Mauritius FX License

what is the qualification & experienced required for the directors to be eligible to apply the license ? the person/s who will be appointed as member/s of the operations committee should have experience in the following onboarding of clients dealing with liquidity providers (lps) dealing with client for trade orders (monitoring of client activity) keep track of order tickets, trade confirmations the cvs should cover the majority of the points as mentioned above therefore, please request the client to highlight these points in the cv and if they could do so by providing a brief summary (including job title, company name, duration of work) under ‘professional summary’ section the individuals should hold/have held a position in operations, especially in companies which are licensed for providing financial services the promoter/director/investment committee members should have a minimum experience of 5 years in the investment business below is the cv template format for the directors to follow mauritius fsc requires cv according to the below format https //archbee doc uploads s3 amazonaws com/xjegnn5oy18c4r0ycjuao/jnw9oome52ydncdl6ianh cv%20 %20template docx 2\ what are the activities allowed in mauritius investment dealers license excl underwriting ? https //archbee doc uploads s3 amazonaws com/xjegnn5oy18c4r0ycjuao/8k5hoyur4qo tjjhqxd i mu activities pdf 3\ what is the setup & first year fees to obtain the license ? below is the full detailed proposal with the setup & first year costs https //archbee doc uploads s3 amazonaws com/xjegnn5oy18c4r0ycjuao/rey7wpxps9uadyoyhpo3y mauritius securities dealers fxlicense pdf 4\ what are the banks to open account for the licensed entity ? afrasia bank bank one maubank state bank of mauritius 5\ is crypto trading allowed with mauritius license ? mauritius is still working on the laws for fintech including crypto currencies for the moment, crypto trading is not allowed with investment dealer license 6\ what are the kyc documents required for director / ubo ? below is the list of kyc documents required for each director certified passport copy certified proof of address ( not older than 3 months ) bank reference letter ( not older than 3 months ) updated cv with working experience & roles note if the documents are not in english , certified translation is required 7\ what happens if the license application does not fulfill the requirement of directors ? the authorities will raise questions which will delay the application process there must always be a minimum of 2 experienced persons for the trading to be carried out smoothly such that if one person is away, the backup person will carry out the trading 8\ what is the capital requirement for the license & can this capital be used after the approval of license ? the company shall maintain a minimum stated unimpaired capital of mur 1,000,000 (approximately usd 30,000 35,000 ) this minimum capital is available for use for the business and is not restricted for example, you can pay the incorporation expenses with this fund however, if the company has made a loss (instead of profit) as per its profit & loss statement, then this impaired amount has to be adjusted by injecting additional capital for example, if the company makes a loss of usd 10,000, then an additional capital of usd 10,000 has to be injected 9\ are dividends taxed at source of payment when they are transferred to non residents mauritius ? no , they are not taxed 10 how does tax returns work ? the fsc fees are pro rated in four quarters of the year and relevant pro rated fee will apply depending in which quarter this application is being made the company is required to file tax return with the tax authority in mauritius and this is done on a quarterly basis fees for filing the returns may vary based on the number of transactions 11\ what kind of control will local mauritius directors have on the bank account ? the local directors will be signing jointly on any bank transfer together with the client note that the local directors will be acting only on the client’s instructions 12 what is the taxation ? 15% on net profits 13\ how does financial statements work ? financial statements to be audited within 7 months of financial year end 14 i wish to proceed with applying the license , how does the payment terms work ? 50% of the total invoiced amount shall be paid upfront before commencing & other 50% shall be paid after incorporation of the company/ before commencing license application 15\ what type of company will be formed , is it gbc 1 or gbc2 ? as per the new regulations in place, there is no gbc1 or gbc2 concept the mauritius gbc1 has been re named as a global business corporation (gbc) the financial services commission has now stopped issuing gbc2 licenses (since 01st october 2018) and are instead issuing ‘authorised company’ license which basically has more or less the same characteristics of a gbc2 16\ what does the annual fees of 16500 eur include ? 16500 includes below annual govt fees provision of registered office & company secretary provision of 2 local directors annual financial statements minimum charge is covered and the cost will be charged additional based on the number of transactions tax returns provision of mlro , dmlro & compliance officer financial statement ( accounting fees ) vary on the number of transactions minimum fees will be 2300 eur ( covered in above fees) , the fees are increased depending on the amount of work done by our accounting team 17 what are the fees for additional work carried out post incorporation ? e g change in director, preparation of agreements/resolutions with regards to investments made by company, liaising with bank on your behalf), the costs may be mutually agreed or they will be billed on time basis as per below professional work – usd300 / hour administration work – usd200 / hour secretarial work – usd90/hour frequently asked questions is there any restrictions on leverage , pamm / mam or ibs ? no , there is no such restrictions