End-to-end legal and regulatory support for securing your Mauritius Investment Dealer License — the recognised route to a credible, internationally accepted forex and investment brokerage.
Mauritius is one of the most respected international financial centres in the Africa–Indian Ocean region: politically stable, IOSCO- and FATF-aligned, and governed by a clear securities framework.
For brokers who want regulatory standing without the cost and lead time of a major onshore license, the FSC Investment Dealer License remains a compelling proposition. Finjuris guides you through every stage — from structuring and incorporation to licensing and banking — so your brokerage launches on solid legal ground.
The term “forex license” is a market label, not a statutory one. In law, what brokers obtain is an Investment Dealer License issued by the Mauritius Financial Services Commission (FSC) under the Securities Act 2005 and the Securities (Licensing) Rules 2007. Spot forex, rolling spot forex and contracts for difference (CFDs) are treated within the FSC's securities and capital-markets perimeter, which is why a forex or CFD brokerage falls under this regime.
Holding an Investment Dealer License authorises a Mauritius company to deal in securities and currency instruments — executing client orders, managing portfolios, advising on transactions and, at higher tiers, trading as principal and underwriting issues. The license is supervised on an ongoing basis by the FSC, and licensees appear on the regulator's public register, which is precisely what gives the structure its credibility with banks, liquidity providers and clients.
The FSC is a member of IOSCO, and Mauritius is FATF-compliant — not a blacklisted jurisdiction. Your license carries genuine reputational weight.
Entry-tier capital is modest compared with onshore equivalents in the EU or UK, while still signalling a regulated operation to partners and clients.
100% foreign ownership is allowed and day-to-day oversight can be conducted from abroad, provided genuine local substance and management are maintained.
Mauritius has concluded double taxation agreements with 45+ jurisdictions, supporting efficient cross-border structuring.
Strategic positioning, a sophisticated banking sector and strong governance rankings make it a natural hub for emerging-market activity.
FSC expectations are codified, so a well-prepared application has a defined route to approval — no ambiguity, no moving goalposts.
The Investment Dealer License is structured in tiers, each unlocking a wider range of permitted activities — and each carrying a different minimum stated (unimpaired) capital. Choosing the right tier at the outset avoids costly re-applications later.
| License Tier | What It Permits | Min. Stated Capital | Typical User |
|---|---|---|---|
| Discount Broker | Execution of client orders only — acting purely as an intermediary to the market, with no investment advice. | MUR 600,000 | Execution-only desks |
| Broker | Execute orders, manage client portfolios (discretionary or advisory) and advise on securities transactions. | MUR 700,000 | Advisory & managed brokerages |
| Full Service Dealer (excl. underwriting) | All Broker activities, plus trading in securities as principal with intent to resell to the public. | MUR 1,000,000 | Most forex / CFD brokers |
| Full Service Dealer with Underwriting | All of the above, plus underwriting and distributing securities (including own-issue instruments and IPOs). | MUR 10,000,000 | Capital-markets / issuance |
Indicative FSC schedule: processing fees range from roughly MUR 5,000 to MUR 100,000 and annual fees from roughly MUR 60,000 to MUR 290,000, depending on tier. Fee schedules are set by the FSC and should be confirmed against the current Codified List at the time of application.
Depending on the tier you hold, an Investment Dealer License can support a broad range of regulated activities, including:
The FSC expects a properly constituted company with genuine substance in Mauritius and a complete, well-evidenced application. The table below sets out the core requirements and why each one matters to the regulator, your bank and your investors.
| Requirement | Specification | Why It Matters |
|---|---|---|
| Corporate Vehicle | A Global Business Company (GBC) incorporated through an FSC-licensed Management Company, managed and controlled from Mauritius. | The Management Company liaises with the FSC; management & control establish tax residence and substance. |
| Resident Directors | At least two Mauritius-resident directors with relevant standing. | Demonstrates local management and is a condition of GBC status. |
| Control Functions | A Compliance Officer and a Money Laundering Reporting Officer (MLRO), plus a Deputy MLRO; at least two competent officers dedicated to the activity. | The FSC requires real operational capacity, not a nameplate. |
| Physical Office & Substance | An office in Mauritius (not a mailbox) and demonstrable local expenditure. | Substance underpins both licensing and the tax position. |
| Stated Capital | Minimum unimpaired capital for the chosen tier, fully paid before operations begin. | A solvency and credibility threshold; evidence is required at application. |
| AML/CFT Framework | Full programme: CDD/EDD, transaction monitoring, sanctions screening, suspicious-activity reporting, aligned with Mauritius AML/CFT law. | Non-negotiable for the FSC and essential for bank onboarding. |
| Business Plan & Financial Model | A detailed plan covering target markets, services, three-year projections and risk management. | Shows commercial seriousness and viability to the regulator and banks. |
| Technology & Client Money | Trading-platform details, liquidity-provider and order-execution arrangements, and segregation of client funds. | Demonstrates operational readiness and investor protection. |
| Corporate Bank Account | A Mauritian corporate account, with client funds held separately. | Required for capital deposit and ongoing operations. |
| Audit & Secretary | Statutory audit and a qualified resident company secretary. | Ongoing governance and reporting obligations under Mauritian law. |
| Due-Diligence Pack | Certified passports, proof of address, CVs and police clearance (apostilled where issued abroad) for directors, shareholders and UBOs. | Identity and fit-and-proper verification of all controllers. |
From engagement to an operational, licensed brokerage, the pathway moves through four coordinated phases. Incorporation and preparation take roughly 5–10 weeks, with FSC review typically running 3–6 months thereafter. Finjuris manages all phases.
Timelines are practical estimates based on a complete, responsive application; they are not guaranteed and will vary with FSC workload and project complexity.
| Tax / Levy | Rate | Scope & Conditions |
|---|---|---|
| Corporate Income Tax (Headline) | 15% | The standard rate on chargeable income for a resident GBC. |
| Effective Rate (Foreign-Source Income) | As low as 3% | An 80% partial exemption may apply to certain specified foreign-source income — strictly conditional on meeting economic-substance requirements in Mauritius. |
| Capital Gains Tax | 0% | Mauritius does not levy capital gains tax on the disposal of securities. |
| Corporate Climate Responsibility Levy | 2% | Applies to chargeable income where annual turnover exceeds MUR 50 million; can be reduced by 80% where the partial exemption applies. |
| Withholding Tax on Dividends | 0% | No withholding tax on dividends paid by a GBC. |
This summary is general information, not tax advice. Tax outcomes depend on your specific facts and on rules in force at the time; obtain tailored advice before relying on any figure.
Mauritius' network of 45+ double taxation agreements, and the availability of a Tax Residence Certificate from the Mauritius Revenue Authority, further support efficient cross-border structuring. Crucially, these benefits are earned through real substance — qualified local personnel, genuine management and control, and proper accounting separation of Mauritius-source and foreign-source income. Finjuris structures your operation so the tax position is both efficient and defensible.
Securing an FSC license is not a form-filling exercise — it is a regulatory engagement where structure, substance and presentation determine the outcome. Our team handles the full pathway so you can focus on building your brokerage.
Structuring, incorporation, licensing, AML/CFT framework, and banking — managed as one coordinated workstream under a single legal mandate.
Every structure is built to withstand scrutiny from regulators, banks, and investors, not just to meet minimum requirements.
Fixed-fee engagement with no hidden costs — you know exactly what you are paying for at every stage.
A dedicated partner from the first call through to post-licensing compliance, ensuring continuity and accountability.
Tell us about your project and our regulatory team will assess the right structure, tier and timeline for your brokerage — with a clear scope and a single point of contact from first call to launch.
