Mauritius forex licence: the FSC Investment Dealer route for brokers

What is a Mauritius forex licence?

In practice, a Mauritius forex licence is an Investment Dealer licence issued by the Financial Services Commission (FSC) under section 29 of the Securities Act 2005. Mauritius has no product called a “forex licence”; retail FX and CFD brokers apply as investment dealers and describe their dealing model in the application.

Most international brokers hold the licence through a company with a Global Business Licence (GBC), because they serve clients outside Mauritius. A GBC must be administered by a licensed management company in Mauritius, which handles the corporate side and can provide resident directors and officers. That arrangement is the reason founders do not need to relocate, and also the reason running costs are higher than in lighter offshore centres.

The FSC reviews these applications in detail. It asks how orders flow from the client to execution, which trading platform you use, who your liquidity providers are and whether they are regulated, and who exactly will run the dealing operation. That scrutiny is what gives the licence its standing with counterparties.

Which FSC Investment Dealer category do forex brokers need?

Most retail FX and CFD brokers apply for the Full Service Dealer excluding Underwriting category, which allows acting as intermediary for clients and trading as principal with a view to resale. The Securities (Licensing) Rules 2007 define the investment dealer categories; the FSC’s licensing criteria for this category, reference SEC-2.1B, spell out the activities and the documents.

Which category suits you depends on your execution model. If you will only pass orders to a liquidity provider, a narrower category may fit; if you will take the other side of client trades, you need a category that allows dealing as principal, and the FSC will ask how you manage that risk.

What does the Global Business Licence require?

The Global Business Licence requires the company to be genuinely run from Mauritius. The Financial Services Act 2007 says a GBC must carry out its core income-generating activities in or from Mauritius, be managed and controlled from Mauritius, and be administered by a management company.

When judging whether a GBC is managed and controlled from Mauritius, the FSC looks in particular at whether it has at least two Mauritius-resident directors of sufficient calibre, keeps its principal bank account and accounting records in Mauritius, has its financial statements audited there, and holds board meetings that include at least two Mauritian directors.

Who do you need on the team for an FSC licence?

You need a credible dealing team and independent control functions, not just directors. The FSC’s SEC-2.1B criteria say the strength of the investment dealer team is a key component of the application, and ask for at least two team members, with CVs and personal questionnaires showing a proven track record.

• At least two Mauritius-resident directors (for a GBC, as part of the managed-and-controlled test)
• An investment dealer team of at least two people with relevant experience
• A compliance officer (the function can be outsourced, with board oversight)
• An MLRO and a deputy MLRO, independent of the board of directors
• An auditor approved by the Financial Reporting Council, with a registered signing partner
• A management company that administers the GBC
• Optional for a GBC: a licensed representative of the investment dealer

Which documents go into a Mauritius Investment Dealer application?

The FSC expects a full business file, not just forms. Everything is submitted online through the FSCOne platform in certified true copy, and GBC applications go through the management company. The FSC lists the following among its requirements for this category.

How long does a Mauritius forex licence take?

The FSC does not publish a fixed overall timeline for an Investment Dealer licence, so we do not give you a month figure. Its authorisation FAQ answers the question “What is the normal processing time for an application?” with: “The processing time depends on the type and complexity of application submitted to the FSC.” In practice the time is driven by how complete your file is and how many rounds of questions the FSC raises.

There is one statutory clock, and it is worth understanding exactly. Section 17B of the Financial Services Act 2007, added in 2024, says the FSC first determines whether an application is complete, and then: “The Commission shall grant an application within 10 working days from the date the application is determined to be complete”. Section 17C says the rule does not apply to applications submitted before 1 October 2024. Read carefully, the clock only starts once the FSC is satisfied the file is complete, and section 18 still sets the conditions any licence must meet, so most of the elapsed time sits before that point, in preparation and queries.

Two deadlines run against you, not the FSC. Under section 17 of the Act, further information the FSC requests must be submitted within 15 days of the request, and section 17A says an application is deemed withdrawn if it is incomplete or the information is not provided to the FSC’s satisfaction. The SEC-2.1B criteria add that if the FSC receives an inadequate response, or none, within 15 working days of its first query, it will not proceed and the applicant must submit a fresh application. Keep your team and documents ready to answer quickly. If you want a realistic plan for your own file, ask us on WhatsApp and we will go through what usually slows a file down.

1. Scoping and structureAgree the category, execution model, target markets and shareholding with the management company and FXUP.
2. Company and GBC applicationThe management company incorporates the company and applies for the Global Business Licence.
3. Prepare the dealer fileBusiness plan, flowcharts, manuals, platform and liquidity agreements in draft, and personal questionnaires for every key person.
4. Submit through FSCOneThe complete file goes in online, in certified true copies, with the processing fee.
5. Answer FSC queriesReply within the 15-working-day window. Most applications see at least one round of questions.
6. Licence and capitalOn approval, meet the capital undertaking, open the Mauritius bank account and finalise auditor and insurance.

How is a Mauritius investment dealer taxed?

The general corporate tax rate is 15%, according to the Mauritius Revenue Authority. The MRA also lists income derived by an investment dealer licensed by the FSC among the income types that can qualify for a partial exemption of 80% or 95%, provided the company carries out its core income-generating activities in Mauritius, employs an adequate number of suitably qualified people and incurs expenditure proportionate to its activity.

The partial exemption is not automatic. It depends on substance you can evidence year after year, which is another reason to treat local staff and office arrangements as real. Ask a Mauritius tax adviser to confirm the treatment for your structure; this page is not tax advice.

What are the pros and cons of a Mauritius forex licence?

Mauritius sits in the middle of the market: more demanding than light offshore centres, far lighter than an EU licence.

What are the ongoing obligations after the licence is granted?

The licence is the start of supervision, not the end of the paperwork. A Mauritius investment dealer keeps paying annual FSC and Global Business Licence fees, maintains its minimum capital at all times, has its financial statements audited in Mauritius by an FRC-approved auditor, and keeps its accounting records at the registered office. The Financial Services Act also requires the FSC to be notified of changes of directors.

Day to day, the obligations that matter most to operations are client money segregation, AML/CFT controls with an MLRO and deputy who can act, complaints handling within the timeframes you committed to, and keeping the business you actually run consistent with the business plan the FSC approved. If you add a new product, a new liquidity provider or a new target market, check with your management company whether the FSC needs to be told first.

These obligations shape the technology. Your CRM should produce the KYC records, complaints log and client-money reports that the compliance officer and auditor will ask for, and your MT5 reports should reconcile with the bank. We set that up as part of the broker technology stack.

How can you verify a Mauritius forex licence?

Search the FSC’s public register of licensees on the FSC website, reached directly rather than through a link supplied by the company you are checking. A genuine licensee appears under its exact company name, with its licence category. If a broker’s website shows an FSC licence number that does not match the register, or a provider offers you a “ready-made” licensed company, treat it with caution: a change in control of a licensee needs the regulator’s involvement.

How does FXUP help with a Mauritius licence and MT5?

We work with a licensed Mauritius partner that handles the management company, GBC and FSC filing, while we coordinate the business-side file and keep it consistent with your MetaQuotes application. The FSC asks detailed questions about your trading platform and liquidity, and that is exactly the part we build: an MT5 setup, a liquidity bridge, a broker CRM with KYC and payments (our own CRM or a partner CRM, whichever fits your operation), a branded WebTrader and mobile apps.

Once the licence is granted, you can apply for your own MT5 licence with the FSC licence as activity evidence, or launch faster on an MT5 grey label while the MetaQuotes review runs. We handle the MetaQuotes side as a consulting service for a fee: we collect the documents MetaQuotes asks for in the applications we handle, check them against the FSC file and help you answer follow-up questions. FXUP is independent and not affiliated with MetaQuotes, and neither we nor our partner can promise that the FSC or MetaQuotes will approve an application.

If you already have a draft business plan or a Mauritius quote, send it to us on WhatsApp and we will tell you what the FSC is likely to ask about the platform and liquidity sections. Compare it with the other options on our forex licence jurisdictions page.

Questions buyers ask

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