If you want to open an Electronic Money Institution (EMI) or Payment Services Provider (PSP) in Mauritius, you must meet certain requirements, among which apply for an EMI/PSP license. Below, our company formation agents in Mauritius explain the application process and services we provide to help you secure an authorization for such a business venture.
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Company registration – the first step to obtain an EMI license in Mauritius
Payment Services Providers are companies that issue money that can be used for making electronic payments. As such, in order to obtain a license that enables your business to offer such solutions in Mauritius, you must first register a legal entity here. The offshore or Global Business Company is the appropriate legal form if you also want to offer your services outside Mauritius. It can also be 100% fully owned; as such, you can also use it if you are a foreign investor.
Our local specialists can help you register a business in Mauritius for this purpose. We will assist in drafting and filing the documents with the Companies Register, while making sure it complies with the rules applicable to the selected entity.
Following this procedure, you can then apply for the PSP license with the Mauritius Financial Services Commission (FSC). However, please note that the activities of such businesses are supervised by the National Bank, which sets out the regulatory framework for such undertakings.
Requirements to obtain an EMI license in Mauritius
PSP licenses fall in the same category as fintech business permits in Mauritius, however, Electronic Money Institutions must meet specific conditions to obtain it, as follows:
- ensure a minimum capital of MUR 500,000;
- have a place of management in Mauritius;
- have at least 3 managers (two non-executive and one executive), out of which the latter must be a Mauritius resident;
- have a local compliance officer to ensure Anti-Money Laundering Regulations are respected;
- appoint an auditor;
- hire at least 2 local employees and one supervisor who will oversee internal regulations in the company are respected.
Proof of all these requirements must be submitted with the FSC to obtain the Mauritius PSP license.
Specific documents to prepare when filing for an EMI license
After you register your EMI company in Mauritius, you need to draft special documentation for submission to the FSC. The respective paperwork must prove the enterprise can carry out its activities with minimal risks for clients and stakeholders. It must comprise:
- a valid business plan describing the activities of the Mauritius PSP company;
- clean criminal records for the key officers of the business;
- the detailed organizational structure of the enterprise;
- the documents indicating the technical support of the company (a third-party operator can be used in this case);
- a report indicating the risks and profits of the company;
- the Anti-Money Laundering Regulations.
Other documents can also be requested by the Regulator.
The timeframe for the paperwork to be reviewed and processed takes about 6 months, which is significantly lower compared to other jurisdictions.
Why open an EMI/PSP company in Mauritius?
There are several reasons to decide on Mauritius if you want to apply for an EMI/PSP license, among which the most important are:
- the low capital requirement which is approximately USD 11,000;
- the corporate tax rate, which is 3%, if you decide on the offshore structure;
- access to around 45 double tax treaties, if you are an overseas investor;
- the number of operations you can undertake – 3 main categories, each with its own subservices.
If you want to open an EMI company and need support in filing for a PSP license in Mauritius, feel free to contact us.
