Investment Dealer Licence

An Investment Dealer Licence authorises a company to deal in securities and related instruments in or from Mauritius. The Financial Services Commission (FSC) issues four core categories:

Full Service (including underwriting)
Full Service (excluding underwriting)
Broker
Discount Broker
The FSC also lists specialised segments for Commodity Derivatives and Currency Derivatives.

Renesis provides an end-to-end pathway to obtain a Mauritius Investment Dealer Licence. We define the optimal licence category (Full-Service/Broker/Discount) and any derivatives scope, then set up the Mauritius GBC entity with governance and share-capital planning. We prepare and file the full application pack—business plan, financial model, and all core policies (AML/CFT, risk, client money, best execution, conflicts)—plus due-diligence on platforms and counterparties (LPs, OMS/EMS/bridge, custody/prime) and FSC-aligned agreements/disclosures. We build “people and substance” by appointing Compliance Officer, MLRO/DMLRO and the dealer team, and establishing office, IT, and security controls. We manage regulatory liaison end-to-end, answering FSC queries through to the decision. Finally, we deliver post-licence readiness and ongoing support.

Why an Investment Dealer Licence in Mauritius?

Clear, modern regulation

under the Securities Act and FSC licensing framework, with defined categories and representative types.

Compelling tax regime

subject to conditions, licensed corporate investment dealers may benefit from an 80% income tax exemption on qualifying income where core income-generating activities (CIGA) are performed in Mauritius.

Business-friendly ecosystem

established international financial centre, experienced service providers, no exchange controls, and an extensive network of double tax treaties.

Product flexibility

contracts for difference (CFDs) and a broad set of instruments can be permitted, subject to FSC approval.

What activities can an Investment Dealer Licence in Mauritius be used for?

Full Service (including underwriting)

Act as intermediary in executing client transactions
Trade in securities as principal with intent to resell to the public
Underwrite or distribute securities
Provide ancillary investment advice and manage client portfolios
(Defined under FSC criteria for SEC-2.1A.)

Full Service (excluding underwriting)

Act as intermediary in executing client transactions
Trade in securities as principal with intent to resell to the public
Provide ancillary investment advice and manage client portfolios
(Defined under FSC criteria for SEC-2.1B.)

Broker

Execute client orders
Manage client portfolios
Give advice on securities transactions
(Defined under FSC criteria for SEC-2.2.)

Discount Broker

Execute client orders without giving advice
(Defined under FSC criteria for SEC-2.3.)

FAQs about the Investment Dealer Licence in Mauritius

Capital requirements

Minimum unimpaired stated capital typically set at MUR 10,000,000 (Full Service incl. underwriting), MUR 1,000,000 (Full Service excl. underwriting), MUR 700,000 (Broker), and MUR 600,000 (Discount Broker).

Fees & representatives

FSC processing/annual fees vary by category (e.g., SEC-2.1A, 2.1B, 2.2, 2.3); representative licence codes (SEC-2.6A–F) exist for Full Service, Broker, and Discount Broker.

Representative requirement (domestic vs GBC)

Domestic companies must appoint at least one licensed Representative of Investment Dealer; for Global Business Companies (GBCs) it’s optional.

Core personnel & governance

Applicants must designate a Compliance Officer, MLRO and Deputy MLRO (meeting FSC competency standards), and appoint an auditor approved by the Financial Reporting Council with a MIPA-registered signing partner.

AML/CFT obligations

Dealers must implement a risk-based AML/CFT framework consistent with FIAMLA and the FSC AML/CFT Handbook (updated Sept 2022).

Client money safeguards

Policies and systems must ensure segregation of client funds from the dealer’s own funds.

Trading platforms & execution

Applications must detail platforms used, third-party execution arrangements, liquidity providers, and controls (incl. OTC trading risk mitigations).

Substance & local presence (for GBCs)

GBCs must be managed and controlled from Mauritius—typically shown by at least two resident directors, local banking, books, audits, and board meetings including two Mauritian directors.

Policies & controls

Applicants must provide internal procedures/compliance manuals, risk management, business continuity/disaster recovery, conflict-of-interest policies, and complaints handling.

Public transparency

Licensed domestic entities appear in the FSC’s public Register of Licensees.

FAQs about the Investment Dealer Licence in Mauritius

What’s the main difference between categories?

“Full Service” permits principal trading and (if including underwriting) capital markets distribution; “Broker” allows execution, portfolio management and advice; “Discount Broker” is execution-only.

Are CFDs permitted?

Yes—CFD dealing is permitted in Mauritius subject to FSC approval and proper controls.

What are the core staffing expectations?

The FSC expects a competent team with at least two members dedicated to the investment dealer activity, plus key control functions (Compliance Officer, MLRO/DMLRO).

What corporate form is typical?

Most licensees operate as Global Business Companies (GBCs) to access the tax framework and treaty network, subject to substance and CIGA requirements to claim any partial exemption.

What’s the usual application package?

A formal application with category-specific business plan, financial forecasts, policies/procedures, platform/technology details, agreements, team CVs/PQs, and evidence of capital.

Is there a “Foreign Investment Dealer” option?

Yes. The FSC provides registration for Foreign Investment Dealers under SEC-6.x with separate USD-denominated fees.

How long does licensing take?

Timelines vary by complexity and completeness. A well-prepared, responsive application generally shortens review.

How Renesis Financials can help in applying for an Investment Dealer Licence in Mauritius

End-to-end licensing & structuring

Determine the right category (Full Service/Broker/Discount) and any derivatives segments
Incorporation of the Mauritius entity (GBC), governance setup, and share capital planning

Application drafting & submission

Business plan, financial model, policies/procedures (AML/CFT, risk, client money, best execution, conflicts)
Platform due-diligence packs (liquidity providers, OMS/EMS/bridge, custody/prime relationships)
Agreements and disclosures aligned to FSC expectations

People & substance

Recruitment/appointment of Compliance Officer, MLRO/DMLRO, and the investment dealer team
Office set-up, local operating footprint, and IT/security controls

Regulatory liaison

Respond to FSC queries, coordinate clarifications, and manage the licensing workflow to decision

Post-licence readiness

Go-live checklists, reporting calendars, client-money segregation and reconciliations, risk monitoring, and ongoing compliance support