How to Set Up a Forex/ Securities/ Investment Broker License in Mauritius (2025 Regulatory update)

Overview of the Investment Dealer License in Mauritius

Mauritius has become a leading jurisdiction for setting up offshore forex and CFD brokerage firms. The Investment Dealer License (with or without underwriting), issued by the Financial Services Commission (FSC) Mauritius, allows firms to operate legally and internationally. It is regulated under the Securities Act 2005 and the Securities (Licensing) Rules 2007.

Types of Forex, Securities and CFD Licenses in Mauritius

1. Full Service Dealer License (Including Underwriting) - This application is rarely submitted, as very few companies require the issuance of their own securities

• Activities: Securities dealing, portfolio management, underwriting (creating and offering securities to the public), PAMM/MAM accounts, investment advisory services, signals, prop trading.

• Minimum Paid-Up Capital: Approx. USD 333,333

• Ideal For: Full-service forex/securities/ CFD brokers seeking broader investment capabilities, such as creation and issuance of own securities or CFD pairs.

2. Full Service Dealer License (Excluding Underwriting) - this is the license that Forex/ CFD/ Securities brokers apply for

• Activities: Same as above, excluding underwriting of securities.

• Minimum Paid-Up Capital: Approx. USD 33,333

• Ideal For: Forex, Securities and CFD brokers not involved in underwriting or public offerings.

3. Broker License - this is the license that investment advisory, portfolio managers, OTC brokers apply for

• Activities: Execution of orders, portfolio management, and investment advice.

• Minimum Paid-Up Capital: Approx. USD 20,000

• Best For: Smaller CFD/ FX/ prop trading/ securities firms and discount brokerages.

4. Discount Broker License - can be used for prop trading, Introducing Broker companies, and similar.

• Activities: Order execution only; no financial advice permitted.

• Minimum Paid-Up Capital: Approx. USD 18,000

• Suitable For: No-leverage securities/cfd license setups or execution-only firms.

Mauritius Securities/ CFD/ Forex License Requirements (2025 Update)

To apply for a Securities/ CFD/ Forex in Mauritius, the following criteria must be met:

Prior Experience

• Shareholders & Directors: Must have experience in:

  • Investments/ Securities/ Banking/ Forex trading

  • Client fund management

  • Investment management

  • Derivatives or financial instruments

• Track Record: Minimum 3–5 years of demonstrable financial experience.

• Dealing Desk: Two officers are required:

  • One Senior Dealer

  • One Deputy/Assistant

  • Both must have at least 4–5 years of experience in regulated financial markets.

Key Documentation for License Application

• Board resolution authorizing application

• Company constitution/incorporation documents

• Detailed business plan and description of services

• Shareholder structure and shareholding breakdown

• Electronic trading contract samples

• Internal controls and compliance manual

• AML/CFT policy and conflict-of-interest policy

• Exchange or clearing membership details (if applicable)

• Personal questionnaires for directors, shareholders & UBOs

📝 For startups not yet in business, draft documents can be submitted.

Corporate Structure Requirements

• Shareholders: At least one (no residency or nationality restrictions), can be corporate or individual

• Directors:

  • 1–2 Executive Directors (appointed by applicant)

  • 2 Mauritian Resident Non-Executive Directors (typically provided locally)

• Dealing Desk Officers: One Head and one Assistant

• Registered Office in Mauritius: Mandatory

• Company Secretary or Resident Agent: Required

Office and Local Presence

• A physical office in Mauritius must be set up within 6–12 months of receiving the license, mainly for tax purposes (CIGA - core income generating activity criteria)

• Initially, a small office is acceptable.

• Ongoing compliance must be maintained locally (can be outsourced), by a resident AML officer, deputy AML officer and a compliance officer.

• We can assist with both recruitment of local personnel (directors, compliance, AML officers, dealers, sales officers), as well as office rental/ phone installation.

On-going compliance and yearly costs

As part of the regulatory requirements, local investment dealers are required to have two resident directors, a resident compliance officer, a resident AML officer, and a resident deputy AML officer.

Most companies outsource these roles to a local management company, as it is more cost-effective.

The typical service rate for outsourcing all the required personnel depends on the workload (which is usually linked to the number of active clients a company has). Generally, the price ranges from USD 500 to USD 5,500 per month. Fees exceeding USD 6,000 are rare and usually indicate a higher profit margin or potential mispricing.

While even USD 6,000 per month may seem high, the average gross salary of a qualified, FSC-approved compliance or AML officer is around USD 3,500 to USD 4,000 per month. In other words, maintaining a local office with at least three compliance/AML officers would result in approximately USD 12,000 in monthly expenses. Therefore, most companies opt to save costs by outsourcing. However, some larger firms still prefer to hire staff directly and maintain a local office.

Bank Account Opening Process

• Takes 3–12 weeks post receipt of the license from the FSC. We usually assist with MCB Bank, but banks such as SBM, AfrAsia and Bank One accept brokers as well (but often charge 5,000 USD per year for compliance purposes). Banks provide both corporate and client funds accounts in major currencies, including USD.

Taxation of Forex Brokers in Mauritius (2025)

• Corporate Tax Rate: 3.4% on net audited profits (2025 onwards expected to revert to 3.0%)

• Attractive for offshore brokerage firms looking to reduce tax burden while remaining compliant.

Why Choose Mauritius for a Forex License?

• Reputable & Regulated: Supervised by FSC Mauritius.

• Fast-growing offshore financial hub

• Low capital requirements for entry-level brokers.

• No leverage restrictions by default – can be structured according to firm policy.

• Confidentiality: UBO and shareholder details are not publicly disclosed.

FAQs: Forex License Mauritius

Q1: Can I get a no-leverage forex license in Mauritius?
Yes. You can structure your brokerage operations to offer no leverage. The FSC does not mandate minimum or maximum leverage levels but requires clear disclosures in client agreements and risk policies.

Q2: Is it possible to set up a forex brokerage without providing investment advice?
Yes. A Discount Broker License enables you to operate an execution-only brokerage without offering financial advice.

Q3: How long does it take to get licensed?
The average timeframe is 4–8 months from company setup to license issuance (excluding bank account setup).

Q4: Can I onboard clients without requesting proof of address?

The FSC is quite strict in this and companies usually need to obtain both the confirmation of the ID and the residential address of a client.

Q5: Can I sell my dormant newly licensed Mauritius company?

Please note that the Financial Services Commission (FSC) of Mauritius does not allow the transfer of ownership in dormant companies. Dormancy is not defined by the age of the license but rather by the number of clients, the level of services provided, and the amount of assets within the company. You should make a case that you are selling the business (i.e. assets/ potential business growth), rather than a shell with the license.

Q6: Why can my application get rejected?

Usually rejection is possible if the shareholders/ directors of the applicant have some negative publicity - were fined for violation of laws, have investor alerts issued by other financial authorities, were bankrupt or similar. Also, if there is a suspicion that the proposed shareholders/ directors are nominees, or the Source of Funds is not evident - this can also lead to enhanced due diligence and rejection. At Zitadelle AG we usually screen the applicants for any possible red flags before submitting the application.

Start Your Forex Brokerage in Mauritius with Expert Help

Setting up a forex license in Mauritius is a strategic move for offshore brokers looking for a tax-efficient, flexible, and reputable jurisdiction. Whether you're aiming to launch a CFD trading platform, a non-leverage forex business, or a full-service investment firm, the Mauritian Investment Dealer License offers a scalable foundation.

Companies we have helped with the Mauritius application: FxPro, Amana Capital, ICM Capital, ActivTrades, CGS-CIMB, LandFx, Valetax, Scandinavian Capital Markets, Kudo Trade and many others - reference letters are available upon request,

👉 Need help with your application? Contact us at Zitadelle AG today for end-to-end support—from incorporation to FSC approval and bank account setup.