The Republic of Mauritius is an island nation in the Indian Ocean off the south eastern coast of Africa. The capital and largest city is Port Louis and it is a member of the Commonwealth of Nations and the African Union. It is an English and French speaking country with a population of 1.3 million people.
The Financial Services Commission (FSC) is the regulating body in Mauritius and it is responsible for the review and issuance of Foreign Exchange licenses (forex). The FSC licenses are issued within 6 months to financial companies intending to engage in forex activity as long as they meet certain criteria required by the FSC. Mauritius FSC’s were established primarily as financial regulators for non-banking services to comply with the Financial Services Development Act of 2001. The minimum capital requirement for an investment dealer including underwriting is approximately 250,000 EUR ($308,000 USD) and without underwriting 25,000 EUR ($30,800 USD).
A company applying for a Global Business License (GBL1) license must submit the appropriate application to the FSC and show proof of conducting business outside of Mauritius. Under the Financial Services Development Act, a GBL1 Company is defined as a company that engages in any approved global business activity which includes raising funds from the public, requiring investor’s protection, and those who conduct business in a currency other than the Mauritius Rupee. A Forex License allows conducting business as a full-service Forex Dealer, act as an intermediary in executing securities, underwrite or distribute securities for an issuer or holder, trade in securities as a principal with the purpose of reselling to the public, and Investment Advisors. Companies are exempt from stamp duties, registration duties or other like fees. Royalties paid to non-residents are exempted from taxes and Mauritius has high confidentiality with no public records. You must have a bank account in Mauritius.