Mauritius Regulatory Advisory

Mauritius Financial Licence Application

Build a regulated financial-services business in Mauritius with support covering licence scoping, corporate structure, local substance, governance, application documentation and regulatory coordination.

Non-bank regulator: FSC Mauritius Payments regulator: Bank of Mauritius Investment • Funds • Virtual Assets
Discuss your application Compare licence options
Overview

Why establish a regulated business in Mauritius?

Mauritius is an established international financial centre with a mixed legal system influenced by civil-law and common-law traditions. The Financial Services Commission, Mauritius (FSC) regulates the non-bank financial-services sector, including securities, funds, global business and virtual-asset activities.

  • Established statutory frameworks for investment dealers, investment advisers, funds and virtual-asset service providers.
  • Access to experienced local management companies, compliance professionals, auditors, legal advisers and administrators.
  • A substance-based framework requiring genuine governance, qualified personnel and effective management appropriate to the proposed activity.
  • A potential base for international operations, subject to the licensing, marketing and solicitation rules of every target market.
Licence options

Popular Mauritius financial-services permissions

The following is a high-level comparison. Permitted activities depend on the exact licence category, approved business plan and conditions imposed by the regulator.

Licence or structure General regulatory scope Potential business models
Investment Dealer
Including/excluding underwriting, Broker or Discount Broker		 May cover client execution, dealing as principal, distribution or underwriting where expressly authorised. Each category has different permissions, capital and operational requirements. Securities, derivatives or multi-asset brokerage models, subject to approved instruments, client type, dealing model and FSC conditions.
Investment Adviser
Unrestricted or Restricted		 Provision of investment advice and related services within the approved scope. Portfolio management may require the appropriate category and express authorisation. Investment advisory, research, portfolio advisory and eligible management mandates, depending on the approved model.
Collective Investment Scheme / Closed-end Fund Establishment and operation of an investment fund, with classification, offering, governance and functionary requirements based on the proposed fund. Open-ended or closed-ended investment structures, professional investor funds and specialist strategies.
CIS Manager Management of collective investment schemes in accordance with the Securities Act, applicable rules and FSC licensing conditions. Fund management businesses serving Mauritius-domiciled or eligible international investment structures.
Virtual Asset Service Provider
Classes M, O, R, I and S		 Specified virtual-asset broker-dealer, wallet, custody, advisory or marketplace activities under the VAITOS framework. Virtual-asset brokerage, hosted wallet services, custody, advisory and marketplace operations, depending on the approved class.
Payment Intermediary Services
FSC FS-2.9		 Approved payment-intermediary activities under the FSC licence. It should not be treated as a substitute for a Bank of Mauritius Payment Service Provider Licence. Selected cross-border payment facilitation or intermediary models, subject to formal regulatory classification and the precise money flow.
Important regulatory distinction

Payment intermediary or payment service provider?

Mauritius has more than one regulatory route relevant to payments. An FSC Payment Intermediary Services Licence does not automatically authorise all payment activities.

Models involving the issue of payment instruments, acquiring of payment transactions, execution of payment transactions, payment initiation, merchant aggregation or operation of a payment system may fall under the National Payment Systems Act 2018 and require authorisation or a Payment Service Provider Licence from the Bank of Mauritius.

A regulator-mapping exercise should be completed before incorporation or application. Depending on the model, FSC approval, Bank of Mauritius approval, both, or a different structure may be required.
Virtual assets

VASP classes under the VAITOS framework

A VASP applicant must be a duly registered company carrying on business in or from Mauritius, be directed and managed from Mauritius and maintain a physical office in Mauritius. Controllers, beneficial owners and officers are subject to fit-and-proper review.

Class MVirtual Asset Broker-Dealer
Class OVirtual Asset Wallet Services
Class RVirtual Asset Custodian
Class IVirtual Asset Advisory Services
Class SVirtual Asset Market Place

An Initial Token Offering is subject to a separate registration framework. The proposed token, custody arrangement, client journey and technology should be assessed before selecting a class.

Application process

How FinPro supports your application

01

Regulatory scoping

Map products, clients, target markets, instruments, money flow, custody and outsourcing to the relevant regulatory route.

02

Structure and readiness

Confirm the entity, ownership, Global Business requirements, capital plan, key persons and local substance needed.

03

Corporate establishment

Coordinate incorporation through a licensed local provider and establish the required registered office, governance and operating arrangements.

04

Application documents

Prepare the business plan, financial projections, compliance framework, risk policies, personal questionnaires and supporting evidence.

05

Regulatory review

Coordinate submissions and responses to regulatory questions, while updating documents and arrangements where required.

06

Conditions and launch

Support completion of pre-licensing conditions and implementation of reporting, governance and compliance arrangements before launch.

Application requirements

Corporate and personal due diligence

  • Certified identity and address evidence for shareholders, beneficial owners, directors and key officers
  • Detailed CVs, qualifications, references and evidence of relevant experience
  • Ownership chart and information on related companies or regulated entities
  • Source-of-wealth and source-of-funds evidence
  • Financial standing, integrity and fit-and-proper information
  • Draft corporate documents and board/governance arrangements
Business and controls

Operating model documentation

  • Detailed business plan, client profile, countries, products and distribution strategy
  • Three-year financial projections and regulatory capital evidence
  • AML/CFT/CPF, sanctions, onboarding and transaction-monitoring framework
  • Client-money or asset-safeguarding arrangements where applicable
  • Risk management, complaints, conflicts, outsourcing and business-continuity policies
  • Technology architecture, cybersecurity, access control and incident-response arrangements
Local substance and governance

A licence requires a credible operating presence

The required level of substance varies by licence. A regulated company should be able to demonstrate that its governance, staffing, controls and decision-making are proportionate to its activities and genuinely implemented in Mauritius.

  • Appropriately qualified directors, including Mauritius-resident directors where required
  • Compliance Officer, MLRO and Deputy MLRO or other key officers, as applicable
  • Physical office and locally maintained records appropriate to the business
  • Regular board meetings, documented decisions and effective oversight
  • Approved auditor, accounting and regulatory reporting arrangements
  • Controls over outsourcing, technology, data, service providers and operational resilience
Costs

Fees and operating outlays

  • Regulatory application, annual and variable fees where applicable
  • Company incorporation, Global Business and Registrar charges
  • Local directors, officers, office, management company and company-secretarial costs
  • Audit, accounting, legal, insurance and professional-services costs
  • Technology, cybersecurity, compliance and reporting infrastructure
  • FinPro advisory and project-management fees

Statutory charges must be confirmed against the rules and fee schedules in force at the time of application. A tailored budget can be prepared after the business model is scoped.

FinPro support

One coordinated licensing workstream

  • Regulatory route and licence-class assessment
  • Project plan, document list and readiness review
  • Coordination with licensed local and specialist providers
  • Business plan and compliance-document preparation
  • Application management and response coordination
  • Bank, EMI, auditor and technology-provider introductions where appropriate
Introductions do not guarantee onboarding or account approval. Each institution conducts its own compliance, commercial and risk assessment.
Frequently asked questions

Mauritius licence FAQ

Does every FSC licence require a Global Business Licence?

No single structure applies to every activity. For a Mauritius company conducting business principally outside Mauritius, a Global Business Licence is commonly relevant. The precise combination of company type, Global Business status and activity licence should be confirmed from the proposed facts. An Authorised Company should not be assumed to be an appropriate vehicle for a regulated financial-services business.

Can a Mauritius licence be used to market services worldwide?

No. A Mauritius licence does not create automatic passporting rights into other countries. The company must assess the licensing, marketing, solicitation, consumer-protection and cross-border rules of each target jurisdiction before accepting clients.

What is the minimum capital requirement?

Minimum stated or unimpaired capital depends on the exact licence and sub-category. Additional liquidity, insurance, safeguarding or financial-resource expectations may also apply. Capital should therefore be confirmed only after the correct licence class and operating model have been established.

Can an Investment Dealer licence cover Forex or CFDs?

Potentially, but not automatically. The proposed instruments, counterparty model, dealing capacity, client type, trading systems and risk controls must be described and accepted within the applicable licence category and FSC conditions. The licence title alone should not be treated as approval for every Forex or CFD activity.

Is the FSC Payment Intermediary Services Licence a PSP licence?

Not necessarily. Activities such as issuing payment instruments, acquiring or executing payment transactions, payment initiation and merchant aggregation may require a Payment Service Provider Licence from the Bank of Mauritius. The proposed money flow and role of each participant must be assessed before an application route is selected.

Must a VASP have a physical office in Mauritius?

Yes. Under the VAITOS framework, a VASP applicant must be registered in Mauritius, directed and managed from Mauritius and maintain a physical office in Mauritius, together with appropriate governance, personnel, systems and controls.

Can FinPro guarantee that a licence or bank account will be approved?

No. FinPro can support structuring, preparation and coordination, but licensing decisions remain entirely with the relevant regulator. Bank and EMI onboarding decisions remain with the relevant financial institution.

Start with regulatory scoping

Discuss your Mauritius financial-services project

Tell us your proposed activities, client countries, instruments, money flow, custody model and ownership structure. We will review the initial information and normally respond within one business day.

Contact FinPro Consulting

Email: [email protected]

Regulatory notice: This page provides general information as at August 2026 and does not constitute legal, tax, investment or regulatory advice. Licence names and general descriptions do not determine whether a particular business model is permitted. Requirements, fees and regulatory interpretations may change, and every application is assessed on its own facts. FinPro Consulting is an independent advisory firm and is not the Financial Services Commission, Mauritius, the Bank of Mauritius or a government authority. No licence, bank account, payment account, processing facility or approval is guaranteed.