Global Business & other NBFI

As an International Financial Centre, the Mauritius jurisdiction maintains an environment of transparency, stability, and predictability providing the right platform to investors for doing business. The quality of service and available pool of highly qualified professionals remain key in this endeavour.

The Financial Services Act (FSA) of 2007, simplifies the regulatory regime and consolidates the legislative framework of the global business sector.

In monitoring the conduct of business activities of its licensees, the FSC focuses inter alia on market conduct, Anti-Money Laundering and Combating the Financing of Terrorism requirements, good corporate governance principles and international norms and standards.

An applicant for a Global Business Licence has to pass the test of a resident corporation conducting business outside Mauritius. An applicant for a Global Business Licence is required to submit the appropriate application to the FSC, channeled through a Management Company of its choice. The FSC Guide to Global Business provides guidance to investors and service providers as to the requirements when applying for a Global Business Licence.

Management Companies (MCs) are service providers which act as intermediaries between their clients and the FSC. MCs are licensed by the FSC under Section 77 of the FSA to set up, manage and provide nominee and other services to a corporation (which carries on or intends to carry on any global business and such class of corporation as may be prescribed) or act as corporate trustee or qualified trustee under the Trusts Act 2001.

For the list of licensed MCs, please consult the Register of Licensees. Kindly note that the FSC cannot make any recommendations for the choice of Management Company.

Other NBFIs

The financial business activities, other than those under the relevant acts (the Insurance Act , the Securities Act and the Private Pension Schemes Act), as listed in the Second Schedule of the Financial Services Act are:

Assets Management
Credit Finance
Custodian Services (non-CIS)
Distribution of Financial Products
Factoring
Leasing
Pension Scheme Administrator
Registrar and Transfer Agent
Treasury Management
Credit Rating Agencies/Rating Agencies
Global headquarters administration
Global treasury activities
Representative Office (for financial services provided by a person established in a foreign jurisdiction)
Actuarial services
Payment intermediary services
Overseas family office (single)
Overseas family office (multiple)

This list is not exhaustive and the FSC Rules may provide for other financial business activities.

Under the Financial Services Act, corporations are also allowed to operate as Global Legal Advisors and Investment Bankers.

Global Legal Advisory Services Licence

Global Legal Advisory Services is a licensable activity under Section 77A of the Financial Services Act 2007.

The activity pertain to an entity engaged in the provision of legal services in relation to laws pertaining to global business, international arbitration, corporate laws, taxation law and foreign and international law.

Investment Banking

Investment Banking is a licensable activity under Section 79A of the Financial Services Act 2007.

An entity holding an investment banking licence may conduct the activities of an investment dealer (full service dealer, including underwriting), investment adviser (unrestricted), investment adviser (corporate finance advisory), asset management, distribution of financial services, and such other activities as may be specified in FSC Rules.

Prior to licensing any Non-Banking Financial Institution, the FSC ensures that the applicant meets the "fit and proper" criteria and fulfils certain prudential requirements and conditions of operations. Applicants are required to apply rules of corporate governance and adopt clear measures to prevent conflict of interest and to prevent financial crimes and money laundering.

The FSC ensures inter alia that applicants have in place the necessary compliance functions, appropriate internal control measures and continuous internal audit and monitoring system as well as adequate resources in terms of qualified personnel and equipment.

Applying for a licence - Other NBFIs

Register of Licensees