Eternity Law International — News — Offshores forex license in Mauritius Republic

Offshores forex license in Mauritius Republic

Published:
May 2, 2023

The Mauritius-Republic has for many years been considered one of the main Worlds offshore monetary headquarters. Over the past decades, the island has seen a steady increase in new legal entities with regional registration. Most of them strive to obtain offshore forex license. 

It is very profitable to acquire a Forex license in this region. It helps corporations to provide a full package of services in the forex-field and practically no constraints are applied to their procedures. By the level of protection of processes, MR is considered the second region on the planet; it is second only to the EU countries. But unlike the EU, Mauritius avoids many additional checks and allows a newly created legal entity to start working much earlier.  

Edges for corporations with offshore Mauritiu`s forex licenses

The MR is not working by many co-owners for anything. For many years, stability in the political, economic, and social spheres has prevailed in this countryside. Today, every enlisted corporation can get a lot of edge from conducting its movements here. Many advantages are not available in other regions of the world.

The owners of broker-dealer-licenses in Mauritius most often highlight the subsequent advantages:

  • absence of banknotes control;
  • availability of provincial permissions from major international bank`s (eg Barclays);
  • exemption from the surcharge for Forex corporations registered by non-residents;
  • only the director and compliance department should be on the territory of the country (other employees of the company may work from anywhere in the world);
  • low cost of consulting and banking usefulness;
  • full confidentiality of data on dealings, the founders of the company, and their monetary condition.

At least due to the above advantages, owners should assume Mauritiu`s as a place of enrollment of a legal entity and an area for obtaining the crucial authorization for processes in the forex-field.  

Costs of the Forex-licenses in Mauritius

You need to make some investments to obtain an offshore forex license. They are needed for:

  • enrollment of a legal entity;
  • office rent for one year;
  • payroll for the 2 local and non-resident director`s, as well as the secretaries and compliance officers (there should be one year’s worth of salaries in the corporation’s authorized capital);
  • opening of bank accounts in the country;
  • payment of licensing costs;
  • payment of the costs of collecting a set of documents.

In addition to the above costs separately may need to pay for the usefulness of representation, consulting courtesies for the development of a business-plan, accounting and auditing, tax returns, training of all employees, and other incidental expenses.

But even having the necessary amount of money does not guarantee a license. Corporations spreading for it need to meet particular conditions.  

Conditions for obtaining Mauritius licenses

The issuance of an offshore Mauritius forex license is controlled by representatives of the country’s central regulator. Here this role is assigned to the FSC. Its representatives are obliged to check all applications for permits. They are also obliged to check whether the applicant corporation violates the laws on monetary assistance, protection, and insurance in the region.

To obtain a license, the corporation must provide:

  • questionnaires with confidential info about the company’s surveillance;
  • application and affiliated documents;
  • the company’s internal audit and anti-money laundering regulations;
  • contract of employment of provincial employees (minimum 2 director`s, secretaries, and compliance officers);
  • proof of a bank account and a minimum amount of €25,000.

Only those companies that encounter these essentials will be able to register and expect to receive a license. On average, such applications are reviewed for up to six months.

The regulator’s representatives are obliged to notify the company’s management in writing or by e-mail about the decision regarding the issuance of the license. In the event that additional work is required, the company’s employees must either submit additional documents or correct errors in their original application. Once the errors are corrected, investors can once again count on a positive outcome for their application.  

Who can help with the preparation of the package of documents

Our staff can take care of the docs preparation for the processing of the forex broker dealer’s license in Mauritius.

For many years we have been providing clients with a comprehensive service of advice, gathering the necessary docs, and filling out applications for licenses of any kind in Mauritius.

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