How to get a Forex license in Mauritius: basic steps
To get a Forex license, you should consider Mauritius which is a thriving offshore center. It boasts a dynamic economy, strict confidentiality, no currency control, and a low tax rate of 3%. Stable political and economic system, EU whitelist, qualified employees - not the full list of benefits of offshore forex license Mauritius 2022.
Features of a brokerage license in Mauritius
Businesses in Mauritius cannot provide financial services without obtaining permission from the regulator. The rule also applies to brokerage activities. There is a fine for violating the ban.
The work of brokerage companies is regulated by laws on financial services, securities, and insurance. There is no legal permission to trade on Forex. Applicants can take the license of investment dealer, a subtype of "Brokerage". Its holder cannot work on such popular trades as:
Also, the licensee cannot use such a platform as MetaTrader in his/her work.
Opportunities of a Mauritius brokerage license
The holder of a Mauritius brokerage license can engage in a variety of activities, including:
- Manage client portfolios in CFDs, FX, etc;
- Act as an intermediary in securities transactions, trading them for sale to the public;
- Advising on investments;
- Manage user portfolios.
Despite some restrictions, Mauritius is an internationally recognized jurisdiction that is on the EU white list, which allows free trading around the world. The island has a number of double taxation agreements and low minimum capital requirements, which gives a number of advantages over European jurisdictions.
How to get a Forex License in Mauritius
To get a permit to work with forex, you need to:
- Open a real office on the island;
- Hire two local directors;
- Adopt a charter;
- Draw up a resume for all officers of the company - director, shareholder, compliance officer, etc;
- Provide a certificate of no criminal record for officers;
- Fill out an application and accompanying paperwork (describe internal policies, anti-terrorism, anti-money laundering policies, etc.);
- Prepare and submit a 3-year business plan, describing organizational structure, target market, financing methods, 3-year forecast, etc;
- Open a bank account and put down share capital (from €17 000);
- Apply for company registration, get approval;
- Applying for a broker's license;
- Get the license, start working.
Regulator carefully checks every broker, so it takes 5-6 months to process the application (including registration process).