Eternity Law International News PSP License in Mauritius

PSP License in Mauritius

August 12, 2022

Today, the provider of payment services is one of the most promising and profitable activities. The number of jurisdictions that form a solid legislative aspect for the legalization of this area is increasing. Therefore, entrepreneurs need to think about obtaining an appropriate license. Many choose for their company a PSP license in Mauritius. Below we will look at what makes this jurisdiction so attractive, and what it has to offer.

Benefits and privileges of a Mauritius payment service provider license

Among the main advantages, the following should be highlighted:

  • corporate tax rate is 3%;
  • quick and easy registration process;
  • a clearly defined regulatory framework based on the European model;
  • high level of development of the banking system;
  • the license holder gets the opportunity to freely open different types of bank accounts, including those for different currencies;
  • access to a single segment of payments of the European Union;
  • the ability to conduct commercial transactions in English;
  • highly qualified local staff;
  • there are no restrictions for non-residents;
  • the company has the official right to open branches in Europe;
  • full preservation of confidentiality of data and information regarding the operations performed;
  • Mauritius has a minor time difference with Europe, which helps to greatly expand the range of possible interactions.

Among other things, it should also be noted that this jurisdiction has the status of a white offshore zone. This is a developed large financial environment, which has become such, in part, thanks to

  • effective and rationally adjusted legislative basis;
  • strict anti-corruption practices;
  • introduction of modernized technologies and innovative business practices.

Mauritius is a highly regulated area, within which operations are carried out easily, quickly, but at the same time securely and reliably.

PSP license features in Mauritius

The PSP Permit in Mauritius allows organizations to offer the following services to consumers.

  1. Issue invoices.
  2. Open electronic wallets.
  3. Act as a processor for payment transactions and credit cards.
  4. Virtual banking services.
  5. Conduct transactions between legal entities and individuals.
  6. Issue debit cards.
  7. Accept payments.
  8. SWIFT.

And not only. The holder of such a license will be endowed with all the powers that a banking institution has, only in the direction of online functioning. The only thing is that the firm will not be able to place deposits from clients and accept refunds.

Obtaining a PSP license in Mauritius

Consideration of the application may take about six months – this is in the authority of the special body MFSA. The first fee to be paid is 3.5 thousand euros. In addition, candidates must meet the following requirements:

  • ensure a local presence in the jurisdiction;
  • initial capital – 50-125 thousand euros;
  • personal interview with MFSA representatives;
  • the company must employ 1 resident director, an MLRO employee and some staff who would have the citizenship of Malta;
  • lease of premises for an office and provision of proper working conditions.

Documentation required for submission, among other things, includes passports of officials, certificates of good conduct, a written structure of the company, the technical base of the company, forecasts regarding profits and further operations, and so on.

It should be noted that the regulator might request some additional data and ask to apostille certain documents. It is extremely difficult to predict all the nuances. That is why we recommend that you do not waste your own time and energy, but turn to experts who have many years of experience in this area. They will help you obtain the necessary license and provide full support.

Contact us and be sure that you’ll be provided with full professional assistance. You can also see current offers in categories Cryptocoins and licensing of cryptocurrency operationsReady-made companiesBanks for sale and Licenses for sale

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