital in the legal entity’s bank accounts;
  • the contracts of employment of two chiefs, one of whom is an inhabitant of Mauritius;
  • CVs of the hired staff, confirming their qualifications and experience in the field;
  • CVs of employees in the investment-department (exceptionally careful consideration is given to candidates for the chief and reserve dealers);
  • documents confirming the recruitment of specialists in the compliance department (could be residents of Mauritius, physically present in the State).

After submitting these docs to the local authorities, a review of the application for Mauritius Forex license begins, within 1-2 months, a decision is made. Applicants either receive a license or are denied or asked for additional info. With the latter option, the deadline is automatically shifted.

Who to ask for help

At first glance, there is nothing complicated about applying for a Mauritius Forex license. However, the regulator actively checks all submitted docs and finds mistakes in the applicants’ applications. This significantly delays the approach of earning essential permits and starting an industry.

To avoid these situations we recommend contacting our staff. Even at the stage of preliminary consultations, we will be able to point you to the shortcomings in your application, which can be quickly corrected. In addition, our staff can take care of the preparation of the necessary documentation and eliminate all problems much earlier than your competitors.

You’ll see only pluses in working with us because you’ll be able to start your business quicker, and that means that your percentage in the total volume of your Forex operations will be higher than that of other corporations. So trust real professionals who are always ready to help you.

Do Forex traders need a license in Mauritius?

A Mauritius Forex license allows companies to act as participants in the Forex market and carry out various transactions within its boundaries. This permit also allows you to offer clients certain Forex services, the specific list of which depends on the type of permit. Traders who have not received this permission are not allowed to carry out any transactions or trades in the Forex market and may receive a fine for unregulated activities.

How is Forex regulated in Mauritius?

The regulator that controls the Forex market in this jurisdiction is the Financial Services Commission (FSC). FSC monitors the activities of Forex brokers and issues appropriate licenses. Companies that intend to obtain Mauritius Forex license must demonstrate to FSC that they meet the established criteria and parameters. If all requirements are met correctly, the license will be approved.

Is Forex trading legal in Mauritius?

In order to legally operate in the Forex market in this jurisdiction, you need to obtain a license. Forex license Mauritius gives its owners the right to offer their services on an official basis and without restrictions. The issuance of a license will be approved and confirmed by the regulator only if the applicant meets all established criteria.

How much does a Forex license cost in Mauritius?

The total cost of obtaining a Forex license Mauritius is calculated individually in each case. Our specialists will make calculations for you, taking into account your initial budget and business plan. Contact us without wasting time.

forex license mauritius

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