The Mauritius financial services industry is a vast and sometimes complex area of industry to fully understand. With regards to Mauritius forex license requirements it is important to know who the regulatory body is and how to comply with the rules and regulations as laid down by the regulatory body. In most cases, it is advisable to consult with a professional consultancy firm to gain a clearer understanding of the requirements involved in order to obtain a Mauritius forex license.
Mauritius Forex Broker Firms
The Financial Services Commission (FSC) is the regulatory body in Mauritius, responsible for the review and issuing of Mauritius forex licenses. The FSC licenses are issued to financial companies which intend to engage in forex activity provided they meet certain criteria as required by the FSC, this many include capital adequacy and fit and proper tests.
The Mauritius FSC was primarily established as a financial regulator for non banking services in accordance with the Financial Services Development Act 2001.
The scope of the Mauritius FC is to provide licensing to financial firms where their application as been approved. The FSC is also responsible for monitoring and managing the financial firm’s activity, ensuring compliance with its rules. In addition, the scope of the FSC extends to the remit of the following former bodies:
- Stock Exchange Commission
- Insurance Division of the Ministry of Economic Development,
- Financial Services and Corporate Affairs
Mauritius Offshore Business Activities Authority
The Mauritius FSC has four main areas of focus, these are to license and approve institutions, monitor non banking institution, regulate this area of industry, and enforce the application laws and remedies according the breach of law made.
To qualify for a Mauritius broker license you must satisfy a number of prerequisites such as the fit and proper test and capital adequacy to demonstrate your financial standing.
Obtaining a Mauritius Forex License
Before you can obtain your Mauritius forex license you must form a company in Mauritius for the sole purpose of carrying our forex activity. The application form for the forex license must be submitted to the Mauritius FSC along with the relevant documents including; Memorandum and Articles of Association, company manuals for internal and external procedures, your fit and proper test results, and your company business plan.
Valsen is fully equipped to assist you in applying for your Mauritius forex license. We will ensure the license is acquired in timely and professional manner with as little stress to the application as possible. Our highly experience consultants can also provide advice on how to comply with the relevant regulatory body (FSC) and how to manage your forex broker firm in accordance with the necessary laws.