Anjouan · Comoros
Kenya
RwandaNikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the FSC decision, including banking and payment rails.
Forex license in Mauritius: FSC investment dealer licence.
A forex license in Mauritius is the FSC's Investment Dealer licence under the Securities Act 2005: MUR 1,000,000 of unimpaired capital for the full-service tier, two full-time officers on the island if the dealer is a domestic company, an FRC-approved auditor and 4-8 months in practice. Licensed dealers pay a 15% headline rate that works out at 3% effective. It is offshore with an onshore reputation.
30 yrs
of experienceof experience
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated · Reviewed by the Prifinance team
Mauritius in brief
Forex license in Mauritius: the respectable middle of the offshore spectrum.
Mauritius licenses forex brokerage as investment dealing: the FSC's Investment Dealer licence under the Securities Act 2005, tiered by the Securities (Licensing) Rules 2007 - the Full Service Dealer (excluding underwriting) at MUR 1,000,000 minimum stated unimpaired capital is the tier FX brokers take, with underwriting at MUR 10,000,000, broker at MUR 700,000 and discount broker at MUR 600,000 below it. The FSC's criteria are concrete: two officers based full time in Mauritius and conversant with the operations (a rule the criteria set for domestic companies, not for GBCs), an auditor approved by the Financial Reporting Council, a registered office, and directors compliant with the FSC's directorship circular. Fees are published: from 1 July 2026, US$1,000 processing and US$3,400 a year for a GBC, MUR 7,500 and MUR 75,000 for a domestic company.
What Mauritius adds that pure offshore cannot: standing. The jurisdiction runs a genuine treaty network, cleared the FATF process years ago, and its Global Business framework is familiar to banks from Johannesburg to Singapore - an investment dealer here banks and contracts more easily than its price tier suggests. The tax completes the case: 15% headline corporate tax, with licensed investment dealers expressly within the 80% partial-exemption regime - a 3% effective rate on qualifying income for companies with real substance. We build the entity, the officers, the file and the substance as one programme from Port Louis.
FSC Investment Dealer (Full Service excl. underwriting): MUR 1,000,000 unimpaired capital, two full-time officers for a domestic company, FRC auditor, US$1,000/US$3,400 fees for a GBC - the offshore licence with treaty-network standing.
Licensed dealers sit expressly in the 80% partial exemption: 3% effective with substance. We build licence and tax as one programme.
The two routes
Full service dealer - or the broker tier.
One licence family, tiered by capital: the Full Service Dealer (excluding underwriting) at MUR 1,000,000 - or the broker tiers below for intermediation-only models. We settle the tier before anything is built.
Full service at MUR 1M - or broker tiers at MUR 600-700k.
01 - FULL SERVICE DEALER
Excluding underwritingThe dealing licence
The FX broker's tier: dealing in securities and derivatives as principal and agent at MUR 1,000,000 unimpaired capital. With the FSC's officer, auditor and governance criteria built in.
The FX broker's tier: dealing in securities and derivatives as principal and agent at MUR 1,000,000 unimpaired capital. With the FSC's officer, auditor and governance criteria built in.
- ✓Dealing as principal and agent
- ✓MUR 1,000,000 unimpaired capital
- ✓Two full-time officers (domestic company)
- ✓FRC-approved auditor
- ✓US$1,000 processing · US$3,400 annual (GBC)
- ✓The tier global FX brokers take
02 - BROKER · DISCOUNT BROKER
MUR 600k-700k capitalThe intermediation tiers
Execution and intermediation without principal dealing: the broker tier at MUR 700,000 and discount broker at MUR 600,000. The same FSC stamp for agency models at a lighter balance sheet.
Broker MUR 700k / discount broker MUR 600k for agency models; same FSC stamp; upgrade path to full service.
- ✓Broker - MUR 700,000 capital
- ✓Discount broker - MUR 600,000
- ✓Agency execution models
- ✓Same FSC supervision
- ✓Upgrade path to full service
- ✓Same substance criteria
Costs and timelines are confirmed for your case before any work begins. FSC fees follow the consolidated fees rules; capital, officers and substance costs are itemised in your quote.
Why Mauritius
Offshore economics, onshore handshake.
Mauritius charges more diligence than the islands and less capital than the onshore world, and banks accordingly.
✓
MUR 1M full-service capital
Roughly US$22,000 of unimpaired capital licenses principal dealing. The lowest credible entry to a dealer licence with treaty-network standing.~US$22k licenses dealing.
✓
3% effective tax
Licensed investment dealers sit expressly in the 80% partial-exemption regime: 15% headline becomes 3% effective on qualifying income, with substance.80% exemption, express.
✓
Treaty-network standing
A genuine DTA network and a Global Business framework banks recognise. The licence contracts and banks above its price tier.Banks above its tier.
✓
Concrete, published criteria
Two full-time officers for a domestic company, an FRC auditor, directorship rules, published fees. The FSC's checklist is knowable in advance and buildable.Knowable, buildable.
✓
FATF-clean jurisdiction
Mauritius exited the FATF grey list in 2021 and has held standards since. Diligence conversations start from yes.Since 2021, held.
✓
Africa-Asia corridor seat
The historic financial bridge between African, Indian and Asian flow. The natural book for a dealer serving those corridors.Africa-India-Asia.
How it compares
How Mauritius differs from other routes.
Numbers next to numbers: more substance than the islands, more standing than their price. The middle that works.
Mauritius vs other jurisdictions
| Feature |  Mauritius | Other jurisdictions |
|---|---|---|
| Regime | Securities Act 2005 - FSC | MiFID desks or offshore |
| Capital | MUR 1M (~US$22k) | US$0-2M spread |
| Standing | Treaties · FATF-clean | Varies to none |
| Tax | 15% · 3% effective | 0-30% spread |
Regime
MauritiusSecurities Act 2005 - FSC
Other jurisdictionsMiFID desks or offshore
Capital
MauritiusMUR 1M (~US$22k)
Other jurisdictionsUS$0-2M spread
Standing
MauritiusTreaties · FATF-clean
Other jurisdictionsVaries to none
Tax
Mauritius15% · 3% effective
Other jurisdictions0-30% spread
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Mauritius | FSC Investment Dealer | 15% · 3% effective | MUR 1M, 2 officers if domestic |
 Seychelles | FSA Securities Dealer | 1.5% with substance | US$100k capital |
 Vanuatu | VFSC Financial Dealer | No corporate income tax | VT 5M deposit |
 Labuan | Money broking licence | 3% of audited profits | RM1M, intermediary only |
MauritiusLicense typeFSC Investment Dealer
Taxation15% · 3% effective
RequirementsMUR 1M, 2 officers if domestic
SeychellesLicense typeFSA Securities Dealer
Taxation1.5% with substance
RequirementsUS$100k capital
VanuatuLicense typeVFSC Financial Dealer
TaxationNo corporate income tax
RequirementsVT 5M deposit
LabuanLicense typeMoney broking licence
Taxation3% of audited profits
RequirementsRM1M, intermediary only
Africa and the Indian Ocean
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Before you apply
Forex license requirements in Mauritius: what the FSC checks.Mauritius forex license requirements.
The FSC's licensing criteria are published and specific. The checklist below is what a passing application contains.
01
Mauritian company. Domestic or Global Business Company, structured for the licence.
02
Unimpaired capital. MUR 1,000,000 for the full-service tier, fully paid; GBCs undertake to credit it within one month of licensing.
03
Two resident officers (domestic company). Based full time in Mauritius and conversant with investment-dealer operations; the FSC's criteria do not set this rule for a GBC.
04
Compliant directors. CVs, personal questionnaires and the FSC's directorship circular satisfied for each.
05
FRC-approved auditor. With the signing partner registered with the Mauritius Institute of Professional Accountants.
06
Registered office. A real Mauritius address with the corporate records maintained there.
07
Business plan. The dealing model, target corridors and three-year financials the FSC can interrogate.
08
Client money arrangements. Segregation and reconciliation designed before launch.
09
AML/CFT framework. KYC, screening and reporting under FIAMLA, with a named MLRO.
10
Substance for tax. The CIGA, staffing and expenditure that keep the 80% partial exemption available.
01
Mauritian company or GBC.
02
MUR 1M unimpaired capital.
03
Two officers (domestic).
04
Circular-compliant directors.
05
FRC-approved auditor.
06
Registered office, records.
07
Interrogable business plan.
08
Client money designed.
09
AML with named MLRO.
10
Substance for the 3%.
Reflects the Securities Act 2005, the Securities (Licensing) Rules 2007 and FSC licensing criteria as of 2026.Securities Act 2005 + Licensing Rules 2007, as of 2026.
Verify it yourself
Official sources
Regulator pages, legal texts and public registers the figures on this page are based on.
- RegulatorFSC Mauritius - Licences under the Securities Act: investment dealer categoriesfscmauritius.org
- LawSecurities Act 2005 - FSC Mauritiusfscmauritius.org
- LawSecurities (Licensing) Rules 2007, GN 216 of 2007: dealer categories and minimum capital - FSC Mauritiusfscmauritius.org
- FeesFinancial Services (Consolidated Licensing and Fees) (Amendment) Rules 2026, GN 119 of 2026: fees from 1 July 2026 - FSC Mauritiusfscmauritius.org
- RegisterFSC Mauritius - Online public register of licenseesopr.fscmauritius.org
How it works
From first call to the FSC register.
01
Tier and structure
Full service or broker tier, domestic or GBC. Fixed in writing before any drafting.Fixed in writing.
02
Company and people
Incorporation, capital plan and the resident officers and directors the FSC assesses.Officers, directors, auditor.
03
The application file
Business plan, criteria pack and appointments. Complete at filing with the processing fee (US$1,000 for a GBC).Complete, US$1,000 fee.
04
FSC review
Question rounds answered - 4-8 months realistic end to end.4-8 months realistic.
05
Licence and launch
Register entry, the annual fee (US$3,400 for a GBC) on calendar, banking live. The corridor book opens at 3% effective.3% base, corridors open.
Quick facts
RegulatorFSC Mauritius
Full service capitalMUR 1,000,000
Broker tierMUR 700,000
Processing feeUS$1,000 (GBC)
Annual feeUS$3,400 (GBC)
Resident officers2 full-time (domestic)
Realistic timeline4-8 months
Effective tax3% qualifying
The FSC works from published criteria. Building to the checklist before filing is the entire schedule strategy, and our job.
On the ground in Mauritius
Run from our Port Louis office.
Prifinance - Mauritius
Port Louis · Mauritius
Port Louis, Mauritius
01
Company and GBC structuring
Incorporation or Global Business licensing, capital structuring and the corporate layer the FSC expects. Built for the licence from day one.Domestic or GBC, built right.
02
The FSC file
Business plan, licensing criteria pack, officer and auditor appointments. Drafted end to end and defended through the rounds.Criteria-complete.
03
Officers and substance
Resident officers sourced and prepared (two full-time ones for a domestic company), with the substance that satisfies both the FSC and the partial-exemption tests.Sourced locally.
04
Banking and corridors
Introductions to the banks that serve Mauritian dealers across the Africa-Asia corridor. Sequenced with the licence.Corridor introductions.
We also have offices in
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of forex brokers in Mauritius.
A 15% headline that resolves to 3% for licensed dealers with substance. The quiet star of the regime.
Corporate tax 15%
The standard rate. Flat, familiar and treaty-backed, before the exemption regime does its work.Flat, treaty-backed.
80% partial exemption
Income derived by an investment dealer licensed by the FSC qualifies expressly - 80% exempt, 3% effective, conditional on real substance in Mauritius.Dealers expressly in.
Substance conditions
Core income-generating activities, adequate qualified staff and proportionate expenditure in Mauritius. The same investment the FSC's staffing criteria already point to.CIGA, staff, spend.
No capital gains tax
Mauritius levies no capital gains tax. Exits and restructurings stay clean.Clean exits.
No dividend withholding
Dividends flow without Mauritian withholding. Clean distribution on top of the 3% effective base.Clean distribution.
Treaty network 40+
A genuine DTA network across Africa, India and Asia. The corridors a Mauritian dealer actually serves.The right corridors.
Tax summary
Corporate tax15%
Effective - qualifying3%
Capital gains taxNone
Dividend withholdingNone
Tax treaties40+
*Figures as of 2026 per the MRA. The partial exemption is substance-conditional. Modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Mauritian company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed dealer.
Follow Prifinance
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Mauritius · FSC
Get your forex license in Mauritius with expert support.
Full-service assistance - from incorporation to the Investment Dealer licence, resident officers, substance and ongoing compliance - run through our Port Louis office.
Get a consultation →Free legal opinion
Is Mauritius the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Mauritius forex licence: the practical answers.
What licence does a forex broker need in Mauritius?+
The Investment Dealer licence from the FSC under the Securities Act 2005 - for FX brokers, the Full Service Dealer (excluding underwriting) tier, which covers dealing as principal and agent in securities and derivatives.
What capital is required?+
MUR 1,000,000 minimum stated unimpaired capital for the full-service tier (about US$22,000), fully paid - with the broker tier at MUR 700,000 and discount broker at MUR 600,000 for agency-only models. Underwriting raises the bar to MUR 10,000,000.
What does a forex license in Mauritius cost?+
Published FSC fees from 1 July 2026: US$1,000 processing and US$3,400 annual for a GBC, MUR 7,500 and MUR 75,000 for a domestic company. The real budget items are the officers (two full-time ones for a domestic company), the FRC-approved auditor and substance - itemised in your quote.
What local presence is required?+
For a domestic company, two officers based full time in Mauritius who are conversant with investment-dealer operations; for every applicant, an investment dealer team of at least two, a compliance officer, an MLRO and a deputy MLRO, plus a registered office, directors satisfying the FSC's circular and an FRC-approved auditor - concrete, published, buildable.
How is the 3% effective tax rate achieved?+
Licensed investment dealers are expressly within the 80% partial-exemption regime: 15% headline on 20% of qualifying income = 3% effective - conditional on core income-generating activities, qualified staff and proportionate expenditure in Mauritius. The FSC's own staffing requirements carry most of that substance.
How long does a forex license in Mauritius take?+
Realistically 4-8 months end to end including company formation, officer appointments and the FSC's question rounds - a criteria-complete first filing is the speed lever.
Can a Mauritian dealer serve EU or UK retail?+
Not under ring-fenced retail rules - those markets need their own licences. The Mauritian book serves Africa, Asia, the Middle East and B2B flow; groups pair it with onshore licences where needed, and we structure both ends.
What is the banking experience like?+
Better than the price tier suggests: the treaty network, FATF-clean status and Global Business familiarity mean banks across the corridor know what a Mauritian investment dealer is. We sequence introductions with the licence.
Mauritius or the Seychelles?+
Seychelles is faster and taxes a licensed dealer with substance at 1.5%, but since the 2024 changes it asks for US$100,000 of capital and higher fees. Mauritius carries more standing, the treaty network and a MUR 1M capital floor. Brokers optimising for banking and treaties choose Mauritius; those optimising speed and the tax rate choose the SDL. We model both against your corridors.
Does the investment dealer licence cover crypto?+
No. Virtual-asset services in Mauritius need their own FSC licence under the VAITOS Act 2021, in five classes with fixed capital from MUR 2 million and a physical office and management on the island. The investment dealer licence stays with securities and FX. A group that offers both holds both. The Mauritius crypto licence page covers the classes and the costs.
Why Prifinance for Mauritius?+
A Port Louis office, the FSC's criteria built into our templates, officers and substance sourced locally, and the tax structuring - licence and 3% regime - delivered as one programme.
What licence?+
FSC Investment Dealer - full service.
Capital?+
MUR 1M unimpaired.
Cost?+
US$1,000 + US$3,400/year (GBC).
Local presence?+
Officers, office, auditor.
3% how?+
80% exemption + substance.
How long?+
4-8 months realistic.
EU retail?+
No - corridor book.
Banking?+
Above its price tier.
Or Seychelles?+
Standing vs speed - we model.
Does the investment dealer licence cover crypto?+
No. Virtual-asset services in Mauritius need their own FSC licence under the VAITOS Act 2021, in five classes with fixed capital from MUR 2 million and a physical office and management on the island. The investment dealer licence stays with securities and FX. A group that offers both holds both. The Mauritius crypto licence page covers the classes and the costs.
Why you?+
Licence + 3% as one build.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Financial Services Commission of Mauritius (FSC) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.