Forex licence in MauritiusOverview
The Investment Dealer licence is the standard route for forex and CFD brokerage in Mauritius. It is granted by the FSC under the Securities Act 2005, with categories and capital set out in the Securities (Licensing) Rules 2007. Brokers serving international clients typically operate through a Global Business Company that also holds a Global Business Licence, which brings Mauritius's economic substance requirements into play.
The Rules define several categories. A full service dealer including underwriting may underwrite and distribute securities as well as deal and manage portfolios. A full service dealer excluding underwriting may deal as principal and as agent, but not underwrite, and is the category most commonly used for forex and CFD brokerage. A broker executes client orders, may manage portfolios and advise, while a discount broker executes orders only. A separate derivatives dealer category also exists. Each category carries a minimum stated unimpaired capital, which must be fully paid and maintained at all times.
The FSC assesses the fitness and propriety of promoters, shareholders, directors, beneficial owners and key staff, and expects a business plan that explains the trading platform, liquidity arrangements, target markets and the dealing team. Full service dealers must keep procedures that separate activities and prevent conflicts of interest and misuse of non-public information. A compliance officer, a money laundering reporting officer and a deputy MLRO must be appointed.
Mauritius offers an attractive tax framework for licensed financial services, including a partial exemption regime that can apply to investment dealers that meet substance conditions. Because tax treatment depends on activity and substance, it should be confirmed for each structure rather than assumed.
Key benefits
- Supervision by an established regulator in an IOSCO member jurisdiction
- Ability to deal as principal under the full service dealer categories
- Moderate capital compared with EU or Hong Kong licences
- Extensive double taxation treaty network and a partial exemption regime for qualifying income
- Skilled bilingual workforce and mature corporate services sector
- Time zone bridging Asia, Africa and Europe
- Clear category structure that can grow with the business
Requirements
- Mauritius-incorporated company, typically holding a Global Business Licence for cross-border activity
- Minimum stated unimpaired capital for the chosen category, fully paid
- Fit and proper directors, shareholders, beneficial owners and key staff
- Compliance officer, MLRO and deputy MLRO appointed and approved
- At least one qualified representative for the licence category at all times
- Physical office and appropriately qualified staff in Mauritius
- Economic substance for Global Business Companies, including resident directors and local administration
- Detailed business plan covering platform, liquidity providers, target markets and team
- Conflicts of interest, information barrier and AML/CFT procedures
- Professional indemnity insurance for full service dealers
Licence options & capital
Full service dealer (including underwriting)
MUR 10,000,000
The broadest category, adding underwriting and distribution of securities for issuers. Rarely needed for forex brokerage alone.
Full service dealer (excluding underwriting)
MUR 1,000,000
Permits dealing as principal and agent, portfolio management and advice. The usual category for forex and CFD brokers, including market-making models.
Broker
MUR 700,000
Executes client orders on an agency basis and may manage portfolios and advise, within the activities specified in the licence.
Discount broker
MUR 600,000
Order execution only, without advice. Suitable for pure execution platforms.
Derivatives dealer
MUR 1,000,000
A separate category under the Rules for dealing in derivatives.
Step-by-step process
- 1
Feasibility and category
Define instruments, execution model and target markets, and select the investment dealer category and capital.
- 2
Company and Global Business Licence
Incorporate the company through a licensed management company and apply for the Global Business Licence where needed.
- 3
Team and premises
Appoint directors, compliance officer, MLRO, deputy MLRO and representatives, and secure an office in Mauritius.
- 4
Investment Dealer application
File the application with the business plan, manuals, personal declarations and platform details.
- 5
FSC review
Answer FSC queries and satisfy any conditions before the licence is issued.
- 6
Commencement
Inject capital, finalise liquidity and payment arrangements, and begin regulatory reporting.
Typical documents
- Application forms and personal questionnaires for directors, shareholders and beneficial owners
- Certified passports, proof of address, CVs and police clearance certificates
- Source of funds and source of wealth evidence
- Business plan with three-year projections and capital adequacy analysis
- Description of the trading platform and liquidity provider arrangements
- Internal procedures manual and conflicts of interest controls
- AML/CFT manual and business risk assessment
- Client agreement, risk disclosure and complaints procedures
- Organisational chart and office arrangements
How Legal Wealth helps
Legal Wealth helps clients choose the appropriate investment dealer category and builds the substance, governance and AML framework the FSC expects. We coordinate with licensed management companies in Mauritius, prepare the application documents and policies, and protect the confidentiality of beneficial owners throughout. For families and founders, we align the broker structure with their wider holding, residence and succession arrangements. Write to info@legalwealthglobal.com for a confidential consultation.
Enquire with Legal WealthFrequently asked questions
Which category do forex brokers usually need?
Most forex and CFD brokers apply as a full service dealer excluding underwriting, with minimum stated unimpaired capital of MUR 1 million. This category permits dealing as principal.
Must the company hold a Global Business Licence?
Brokers serving clients outside Mauritius usually operate as Global Business Companies, which require a Global Business Licence and must meet economic substance conditions. The structure should be confirmed with the FSC and a management company.
Which officers must be appointed?
A compliance officer, an MLRO and a deputy MLRO, together with at least one qualified representative for the licence category. All are subject to fit and proper assessment.
Is the capital a one-off deposit?
No. The stated capital must be fully paid and remain unimpaired, and the FSC must be notified immediately if it falls below the minimum.
Can a bank set up an investment dealer directly?
A financial institution must establish a separate subsidiary to apply for the full service, broker, discount broker or derivatives dealer categories.
Last reviewed: 2026-10. Requirements, fees and timelines change. Information is general, reviewed on the date shown, and is not legal or tax advice.
