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.
|Special legislation available (YES/NO)|
The Virtual Assets and
|The Mauritius National Bank and the |
Financial Services Commission
Types of entites used to register
|The LLC, the Special License company and the offshore company can be used to launch a crypto business in Mauritius|
|Local manager required (YES/NO)|
YES, at least one resident director must be appointed
|Minimum capital requisites (YES/NO)||35 million rupees (approx. 800,000 USD)|
|License required (YES/NO)|
YES, at least one resident director must be appointed
|Licensing exceptions (YES/NO)|
Yes, a crypto license must be obtained from
|Timeframe to register the company (approx.)||Approx. 3 weeks|
|Anti-money laundering regulations applicable (YES/NO)||YES, cryptocurrency companies in Mauritius must respect anti-money laundering regulations|
|Specific requirements for foreign investors (YES/NO)||There are no specific requirements to be respected by foreign investors seeking to set up cryptocurrency companies in Mauritius|
|Activities permitted for crypto companies||Selling and buying cryptocurrencies, ICOs, electronic wallet services, crypto-based investment fund creation|
|Other special requirements applicable (YES/NO)||The company must have a legal address in Mauritius, at least 30% of its management board must be independent|
|Taxation of crypto companies in Mauritius||There are no specific taxes to pay in relation to cryptocurrencies in Mauritius|
|Why choose Mauritius||Mauritius is a friendly foreign investment destination, it also has a new and modern legislation providing for crypto businesses, it provides for clear registration and licensing requirements |
for such activities
|Support in launching a cryptocurrency business (YES/NO)||YES, we offer cryptocurrency |
company formation services in Mauritius
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.
The working visa is an option for qualified people to immigrate to Mauritius. In this situation, a foreign worker must first find employment and sign a labor contract before applying for a work visa. The benefit of traveling in this manner is that the employee will arrive in Mauritius with a reliable source of income.
You can determine if you fit the requirements for a passport if you have lived here for a specific number of years. Typically, in order to be eligible for a passport, you must have resided here for at least 7 years. Please don’t hesitate to get in touch with us for advice if you want to know what your chances are of obtaining citizenship in Mauritius.
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.
Mauritius is known for its developed financial sector which enables foreign investors to create various types of companies. Moreover, it is also possible for them to apply for Mauritius Forex licenses that allow them to trade on international markets in the best and safest conditions. Contact us for details on how to obtain it.
What should be noted about the crypto license in Mauritius is that the company requesting it must meet certain requirements.
If you are interested in starting a cryptocurrency business in another country, such as Malta, we can put you in touch with our local partners.
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. There are various ways to open a company in Mauritius. You can come here, or you can use specialized services so that when you arrive most of the incorporation process is completed. If you choose to work with us, you will benefit from complete support, so that you can find your business almost ready to use.
You must open a bank account in Mauritius if you want to manage your funds or make international transactions, regardless of whether you want to move to Mauritius or only want to buy or invest in real estate there. Our specialists can help you set up any type of account, including for your local company in the insular state.
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.
We are at your service if want to open a bank account in Mauritius for your company. Please mind that the procedure might take a while, as all banks conduct various due diligence procedures. If you want to start the process as soon as possible, you can rely on us for representation based on a power of attorney.
If you need legal services in another country, such as USA, we can put you in touch with our American partner lawyers.
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.