Mauritius Payment Services Provider (PSP) Licenses

The Payment Intermediary Services License is of interest to those who wish to operate as an online Payment Service Provider (PSP). The PSP business model is becoming more of a norm in the current business environment to address the ever-increasing need of both online shoppers and online sellers to do business via the internet. The Payment Intermediary Services License can only be applied for under a Catagory #1 Global Business Company (GBC1) and needs the approval of the Financial Services Commission (FSC) for a GBC1 to obtain such a special license. One of the licensing conditions is that the company must maintain an unimpaired capital of at least MUR500,000 or its equivalent (approximately US$14,300 at today’s conversion rate to US Dollar currency). With a Payment Intermediary Services License, the GBC1 can offer merchant online services for accepting electronic payments by a variety of payment methods including credit card, bank-based payments such as direct debit, bank transfer, and real-time transfer based on online banking. The main customer base is often composed of online merchant sellers.

Paid-In Share Capital

The above license must have a minimum of MUR500,000 in the company’s books and account upon incorporation. These funds may be utilized and disbursed after being posted into the company’s account for general corporate purposes (after the license’s approval by the regulator).

Directors and Shareholders

We need at least two (2) shareholders (natural persons or bodies corporate)

We need at least two (2) directors (it is mandatory that at least two local directors must be included in the company’s Board of Directors). On top, may be appointed as many as you wish from your side (natural persons or bodies corporate)

(*) If bodies corporate (either as Shareholders, Directors or both) we need also Certificates of Incorporation; M&A; corporate registries; good standing certificates (if companies are older than 1 year); applicable due diligence (same as above) for the persons controlling these companies (to the ultimate UBO or UBOs).

Applicable Due Diligence

Passport copies (not older than 3 months) which must be certified by a notary; proof of address (not older than 3 months) which must be certified by a notary; original Bank Reference Letter; CV of the principals behind the company; academic & professional certificates (translated in English or French, certified by a notary); proof of source of funds (through a bank statement showing at least US$50,000 of balance).

Accounting, MLRO, auditing, etc

Accounting may be conducted overseas. However, auditing needs to be conducted locally (once per year) by an appointed CPA in Mauritius.

The MLRO (a.k.a. Money Laundering Reporting Officer) needs to be a local Compliance Officer overseeing the licensee’s affairs and its compliance procedure for onboarding clients, conducting operations, etc

Banking

Bank Accounts may be provided at Afrasia Bank, Commercial Bank of Mauritius, Bank One Mauritius, etc.

Our advice is for at least two accounts (one clients’ account for inward/outward payments from/to clients and another account for general corporate purposes i.e. salaries, software, royalties, general expenses, etc)

Tax Treatment

Licensed GBC1 benefits from a deemed tax credit so that it will end up paying a maximum effective tax rate of 3% on its tradable profits; no capital gains tax, no withholding tax on dividends, capital gains interests, and royalties; as soon as a GBC1 is qualified as a tax resident in Mauritius, it will benefit from the tax treaties.

Fees

– Professional fees: Preparation and filing of all necessary paperwork to register the the company, name reservation, provision of Constitution, receipt of Certificate of Incorporation, Global Business License, Payment Intermediary Services (PSP) License, first Board Minutes, Share Certificates, setup fees for the domestic company, provision of Registered Office & Company Secretary in Mauritius, provision of two resident directors, fees payable to the Financial Services Commission (FSC) for GBL1 License, obtention of the Payment Intermediary Services (PSP) License, Registrar of Companies License Fee, Tax Residency Certificate (TRC) in Mauritius, the opening of two Bank Accounts in Mauritius (clients’ account & general purposes account), etc.

US$34,500.00

– Ongoing Administrative Fees:

(a) Fully serviced office in Mauritius to qualify the applicant for the licenses

US$750.00 per month

(b) Appointment of Money Laundering Reporting Officer (MLRO) to qualify the applicant for the licenses

– Annual Renewal from 2nd Year Onwards:

Registered Office, Company Secretary, two resident Directors, GBL1 License’s fees to the FSC, IDL License’s fees to the FSC, fees to the Registrar of Companies, preparation of financial statements, and filing of Tax Returns.

US$17,500.00

Please also see our (main) website https://global-money.com for other options (i.e. https://kazakhstanfinanciallicenses.com).

We could schedule a Video Conference Call via Zoom, Skype, Microsoft Teams, Whatsapp, Telegram to fully explore the above option.

Always at your kind disposal.