Mauritius Payment Service Provider License
The Republic of Mauritius is a sovereign island nation located in the Indian Ocean and a member of the British Commonwealth. The island is a parliamentary democracy with a strong constitution and stable government. English is commonly spoken on the Island and the United States Dollar is widely accepted. The economy of Mauritius is driven by its status as an international financial services hub.
Under the Financial Services Development Act of 2001, the government of Mauritius established the nation as a global financial services powerhouse recognized by sophisticated financial professionals the world over. Mauritius hosts over 300 licensed financial institutions. The nation offers a competitive tax rate of 3% and zero percent on capital gains for corporations operating offshore. Moreover, the nation has significant impediments to the registration of foreign judgments making it suitable for asset protection purposes.
Mauritius is an ideal jurisdiction for obtaining a payment service provider license. Mauritius offers a Global Business License which covers all related payments activity, including peer-to-peer remittances. The licensure is recognized world-wide and many top payment service providers are licensed in Mauritius. In addition, the process of obtaining a license is both cost effective and can be accomplished quickly.
Advantages of a Mauritius Payment Service Provider License
In recent years, payment service providers based in traditional financial hubs such as the United States and European Union have faced near untenable amounts of regulatory scrutiny. In reaction to this, payment service providers have become increasingly limited in the industries they serve, foregoing not only traditional high-risk markets but also more traditional, conservative businesses. An offshore payment service provider license provides a respected platform for operating a payments-related business free from the encumbrances faced by operators in larger jurisdictions.
Mauritius Payment Intermediary at a Glance
|License||Global Business License – Payment Intermediary|
|Time to License||3 to 4 Months|
|Tax Structure||Approx. 3% Percent Tax on Offshore Profits|
Mauritius Payment Intermediary License Package
- Formation of Mauritius GBL corporation
- Preparation and drafting of shareholder & officer agreements.
- Preparation and drafting of narrative business plan (req.)
- Prepare five year financial projections (req.).
- Preparation and drafting of current financial statements (req.)
- Preparation and drafting of personal financial statements for owners (req)
- Identification and draft letters naming principal representative and auditor in Mauritius (req.)
- Preparation and drafting application with Mauritius regulators (req)
- Preparation and drafting of customer agreements and disclosures.
- Respond and draft responses to Regulator application inquiries(req.)
- Facilitate and consummate bankcard relationship with Visa & Mastercard
- Preparation and drafting of policy agreements and related documents(req.)
- Facilitate and consummate IBAN and correspondent bank relationship
- Preparation and review of bank deposit, loan and related agreements.
Contact the Mauritius Payment Intermediary License Experts
Trust our over fifty year’s combined experience in creating innovative solutions for our clients. Contact the securities licensing experts at FinLaw to begin the process of obtaining your Mauritius Global Business License today. Our knowledgeable and skilled professionals are pleased to answer any of your questions.