Financial Services sector

Like in most countries, the Financial Services sector is regulated in Mauritius. In comparison with European countries, the regulation is lean, less costly and much easier for SMEs to comply with. Providers of financial services find an excellent legal, financial and regulatory environment in Mauritius. See cost comparison below.

The Financial Services (Consolidated Licensing and Fees) Rules 2008 set out the licensing framework that provides for a comprehensive codified list of financial services and financial business activities licensable by the Financial Services Commission.

Collective Investment Schemes, Closed-end Funds, Asset Management Companies and Investment Banks



Collective Investment Schemes or Closed-end funds

Types: Retail, professional, hedge, private equity and venture capital funds.

Licenses are available for a single fund, multiple funds and CIS/CEF as a Protected Cell Company.

Unit trust and partnership schemes and foreign recognized schemes may be registered in Mauritius.

CIS Manager

Management company for a Collective Investment Scheme. The effective corporate tax rate is 3%.

Asset Management Company

The holder of a Mauritius Asset Management license is able to manage securities based assets and non-securities based assets for his customers.

The effective corporate tax rate is 3%.

Investment Holding Companies

Holding and investment companies may be used advantageously in conjunction with Mauritian double tax treaties, in view of the nil or low withholding tax rates on interest and dividends provided for in the treaties. Most treaties also avoid capital gains tax in the country of investment. Such holding companies enable accumulation of tax free or low tax income for reinvestment.

Insurance Companies, LLCs and Ptotected Cell Companies

Insurance companies

Mauritius insurance legislations allow establishment of offshore captive insurance and reinsurance companies. A captive insurance company can either be a wholly owned or controlled subsidiary of an industrial or commercial group established for the purpose of participating in the risks of the group, or an association of unrelated companies or individuals with the aim of insuring their risks.

Limited Life Companies (LLC)

Can be used for private equity funds and management companies.

Protected Cell Companies (PCC)

Special legislation permits segregation of assets and related liabilities within a company into cells and limits the claim of a creditor against assets of the cell it has contracted with. The ring-fencing of claims is possible for offshore funds, captive insurance companies and investment holding companies. The PCC also simplifies administration and reduces costs of operation.

Other business activities where licenses are required for:


Financial services providers:

  • Distribution of Financial Products
  • Asset Management
  • Pension Scheme Administrators
  • Registrar and Transfer Agent
  • Treasury Management
  • Custodian Services (non-CIS)
  • Global Headquarters Administration
  • Global Treasury Activities
  • Global Legal Advisory Services
  • Funeral Scheme Management
  • Overseas family office (single)
  • Overseas family office (multiple)

Specialised financial services:

  • Credit Finance
  • Factoring
  • Leasing
  • Actuarial Services
  • Credit Rating Agencies/Rating Agencies
  • Payment Intermediary Services
  • Representative Office (for financial services provided by a person established in a foreign jurisdiction)

Providers of market infrastructure:

  • Distribution of Financial Products
  • Securities Exchange
  • Clearing & Settlement Facility
  • Securities Trading Systems

Securities or capital market intermediaries:

  • Investment Dealer (Full Service Dealer including Underwriting)
  • Investment Dealer (Full Service Dealer excluding Underwriting)
  • Investment Adviser (Unrestricted)
  • Investment Adviser (Restricted)
  • Investment Adviser (Corporate Finance Advisory)
  • Investment Dealer (Broker)
  • Investment Dealer (Discount Broker)

The Investment Banking License is a powerful combined license that includes the following activities:

    • Investment Dealer (Full Service Dealer including Underwriting)
    • Investment Adviser (Unrestricted)
    • Investment Adviser (Corporate Finance Advisory)
    • Distribution of Financial Products
    • Asset Management
    • such similar activities as may be approved by the Financial Services Commission

    Cost Comparison: Mauritius versus Europe

    Setting up and running a financial services company, an investment bank or a mutual fund is much easier, faster and cheaper than in Europe.

    • Launch a public investment fund in Luxembourg: 500,000+ EUR 100% 100%
    • Launch an investment fund in Mauritius including a licensed fund management company: 50,000 EUR 10% 10%

    Consulting Process

    How our clients interact with us

    Scope & Structure

    Initial consultation (free of charge); exchange of information, forms and checklists; defining the structure; determination of work flow

    Contracts & Documents

    Draft of constituent documents (i.e., Constitution, Investment Memorandum); Client sends KYC documents electronically; once all docs are approved, client sends notarized originals by courier

    Client does not need to come to Mauritius


    Registration & Licensing

    Legally binding foundation of legal entity; registration with the relevant authorities; licensing if needed; opening of bank accounts

    Execute & Monitor

    Ongoing tasks of administration; provision of Registered Office and effective management; compliance with substance requirements