The Financial Services Commission of Mauritius (FSC) has issued a communiqué on the Post-Licensing Module on 10 February 2023. The FSC is pleased to inform its licensees that it has successfully completed the Post-Licensing Module on the FSC One Platform to allow its licensees to create and submit their requests for post-licensing transactions online. Various […]
FSC One Platform – Post-Licensing Module Read More »
The Financial Services Commission (FSC) has issued FAQs on moneylending on 8 February 2023. The FSC regulates moneylending, which is a business that needs a licence in accordance with section 14A of the FSC. The FSC inter alia emphasised on the eligibility to apply for the moneylending licence and who is not required to submit
Frequently Asked Questions (‘FAQs’) – Moneylending Licence Read More »
Mauritius has been ranked 21st globally as ‘full democracy’ in the EIU Democracy Report 2022, with an overall score of 8.14 out of 10 points. The EIU Democracy Index provides a glimpse of the state of democracy across 167 countries and territories. Mauritius maintained its position as the leader in democracy in Africa as it
Mauritius among the top 21 countries in the world classified as “Full Democracy” Read More »
On the 2nd of February 2023, the Financial Services Commission (FSC) issued a communiqué regarding new procedures in respect of applications for Collective Investment Schemes (CIS) and Closed-End Funds (CEF) (collectively ‘Funds’). Henceforth, management companies will need to provide confirmations and undertakings along with the application for Funds licences in a prescribed form. Moreover, the
On Thursday 26 January 2023 the Minister of Financial Services and Good Governance, Mr Mahen Kumar Seeruttun along with distinguished personalities were present for a workshop at the Intercontinental Hotel in Balaclava. Despite its removal from the FATF grey list and the blacklist of the European Union (EU), Mauritius continues its collaboration between Member States
Mr. Pravind Kumar Jugnauth, Prime Minister of Mauritius reviewed 33 private investment projects on the 17th of January 2023 with a total investment value of Rs 31 billion for facilitation of permits and licences and other bottlenecks to their implementation. The three-year projects driven by the private sector will be put into action and will
The Africa Financial Industry Summit (AFIS) which was held on 28 and 29 November 2022 was attended by the Chief Executive of the Financial Services Commission of Mauritius (FSC), Mr. Dhanesswurnath Thakoor. African public and commercial sector officials had a great forum to express their opinions to the AFIS, which brought together 600 leaders of
Participation of the FSC Chief Executive at the Africa Financial Industry Summit 2022 Read More »
As an objective to combat cybercrimes, Mauritius is hosting a debrief session from 22 to 24 November 2022, following the Africa Cyber Surge Operation which was arranged in Kigali. The aim of this event organised by INTERPOL and AFRIPOL is to encourage idea-sharing and the exchange of best practices in relation to cybercrimes. The conference is
Combatting cybercrime at the fore of debriefing session on Africa Cyber Surge Operation Read More »
Mauritius has retained its first position as a leading magnet for Innovation in Africa in the 2022 Global Innovation Index (“GII”) published by the World Intellectual Property Organisation on 29 September 2022. Mauritius has also gained 7 places vis a vis the previous ranking and is now ranked as the 45th most innovative economy globally
Following the upgrade of Mauritius to ‘Largely Compliant’ on Recommendation 15 (new technologies) by the Financial Action Task Force, the Financial Services Commission (“FSC”) hosted a workshop on Blockchain Analytics on 20 September 2022. As the regulator for the enforcement of the regulations set by the Virtual Asset and Initial Token Offering Services Act, the
FSC workshop on Blockchain Analytics Read More »
Mauritius has been ranked 9th globally in the Economic Freedom of the World Report (“EFW”) for the year 2022, published by the Fraser Institute. Previously ranked on the 11th position as per the 2021 report, Mauritius has improved its positioning and is now among the top 10 countries in the world with the highest level
With the objective of encouraging modern and innovative agricultural practices to address the concerns of local and global food security, the Economic Development Board (“EDB”) has announced the implementation of the Integrated Modern Agricultural Morcellement Scheme (the “IMAMS”) as a further addition to the diverse offering of schemes available for real estate in Mauritius. The
Integrated Modern Agricultural Morcellement Scheme Read More »
In line with the national objective of strengthening the security of the digital sphere, the Computer Emergency Response Team Mauritius has launched the MAUSHIELD platform on 13 September 2022. MAUSHIELD provides a collaborative platform that allows the sharing of information in order to provide a better visibility of cyber security situational awareness. The platform will
Launching of MAUSHIELD platform to facilitate cyber threat information sharing Read More »
The Economic Development Board (“EDB”) has announced the launch of the SDG Investor Map Mauritius (the “Map”). The Map serves as an instrument aiming to empower investors and stakeholders seeking investment opportunities to create a positive impact in line with the United Nations Sustainable Development Goals. Banking on the jurisdictional advantages of the Mauritius IFC,
Launching of SDG Investor Map Mauritius Read More »
In line with its commitment to improving the legal and regulatory framework in the fight against money laundering and terrorist financing, last year and earlier this year, Mauritius made a statement by being removed from the Financial Action Task Force’s grey list (FATF), EU’s blacklist and UK’s list of High-Risk countries. As a testament to
Axis Newsbite-Mauritius hits the 40 out of 40 FATF recommendations Read More »
In its strategy to remain the trampoline jurisdiction of choice for the African continent Mauritius’ government cabinet of August 19 took note of the public declaration to be made of Regulation 2022 on the Non-Double Taxation Agreement (Republic of Angola). Mauritius has now signed a Double Taxation Avoidance Agreement (DTAA) with Angola. The DTAA will: (a) provide
The Secretary General of the Common Market for Eastern and Southern Africa (COMESA), Ms Chileshe Kapwepwe, paid a courtesy call, on 22 August 2022, to the President of the Republic of Mauritius, Mr Prithvirajsing Roopun at the State House in Réduit. Ms Kapwepwe, states that the meeting was very productive and focused on COMESA 2021-2025 Medium Term Strategic Plan which is
COMESA Secretary General Kapwepwe pays courtesy call on President Roopun Read More »
The Financial Services Commission (“FSC”) has issued the Financial Services (Global Shared Services) Rules (“the Rules”) made under the Financial Services Act 2007 for public consultation. As part of its ongoing objective for regulatory transparency, the FSC is inviting industry stakeholders and the public to provide their views and comments on the Rules accessible HERE.
The Mauritius Parliament passed the Finance (Miscellaneous Provisions) Act 2022 (“FA 2022”) on 29 July 2022, which enacts into law the measures announced in the Budget Speech 2022-2023. The FA 2022, aligns with the socio-economic objectives of the Budget Speech 2022-2023, aimed towards alleviating the economic burdens of the lower and middle classes amidst the
Finance (Miscellaneous Provisions) Act 2022 Read More »
The Financial Services Commission, Mauritius (“FSC”) has released a communiqué on 21 July 2022 to announce its appointment as the Africa/Middle-East Regional Committee (“AMERC”) Representative to the International Organization of Securities Commissions (“IOSCO”) Board for the term 2022-2024. The AMERC is one of four regional committees constituted by the IOSCO and it brings together financial
Appointment of the FSC as AMERC Representative to the IOSCO Board Read More »
Mr. Assad Abdullatiff, Managing Director at Axis, had the pleasure of being part of a distinguished panel of experts in the Webinar hosted by Mauritius Finance on 14 June 2022. The Webinar focused on debriefing the salient features of the Mauritius Budget 2022-2023 (the “Budget”) and the implications for the financial services sector. Mr. Abdullatiff welcomed the
Join Mr. Assad Abdullatiff, Managing Director at Axis, and a panel of specialists as they analyse the measures, share their views and key insights for the Financial Services Sector, in an upcoming webinar hosted by Mauritius Finance to debrief on the Budget 2022-2023. Date: Tuesday, 14 June 2022 Time: 3:00PM – 4:30PM (Mauritian time) Click
Mauritius Finance Webinar – Budget 2022-2023 Debrief Read More »
A training session on Fintech was organised by the Ministry of Financial Services and Good Governance, on 9 June 2022, in Ebène. The Minister of Financial Services and Good Governance, Mr. Mahen Kumar Seeruttun, highlighted that this Financial Literacy programme is geared towards his objective of boosting the growth of the Fintech sector and this starts
Training session focuses on the risks and benefits of Fintech and virtual assets Read More »
As stipulated in the Mauritius National Budget 2021-2022, registration with the Economic Development Board (“EDB”) is mandatory to benefit from the incentives and schemes introduced by the Government. Export Oriented Enterprises holding an Export Development Certificate (“EDC”) from the EDB can benefit from the Freight Rebate Scheme, the Trade Promotion & Marketing Scheme, a subsidy
Export Development Certificate Read More »
The Financial Services commission of Mauritius has released a circular letter on the 10th May 2022, on the renewal of Annual Licences for 2022/2023. Please access the circular letter HERE.
Circular Letter – Renewal of Annual Licences 2022/2023 Read More »
According to the second edition of the Chandler Institute of Government (CIG) index, Mauritius is ranked 1st in Africa and is among the top 40 countries worldwide. Mauritius ranked 38th globally, the country has topped the majority of the assessments of the indexes, which focusses on seven pillars notably, leadership & foresight, robust laws &
Mauritius Ranks First Among African Countries In Global Index Of Good Government Read More »
Mauritius has been ranked 1st out of 53 countries in Africa in the 2022 World Bank Women, Business & Law Index. Taking into account indicators such as Mobility, Workplace, Pay, Marriage, Parenthood, Entrepreneurship, Assets, and Pension, the World Bank gave Mauritius an overall score 89.4 out of 100 which is higher than the regional average
Mauritius ranks 1st in Africa in World Bank’s Women, Business & Law Index Read More »
According to the latest Africa wealth report published by Henley and Partners in April 2022, Mauritius holds the highest wealth per capita in Africa as at December 2021. Globally acclaimed as the fastest growing market in Africa and with a projected growth of 80% over the next decade, Mauritius has grown into the destination of
Mauritius leads the African Region as The Best Destination for HNWIs Read More »
The Katapult Mauritius Accelerator programme was launched at Ferney Agri-Hub, in Ferney on 28 April 2022. It is the first-ever African accelerator focusing on Regenerative Food and Agri-Tech for regional and international start-ups targeting the African markets. This ground-breaking accelerator programme will put Mauritius on the map of agri food tech start-ups in the world
Launching of the Katapult Mauritius Accelerator programme Read More »
The first Annual Corporate Conference was held in Mauritius on 21 April 2022. The event was an initiative of the Mauritius Institute of Directors in collaboration with the Ministry of Financial Services and Good Governance, the National Committee of Corporate Governance (NCCG) and the Office of Public Sector Governance. It brought together government, parastatal bodies,
First Annual Corporate Conference held in Mauritius Read More »
Following the guidelines for the issue of Corporate and Green bonds in Mauritius issued by The Financial Services Commission (“FSC”) of Mauritius on 23 December 2021, the FSC released updated guidelines on 18 April 2022. The guidelines aim to clarify the various regulatory requirements to be adopted when issuing sustainable bonds and listing these bonds
The Financial Services Commission(“FSC”) issued a communiqué to inform relevant stakeholders that the application for licences falling under the Virtual Asset and Initial Token Offering services act 2021, can be submitted to the FSC through the FSC One platform. The new form of application is set to cater for a seamless and digitalized application process
Thanks to the global resilience in the face of COVID 19 and a highly successful vaccination campaign, Mauritius has alleviated its travel restrictions. As from 12 March 2022, incoming visitors will not have to present a negative PCR test conducted at least 72 hours before arrival. This removal coincides with the removal of the Day
Mauritius removes “Day 5 antigen test” and “PCR test on arrival” travel restrictions Read More »
The Financial services commission of Mauritius (“FSC”) has released a communiqué on 9 February 2022, to inform the industry stakeholders and the public that the Virtual Asset and Initial Token Offering Services Act 2021 (the “Act”) gazetted on 16 December 2021, has come into force on 7 February 2022. Read the full communiqué HERE. The
Mauritius is set to be removed from the European Union List of High Risk Third countries (the “EU List”) very soon. Following the meeting of the European Commission College of Commissioners on 22 December 2021 where the updating of the EU’s AML/CFT list was discussed, the European Commission has adopted an updated AML/CFT list (the
The Economic Development Board of Mauritius (“EDB”) responds to the article published on BusinessTech entitled: “Bad news for South Africans with cash stashed in Mauritius” to provide clarity over taxation of foreign investments. The EDB states that the article is not factually and technically accurate and does not take into account the current state of
The Financial Services Commission, Mauritius (the “FSC”) has issued a communiqué on the 21st of September 2021 proposing to issue “Guidelines on the issue of Corporate and Green Bonds” (“Guidelines”). The Guidelines will set out the legal and supervisory framework surrounding the issuance of corporate and green bonds. You may access the full communiqué HERE.
The Financial Action Task Force (“FATF”) Africa/Middle East Joint Group (“AME JG”) delegation is currently in Mauritius from 13 September to 15 September 2021 to conduct its on-site inspections to verify the recent implementation of Mauritius’s AML/CFT reforms (further to the FATF action plan) and to determine the institutional capacity and political commitment to implement
In line with its strategy to sustain the growth of the Fintech ecosystem within the Mauritius International Financial Centre, the Financial Services Commission of Mauritius (“FSC”) has released “the Financial Services (Crowdfunding) rules 2021” on the 10th of September 2021. The aim of this new regulatory framework of Crowdfunding is to improve access to finance
FSC issues the Financial Services (Crowdfunding) Rules 2021 Read More »
The Financial Services Commission has issued a consultation paper (“the “Paper”) on 9 March 2021 proposing amendments to its regulatory framework to align with international best practices, with the goal of promoting Mauritius as an International Financial Centre and Capital Market destination. The amendments proposed serve the purpose of protecting investors, maintaining fair, efficient and
The Financial Services Commission has issued a communiqué (the “Communique”) on 8 March 2021 to inform its licensees/registered entities that no administrative penalties will be charged for late filing of audited financial statements/annual reports, quarterly/interim financial statements and financial summaries for the years/quarters ended as specified in the Communique. Please read the Communique HERE.
The Prime Minister of Mauritius, Honourable Pravind Kumar Jugnauth, has just announced to the nation that Mauritius will be in total lockdown as from 6 am local time tomorrow Wednesday 10 March 2021 till 25 March 2021. This decision has been taken at a cabinet meeting on Tuesday 09 March 2021 to prevent the spread of
Important Communiqué – Lockdown in Mauritius to prevent the spread of Covid-19 Read More »
The Financial Services Commission (“FSC”) has issued a Consultation Paper on 19 February 2021, proposing the setting up of a comprehensive regulatory framework for FinTech Service Provider Licence which will aim at offering providers of technology services to financial institutions, with a set of guidelines to be adhered to, should they wish to operate in
A new platform aimed to regroup all the operators of the Mauritius financial services sector has been launched on Wednesday 10 February 2021. Born from the merger of the “Association of Trust and Management Companies” (“ATMC”), the flagship representative body of the global business industry established in 1997, and “Global Finance Mauritius” (“GFM”), founded in
Mauritius Finance – One Association for the Financial Services Sector Read More »
The Mauritius Ministry of Financial Services and Good Governance of Mauritius (“MFSGG”) has issued a Communique on 27 January 2021 to confirm that “Mauritius remains focused to exit the FATF list at the earliest” and to provide an update on the progress being made by Mauritius to implement within the agreed timeline all the requisite
FATF List: Communique by the Government of Mauritius Read More »
As of 2 February 2021, the Mauritius Revenue Authority (“MRA”), in collaboration with the Financial Services Commission (“FSC”), has implemented a more structured, user-friendly and efficient electronic platform for the application of TRCs. All applications for TRC for Category 1 Global Business Companies/Global Business Companies will now be made on the electronic TRC application platform
Revised procedures for online application of Tax Residence Certificate (“TRC”) Read More »
The Financial Services Commission (“FSC”) has through a Communique on 11 December 2020 published its “Settlement Framework”. The Settlement Framework sets out a means through which timely and proportionate enforcement outcomes can be achieved in appropriate cases. This Framework delivers on a key commitment of the FSC to adopt “Settlement” as part of its enforcement
The Financial Services Commission releases The Settlement Framework Read More »
During these challenging times of the global pandemic, Mauritius offers you a unique opportunity to stay on the paradise COVID safe island for a prolonged period of up to one year through the ‘Premium Travel Visa’. The visa allows expats and their families to reside on the island be it as a tourist, retiree or
Live on the Paradise Island! Read More »
The Financial Services Commission of Mauritius (“FSC”) has on the 22 October 2020 issued the Financial Services (Exemption from Approval of Controllers and Beneficial Owners) (Revocation) Rules 2020 (the “Rule”) which provides for the revocation of the Financial Services (Exemption from Approval of Controllers and Beneficial Owners) Rules 2017 (the “Revoked Rule”). In that respect,
The Financial Services Commission of Mauritius (“FSC”) has issued a circular letter on the 06 November 2020 on the “Code on the Prevention of Money Laundering & Terrorist Financing”. The circular letter makes mention that the Code on the Prevention of Money Laundering & Terrorist Financing issued by the Financial Services Commission (the ‘Commission’) in
Circular Letter: Code on the Prevention of Money Laundering & Terrorist Financing Read More »
