Mauritius Payment Intermediary Services (PIS)

Re: Payment Intermediary Services Provider License in Mauritius

General Information

Obtaining a Payment Services Provider License in Mauritius under a Category 1 Global Business Company (GBC1) structure is an excellent opportunity for entrepreneurs looking to establish a global online payment processing business.

Mauritius is a highly regarded financial hub, offering business-friendly regulations, tax benefits, and a well-established financial services industry. Compared to other onshore jurisdictions, the licensing requirements for a Payment Intermediary Services Provider in Mauritius are relatively straightforward and cost-effective, making it an attractive destination for fintech startups and payment service providers.

Permitted Activities

A licensed Payment Intermediary Services Provider in Mauritius is authorized to:

Facilitate online payment transactions between payers and recipients, covering payment initiation, processing, and settlement. This allows companies to act as intermediaries for e-commerce payments, mobile transactions, and digital financial services.
Provide secure payment gateway services for processing credit card and debit card transactions on behalf of merchants and consumers.
Acquire merchants and enable payment processing by setting up merchant accounts for businesses in e-commerce, retail, and other industries, ensuring seamless and secure payment acceptance.
Facilitate international money transfers and cross-border payments, allowing businesses and individuals to send and receive funds globally.
Process credit and debit card payments, managing the entire transaction lifecycle, from payment authorization to settlement.

Why Choose Mauritius for a Payment Services Provider License?

Strategic location for international business and financial services.
Flexible regulatory framework that encourages fintech and payment solutions.
Attractive tax regime with various benefits for global businesses.
Growing digital payments industry with expanding opportunities for entrepreneurs.

Application for a Payment Intermediary Service Provider License in Mauritius

Application Requirements

To obtain a Payment Intermediary Service Provider License in Mauritius, applicants must submit the following documents to the Financial Services Commission (FSC):

Documents for Individual Applicants (Key Officers)

Certified passport copies and proof of address (utility bill or bank statement).
Bank reference letter (confirming a minimum 2-year account in good standing).
Bank balance confirmation (showing at least the required minimum capital + 35% for expenses).
CVs and educational qualifications for directors.
Two professional reference letters for key officers.

Documents for Corporate Shareholders

Certified copies of the passport and proof of address for the Authorized Person.
Company structure & financials, including:
- M&A with Mauritius establishment clause.
- Certified Certificate of Incorporation and Registered Address.
- Bank reference letters for directors.
- Latest audited/non-audited financial statements (3 years).
- Proof of source of funds (e.g., balance sheet).
- Certificate of Good Standing from a relevant authority.

Application Process

Submit the application (KYC documents, internal forms, and supporting files) via the FSC One Platform.
FSC Review – Expect 3-4 rounds of Q&A over 3-4 weeks per round.
License Approval & Incorporation – Pay government fees and register the company.
Open a local bank account (3-4 weeks, subject to due diligence).
Final Compliance –
- Obtain professional indemnity insurance.
- Submit agreements with the payment gateway provider.
- Appoint a local auditor and AML auditor.
- Grant FSC access to CRM for compliance checks.
Start Operations – After compliance approval.

Company Structure & Licensing Timeline

Requirement Details

Timeframe 6+ months (excluding bank account setup).

Paid-Up Capital 2,000,000 MUR (~$45,000 USD) (Recommended: $50,000 - $70,000 USD).

Shareholders Min. 1 (individual/legal entity, no nationality restrictions).

Directors Min. 1 (recommended: 2 Mauritius residents).

Other officers: Compliance Officers, CISO, MLRO, AMLRO, CO – 1 per role (different persons).

Local Office Required after 1 year for tax benefits.

Confidentiality Shareholder details: Private

Director details: Public

Other Requirements - Secretary, registered office, insurance – Required.

Taxation & Business Benefits

Corporate Tax: 15%, reduced to 3% with an 80% tax credit for Category 1 Global Business License holders.
No tax on dividends, capital gains, or foreign income.
100% foreign ownership allowed.
Free repatriation of profits, dividends, and capital.
No stamp duty or capital duty on share issuance.

Why Mauritius?

✔ Low-tax, business-friendly jurisdiction.
✔ Recognized fintech hub for global payment processing businesses.
✔ Regulated yet flexible framework with efficient licensing.