Bank Licensing - Mauritius

About Mauritius

Mauritius has a strong financial sector, dominated by a substantial domestic banking sector that is expanding rapidly across the region. It also boasts a thriving insurance and pension sectors, as well as a sizable offshore financial services business. The banking system is profitable, well-capitalized, and safe in general.

The Mauritius Stock Exchange is a pioneer in sustainability on the African continent, with the second largest market offering a dynamic debt and equity market, trading of fixed income securities and equities through investment dealers.

Mauritius is located in the Indian Ocean, about 500 miles east of Madagascar. Rodrigues Island is located approximately 340 miles east of the main island, the Cargados Carajos Shoals are located approximately 250 miles northeast of the main island, and the Agalega Islands are located approximately 580 miles north of the main island.

According to Worldometer’s elaboration of the most recent United Nations data, the current population of Mauritius is 1,277,774 as of Thursday, May 11, 2023.

Mauritian Creole is a French-based Creole that is spoken by approximately 90% of the people. French is the language of education and the media, while English is the official language of Parliament, however MPs can still speak French.

Mauritius’ legal system is a combination of civil and common law practises. It is regulated by concepts derived from both the Napoleonic Code of France and English Common Law.

1. International Reputation and Financial Hub

Mauritius is a reputable international financial centre that attracts global investors and enterprises. Having a bank licence in Mauritius increases the institution’s legitimacy and reputation, giving it a competitive advantage in acquiring both domestic and foreign clients.

2. Economic and Political stability

Mauritius has a long history of political stability, as well as an economically diverse and resilient economy. The country has continuously placed well in worldwide indices of business ease, governance, and economic freedom. This stability and favourable business environment help to provide a favourable environment for banking operations.

3. International Market Access

Mauritius acts as a gateway to a number of foreign markets, including those in Africa, Asia, and the Middle East. Holding a bank licence in Mauritius can allow banks to enter various markets, engage in cross-border operations, and extend their international footprint.

4. Treaties to Avoid Double Taxation

Mauritius has a large network of double taxation treaties with many nations. This can benefit banks that provide international banking services by enabling tax planning and minimising tax liabilities for clients that conduct cross-border transactions.

5. Regulatory Framework

Mauritius has a strong financial services regulatory structure, including banking. As the central bank, the Bank of Mauritius supervises and regulates banks to ensure compliance with prudential and anti-money laundering (AML) rules. The regulatory environment seeks to preserve the financial sector’s stability and integrity.

6. Tax Benefits

Mauritius banks can profit from a competitive tax environment. The country provides a variety of tax breaks, including exemptions and lower tax rates for specific banking activities. This can boost profits and attract international clients looking for tax-efficient banking services.

7. Currency Conversion

Mauritius has a completely convertible currency, making international transactions and currency exchange services easier for banks.

8. Sector of Global Business

Mauritius has a booming Global Business sector, allowing businesses to function as global headquarters, regional offices, or investment holding corporations. Banks in Mauritius can assist these organisations by offering banking services that are tailored to their specific requirements.

9. Focus on Fintech and Innovation

Mauritius has actively promoted fintech and financial sector innovation. Banks with Mauritius licences can take advantage of this climate to embrace technology breakthroughs, offer innovative digital banking solutions, and cooperate with fintech companies to improve their service offerings.


License: International Bank License
Timeframe for Approval: 4-6 months from the date application is lodged with the Financial Service Commission of Mauritius
Regulator: Financial Services Commission

Company Structure

Local Director: At least two resident directors
Local Shareholder: At least one shareholder
Local Registered Office: Required
Local Staff: Required
Compliance Officer: Required
AML/KYC: Required
Audit: Required
Economic Substance: Required
Corporate Tax Rate: 15%
Currency: Mauritian Rupee
Minimum Paid-up Capital: 2, 000, 000 MUR
Capital Requirement: 1, 000, 000 MUR
Tax Structure: 10%

The following actions will be taken in order to receive a licence:

  • Company name application and reservation
  • Preparation and filing of an application for a Global Business Company Licence to the Financial Services Commission (FSC).
  • Incorporation (including incorporation documentation such as the application for incorporation and statutory documents pertaining to the nomination of directors and the secretary)
  • Providing the company with standard client constitution (M&A)
  • Opening of the company’s first Corporate Bank Account* in Mauritius
  • Working with our lawyer to obtain the legal certificate required for incorporation.
  • Putting together the statutory file
  • Creating a Company Seal / Stamp
  • First meeting and compilation of first minutes, issue of first shares, appointment of first officials, and preparation of register of Members, Directors, and Secretaries
  • Retail Banking Services
  • International Banking
  • Trade Finance
  • Investment Banking
  • Wealth Management and Private Banking
  • Digital Banking and Fintech Services
  • Fund Administration and Custodial Services
  • Offshore Services
  • Treasury Services
  • Draft copy of standard material contract(s) and agreement(s) to be executed in connection with the operation
  • Draft copy of the Operations and Compliance Manual
  • Indication as to who will be responsible to conduct due diligence checks on clients of the Applicant and confirmation that same will be kept at its registered office address
  • An indication of the amount of professional indemnity insurance cover that the Applicant intends to subscribe to, along with a quote from the insurer.
  • The Applicant should inject a minimum paid up and unimpaired stated capital and shareholders’ funds of at least Rs 50 million and submit statutory filings lodged to the Registrar of Companies evidencing same.
  • Detailed description of measures to be put into place with regards to infrastructure, confidentiality, security and safety of client information and records.
  • Details of IT infrastructure to support the day to day operations of the Applicant
  • Draft copy of the Disaster Recovery and Business Continuity Plan.
  • Procedures for complaints handling and indication as to who will be responsible to handle complaints & the time frame within which complaints will be handled
  1. Formation of Mauritius GBL corporation
  2. Preparation and drafting of shareholder and officer agreements.
  3. Preparation and drafting of narrative business plan (req.)
  4. Prepare five year financial projections (req.)
  5. Preparation and drafting of current financial statements (req.)
  6. Preparation and drafting of personal financial statements for owners (req.)
  7. Identification and draft letters naming principal representative and auditor in Mauritius (req.)
  8. Preparation and drafting application with Mauritius regulators (req.)
  9. Preparation and drafting of customer agreements and disclosures.
  10. Respond and draft responses to Regulator application inquiries(req.)
  11. Facilitate and consummate bankcard relationship with Visa & Mastercard
  12. Preparation and drafting of policy agreements and related documents(req.)
  13. Facilitate and consummate IBAN and correspondent bank relationship
  14. Preparation and review of bank deposit, loan and related agreements.