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Obtaining a Forex License in Mauritius in 2020
Advantages of obtaining an Investment Dealer license in this jurisdiction:
- Developed financial sector;
- Clear and transparent regulation of activities related to Forex trading;
- Access to the markets of Southeast Africa;
- The ability to provide a wide range of services;
- A relatively fast business licensing process.
Obtaining a license in Mauritius is possible since any financial activity is prohibited on the island without a corresponding license, a violation of this rule leads to certain sanctions. IQD Consulting provides qualified professional assistance in obtaining a license to conduct a certain type of activity in Mauritius and other jurisdictions. The government agency, responsible for monitoring, regulating financial services and issuing licenses in Mauritius, is FSC. The Financial Services Commission (FSC) strives to adhere to the highest standards of regulation and supervision of all non-banking financial transactions, is a full member of IOSCO (International Organization for the Safety of Commissions), CISNA (Securities and Non-Bank Financial Institutions Insurance Commission).
The scope of the FSC covers functions of such organs:
- A Stock exchange commission;
- An Insurance Department of the Ministry of Economic Development;
- Financial services and corporate matters;
- An Offshore Mauritian entrepreneurship authority.
Those, who wish to obtain a forex license in Mauritius, we initially recommend you to ask for personal advice on the regulation of forex activities in accordance with FSC standards with IQD Consulting.
Key responsibilities of FSC:
- monitoring a compliance with all international norms and standards in Mauritius;
- the encouraging of cooperation between local and international regulatory authorities for the effective supervision and control of the financial system, the exchange of information to ensure a stability and justice;
- improving the financial stability through the cooperation, support, mutual assistance;
- the elimination of money laundering, tax fraud, financing of terrorist organizations;
- an issuance/revocation of financial licenses;
- a control over licensees;
- the appeal to a court of a competent jurisdiction for injunctive relief.
Main features of Mauritius:
- for the implementation of Forex activities, an Investment Dealer License is required (a license of an investment dealer);
- a company licensed by a Mauritius investment dealer cannot use the Metatrader platform;
- you need to open an account in the bank of Mauritius;
- a real registered office in the jurisdiction and a resident secretary are required;
- the presence of at least one director - an individual (the resident of Mauritius) with the necessary knowledge and experience in managing a financial company;
- the term for obtaining a license in Mauritius is about 6 months.
Specialists of our company will help in determining and compiling a list of documents for licensing, as well as conduct legal analysis for compliance with regulatory legal acts and licensing conditions of Mauritius. A list of non-stop documentation:
- the application for a license;
- the organizational structure of the company, showing the composition of the board of directors, shareholders, a list of officials and other persons, who will be responsible for activities of the company;
- 3-year business plan with a forecast of income and losses;
- a draft brokerage agreement, concluded with clients;
- a guidance on internal procedures;
- a guide to anti-money laundering procedures;
- a document, indicating how and where the company will operate;
- the information, indicating the profile and location of target customers of the company;
- a detailed information on the company's working methods (a work schedule);
- the confirmation of the availability of a trading platform;
- notarized copies of passports;
- a bank reference letter, confirming an open account (at least 2 years) and no debts.
Ask for advice on registering a company in Mauritius, opening an account in Mauritius, applying for a license in Mauritius with IQD Consulting specialists.
Our company shall not be liable for any direct, indirect or consequential loss arising from the use of the information and material contained in this website.