How to Set Up a Forex, Securities, or Investment Broker License in Mauritius (2025 Regulatory Update)

Overview of the Mauritius Investment Dealer License

Mauritius has emerged as one of the top global hubs for offshore forex, securities, and CFD brokerages. Its well-regulated financial ecosystem, business-friendly tax regime, and international recognition make it an attractive choice for brokers.

The Investment Dealer License, issued by the Financial Services Commission (FSC) Mauritius, enables brokers to operate legally worldwide. Licensing is governed under the Securities Act 2005 and the Securities (Licensing) Rules 2007.

If you are planning to start a forex brokerage in Mauritius in 2025, this guide explains the license categories, capital requirements, regulatory obligations, and step-by-step setup process.

Types of Forex, Securities & CFD Licenses in Mauritius

The FSC Mauritius offers four main categories of licenses for investment dealers.

1. Full Service Dealer License (Including Underwriting)

• Activities: Securities dealing, portfolio management, underwriting of securities, PAMM/MAM accounts, investment advisory, proprietary trading, trading signals.

• Capital Requirement: USD 333,333

• Best For: Brokers issuing their own securities or creating CFD pairs.

2. Full Service Dealer License (Excluding Underwriting)

• Activities: Same as above, except no underwriting of securities.

• Capital Requirement: USD 33,333

• Best For: Most forex, securities, and CFD brokers.

3. Broker License

• Activities: Order execution, portfolio management, investment advice.

• Capital Requirement: USD 20,000

• Best For: Smaller CFD/FX brokers, prop trading firms, and investment advisors.

4. Discount Broker License

• Activities: Execution-only brokerage; no financial advice.

• Capital Requirement: USD 18,000

• Best For: Introducing Brokers, prop trading companies, or execution-only setups.

Mauritius Forex / CFD License Requirements (2025 Update)

To obtain an Investment Dealer License in Mauritius, applicants must demonstrate both competence and compliance readiness.

Shareholders & Directors

• Must have 3–5 years of financial industry experience in securities, forex, derivatives, investment banking, or fund management.

• At least one Senior Dealer and one Deputy Dealer with 4–5 years’ experience in regulated markets.

Documentation Checklist

• Business plan & service description

• Shareholder & UBO structure

• Company constitution/incorporation docs

• Compliance manual & AML/CFT policy

• Sample trading contracts

• Personal questionnaires (directors, shareholders, UBOs)

• Board resolution authorizing application

For startups, draft versions of key documents can be submitted.

Corporate Structure Requirements

• Shareholders: At least one (individual or corporate, no residency restrictions).

• Directors: Minimum of 2 Mauritian resident directors plus executive directors appointed by the applicant.

• Dealing Desk: One Head Dealer + one Assistant Dealer.

• Registered Office in Mauritius: Mandatory.

• Resident Agent or Company Secretary: Required.

Local Office & Staffing

To satisfy FSC and CIGA (Core Income Generating Activity) requirements, a physical office must be set up in Mauritius within 6–12 months of licensing.

• Small offices are acceptable initially.

• Local staff required: 2 resident directors, compliance officer, AML officer, and deputy AML officer.

• Most brokers outsource compliance roles to management companies for cost efficiency.

Outsourcing typically costs USD 500–5,500/month, compared to USD 12,000+ for a fully staffed local office.

Ongoing Compliance & Yearly Costs

• FSC requires resident compliance and AML officers.

• Monthly outsourcing packages usually cover compliance, AML/CFT monitoring, reporting, and risk management.

• Annual maintenance costs vary depending on client volume, but are significantly lower than hiring full in-house teams.

Bank Account Opening for Mauritius Brokers

• Timeline: 3–12 weeks after license approval.

• Banks: MCB, SBM, AfrAsia, Bank One.

• Fees: Some banks charge USD 5,000 annually for compliance.

• Accounts Available: Both corporate accounts and segregated client fund accounts in major currencies (USD, EUR, GBP).

Taxation of Forex Brokers in Mauritius (2025 Update)

• Corporate Tax Rate: 3.4% on net audited profits (expected to revert to 3% in 2025).

• No capital gains tax.

• No withholding tax on dividends.

Mauritius offers one of the most tax-efficient structures for forex and CFD brokers, making it highly attractive for international businesses.

Why Choose Mauritius for Your Forex License?

FSC-regulated & internationally recognized
Low entry barriers & capital requirements
Flexible leverage policies (no default restrictions)
High level of UBO & shareholder confidentiality
Efficient tax regime (effective tax rate below 4%)

FAQs: Mauritius Forex & CFD License

Q1: Can I get a no-leverage forex license in Mauritius?
Yes. The FSC does not impose leverage limits—you can operate a no-leverage or low-leverage brokerage if disclosed in client agreements.

Q2: Can I operate an execution-only brokerage?
Yes. The Discount Broker License allows order execution without financial advice.

Q3: How long does the licensing process take?
On average 4–8 months, excluding bank account setup.

Q4: Can I onboard clients without proof of address?
No. The FSC requires both ID and address verification for KYC.

Q5: Can I sell a dormant Mauritius licensed company?
No. The FSC prohibits transfers of dormant licenses. Any sale must include active business assets, not just the license.

Q6: Why might an application be rejected?

• Negative regulatory history of shareholders/directors

• Nominee structures or unclear Source of Funds

• Inadequate compliance framework

At Zitadelle AG, we pre-screen applicants to reduce rejection risks.

Start Your Forex Brokerage in Mauritius with Zitadelle AG

Setting up a forex, CFD, or securities brokerage in Mauritius provides access to a reputable, tax-efficient, and internationally recognized jurisdiction.

At Zitadelle AG, we support clients from incorporation to FSC licensing approval and bank account setup.

Companies we assisted include FxPro, Amana Capital, ICM Capital, ActivTrades, CGS-CIMB, LandFx, Valetax, Scandinavian Capital Markets, Kudo Trade, and more. Reference letters available upon request.

Contact Zitadelle AG today for expert guidance on your Mauritius Investment Dealer License application.