Forex license in Mauritius

Benefits of the Mauritius forex license

Mauritius offers numerous advantages that make its forex broker license attractive:

• Moderate capital and cost requirements: Compared to many jurisdictions, Mauritius has low entry barriers for broker-dealers. The minimum capital can be as low as ~USD 15,5k for a broker license, which is far lower than in Europe. Application fees and annual fees are also relatively modest (about $550 and $3,000 respectively). This makes Mauritius a cost-effective choice for startups and mid-sized brokers. Overall first-year setup costs (including professional services, local office, etc.) are competitive, often significantly less than in larger financial centers.
• Favorable tax regime: Mauritius is known for its tax-efficient environment. There is no tax on capital gains and no withholding tax on dividends or interest payments. The headline corporate tax rate is 15%, but brokerage companies licensed as Global Business Corporations enjoy a deemed foreign tax credit that reduces the effective tax to 3% on net profits. This low-tax structure allows brokers to maximize reinvestment and profit retention. Additionally, Mauritius has an extensive network of double taxation treaties, which can benefit international business operations.
• Broad scope and flexible trading conditions: A Mauritius license allows brokers to offer a wide range of products – from forex and CFDs to securities and commodities – without strict limitations. Unlike the EU or other jurisdictions, Mauritius imposes no leverage caps or bans on promotions like deposit bonuses. Brokers can therefore provide high-leverage trading and incentive programs to clients (subject to responsible risk management). The regulatory approach is business-friendly, letting brokers innovate their offerings (including crypto derivatives or other new assets) as long as they comply with general laws.
• Fast approval and straightforward process: The licensing process in Mauritius is relatively quick and efficient, often taking on the order of 3-4 months for approval. The FSC’s “client-centric responsiveness” and clear guidelines help streamline applications. In practice, a well-prepared application (with all required documents) can move through regulatory review faster than in many other jurisdictions. This means brokers can launch operations sooner and start serving clients without protracted delays.
• Strong regulatory reputation: The FSC of Mauritius is a reputable regulator that adheres to international standards (Mauritius has tightened compliance to meet FATF recommendations). Although Mauritius is considered an offshore jurisdiction, it has credibility and integrity as an International Financial Centre. The regulatory framework ensures proper oversight of licensees (e.g. requiring audits, AML reporting), which can enhance a broker’s trustworthiness in the eyes of banks and partners. Being licensed in a well-regulated jurisdiction can be a selling point when attracting clients concerned about fund safety.
• Stable business environment: Mauritius offers political stability, a skilled bilingual workforce (English and French are widely spoken), and a robust legal system based on common law and civil law principles. The jurisdiction ranks high in ease-of-doing-business and has modern infrastructure. This supportive environment means brokers can find qualified local directors, compliance officers, and service providers with relative ease. Additionally, the government is supportive of fintech and investment businesses, as seen in initiatives like the introduction of a Virtual Asset Broker-Dealer License in 2022 for crypto activities – indicating Mauritius’s innovative and adaptive regulatory stance.
• Strategic geographic location: Mauritius’s location between Africa and Asia (with convenient time zones overlapping Europe and Asia) makes it ideal for brokers targeting clients in multiple continents. It serves as a hub bridging markets in Africa, the Middle East, Asia, and even Oceania. This strategic positioning, combined with excellent telecommunications, allows Mauritius-based brokers to efficiently service traders across various regions without the stigma that might be attached to less known jurisdictions.

Disadvantages of the Mauritius forex license

While Mauritius is an attractive licensing base, there are some potential downsides and challenges to consider:

• Substance and local presence requirements: Mauritius now requires meaningful local presence for licensees. Having to maintain a physical office, local staff, and resident directors adds operational cost and complexity. For a small startup broker, paying for office rent, and hiring at least two qualified local directors and compliance personnel can be burdensome.
• Capital lock-up: The minimum paid-up capital (ranging from MUR 700k to 10m depending on license type) must be unimpaired and maintained at all times in the company. This means those funds cannot be used for day-to-day expenses or withdrawn; they are effectively locked as a financial safeguard. For the full-service license with underwriting, ~USD 221k must remain tied up, which can be a significant opportunity cost for the business. Even for the smaller licenses, the capital must be injected and proven to the regulator (e.g. via a bank confirmation) and kept intact.
• Compliance burden: Operating under the Mauritius license brings ongoing compliance and reporting obligations. Brokers must implement rigorous AML/KYC programs, file quarterly financial reports, undergo annual audits, and promptly report any material changes to the FSC. Non-compliance can lead to penalties or license revocation. For firms not used to this level of oversight, the compliance workload (and the need to possibly hire a dedicated compliance team) can be a disadvantage relative to completely unregulated operations.
• Limited domestic market use: The Investment Dealer licenses under the Global Business framework are primarily for conducting business outside Mauritius. A broker with this license generally cannot target local Mauritian clients. If your business has a strategy to operate in Mauritius’s domestic market, this license may not suffice; a separate domestic license or exemption would be needed. This is a minor drawback for most (since Mauritius is a small market), but worth noting if local presence was a goal.
• Perception and banking hurdles: Although Mauritius is reputable, it is still an offshore jurisdiction. Some international banks or payment providers may view offshore licensed brokers with caution. There could be challenges in opening bank accounts or securing payment processing until the company establishes a track record. Recent improvements in regulation have mitigated this, but the “offshore” perception can occasionally pose hurdles, especially compared to being licensed in, say, an EU country.
• Higher costs than certain alternatives: There are a few other offshore jurisdictions (e.g. Seychelles, Vanuatu) that might offer slightly lower capital requirements or less stringent substance rules. For example, Vanuatu requires ~$50,000 capital with no local director mandate. In comparison, Mauritius’s requirements (especially the local office and directors) mean it’s not the absolute cheapest option. If a startup is extremely cost-sensitive and willing to trade off some credibility, they might view Mauritius as somewhat more expensive than the least costly jurisdictions.
• Regulatory changes and scrutiny: Mauritius has undergone regulatory tightening in recent years (e.g. to get off the FATF grey list). While this is positive overall, it means more scrutiny and evolving rules for licensees. Brokers must be prepared to adapt to any new guidelines (for instance, enhanced reporting or higher fees) that the FSC might introduce to align with international standards. The regulatory environment, while still business-friendly, is not static – increased oversight is a reality, which could be seen as a disadvantage by those hoping for a very lax regime.

Types of Mauritius forex license

Mauritius offers three main types of Investment Dealer licenses relevant to forex and brokerage activities, each with different scopes and capital requirements:

1. Full-Service Dealer (Including Underwriting): This is the most expansive license. A company with this license can execute trades for clients and also trade as principal (buy/sell securities or derivatives on its own account for later resale). It additionally allows the firm to underwrite or distribute securities issues (e.g. acting as an underwriter for new stock or bond offerings). The licensee can provide investment advice ancillary to its main activities and manage client investment portfolios as well. Because of the broad permissions, this category has the highest capital requirement: a minimum paid-up capital of MUR 10,000,000 (approximately €211,000 or USD 221,000). This “Including Underwriting” license is suitable for firms that plan to engage in investment banking-style activities in addition to brokerage.
2. Full-Service Dealer (Excluding Underwriting): A slightly narrower license, this still allows full brokerage services – acting as intermediary for client trades, trading as principal for resale, giving advice, and managing portfolios – but it does not permit underwriting of securities. In other words, the company cannot underwrite new securities issues, but can do everything else a full broker/dealer would do (market making, advisory, portfolio management). The minimum capital requirement is much lower: MUR 1,000,000 (around €21,000 or USD 22,000). This license type is a popular choice for pure brokerage operations that don’t need to engage in underwriting. It provides more freedom than the “broker” license (since it includes principal trading), but at a fraction of the capital needed for the underwriting license.
3. Investment Dealer – Broker: Commonly just called the Broker license, this is the most basic and most accessible category – often chosen by new FX and CFD brokers. It authorizes the firm to execute orders for clients, manage client portfolios, and give investment advice related to securities trading. Notably, it does not allow trading as principal or underwriting, meaning the broker must strictly operate as an agent (matching client orders to market liquidity providers or exchanges, rather than taking positions onto its own book). The minimum stated capital is MUR 700,000 (approximately €12,000 or USD 15,000). Despite the lower capital, this license still covers all core needs of a forex/CFD brokerage – it allows offering of trading services to clients. In fact, this Investment Dealer (Broker) license is often considered the most suitable for launching a forex or online trading platform, since it provides the “necessary range of services” for forex and options business with minimal capital outlay.

Each of the above licenses requires the company to meet the general Mauritius compliance and substance requirements. In all cases, at least two experienced individuals (with proven track record in financial services) must be part of management to satisfy the regulator that the business will be run by qualified persons. It’s also worth noting that Mauritius has a couple of additional sub-categories not detailed above, such as Investment Dealer (Discount Broker) – which only executes orders without giving advice, requiring MUR 600k capital – and specialized derivatives segment licenses. However, those are less relevant for typical forex broker setups. The three main types listed are the primary licenses for a brokerage business.

In choosing a license type, companies should consider the nature of their planned activities and growth plans. For most forex brokers that simply execute trades and perhaps act as a broker between clients and liquidity providers, the Broker license (SEC-2.2) suffices. Firms that want to engage in market-making (dealing on own account) might opt for the Full-Service Dealer (Excl. underwriting) license, which allows principal trading with only a MUR 1m capital requirement – a major reason many FX firms find Mauritius attractive. Only those firms that also intend to foray into capital markets underwriting or need the broadest authority would go for the Including Underwriting license.

Requirements for obtaining a Mauritius forex license

To secure a forex broker (Investment Dealer) license in Mauritius, applicants must meet a number of regulatory, financial, and operational requirements. Key requirements include:

• Corporate structure and registration: The entity applying must be a Mauritius-incorporated company (typically a Category 1 Global Business Company dedicated to conducting business outside Mauritius). The company incorporation (through the Registrar of Companies and FSC) can be done in parallel with license application. A local registered office address in Mauritius is mandatory, as is a local Management Company or Company Secretary to facilitate regulatory interface.
• Minimum capital: The applicant must show proof of having the required paid-up capital for the chosen license category (see Types of license above). This capital (MUR 700k / 1m / 10m as applicable) must be unimpaired and deposited in a Mauritius bank account. Regulators will often require an undertaking that the capital will be maintained at all times and evidence (bank letter) within one month of licensing that the funds are in the bank account.
• Local directors and management: At least two directors who are residents of Mauritius must be appointed to the board. These individuals should be of good repute and ideally have financial industry experience. In addition, the firm needs a local representative (a senior person responsible for daily management) and an AML/CFT Compliance Officer / MLRO. Mauritius requires a clear organizational structure; the same person can fill multiple roles (for example, one of the resident directors can also act as the compliance officer) as long as they are qualified and not overwhelmed by conflicts of interest. All controllers, directors, and significant shareholders will undergo FSC’s fit-and-proper vetting (including background checks for criminal record, bankruptcy, etc.).
• Business plan and internal controls: A detailed business plan must accompany the application. This plan should describe the business model, target markets, types of products to be offered (forex, CFDs, etc.), financial projections for at least 3 years, marketing strategy, and how the company will meet regulatory obligations. The FSC also expects to see documented internal policies – including an AML/CFT policy, client onboarding procedures, risk management policy, and a description of the trading platform and IT security measures. Essentially, the applicant must demonstrate it has a sustainable plan and robust systems to run a brokerage.
• Physical office: The company must secure a physical office premises in Mauritius from which it will conduct core management functions. This is part of the substance requirements. The office should be more than just a mailing address – it is expected to be a place where management is present and records are kept. The regulator may request a lease agreement or proof of office space, and they retain the right to inspect the office.
• Professional indemnity insurance: A Mauritius broker is required to obtain professional indemnity (PI) insurance to cover liabilities arising from negligence or errors in its brokerage services. The FSC doesn’t mandate a fixed coverage amount, but it should be commensurate with the volume and risk of business. Evidence of a PI insurance policy might need to be provided before final licensing.
• Fit-and-proper documentation: All key individuals (shareholders, directors, ultimate beneficial owners, senior managers) must submit extensive KYC documentation as part of the application. This typically includes: notarized passport copies and proof of address for each individual; detailed CVs highlighting relevant experience and education; police clearance certificates (certificate of no criminal record) for each individual; financial references or bank statements demonstrating solvency; and credit reports in some cases. If any shareholder is a corporate entity, that entity must provide its certificate of incorporation, a certificate of good standing, list of directors and owners, audited financial statements or a company profile, and an organizational chart showing the ultimate beneficial owners. Moreover, the application forms include an authority form giving FSC permission to verify all information and a declaration that all information is true.
• Engagement of a Management Company: In practice, foreign investors applying for a Mauritius license will work with a local licensed Management Company (a firm that is authorized to administer Global Business companies and handle interaction with FSC). The Management Company often prepares the application dossier, ensures it meets formatting requirements, and will be one of the two licensed agents signing the application. While not a legal “requirement” to use one, it is effectively necessary to have local expertise, and the FSC may prefer applications routed through such firms.
• Application forms and fees: The formal application form (SEC 2.1 or 2.2 form depending on license type) must be filled, signed by two directors, and submitted along with the cover letter and all supporting documents. The FSC charges a non-refundable processing fee of USD 500 to 3000 (≈ 22,680 MUR — 136,080 MUR) when applying. This must be paid upon submission of the application. (The annual license fee, USD 2,000 to 9500, can be paid at the time of application or upon license approval – payment at time of application is not mandatory for the annual fee).
• Directors and officers requirements: Mauritius will ask for a signed consent form from each proposed officer, director, and shareholder, confirming they agree to act in that capacity. Resolutions from the Board authorizing the application are also required (except if it’s a brand new company managed by a Management Company). Additionally, the two individuals signing the application (often the Management Company’s representatives or the directors) need a board resolution if they are directors of the applicant.
• Additional documents: Other documents include the company’s constitutional documents (Memorandum & Articles of Association or Constitution) duly certified, and if the company is already incorporated, copies of statutory filings to the Registrar. If the application is being made pre-incorporation, draft constitutive documents may be submitted. Furthermore, the applicant should propose 3 distinct company names (in order of preference) to ensure name approval can be obtained for incorporation. Lastly, a developed website or at least a detailed description of the intended website is often expected as part of demonstrating readiness to operate (regulators may review the online presence as part of their due diligence).

Overall, the requirements to obtain a Mauritius forex license revolve around proving the company will be well-capitalized, competently managed, and compliant with all regulations. Preparing a thorough application dossier with all the above elements is crucial. Incomplete applications can be rejected or delayed (the FSC will typically issue queries; if responses are inadequate for 15 working days, the application may be closed, requiring a fresh submission). Working with experienced advisors and local directors greatly improves the odds of first-pass approval.

Costs and taxes

Obtaining and maintaining a Mauritius forex license entails several cost components, as well as enjoying certain tax advantages:

• Government and regulatory fees: The upfront government cost is relatively low. The FSC application processing fee is USD 500 to 3000, paid when the license application is filed. Upon approval, the annual license fee of USD 2000-9500) is due for the first year, and subsequently every year to renew the license. These fees are for the regulator and are in line with Mauritius’ affordable fee regime. If using a Management Company to assist, there may also be a statutory fee for company incorporation (usually a few hundred dollars) and for obtaining the Global Business Company certificate. All government fees are subject to change, though Mauritius tends to adjust fees infrequently (any changes or new levies would apply to all licensees).
• Professional and service provider fees: In practice, a significant portion of the initial cost is engaging advisors. Legal/consulting fees for preparing the license application and business plan can range widely (some firms offer packages ~$30k–$50k inclusive of everything). The Management Company that helps incorporate and submits the application will charge a service fee (maybe $5k–$15k depending on scope). Additionally, one-time costs include notarization and apostille of documents, courier expenses, etc., which the client must bear. Due diligence fees might also apply (for example, the FSC may require a due diligence/background check for each key person, sometimes this is included in the application fee or charged separately).
• Capital setup: The required paid-in capital varies by license type – MUR 700,000 (~USD 15,500), MUR 1,000,000 (~USD 22,000), or MUR 10,000,000 (~USD 221,000). This amount is not a fee but funds that must be injected into the company’s local bank account as corporate capital. The company should budget to keep this money “locked” at all times. While the capital remains an asset of the company (and may serve as liquidity for trading or an operating buffer, provided the minimum thresholds are maintained), it cannot be reduced below the required level. Additionally, the cost of opening a Mauritian bank account should be considered – some banks may require a minimum deposit or charge account opening fees. In certain cases, a bank guarantee or blocked deposit may also be required, which could temporarily tie up further capital.
• Local office and staff costs: A key ongoing cost is maintaining the local office and employees. Office rental in Mauritius (for a small office) might be on the order of a few thousand USD per year depending on location and size. More significantly, the company must compensate its resident directors and officers. Often, professional resident directors charge a service fee (which could be, say, $500–$1000+ per month each, depending on their role and involvement). If the directors are actually hired staff, their salaries need to be budgeted. The Money Laundering Reporting Officer (MLRO), Deputy MLRO, Compliance Officer, and Data Protection Officer roles are mandatory designations – these could be fulfilled by a mix of the same people, but often a firm will at least have a dedicated compliance officer/MLRO. For reference, service providers have quoted monthly fees around EUR 380 for a part-time MLRO, EUR 240 for a Deputy MLRO, EUR 950 for a compliance officer, etc., which are not included in one-time setup fees. Thus, ongoing human resource costs can be a few thousand dollars per month for the required personnel, whether in salaries or outsourcing fees.
• Audit and accounting: Mauritius requires an annual audit by an independent auditor. Audit fees will depend on the size of the business, but a small broker should expect perhaps $3,000–$5,000 per year in audit costs at minimum. Additionally, maintaining proper accounting records (which might be handled by an external accounting firm or internally) is necessary; monthly or quarterly bookkeeping service fees might apply if outsourced.
• Technology and infrastructure: While not jurisdiction-specific, a brokerage must consider the cost of its trading platform, IT infrastructure, and possibly hosting. If the trading servers need to be located in Mauritius (the regulations do not explicitly force local servers as, say, Curacao does for gaming, but having part of the infrastructure locally could be expected for substance), there may be costs to host servers in Mauritius data centers. However, many brokers simply maintain their main servers elsewhere and have office IT locally. Budget for technology (MT4/MT5 licensing, CRM, web hosting, etc.) remains significant but is independent of the license jurisdiction choice.
• Taxation: As detailed, Mauritius offers significant tax advantages. A Global Business licensed broker will typically only incur 3% effective corporate tax on net profits (after automatic partial exemption or foreign tax credit). There are no taxes on dividends paid out from the Mauritius company to foreign shareholders, and no capital gains tax if the brokerage or its assets are sold. This can result in substantial savings over time, especially compared to onshore jurisdictions. It’s still advisable to engage a local tax advisor or accounting firm to ensure compliance with tax filing (yes, even at 3% the company must file a tax return and pay that tax annually). The standard corporate tax rate is 15%, so if a company doesn’t qualify as a GBL or use the partial exemption (for example, if it inadvertently conducts local business), it might pay 15%. But virtually all forex brokers in Mauritius qualify for the GBL partial exemption regime.
• Other ongoing fees: The FSC may impose some small levies or charges from time to time (for example, a fee for filing certain notices or an FSC investigation fee in case of any special supervision). There is also a requirement to contribute to the Financial Services Fund in some cases, but for Investment Dealers this is usually encompassed in the fixed fees. If the company changes its structure (directors, address, etc.), there might be filing fees for license variation or documentation updates, typically on the order of MUR 5,000 – 10,000 (tens or hundreds of USD).
• Second year and beyond: From the second year onward, aside from the annual license fee (USD 2,500-9500), a broker should budget for annual Mauritius Financial Services Commission fees for filings, annual company renewal fees via the Management Company, ongoing director fees, employee salaries, insurance renewal (PI insurance is yearly), audit fees, and any consultancy needed for compliance. While these vary, a typical small forex broker might incur perhaps $15,000–$30,000 per year in operating costs in Mauritius after the initial setup, excluding any marketing or non-jurisdictional costs. This is still quite reasonable compared to more demanding jurisdictions.

Process for obtaining a Mauritius forex license

Obtaining a Mauritius forex license involves a multi-stage process, from company setup to regulatory approval. Below is a step-by-step overview of how the licensing process typically works:

Step 1. Preliminary consultation and planning: Before formally starting, it’s wise to consult with a Mauritius-licensed Management Company or legal advisor to discuss the project scope and requirements. At this stage, you define which license type is appropriate (Broker vs Full-Service, etc.), confirm the capital and substance needs, and outline the application documents needed. A timeline and cost estimate is established. Choosing service providers (for directors, office, etc.) also happens in this step.

Step 2. Company incorporation in Mauritius: You will need to register a Mauritius company (if not already existing). This entails submitting an application to the Registrar of Companies for a Global Business Company (GBL1) incorporation, usually via a Management Company. Company name reservation is done (with 3 name options provided to ensure one is available), and the Memorandum & Articles (Constitution) are prepared. The company is typically incorporated with nominal capital initially. At incorporation, details of the first directors, shareholders, and the registered office are filed. Incorporation of a GBL company can be done relatively quickly (a few days once due diligence is passed) and is often handled concurrently with license application prep.

Step 3. Gather and prepare documents: This is often the most time-consuming part. The applicant must compile all required documents for the license application: certified copies of passports, proofs of address, CVs, academic/professional certificates for directors, police clearance certificates, bank reference letters, financial statements for corporate shareholders, etc. Meanwhile, the business plan, financial forecasts, AML/CFT manual, and other internal policies are drafted. All documents not in English or French must be translated and notarized. It’s critical to ensure every document is in the format the FSC expects (e.g., properly certified). At least 3 months of effort may be spent here to ensure a complete dossier.

Step 4. Submission of license application to FSC: The Management Company (or the company’s representatives) will submit the formal application to the Financial Services Commission. This includes the application form, cover letter, and all supporting documentation compiled in Step 3. The USD 500–3,000 processing fee is paid at this time. The FSC will acknowledge receipt and commence the review. Officially, the application is made under Section 29 of the Securities Act 2005 for an Investment Dealer license.

Step 5. FSC review and queries: The regulator will review the application in detail, verifying completeness and compliance with criteria. The FSC may come back with a list of queries or requests for additional information. Common queries might include clarification on sources of funds for capital, more details on the IT security arrangements, or requesting a higher level of detail in the business plan. The applicant should respond to each query comprehensively within the given timeframe (usually 1–2 weeks per round). Prompt and thorough responses keep the process moving. There may be multiple rounds of questions. The FSC will also be conducting background checks on principals (through Interpol, financial intelligence databases, etc.). During this stage, any minor outstanding incorporation matter (like finalizing bank account opening) should be completed as well.

Step 6. In-principle approval: If the FSC is satisfied with the application, they will issue an in-principle approval (also known as approval “in principle” or a conditional approval). This is a letter stating that the license will be granted once certain final conditions are met. Typical conditions before final license issuance include: injection of the full required capital into the Mauritius bank account (if not already done) with evidence provided, appointment of any remaining officers or auditors (with notifications to FSC), and payment of the annual license fee (USD 2,000–9,500). Essentially, at this point the regulatory vetting is done and they are ensuring all formalities (capital in place, fees paid, insurance bound, etc.) are completed.

Step 7. Capital funding and final compliance: Upon receiving in-principle approval, the applicant will fulfill all conditions. This means topping up the capital to the required level and obtaining a bank certificate or statement showing the funds (this often must be done within 1 month of approval). Any outstanding appointments (e.g., perhaps the auditor or one local officer) are finalized and notified. The Professional Indemnity insurance cover note may need to be provided at this stage if it wasn’t earlier. The applicant then pays the license issuance fee (annual fee). All these are reported back to the FSC promptly.

Step 8. License issuance: Once the FSC receives evidence that all conditions are met, it will issue the Investment Dealer license certificate. This is an official license document confirming the company is licensed under the specified section (2.1A, 2.1B, or 2.2 as applicable) to carry out the permitted activities. The license is typically issued with a unique license number and is dated. At this point, the brokerage can legally commence business operations. The company will also typically now receive its Global Business License certificate if that was not issued earlier.

Step 9. Post-licensing setup: After obtaining the license, the company might need to finalize a few operational setups before launching. For instance, ensuring all client account agreements and disclosures meet the regulatory requirements, setting up payment processing channels, linking with liquidity providers or exchanges, and configuring the trading platform. The FSC may require a quick notification of business commencement or may schedule an initial on-site inspection after a few months. Now is also when the company must ensure ongoing compliance measures (like transaction monitoring systems, record-keeping software, etc.) are fully in place.

Step 10. Going live and ongoing compliance: The brokerage can now go live – onboard clients and start offering trading services under the Mauritius license. It must ensure that all advertising or representations to clients include its Mauritius company name and license number as per FSC rules. The company enters regular operation mode, while keeping up with its ongoing reporting duties (see next section). Typically, within the first year, the FSC will want to see that quarterly reports are being filed and may conduct an audit or inspection to verify everything is being done in accordance with the business plan and regulations.

From start to finish, the licensing process in Mauritius usually takes around 3–4 months (assuming efficient document preparation and response to queries). Some applications extend to 6 months if there are complications or delays in gathering documents. Engaging experienced local service providers and having all your paperwork in order greatly expedites the timeline. Mauritius’s regulators are approachable and will clarify requirements, which helps in completing the process smoothly. As IQ-EQ (a leading firm in Mauritius) notes, a smooth licensing process can often be achieved within 8–12 weeks with proper guidance.

Ongoing maintenance and reporting

Once you have obtained a Mauritius forex license, maintaining it in good standing requires diligent ongoing compliance. Key maintenance and reporting obligations include:

• Quarterly financial statements: Licensed brokers must submit financial statements or returns to the FSC on a quarterly basis. These typically include a balance sheet and income statement, possibly with additional details on client funds or capital adequacy. The reports help the regulator monitor that the company continues to meet capital requirements and is financially healthy. Deadlines are usually a certain number of days after quarter-end.
• Annual audited accounts: Each year, the company must prepare audited financial statements and file them with the FSC (and tax authorities). The audit must be performed by an approved auditor in Mauritius. The audited accounts provide regulators and stakeholders a full picture of the company’s financial performance and compliance with accounting standards. Usually, the audit report is submitted within 3-6 months after the financial year-end.
• Annual license renewal: The license needs to be renewed annually by paying the renewal fee (USD 2000-9500) and submitting any required renewal forms. There isn’t a full re-application, but failure to pay the fee by the due date could result in penalties or suspension. The FSC typically issues invoices or reminders for the annual fee. Sometimes the regulator may also request confirmation that key information (e.g., ownership, office address, etc.) remains unchanged or has been updated.
• Maintaining local substance: The requirements for local directors, office, and personnel are not one-time; they must be maintained continuously. If a resident director resigns, the company must appoint a new one promptly and notify the FSC. The physical office must remain operative – you can’t just have an address and no real activity. The FSC or other authorities may conduct inspections or visits to ensure the office is staffed during business hours and that compliance files (like KYC records, transaction records) are kept in an accessible manner in Mauritius. Additionally, board meetings should ideally be held in Mauritius with proper minutes (to reinforce the management and control in Mauritius).
• Transaction reporting and record-keeping: Brokers must keep detailed records of all client transactions, communications, and account statements. While Mauritius doesn’t require transaction reports to the regulator on a routine basis (unlike EU’s MiFID reporting), the FSC can request data if needed. All records should be retained for at least 5 to 7 years. The company should also maintain an up-to-date client register and complaints register, and inform the FSC of any material complaints or disputes with clients.
• AML/CFT compliance program: The firm is required to continuously operate a robust AML/CFT program. This includes performing KYC for every new client (verifying identity, source of funds, etc.), conducting ongoing monitoring of transactions for suspicious activities, and filing Suspicious Transaction Reports (STRs) with the Mauritius Financial Intelligence Unit when appropriate. The Compliance Officer/MLRO must ensure staff are trained in AML obligations and that an internal reporting mechanism is in place. Periodically, the FSC may ask for AML audit reports or conduct its own review of the firm’s AML procedures. Mauritius being committed to FATF standards means the broker should be prepared for enhanced due diligence on higher-risk customers and to cooperate with any regulatory queries on AML matters.
• Notification of changes: A licensee must notify the FSC of certain changes or events, often prior to the change or immediately after. These include changes in ownership (if a new shareholder is acquiring above a threshold, typically 20% or more, FSC pre-approval may be required), changes in directors or senior management, change of company name or address, amendments to the company’s Constitution, etc. Even changes in the business model (say the broker wants to add new product lines or start offering crypto CFDs) should be communicated to ensure it’s within the license scope. Failure to notify can be a regulatory breach. Generally, a written application or notification letter is filed and the FSC responds with no-objection if all is in order.
• Prescribed ongoing filings: Beyond financial statements, the FSC may require other periodic filings, such as a semi-annual FAIR Return (Financial Analytics and Inspection Report) or other statistical returns that gather data on the licensee’s activities. Additionally, the Company must file an annual tax return and possibly a financial summary with the Registrar of Companies (for the financial statements registry).
• Insurance and indemnities: The broker should maintain its Professional Indemnity insurance continuously, renewing it annually. The coverage amount should be reviewed as the business grows. The FSC might ask for proof of renewal each year. Similarly, the capital should remain intact; if the company incurs losses that dip into the stated capital, it would need to be topped up to remain above the minimum – so the management must monitor capital levels and have contingency funding if needed.
• Ongoing corporate governance: The FSC expects that the company uphold good governance. Regular board meetings should be held (preferably with minutes filed locally). The board should review compliance reports from the MLRO, consider risk management issues, and ensure internal controls are effective. If the regulator sees a pattern of non-compliance or sloppy management, they can demand remedial actions or impose administrative sanctions.
• Training and competence: Any new hires in key roles (traders, compliance staff, etc.) should be properly trained and meet competence standards. Mauritius is moving toward requiring certain officers to have specific certifications or training (for example, an investment adviser exam for some representatives). The company should invest in ongoing training to keep staff updated on regulatory developments.

Renewal of a Mauritius forex license

Renewing a Mauritius forex license is a straightforward but important annual process. The “renewal” primarily consists of paying the annual license fee and ensuring all compliance obligations are up-to-date:

• Annual fee payment: The core step for renewal is the payment of the annual license fee (USD 2000-9500) each year to the FSC. Typically, the fee is due by a specific date (often the anniversary of the license issuance or by the 1st of July if aligned with the financial year). The FSC will issue an invoice or a notice in advance. The company should pay the fee via bank transfer or as instructed, and possibly submit a proof of payment. Not paying by the deadline can result in late penalties, and if excessively delayed, can lead to suspension of the license.
• Confirmation of details: Along with the fee, the FSC might require the submission of an annual license renewal form or self-certification. This can include confirming that the information on record (directors, address, etc.) remains correct or updated if changes occurred (with appropriate prior notifications). Essentially, the company reaffirms it is compliant with all licensing conditions.
• Submission of audited accounts: In many cases, the renewal coincides with the filing of the latest audited financial statements. Although the audit is a regulatory requirement on its own, providing the audited accounts to the FSC before license renewal helps demonstrate the company’s financial soundness. A clean audit report with sufficient capital and no going-concern issues will facilitate a smooth renewal. If the FSC finds issues in the financials (e.g., capital fell below minimum or losses are mounting), they may renew the license but flag the issue for remediation.
• Compliance attestation: The FSC may ask for specific confirmations during renewal – for instance, an attestation that the company has complied with AML training, or a brief activity report of what the company did in the past year (number of clients, any complaints, etc.). Some of this information might be collected through periodic returns, so it might not be explicitly needed at renewal if already provided.
• Tax clearance (if applicable): While not always required, sometimes regulators ensure that the company is in good standing with tax filings. The company should have filed its annual tax return (and paid any tax due, which might be minimal due to the 3% effective rate). Outstanding tax issues could indirectly affect renewal, though typically the FSC doesn’t condition renewal on a tax clearance certificate unless there’s an egregious situation.
• Director and office renewal: Ensure that any appointments that require annual renewal (for example, the Company Secretary or the Management Company contract) are handled. The license renewal won’t directly ask for this, but it’s part of corporate maintenance that everything remains valid as the new year of licensing begins.
• License certificate re-issuance: In Mauritius, upon renewal, the FSC may issue a new license certificate or a letter confirming renewal. Some jurisdictions provide a yearly certificate; it’s unclear if the FSC does an updated certificate each year or considers the original continuous. In any case, keeping documentation of renewal (fee receipts, etc.) is important to prove to banks or clients that the license is current.
• Plan for any changes: The renewal time is a good checkpoint to plan any changes for the upcoming year. If the company anticipates changing its business model or expanding services, it could inform the FSC or seek approvals around the time of renewal. The renewal itself does not typically involve a reassessment of the business plan, but any significant changes always require regulatory communication. The company might also use the renewal process to ask questions from the FSC or clarify any new rules that came up.

Suspension or revocation of a Mauritius forex license

The FSC has the authority to suspend or revoke an Investment Dealer license under certain circumstances. Brokers should be aware of these conditions to avoid jeopardizing their license. Some key grounds and scenarios include:

• Regulatory non-compliance: If the licensee fails to comply with the laws, regulations, or license conditions, the FSC can take action. This could range from not meeting reporting requirements (e.g., consistently failing to submit quarterly statements or annual audits), to violating rules (for example, not maintaining the minimum capital or not having the required local directors). The FSC typically will issue warnings or directions to comply by a deadline. If the company does not rectify the breach, the FSC can suspend the license until compliance is restored, or in severe cases revoke the license entirely.
• False or misleading information: If it is discovered that the company obtained the license by making false statements or concealing material facts, the regulator can revoke the license. Honesty during application is crucial – for instance, if a director’s background info was falsified and later uncovered, that’s grounds for revocation. Similarly, if during operation the company provides false reports or deceives the regulator, it risks losing the license.
• Insolvency or financial instability: A license can be suspended or revoked if the broker becomes insolvent, is unable to meet its debts, or if its financial situation compromises client interests. For example, if the company’s capital falls far below the required minimum and it cannot replenish it, the FSC may suspend the license until capital is restored. If the situation is beyond repair (e.g., the company is bankrupt), revocation will follow. Protecting client funds is a priority; any sign that the company is financially unstable will draw regulatory action.
• Serious misconduct or fraud: Engaging in fraudulent activities, misusing client funds, or other misconduct will result in regulatory enforcement. If a Mauritius-licensed broker was found to be running a Ponzi scheme, facilitating money laundering, or otherwise breaching criminal laws, the FSC would immediately suspend the license. Revocation would be likely after due process. Additionally, if key persons (directors or significant owners) are charged with financial crimes or become disqualified (for instance, added to sanctions lists), the FSC can suspend the license pending investigation.
• Breach of AML/CFT obligations: Given Mauritius’s commitment to AML/CFT standards, a broker that systematically fails to implement AML controls or is found to be involved in money laundering could lose its license. Even a single serious failure (like willfully ignoring KYC on high-risk customers) might prompt suspension until remedied. The FSC has penalized firms in the past for AML failures; repeated or egregious violations definitely put the license at risk.
• Failure to maintain local presence: If the company were to shut down its Mauritius office or all resident directors resign leaving none in place, the FSC could suspend the license until the situation is fixed (e.g., new directors appointed, office re-opened). Prolonged failure to maintain the required presence might lead to revocation. The regulator must be confident that effective management in Mauritius exists; without it, they won’t let the business operate.
• Non-payment of fees: While seemingly basic, not paying the annual license fee or other dues can lead to suspension. The FSC typically gives a grace period with late fees. If a firm utterly fails to pay, its license can be revoked for non-payment. This is an avoidable risk by simply staying on top of fee payments.
• Voluntary surrender or cessation: A license can also be revoked if the company voluntarily requests termination of the license. If a brokerage decides to cease operations, it can apply to the FSC to surrender the license. The FSC will ensure all client liabilities are settled before approving the surrender. Once approved, the license is revoked. In cases where the business is dormant (not operational) for a long period, the FSC might also encourage the firm to surrender rather than keep a shell license.
• Enforcement process: Suspension or revocation is typically the end of an enforcement escalation. The FSC will normally issue a notice of intention to suspend/revoke, stating the reasons, and give the licensee an opportunity to be heard or to remediate if possible. Under the law, the licensee can usually appeal a decision or at least make representations. For suspension, the FSC might suspend first (to protect the public) and then listen to the company’s plan to fix issues. If the plan is satisfactory, they might lift the suspension. If not, revocation follows. Once revoked, the company must cease all regulated activities immediately and usually must wind up or re-purpose itself to non-regulated activities.

Updates to Mauritius forex licensing in 2024–2025

The regulatory framework for forex brokers (Investment Dealers) in Mauritius has been relatively stable in recent years, but there have been a few noteworthy updates and developments up to 2024–2025:

• Enhanced AML/CFT measures: In 2020–2021, Mauritius faced increased scrutiny over its anti-money laundering controls and was briefly placed on the FATF “grey list.” In response, the jurisdiction implemented rigorous reforms to strengthen its AML/CFT regime across all financial services. By 2021, Mauritius had satisfied FATF’s requirements and was removed from the grey list, reaffirming its commitment to high standards. For licensees, this translated into more detailed guidance on AML policies and more active enforcement of compliance. As of 2025, brokers can expect the FSC to continue emphasizing AML compliance (e.g. more frequent inspections or requiring AML audits) as part of maintaining Mauritius’s clean status.
• Introduction of the Virtual Asset framework: In 2022, Mauritius introduced the Virtual Asset and Initial Token Offering Services Act, creating new licenses for virtual asset service providers, including a Virtual Asset Broker-Dealer License. While this is separate from the traditional Investment Dealer license, it indicates the regulatory trend of accommodating cryptocurrency and digital asset businesses. A forex broker that also wants to deal in crypto spot trading (not just CFDs) might need to obtain this separate license. The update shows Mauritius’s flexibility and forward-thinking approach, giving licensed firms an avenue to expand into crypto under regulation, rather than prohibiting it.
• Segmentation of license categories: The FSC has maintained several sub-categories of Investment Dealer license (as noted earlier: Full Service with underwriting, without underwriting, Broker, Discount Broker, and even specific Currency Derivatives or Commodity Derivatives segment licenses). In 2023–2024, there were discussions in industry circles about possibly streamlining some categories or updating capital requirements. As of the latest update, the categories and capital thresholds remain unchanged from what they have been for years (MUR 10m, 1m, 700k, etc. as set in the Securities (Licensing) Rules 2007). However, market conditions (inflation, currency fluctuations) could prompt the FSC to revisit these amounts in the future. Any changes would likely be announced publicly and existing licensees grandfathered or asked to top up capital if needed.
• FSC’s digitalization and efficiency improvements: The FSC has been investing in digital infrastructure to allow more online submission of applications and reports. By 2024, many filings can be done through the FSC’s online portals. The license application process itself has become more streamlined with clearer Licensing Criteria checklists provided (as evidenced by the FSC’s published guidelines for each license type). This ongoing improvement means new applicants might find it easier to understand requirements, and licensees might benefit from faster processing of variations or queries via electronic means.
• Economic substance regulations: Parallel to the specific Investment Dealer rules, Mauritius has economic substance requirements for certain categories of Global Business companies (stemming from OECD and EU pressures on offshore centers). While these are more targeted at intellectual property holding companies and such, the general trend is ensuring that management and decision-making actually occur in Mauritius. For brokers, this reinforces the need to have those two resident directors actively involved. 
• Market evolution and reputation: There’s an important contextual update: the overall reputation of Mauritius as a brokerage hub has grown. With increased regulatory tightening in traditional havens (like Cyprus) and uncertainty in others (like some Caribbeans), Mauritius has seen more interest. The FSC has reportedly seen a steady inflow of license applications in 2023 and 2024. They manage this by maintaining rigorous standards. Industry feedback suggests that while the process is still efficient, the FSC is asking more detailed questions now than, say, 5 years ago – reflecting a cautious approach to approving only genuine, well-prepared brokers. Applicants in 2025 should be prepared for thorough scrutiny of their business plans and backgrounds.
• No significant legislative overhaul yet: Unlike some jurisdictions (for example, Curaçao completely overhauled its gambling license system in 2024), Mauritius has not introduced any major new legislation specifically for forex or securities dealers since the 2007 Securities Act and subsequent amendments. The next significant legislative changes might align with the outcome of the FSC’s ongoing strategic plans or any new international obligations. For now, the framework remains consistent, which provides regulatory certainty to operators.

Authorities involved

Obtaining and operating under a Mauritius forex license involves interaction with a few key authorities and entities:

• Financial Services Commission (FSC): This is the primary regulatory authority that issues the Investment Dealer license and supervises licensees. The FSC is responsible for reviewing license applications, granting approvals, and ensuring ongoing compliance. All queries, submissions, and approvals related to the forex license go through the FSC. The FSC was established under the Financial Services Act 2007 and oversees non-bank financial services in Mauritius, including securities, insurance, and global business sectors. In the context of the forex license, the FSC sets the rules (like Securities Act regulations) and has enforcement power to suspend or revoke licenses if needed. The official website of the FSC and its guidelines (such as the Licensing Criteria documents) are key resources for understanding requirements.
• Registrar of Companies / Corporate and Business Registration Department (CBRD): This authority handles the incorporation of companies in Mauritius. For a broker to get licensed, it must either incorporate a new company or use an existing Mauritian entity. The Registrar processes the company formation, issues the Certificate of Incorporation, and records the company’s legal details. While the Registrar is not involved in licensing approval, a valid company registration is a prerequisite. In many cases, incorporation of a Global Business Company is done with approval from both the Registrar and the FSC (since a GBL requires FSC authorization too). Practically, the incorporation step is facilitated by the Management Company and is a formality once FSC signals initial comfort with the proposal.
• Mauritius Revenue Authority (MRA): The MRA is the tax authority. While they don’t partake in the licensing process, they become relevant once the company is operational. The MRA oversees compliance with corporate tax filings (remember the 15% tax, 3% effective for GBL). A broker will register with the MRA for tax and will file annual tax returns to the MRA. If the broker has employees, it also deals with the MRA for PAYE (pay-as-you-earn tax on salaries) and possibly VAT (though financial services are generally exempt from VAT in Mauritius). The MRA’s role is thus in the post-licensing tax compliance of the company.
• Bank of Mauritius: The central bank primarily regulates banks and certain financial institutions, not investment dealers (that’s FSC’s domain). However, the Bank of Mauritius indirectly comes into play because a broker will need a bank account in Mauritius to deposit its capital and perhaps operate accounts. The central bank’s guidelines may influence how easy or difficult it is to open accounts (Know Your Customer procedures etc.). The Bank of Mauritius also sets foreign exchange control policies – currently Mauritius has no exchange controls for global business, so that’s a plus. For most intents and purposes, though, the Bank of Mauritius is not directly involved with the forex broker license (the FSC is the key regulator).
• Management Companies / Corporate Service Providers: These are licensed firms in Mauritius that act as intermediaries for foreign investors. They are not “authorities,” but they are an essential part of the process. A Management Company (MC) is usually the one who files the license application on behalf of the client, because MCs are experienced in dealing with the FSC. They also incorporate the company and often provide the local directors or office services. Examples include law firms or specialized corporate services firms. The MC will interact with the FSC and other authorities, effectively representing the applicant. They are regulated by the FSC as well. While not government bodies, their role is so crucial that one might consider them part of the “licensing ecosystem” in Mauritius.
• Financial Intelligence Unit (FIU): The FIU in Mauritius is the authority that receives suspicious transaction reports (STRs) related to money laundering or terrorist financing. A licensed broker’s MLRO would send reports to the FIU if any suspicious activity is detected. The FIU can investigate or share information with law enforcement. It’s not directly involved in licensing, but in the ongoing compliance aspect it is the authority that works alongside the FSC to combat financial crime.
• Stock Exchange of Mauritius (SEM) and CDS: While not directly relevant to a forex broker (since most FX/CFD trading is off-exchange), if a broker decided to trade on the local exchange or offer securities trading on SEM, it might interface with the Stock Exchange of Mauritius or the Central Depository & Settlement Co.. However, typical forex brokers won’t have much dealing with SEM. It’s the FSC that matters for their licensing.
• Mauritius Police (Character Certificate Office): Indirectly, individuals needing police clearance may interact with the police to get their Certificate of Character (if they have lived in Mauritius) or their home country police. This is minor, but part of gathering documents often involves getting such certificates from relevant authorities for background checks.

Why Mauritius is good for startups

For startup brokers and fintech entrepreneurs, Mauritius offers a uniquely balanced environment that makes it one of the best jurisdictions to kick-start a forex brokerage:

• Low barriers to entry: Startups often struggle to meet high capital or stringent requirements in top-tier jurisdictions. Mauritius, however, provides an accessible ramp – one can launch a fully licensed brokerage with as little as ~€12k in capital for the broker license. The procedural fees are affordable, and the timeline to get licensed (a few months) aligns well with startup pacing. This means founders can get to market faster and with less upfront cost, allowing them to allocate resources to product development and marketing instead of tying up huge regulatory capital.
• Credibility and investor confidence: While Mauritius is easier to enter, it still carries credibility as a regulated jurisdiction. Having “FSC Mauritius Licensed” status can reassure potential clients, partners, and investors that the startup is operating legally and under oversight. It’s a stamp of legitimacy that purely unlicensed entities lack. This credibility can be vital for a startup to attract customers in competitive markets, as traders often prefer brokers that are properly licensed. Mauritius strikes a middle ground – it’s not a loosely regulated haven that savvy clients avoid, nor is it so strict that only big players can get in.
• Favorable ecosystem and support: Mauritius has a growing ecosystem of financial and IT professionals, thanks to its development as a fintech hub. Startups in Mauritius can leverage local talent for compliance roles, customer support, and IT development. Government agencies and industry groups in Mauritius are known to be quite supportive of new ventures; for example, the Economic Development Board often assists Global Business companies in settling in. Moreover, local service providers (law firms, management companies, accounting firms) are well-accustomed to helping new businesses, making it straightforward to obtain guidance and avoid pitfalls. As an English-speaking country with a familiar legal system, Mauritius is easy for foreign founders to navigate.
• Scalability and flexibility: Starting in Mauritius doesn’t pigeonhole a startup. The license is broad enough that as the company grows, it can scale up services – e.g., add more trading instruments, or even upgrade to a higher license category (from Broker to Full-Service) if needed by simply injecting more capital and getting FSC approval. Because Mauritius allows global operations, a startup can begin in one region (say Africa) and later expand to Asia or the Middle East without needing a new license. The lack of restrictive rules (like no leverage cap) means the business has flexibility in its offerings and can differentiate itself (e.g., offering 1:500 leverage or lucrative bonus programs to attract clients, which might be banned in stricter jurisdictions).
• Cost efficiency and tax savings: Startups typically have tight budgets. Mauritius’s low operating costs and tax advantages significantly ease financial pressure. With a 3% effective corporate tax, the company can plow back more earnings into growth rather than paying it away in taxes. Operational costs such as office rent and salaries for qualified personnel are generally lower than in Europe or North America. Even services like internet and utilities are reasonably priced with good quality (important for an online brokerage). This cost-efficient environment extends the runway for startups – they can achieve breakeven and profitability with fewer clients or lower volumes than would be necessary in a high-cost base. Plus, raising capital might be easier when investors know that profits won’t be heavily taxed.
• Strategic market positioning: A startup brokerage in Mauritius can position itself as an “emerging markets specialist”. The license is ideal for targeting clients in regions that larger brokers sometimes overlook – Africa, South Asia, CIS countries, etc. Mauritius itself has strong ties with African economies and India, offering network opportunities. By being in a time zone that overlaps key markets and having cultural proximity to various regions (African, Asian, European via its history), a Mauritius-based startup can operate smoothly across borders. For many fintech startups focusing on financial inclusion or untapped markets, Mauritius provides the regulatory home base to do so credibly.
• Innovation-friendly regulation: Startups often drive innovation – whether it’s new trading technologies, unique crypto-asset offerings, or novel business models. Mauritius’s regulatory approach is relatively accommodating to innovation. The FSC has shown willingness to work with fintech firms (e.g., sandbox licenses in other areas, the new virtual asset framework for crypto). A startup broker with a new concept is likely to find an open ear in Mauritius rather than a conservative “no by default” stance. This can be crucial in the fast-evolving fintech world. Meanwhile, the regulator’s requirements ensure the startup puts basic risk management in place, which is ultimately good for the venture’s stability.
• Networking and partnerships: Many startups in the trading industry might want to partner with larger entities for liquidity, banking, or technology. Mauritius’s good reputation means a licensed startup there can often secure partnerships that an unlicensed or obscurely licensed firm could not. Liquidity providers, prime brokers, and payment processors are generally comfortable working with Mauritius-licensed entities (since they pass compliance checks more easily). The island also hosts finance conferences and has an active financial community, giving young companies a chance to network and learn from others.

Official Sources & Primary Legislation (Mauritius)

Primary Acts

• Securities Act 2005 – full text (consolidated; governs securities markets, intermediaries and licensing).
• Financial Services Act 2007 – framework law for non-bank financial services and global business.
• Securities (Licensing) Rules 2007 – categories and requirements for investment dealers and advisers.
• Financial Services (Consolidated Licensing and Fees) Rules 2008 – official fee schedule and ancillary licensing provisions.
• Virtual Asset and Initial Token Offering Services Act 2021 – relevant where forex/CFD brokers interface with virtual assets.

Financial Services Commission (FSC Mauritius)

• Official FSC website – integrated regulator for non-bank financial services (securities, insurance, pensions, global business).
• Codified list of licences & fees – processing and annual fees for Investment Dealer categories (SEC-2.1A/2.1B/2.2).
• Licensing Criteria PDFs: Investment Dealer – Full Service including Underwriting (SEC-2.1A); Full Service excluding Underwriting (SEC-2.1B); Broker (SEC-2.2).
• Register of Licensee – public register of licensed entities.
• Applying for a licence – overview of submission process and sector-specific pages.
• FSCOne online licensing portal – platform to submit and track applications.