PSP License

License Overview

Mauritius is well-known for its banking and offshore financial services, and it’s one of the most reputable licensing jurisdictions in the world. If you’re looking to expand your payment intermediary/payment processing service business into new markets, Mauritius should be at the top of your list.

Also known as Payment Intermediary Services (PIS), payment processing licenses issued in the island allow you to operate either as a payment gateway or a credit card payment processor globally.

Mauritius PIS license allows the following activities:

Offer wallets/accounts to individuals and corporate clients;
Offer Merchant services like trustee payment processing, credit card processing to companies, online shop owners or any kind of Merchant that is operating according to its local and the Mauritius laws;
Enable customers funding of their wallets, process incoming and outgoing payments directly via correspondence banks or through other payment services providers e.g. in Europe to use the SEPA infrastructure of third parties;
Charge fees for accounts, openings, incoming and outgoing transfers, credit card processing, other payment methods;
Issue account certificates to your account holders;
Offer online banking and transfer options for individuals and corporate clients;
Issue debit cards by co-branding or white label;

Key substance requirements

Similar to FX or crypto license, a PSP business in Mauritius must satisfy a number of local substance requirements:

A registered place of business within Mauritius
Two local directors, MLRO and compliance officer

A PSP must have a CEO and other senior officers with the relevant experience and qualifications that operate in a full-time capacity.

Capital requirements

There should be paid up capital in amount of approx. 2 000 000 MUR (there are no regulations set, the authorities would provide conditions / requirements in the post licensing letter). This means that the capital amount is decided in case-by-case basis depending on the scale of business.

Timeframes

Normally, it takes up to 9 months to obtain a VASP license in Mauritius. However, by taking advantage of our extensive connections in Mauritius and our expertise we can expedite the process and ensure that you get your license within 3-4 months after the date of application.

How FinSpace Can assist

FinSpace offers the necessary expertise in setting up companies in Mauritius and assisting with PSP license applications. We provide full support during the application process to ensure that your business is properly set up and licensed in Mauritius.

Aside from taking care of your license application package, we shall:

Open bank and payment processing accounts
Procure local non-executive directors at a competitive price
Provide you with local MLRO and compliance officer, as required by law (at an extra fee)
Offer you several options for local office rent
Introduce you to a friendly and discreet local firm of accountants

We provide administration and management of these licenses to ensure that they maintain full compliance with all corporate and licensing requirements and to ensure that their affairs are properly managed and controlled from their place of incorporation.