FOREX LICENSE IN MAURITIUS
The selection of the format of jurisdiction for the registration procedure to obtain the license for the right to hold Forex transactions is a pursuit of a state with a stable and well-formed political and economic system supported by the excellent spirit of government enterprise. Mauritius is such a country and is one of the most open and attractive economic areas for a variety of international transactions. Entrepreneurs who wish to obtain a Forex license consider Mauritius to be one of the most suitable and applicable solutions.
This country is also perfect as a platform for entrepreneurship owned by investment firms. The applicable and affordable tax legislation is reasonably considered to be one of the most faithful in the world. There is the special regulator, the International Financial Commission in Mauritius, which is responsible for issuing licenses with simultaneous regulation of the market for services in this spectrum. Overall, this creates a favorable environment to attract foreign businessmen who seek to own legitimate but profitable financial activity.
Forex activities in Mauritius and its advantages
Before obtaining a Forex license at Mauritius with the regulatory body, a company must be registered to make any effort in Mauritius at ease; local law is firmly committed to this. Offshore registration offers a range of benefits, among which the following require special attention:
- Offshore companies are not subject to tax;
- Confidentiality is maintained to the greatest extent possible;
- The registration process takes little time;
- The requirements regarding the binding residency of the founders and shareholders of the company are not entirely there;
- Transfer of the rights to be attributed to the director and to the shareholder as a single person;
- Possibility of holding joint meetings of shareholders and management outside the country;
- No control over currency transactions.
To get the most out of the benefits in Mauritius, the following rules should be strictly observed :
- Companies do not have the right to enter into commercial transactions with natural and legal persons acting as residents of the country;
- Ownership of property within the state is absent;
- Transactions in the trust, brokerage, banking and insurance markets require a prior license granting the rights of the controller in Mauritius;
- It is forbidden to transfer their own legal address for use in other companies with foreign participation.
Business creation in Mauritius
According to the rules of the applicable legislation, a simple and highly operational procedure is allowed to enter a company with a single register.
The registration steps are as follows :
- Preparation of all required documents, relevant to shareholders and the board of directors, as well as directly related to the company;
- Correct selection of company name - duplication of names previously registered in the State is prohibited;
- Payments due for recording deductions and fees;
- Filing of the company at the registry.
The procedure requires the following:
- Memorandum of Association;
- Minutes of the first meeting;
- Certificate confirming the appointment of the first director;
- Information on directors and shareholders;
- In the case of a designated director / shareholder, the Declaration of Trust and the Right to Carry On Power of Attorney must be submitted.
The company incorporation procedure in Mauritius takes a minimum of time; in practice, it does not take more than 14 days in total.
In accordance with the legal framework, the Mauritius State Commission on Financial Services is authorized to operate. Thanks to its own financial regulator, the trading reputation of a Forex company licensed in the same country can be significantly enhanced.
The jurisdiction applies to the activities of companies that carry out their activities in the following fields :
- Brokerage operations;
- Transactions with securities;
- Business asset management and protection thereof;
- Granting of loans;
- Power of attorney-based services and so on.
The license to carry out Forex activities is a comprehensive document giving the right to carry out a wide range of operations in the brokerage industry while retaining the assets of third parties. It can only be obtained for the company registered directly under that jurisdiction. At the same time, it is strictly controlled and required to submit the required reports on its functioning to the Securities Commission.
Worldwide recognized financial monitoring and control body. A company licensed to trade foreign exchange (Forex) is required to comply with all of the following requirements in its activities :
- Have a share capital of at least US $ 500,000;
- Pay a fee of approximately 25,000 $ once a year;
- Have their own virtual office;
- Avoid transactions with legal entities and individuals acting as residents of Mauritius;
- Have a director of personnel who is a resident of the state;
- Harmonize the regulatory and monitoring structures for all changes in the company and its activities;
- Avoid transactions using the national currency of Mauritius;
- Submit reports on their activity to oversight bodies.
When submitting a Forex license application, payment of the fee of 1000 $ is mandatory. Typically, the license is issued within 1-3 months.
Filing of documentation to obtain a Forex license in Mauritius
We set strict requirements for companies looking for a Forex license. To this, one of the key points for the positive decision to grant the right to execute Forex trading is the complete and timely submission of all required documents.
List of documents required for submission :
- Application correctly executed, signed and notarized;
- Biographical information on shareholders and directors with official proof of the data provided;
- Notarized copies of passports, bank statements and country of residence, confirming the documents individually for each director and shareholder;
- CV of each director and shareholder;
- Business plan justified.
License of Forex activities in Mauritius and advantages of the procedure.
The country's unique legislative base offers unlimited benefits to companies operating within its territory.
Mauritius Forex trading licenses have definite advantages for certain reasons :
- Minimum period to issue a license, especially compared to the length of similar procedures in other countries where it can take up to 3 months in total;
- Convenient to terminate the Forex activity;
- Minimum supervision of the activities of companies authorized to operate in the brokerage market;
- Transparent list of documents to be submitted to the regulatory structure;
- Fixed volume of authorized company funds.