Benefits of Mauritius for obtaining a PSP license in 2021

Benefits of Mauritius for obtaining a PSP license in 2021

Mauritius is an ideal jurisdiction for a PSP license. Its capabilities cover all areas of financial services, and since the country is included in the list of "white offshore zones", the payment system license obtained in Mauritius is recognized all over the world.  Many leading payment service providers have it here. 

Features of Mauritius

Mauritius is an offshore country that was one of the first to introduce international standards into the banking system and suppress money laundering in the country. Therefore, companies that decided to register a business here can save on taxes and work transparently, taking into account international norms.

The pros of Mauritius

  • It is included in the list of white offshore zones;
  • It has a well-developed banking infrastructure;
  • Clear, well-thought-out legal framework based on international standards;
  • Low corporate tax of 3%;
  • No currency control;
  • Ability to open multi-currency accounts;
  • Ability to use the country as a platform for doing business between Asia, Africa, and Europe;
  • Good air service.

Features of the license obtained in Mauritius

Payment System Licence (PSP) obtained in Mauritius 2021 will allow you to work in a number of directions including:

  • Become a provider of payment services;
  • Open online banking;
  • Offer wallets to individuals and legal entities;
  • Cooperate with Internet-shops and any merchant that works according to international standards (process credit cards, proxy payments, etc.);
  • Offer online services to accept various payments;
  • Issue Mastercard/Visa debit cards;
  • Develop different money transfer options;
  • Work with clients regardless of their citizenship.

The nuances of applying for a PSP license in Mauritius

Mauritius Financial Services Commission (FSC) takes care of its reputation and checks every applicant for a license, so the application is considered from 3 to 4 months. During this time, applicants must pay a fee and fulfill a number of conditions. Among them are the following:

  • Provide a passport, an original letter of recommendation from the bank in English, a certificate of criminal record/no criminal record, a resume, completed FATCA and CRS forms;
  • Contribute share capital, starting from 15 thousand dollars;
  • Personally meet with the members of the commission, which will consider the application;
  • Have three directors, including one resident;
  • Hire a Money Laundering Reporting Officer (MLRO) - local representative;
  • Rent an office, hire two local employees;
  • Open a bank account. Additionally, a merchant account is needed to accept credit and debit cards;
  • Develop documents, prescribe the structure of the company, and have a business plan.

How to order a license in Mauritius

If you want to issue a licence for PSP payment system in Mauritius, please contact our specialists. We will explain all nuances of work in this jurisdiction. Our specialists will help you to gather documents, work out a business plan, fill in forms correctly, open an account, hire staff, and make a resume. We will help you to get a license in the shortest possible time. 

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