Eternity Law International — News — PSP license in Mauritius

PSP license in Mauritius

Published:
May 26, 2023

In recent years, such a commercial direction as the business-activities of providing payment services – PSPs – became widely popular and attractive in commercial sphere globally. Companies acting as PSPs are one of most lucrative and progressing business-activities for entrepreneurs. Accordingly, with the growing popularity of such business projects, more and more states are beginning to form a separate regulative framework for official approval and official certification of this direction. Obtaining such a permit as Payment Service Providers license in Mauritius is an opportunity to become part of a progressive and constantly evolving niche as part of a reliable and cost-effective space. Our firm is great experts in commercial establishment and licensing field. We offer professional sale payment service providers license in Mauritius with complete support on every stage.

About Mauritius asset payment services providers: business-activities covered by PSP license in Mauritius

Presence of Mauritius Payment Service Providers license gives companies the formal right to establish commercial relations with firms and individuals. Services range being permitted under PSP license in Mauritius includes the following:

  • open e-wallets;
  • draw up and open accounts for clients;
  • process payments, card transactions, and more;
  • replenish clients’ wallets;
  • perform operations and transactions with the help of third-party providers;
  • online-banking activities;
  • conducting transactions between clients;
  • if you’re intending to obtain payment service providers license in Mauritius, you’ll be able to conduct SWIFT-transactions, etc.

In some way and with the breadth of the concept, the person intending to get PSP license in Mauritius receives the powers of a banking institution, however, while working in the online sector. The only and most significant parameter that distinguishes PSP from full-fledged financial institutions is the presence of a ban on accepting and processing deposits, and accepting refunds. Thus, the procedure to obtain payment service providers license in Mauritius may be in some ways different. 

Republic of Mauritius Payment Services Provider (PSPs) license: key regulations and standards 

Applications that applicants submit because of the reason to get PSP license in Mauritius are pending for approximately six months. In order to get payment service providers license in Mauritius and for getting official rights to conduct business-activities, companies need to comply with certain standards and fulfill a number of conditions below.

  1. Payment of starting capital, amount of which must be at least 50,000 USD.
  2. Ensure location in the jurisdiction by renting or purchasing office space, which will be supported by documentary evidence.
  3. Organize a personal meeting and negotiations of the founders with the regulator.
  4. Hire three directors, one of whom need to have a residence.
  5. Hire a local MLRO-officer.

Organization applying for Payment Service Providers license in Mauritius needs to also possess two operational resident employees. In addition, firms should also hire a manager responsible for full correspondence with internal regulations and general rules put forward by the regulator.

Documents to be prepared by licensees for Mauritius Payment Service Providers license include the following:

  • passports and other complete personal information about the founders and representatives of the management team of the company, and confirmation of specialized background;
  • certificates confirming absence of a criminal record and any problems with the law;
  • detailed and correctly formed organizational structure of the enterprise;
  • technical support of the company;
  • assessment of possible risks and forecasts regarding potential profit;
  • business plan;
  • AML policies and procedures.

Regulative authority may also additionally claim for any data and so on. It is extremely difficult to take into account all the nuances on your own. Therefore, if you’re intending to obtain PSP license in Mauritius we recommend that you contact our professionals. Businessmen may also turn to such option as PSP license in Mauritius for sale.

Strengths and pros of Mauritius

Launch and establishment of a PSP-business locally as well as to obtain PSP license in Mauritius is distinguished by a number of rather appealing privileges:

  • corporate taxation is 3%;
  • fast, understandable and transparent procedure for establishing a firm and licensing;
  • a clear and well-formed regulative basis, created according to EU-model;
  • ability to open multi-currency accounts;
  • a wide market of highly-qualified professional personnel;
  • there are no restrictions for companies and persons of non-residents;
  • complete keeping and further provision of confidentiality.

It’s worth noting Mauritius is a white offshore. Thus, this space has a good reputation, which is ensured by active local anticorruption, an efficient regulatory framework and the use of innovative commercial techniques. Our firm is ready to give you full professional support in getting a PSP license in Mauritius. You may easily get payment service providers license in Mauritius with our expert advice. We also have an extensive list of ready-made licenses for sale in other commercial sectors. Our firm implements professional sale payment service providers license in Mauritius with complete support of our lawyers. Contact us right now – we are always at your services.

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