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 a Mauritius PSP license is an opportunity to become part of a progressive and constantly evolving niche as part of a reliable and cost-effective space.
About Mauritius asset payment services providers: business-activities covered by this permit
Presence of this permit gives companies the formal right to establish commercial relations with firms and individuals. Services range being permitted under this 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;
- SWIFT-transactions, etc.
In some way and with the breadth of the concept, the licensee 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.
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Republic of Mauritius Payment Services Provider (PSPs) license: key regulations, ans standards
Applications that applicants submit for a licensing permit are pending for approximately six months. In order for permission to be issued and for getting official rights to conduct business-activities, companies need to comply with certain standards and fulfill a number of conditions below.
- Payment of starting capital, amount of which must be at least 50,000.
- Ensure location in the jurisdiction by renting or purchasing office space, which will be supported by documentary evidence.
- Organize a personal meeting and negotiations of the founders with the regulator.
- Hire three directors, one of whom need to have a residence.
- Hire a local MLRO-officer.
- Organization 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 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, we recommend that you contact our professionals. Businessmen may also turn to such option as shelf payment provider company in Mauritius for sale.
Strengths and pros of Mauritius
Launch and establishment of a PSP-business locally 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;
- rights to establish branches within EU;
- 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. We also have Mauritius PSP for sale and an extensive list of ready-made licenses for sale in other commercial sectors. Contact us right now – we are always at your services.