The FSC Single Window was inaugurated on 21 July 2022 by Dr. the Honourable Renganaden Padayachy, Minister of Finance, Economic Planning and Development and the Honourable Mahen Kumar Seeruttun, Minister of Financial Services and Good Governance, at the Financial Services Commission, Mauritius (FSC) in the presence of Mr. Mardayah Kona Yerukunondu, Chairperson of the FSC and Mr. Dhanesswurnath Thakoor, Chief Executive of the FSC.
Mr. Dhanesswurnath Thakoor highlighted:
“The FSC Single Window is yet another milestone in our journey towards digitalisation to facilitate applications for financial activities licences with the FSC. It aims to create simpler, user-friendly process to serve Financial Institutions, Corporates and High Net Worth Individuals.”
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The launching of the FSC Single Window in collaboration with the Economic Development Board (EDB) and the Corporate and Business Registration Department (CBRD) is a significant milestone to keep pace with the rapid evolution of the Financial Services sector. Hence, the FSC has embarked on a journey to further improve business processes and provide continuous solutions to reduce lead time and streamline procedures for ease of doing business.
Mauritius is the leading country in terms of ease of doing business in Africa and the FSC Single Window is the next step towards bringing innovation in this direction. In line with the Blueprint for the Financial Services sector, the FSC Single Window aims to create simpler, user-friendly process to serve Financial Institutions, Corporates and High Net worth Individuals. It is a single point of contact providing an expeditious digital channel to meet the demands of investors under one roof adding thereby further comfort in using our jurisdiction as a hub for their investments.
The FSC Single Window facility can benefit both local and foreign investors willing to invest in the non-banking Financial Services sector. Prospective investors just need to book an appointment through FSC Single Window and meet relevant experts from the FSC, the EDB and the CBRD respectively to discuss their needs. This may include:
1) Licencing requirements from the FSC;
2) Incorporation needs with the CBRD; and
3) Occupational permit requirements and other related investment needs from the EDB.
Several benefits are to be derived from the FSC Single Window which include:
1) Avoidance of hassle for booking multiple appointments;
2) Improved connectivity;
3) Time reduction for processing documents; and
4) Reduction in clearance time to set up a business in Mauritius.
Officers at the FSC Single Window will engage with the investors at its dedicated Office located on the 1st Floor, FSC House, 54 Cybercity Ebene, Mauritius.
This initiative is a result of a Memorandum of Understanding (‘MOU’) signed by the FSC, EDB and CBRD on 21 July 2022. The MOU lays down the foundations for an effective collaboration between the FSC, EDB and CBRD to facilitate conduct of business in the Financial Services sector.