One of the economic sectors currently undergoing development in Mauritius is fintech. For several years now, the government enabled various tools, among which associations and regulations, that help local and foreign investors to operate in this sector. One of the best ways to do that is to open a cryptocurrency company in Mauritius.
No matter if you have experience or not, you can open such a business here with the help of our company formation specialists in Mauritius. Here are the main highlights of operating in one of Africa’s most important fintech hubs.
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Legislation on cryptocurrencies in Mauritius
Investors who want to open cryptocurrencies companies in Mauritius can rely on several rules and regulations put together by the Government, the National Bank, and the Financial Services Commission. First appeared in 2018, the Regulatory Sandbox License was amended with the Virtual Assets and Initial Token Offering Services (VAITOS) Act in 2021 which entered into effect in 2022.
One of the novelties of this act is the creation of a portal through which it is now possible to obtain a crypto license in Mauritius.
If you are interested in this type of business, our local agents are at your disposal with information on the rules you need to comply with. We also have a team of immigration lawyers in Mauritius if you want to move here.
Steps to open a cryptocurrency company in Mauritius
The creation of a crypto business in Mauritius is the same as for registering any other type of company in other sectors of activity. Moreover, the legal entity that can be used for such activities is the offshore company in Mauritius, however, in this case, it is also advisable to check the regulations in the country offering the services.
Here are the steps to incorporate a cryptocurrency company in Mauritius:
- choose the legal form of the business (the special license company can also be used);
- have its Memorandum and Articles of Association drafted and filed with the Trade Register;
- obtaining the crypto license with the Financial Services Commission.
What should be noted about the crypto license in Mauritius is that the company requesting it must meet certain requirements.
For the business registration procedure, you are kindly invited to request our company formation services in Mauritius. As a general rule, it takes around 3 weeks to incorporate a company here.
Our services also target immigration to Mauritius.
Requirements to obtain a crypto license in Mauritius
Under the Virtual Assets and Initial Token Offering Services (VAITOS) Act, the following requirements must be met by companies trading cryptocurrencies which must also appoint a custodian. The following must be ensured:
- the minimum share capital for such a business is 35 million rupees;
- it must have a board of at least 3 directors (at least one of them must be a Mauritius resident);
- 30% of the director’s board must be named independently;
- the company must also have a permanent legal seat in Mauritius.
From a compliance point of view, it is important to note that the company must file financial statements under special deadlines, as follows:
- no later than 45 days after the end of the quarter it is reported for;
- the annual audited financial statements must be filed no later than 90 days from the balance sheet date.
If you want to open a cryptocurrency company in Mauritius and want to be its resident manager, we can help you apply for a residence permit for immigration to Mauritius.
Mauritius’ economy is on the rebound
According to the data gathered by this site:
- construction and IT services contributed to the country’s economic growth by 5% in 2021;
- 2022 is expected to be the year that tourism will bring a 6.7% increase to the economy;
- in 2023, the same tourism industry is expected to grow by 4%.
If you want to open a cryptocurrency company in Mauritius, please contact us. You can also obtain the support of our immigration lawyers in Mauritius for relocation services.