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.
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.
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.
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.
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.
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.
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.
Mauritius has a completely convertible currency, making international transactions and currency exchange services easier for banks.
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.
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|
|Local Director:||At least two resident directors|
|Local Shareholder:||At least one shareholder|
|Local Registered Office:||Required|
|Corporate Tax Rate:||15%|
|Minimum Paid-up Capital:||2, 000, 000 MUR|
|Capital Requirement:||1, 000, 000 MUR|
The following actions will be taken in order to receive a licence: