Payment Service Provider License - Mauritius

About Mauritius

The Financial Services Commission (FSC) regulates the financial sector in Mauritius. The FSC maintains conformity with international norms and regulations, ensuring financial industry stability and investor confidence.

Banking, insurance, investment management, and payment services are all available in Mauritius. The financial sector is mature and attracts both domestic and international firms.

Mauritius is well-known for its welcoming business environment and ease of doing business. The government has taken steps to streamline administrative procedures and encourage investment in the financial industry.

Mauritius is located in the south-west Indian Ocean, somewhat above the tropic of Capricorn, at latitude 20° south and longitude 57° east of Greenwich. It is about 2,000 kilometres east of the coast of mainland Africa and 855 kilometres east of Madagascar.

According to Worldometer’s elaboration of the most recent United Nations data, the current population of Mauritius is 1,277,774 as of 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. Political and Economic Stability

Mauritius has political stability and a diverse and resilient economy. This stability creates a safe and predictable climate for doing business, lowering the risks connected with political unrest.

2. Favorable Tax Regime

Mauritius has a favourable tax regime for financial services firms. Tax breaks and exemptions are provided, including low corporate tax rates, tax holidays, and double tax treaties with numerous nations. These incentives can help licensed entities save money and increase their profits.

3. Gateway to Africa

Mauritius is strategically positioned and acts as a gateway to Africa. By obtaining a PI Licence in Mauritius, you can exploit its position to gain access to the expanding African financial services sector. This can lead to new business prospects and expansion into other African countries.

4. Strong Financial Services Sector

Mauritius has built a strong and well-regulated financial services industry. It is regarded as a credible worldwide financial centre, drawing a diverse spectrum of global financial institutions. Being a part of this ecosystem might provide networking opportunities and access to finance sector experience.

5. Regulatory Framework

Mauritius has built a comprehensive financial services regulatory system, including payment institutions. The Financial Services Commission (FSC) is the regulatory entity in Mauritius in charge of overseeing and licencing PIs. The framework ensures worldwide compliance and clarifies licencing requirements and continuing obligations.

6. Ease of Doing Business

Mauritius is well-known for its welcoming business environment and ease of doing business. The country has reduced administrative procedures and offers effective company registration and licencing services. This can make the licencing procedure for Payment Institutions go more smoothly.

7. Innovation and Technological Advancements

Mauritius is enthusiastic in fintech and digital innovation. The government has been aggressive in creating an atmosphere that encourages technology developments in the banking sector. This opens up potential for Payment Institutions to use cutting-edge technology to provide novel payment solutions.


License: Global Business License
Timeframe for Approval: 3 to 4 months
Regulator: Mauritius Financial Services Commission

Company Structure

Local Director: 2 resident directors
Local Shareholder: 1 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: $25,000
Tax Structure: 3% Tax on Offshore Profits
  1. Application and reservation of company name
  2. Preparation and submission with the Financial Services Commission (FSC) for the application of a Global Business Company License
  3. Incorporation (inclusive of incorporation documentation: application for incorporation and statutory documents in respect of appointment of directors, secretary)
  4. Providing standard client constitution (M&A) for the company
  5. Opening of first Corporate Bank account* for the company in Mauritius
  6. Liaising with our lawyer for the provision of a legal certificate required for incorporation
  7. Preparing the statutory file
  8. Preparation of a Company Seal / Stamp
  9. Holding of first meeting and preparation of first minutes, initial share issuance, appointment of initial officers and preparation of register of Members, Directors and Secretaries
  1. Execution of Payment Transactions
  2. Money Remittance
  3. Issuing and Managing Payment Instruments
  4. Acquiring Payment Transactions
  5. Payment Account Services
  6. Foreign Exchange Services
  7. Payment Initiation Services

1. Company Incorporation

The first step is to establish a business in Mauritius. This entails registering a corporate entity with the Registrar of Companies and submitting the required papers, such as the memorandum and articles of organisation.

2. Fit and Proper Criteria

The payment institution’s directors, senior management, and substantial owners must meet the FSC’s fit and suitable standards. This entails demonstrating that you have the character, integrity, and competence to assume such roles.

3. Business Plan

It is necessary to develop a detailed business plan that details the nature of the payment services, target market, operating model, risk management framework, and financial projections. The business plan should illustrate the payment institution’s feasibility and durability.

4. Capital Requirements

Payment institutions are required to keep a certain amount of money on hand, which varies based on the type of services offered. The FSC will decide the particular capital requirement, which must be maintained throughout the licencing period.

5. Compliance Framework

To ensure compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) legislation, a strong compliance framework, comprising policies and processes, must be built. The payment institution must put in place suitable safeguards for customer due diligence, transaction monitoring, and suspicious activity reporting.

6. Technology and Security

To protect client data, prevent fraud, and maintain the integrity and confidentiality of payment transactions, the payment institution must have suitable technological infrastructure and security mechanisms in place.

7. Risk Management

A complete risk management framework addressing operational, financial, and compliance concerns should be constructed. This includes identifying and assessing risks, putting risk mitigation measures in place, and putting in place internal controls.

8. Regulatory Reporting and Auditing

Payment institutions are expected to submit financial statements, compliance reports, and other regulatory files to the FSC on a regular basis. Regular audits by independent auditors may also be required to verify regulatory compliance.

  1. Formation of Mauritius GBL corporation
  2. Arrange for local registered officer and local directors, if required.
  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.