Mauritius Forex License
Mauritius has a modern and flexible Securities Law and it is one of the best country to apply for Investment Dealer licenses . You can receive the license within a reasonable time, Mauritius requires to pay reasonable minimum capital, licence fees are not too high and Mauritius has a low tax rate.
Before to obtain an investment Dealer license it is requited to register a Global Business Company I in Mauritius.
Below you can find general requirements to set up the company in Mauritius and the main condition for obtaining a Mauritius Forex license.
More information and the quotation you can obtain from BRIS GROUP professional advisers.
Mauritius GBC I Formation Requirements General obligation for Investment Dealer Licenses and Securities
Company Formation
Type of entity need to be required to be eligible for Investment Dealer license
Global Business Company I
Constitution
There is no statutory requirement for a GBC1 to have a constitution. The company will be governed by the provisions under the Companies Act 2001, however the shareholders of the GBC 1 may adopt a constitution at any time through a resolution
The timeline for incorporating a GBC 1
From 5 to 10 days
Directors
Must have a minimum of two (2) Resident Directors in order to avail of treaty benefits, with board meetings held in Mauritius
Corporate director
The concept of Corporate Director is not applicable
Annual Meetings requirement
Must hold an Annual Meeting in every calendar year and within 6 months of the company’s balance sheet date
Shareholder
Both individual and corporate bodies are allowed to be shareholders
Secretary requirement
Secretary requirement
Registered office
Must at all times have a registered office in Mauritius
Minimum and stated capital
No minimum capital requirement for a GBC 1, can be denominated in any currency
The value of shares
Either par value (which may be stated in more than one currency) or no-par value shares
The form of shares
Registered shares, preference shares, redeemable shares and shares with or without voting rights
Bearer shares
Not permissible
Local auditor
Must have a local auditor
Local bank account
Must have a local bank account
Annual tax return requirements
Must file an annual tax return with the Mauritius Revenue Authority (MRA);
Requirements for audit
Must file audited financial report, not later than 6 months after its financial year end
Confidentiality and security of Beneficial owners
Names of shareholders and beneficial owners must be disclosed to the FSC.
Public records
No information regarding its shareholding, accounts or activities are publicly accessible
Can be GBC I converted into GBC II
Permissible
The main condition for obtaining a Mauritius Forex license
Who approves the license in Mauritius
Financial Services Commission
The main legal framework
The Securities Act 2005 coupled with the Securities (licensing) rules 2007
Categories of Investment Dealer license and Securities
Time to register a license
Approximately 3 to 4 weeks’ time
Capital requirements
1,000,000 MUR (roughly $30,000)
Physical office requirement
Must have office premises in Mauritius
Requirements of local employees
At least one local employee must be employed full time (who is tax resident in Mauritius) at an administrative or technical level
Staff Qualification
At least two officials who must meet two requirements: have at least 4 years of relevant experience (skills) in this area and lack of criminal records
Requirements of business plan
Business plan for 3 years
Required deposit
Must hold assets of at least USD100 000 within a year in the local bank
Shares
Shares must be listed on the Mauritius stock exchange
Double Taxation Agreements
Yes
Taxation
The GBC (global business company) benefits from preferential corporate tax rates by only 3%
Tax on income or dividends
No tax on income or dividends
Capital gains tax or inheritance tax
No capital gains tax or inheritance tax
Financial Statements Disclosure to FSC
File audited financial statements within 90 days of financial year end
License Requirements
License requirements will depend on the business activity, ownership form, location, number of employees etc. Having an appropriate license for your business will avoid high penalties and even closure of a business by local authorities.
We can give you advice on the type of license you require in the chosen offshore jurisdiction as well as the help to obtain them. Please contact us for further information.
Credibility of business license
- Knowing that the business is licensed and possess the necessary permits and registration will attract future customers as well as investors.
- Separation of business and personal taxes.
- Liability protection. Personal protection from future claims on your business thus limiting personal risks.
- Access to various business groups and organisations.
- Confidentiality as no personal details would have to be revealed.
We can help you decide where to register your offshore company, depending on your requirements, and we have numerous options available. There are a number of factors to be taken into consideration when applying for an offshore business license, and BRIS Group are here to help with expert advice on hand whenever you need it.
