# Mauritius forex licence for a prop firm: FSC, GBC, cost.

> Mauritius forex licence for prop firms: FSC Investment Dealer fees after GN 119 of 2026, capital, GBC rules, prop firms licensed in 2026, tax and banking.

- Source: https://pipvalley.com/jurisdictions/mauritius
- Publisher: PipValley - web design studio for prop trading firms
- Updated: 2026-10-12

**Short answer:** A Mauritius forex licence is usually the FSC’s Investment Dealer (Full Service, excluding Underwriting) licence: MUR 1 million stated capital, and since 1 July 2026 a USD 1,000 processing fee and USD 3,400 annual fee for a Global Business Company, which needs two resident directors, a management company and a Mauritian bank account. FundingPips obtained one on 8 June 2026. Confirm with a Mauritius lawyer.

## At a glance

- **Regulator:** Financial Services Commission (FSC) Mauritius, the integrated regulator for non-bank financial services and global business. [4][5]
- **Licence for a simulated model:** We found no FSC statement on prop firms or simulated evaluations as of 12 Oct 2026. The licences prop firms have taken are Investment Dealer licences, which cover real dealing. [2][1]
- **Prop firms licensed in 2026:** Finance Magnates (16 Jun 2026): FundingPips, FundedNext’s FNmarkets, Hola Prime and Finotive Markets "secured Mauritius licences in recent months". Fundingpips Ltd got SEC-2.1B on 8 Jun 2026 (TradeInformer). [1][2]
- **Investment Dealer capital:** MUR 1,000,000 stated capital for Full Service excluding Underwriting; MUR 700,000 Broker; MUR 600,000 Discount Broker (Sovereign Group). [3]
- **FSC fees from 1 Jul 2026:** GN 119 of 2026, for GBL holders: Investment Dealer (Full Service excl. Underwriting) USD 1,000 processing + USD 3,400 a year; Broker USD 700 + USD 2,700; Discount Broker USD 300 + USD 2,000. [4]
- **Global Business Licence:** USD 600 processing and USD 2,600 a year from 1 Jul 2026 (GN 119 of 2026). The FSC said processing fees had been unchanged since 2008. [4][5]
- **GBC rules:** At least 2 resident directors, administered by a licensed management company, principal bank account in Mauritius, a secretary; incorporation subject to FSC approval (CBRD). [6]
- **Registry fees:** GBC incorporation Rs 3,200; Authorised Company USD 100. 2026 annual fees: Rs 18,000 for a private GBC, USD 130 for an Authorised Company (CBRD). [6][7]
- **Formation time:** Expanship estimates 6–12 weeks to a GBC certificate and 10–18 weeks to a usable company with a bank account. [9]
- **Corporate tax:** 15% flat; 80% partial exemption on some specified foreign income. The 5% Fair Share Contribution above MUR 24m does not apply to GBL holders (PwC, reviewed 15 Jun 2026). [10]
- **Data protection:** Data Protection Act 2017, in force 15 Jan 2018; controllers and processors must register, with fines up to MUR 200,000 for failing to (DLA Piper). [11]

Mauritius has become the licence prop firms move to when they want a recognised regulator. Finance Magnates reported on 16 June 2026 that FundingPips, FundedNext’s FNmarkets, Hola Prime and Finotive Markets "secured Mauritius licences in recent months", many after starting with Comoros registrations, and contrasted the FSC, which "maintains a genuine public register", with the Comoros offshore authorities ([Anjouan](https://pipvalley.com/jurisdictions/anjouan) and [Mwali](https://pipvalley.com/jurisdictions/mwali)).

A prop firm sells evaluations on simulated accounts and pays rewards from simulated results. Firms that take a Mauritius licence usually do so for a brokerage arm, platform access or a regulated name in the group. This page covers what is specific to Mauritius: the licence, the 2026 fee changes, company structures, tax, banking, the website and when Mauritius is the wrong choice. Figures were checked on 12 October 2026.

> This page explains how things generally work in Mauritius as of 12 October 2026. It is not legal, tax or financial advice and does not create a lawyer–client relationship. Rules and fees change; confirm every point with a qualified lawyer and tax adviser in Mauritius before you act.

## Does a prop firm need a Mauritius forex licence?

We found no FSC statement about prop trading, funded accounts or simulated evaluations as of 12 October 2026. The licences prop firms have taken are Investment Dealer licences under the Securities Act 2005, which cover real dealing. An evaluation-only firm that does not route client orders or hold client money does not obviously fall into that category, but whether your product is "dealing" is a question for a Mauritius lawyer.

What changes the answer: running live funded accounts in the trader’s name, taking deposits traders can withdraw, offering a CFD brokerage beside the prop brand, or giving trading advice. Each of those points towards an Investment Dealer (or Investment Adviser) licence. See [is a prop firm a broker](https://pipvalley.com/guides/is-a-prop-firm-a-broker) for the general distinction.

## Why are prop firms taking Mauritius licences?

Finance Magnates linked the move to doubts over Comoros licences and to MetaQuotes: when MetaQuotes tightened its rules on prop-firm white labels in early 2024, firms looked for a route to licensing MetaTrader directly, first through the Comoros and then through recognised regulators. It also cited Mauritius’ "tax advantages, treaty access and a recognised framework". TradeInformer reported that Fundingpips Ltd was granted an SEC-2.1B Investment Dealer (Full Service Dealer excluding Underwriting) licence on 8 June 2026.

What the licence does not do: it does not make a simulated evaluation a regulated product, and it does not authorise marketing to residents of the EU, UK, US or Australia. Keep the licensed brokerage and the evaluation business clearly separated on the website and in the terms. If platform access is the only goal, compare the cost with a [white label](https://pipvalley.com/guides/white-label-prop-firm) first.

## What does an FSC Investment Dealer licence cost?

The FSC replaced its fee schedules through the Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2026 (GN No. 119 of 2026), made on 29 June 2026 and in force from 1 July 2026. In a communiqué of 10 July 2026 the FSC said processing fees had been unchanged since 2008 and annual fees since 2019. USD figures apply to GBL holders; non-GBL applicants pay the rupee amounts.

- Other requirements (Sovereign Group): fit-and-proper shareholders, directors and key staff; professional indemnity cover for Full Service dealers; a compliance officer, MLRO and deputy MLRO; economic substance for a GBC.
- A management company administers the GBC; the FSC’s Management Licence fixed annual fee is now USD 6,800, which is what management companies themselves pay and pass on in their fees.

> Government fees are the small part. Staff, a management company, audit, office and capital dominate. Model it in the [launch cost calculator](https://pipvalley.com/tools/prop-firm-launch-cost-calculator) and read [how to start a forex brokerage](https://pipvalley.com/guides/how-to-start-a-forex-brokerage) if a brokerage arm is the plan.

**Mauritius Investment Dealer licences: capital (Sovereign Group) and FSC fees under GN 119 of 2026 (checked 12 Oct 2026)**

| Licence | Stated capital | Processing fee | Annual fee |
|---|---|---|---|
| Investment Dealer (Full Service, including Underwriting) | MUR 10 million | USD 3,000 | USD 9,500 |
| Investment Dealer (Full Service, excluding Underwriting) | MUR 1 million | USD 1,000 | USD 3,400 |
| Investment Dealer (Broker) | MUR 700,000 | USD 700 | USD 2,700 |
| Investment Dealer (Discount Broker) | MUR 600,000 | USD 300 | USD 2,000 |
| Global Business Licence (the company) | – | USD 600 | USD 2,600 |

## How do you set up a company in Mauritius?

Companies are registered with the Corporate and Business Registration Department (CBRD). Three vehicles matter for a prop firm:

- Formation agent Expanship publishes Authorised Company packages of USD 2,849 (about 10 days) and USD 3,799 (about 7 days), including government fees and a first-year registered agent.
- Expanship estimates 6–12 weeks to a GBC certificate and 10–18 weeks to a usable company with a bank account; FSC licence processing alone it puts at 4–8 weeks.
- Compare these with other places in [prop firm company formation cost](https://pipvalley.com/guides/prop-firm-company-formation-cost).

**Mauritius company vehicles (CBRD, Expanship; checked 12 Oct 2026)**

| Vehicle | Key rules | Registry fees | Fits |
|---|---|---|---|
| Domestic private company | At least 1 resident director; secretary | Incorporation free (Rs 300 for a signed certificate); Rs 500 a year if small | Local operations |
| Global Business Company (GBL) | 2 resident directors, management company, principal bank account in Mauritius; FSC approval | Rs 3,200 to incorporate; Rs 18,000 a year | A licensed dealer serving foreign clients |
| Authorised Company | 1 director (need not be resident), registered agent, business outside Mauritius; FSC approval | USD 100 to incorporate; USD 130 a year | Non-licensed holding or trading company |

## Banking and payments in Mauritius

A GBC must keep its principal bank account in Mauritius, so local banking is a licence condition, not an option. Expanship names SBM, MCB, AfrAsia and ABSA among the banks GBCs use and allows two to six weeks for account opening. Expect the bank and your management company to review the evaluation model, payout flows and card processing in detail.

Card acquiring for evaluation fees still usually goes through high-risk acquirers and orchestration layers such as [Paytiko](https://pipvalley.com/tech/paytiko) or BridgerPay; crypto challenge payments through [Match2Pay](https://pipvalley.com/tech/match2pay) or [NOWPayments](https://pipvalley.com/tech/nowpayments); and payouts through providers covered in [prop firm payout providers](https://pipvalley.com/guides/prop-firm-payout-providers). A recognised regulator in the group can make those conversations easier; it does not guarantee approval.

## What tax does a Mauritius prop firm pay?

PwC’s summary (last reviewed 15 June 2026) lists a flat 15% corporate rate. Companies, including GBCs, can claim an 80% partial exemption on certain specified foreign-source income, without a foreign tax credit on that income. A Fair Share Contribution of 5% on chargeable income above MUR 24 million applies from 1 July 2025 to 30 June 2028, but not to GBL holders.

Whether evaluation fees qualify for any exemption, and how substance rules apply to your GBC, are questions for a Mauritius tax adviser.

## What must a Mauritius prop firm’s website show?

The Data Protection Act 2017 has been in force since 15 January 2018. Controllers and processors must register with the Data Protection Office, and failing to register can mean a fine of up to MUR 200,000 (DLA Piper). Use the [website checklist](https://pipvalley.com/guides/prop-firm-website-checklist) for the full page list.

- Entity disclosure for each company: name, number, registered address and, only for the licensed entity, the FSC licence category and number.
- A clear split between simulated evaluations and any licensed brokerage, so traders can see which entity provides what.
- A simulated-trading notice and a restricted-countries list enforced at checkout and KYC; see [sanctions and restricted countries](https://pipvalley.com/guides/prop-firm-sanctions-and-restricted-countries).
- Privacy policy and cookie banner meeting the Data Protection Act 2017 and your largest markets; register as a controller before launch.
- Languages: English and French are both used in business in Mauritius; launch in your traders’ languages.

## When should you not choose Mauritius?

- You only sell simulated evaluations and have no brokerage plan: two resident directors, a management company and annual FSC fees are overhead you may not need.
- You need to launch in weeks: a GBC with a bank account is a 10–18 week project on agent estimates, before any dealer licence.
- You cannot fund capital and staff: MUR 1 million stated capital, a compliance officer, MLRO and indemnity cover are the floor for a Full Service dealer.
- You want the cheapest possible company: compare [Seychelles](https://pipvalley.com/jurisdictions/seychelles) or [St Vincent](https://pipvalley.com/jurisdictions/st-vincent), knowing the banking trade-offs.

## Launch steps

1. **Choose the structure:** Decide whether you need an Authorised Company (no licence) or a GBC with an Investment Dealer licence for a brokerage arm. Ask a Mauritius lawyer to confirm the evaluation business can sit outside the licence.
2. **Appoint a management company:** A GBC must be administered by a licensed management company; it prepares the FSC application and supplies resident directors if needed.
3. **Prepare the FSC file:** Business plan, fit-and-proper forms, compliance officer, MLRO and deputy MLRO, AML manual, capital evidence and platform details.
4. **Incorporate and open the bank account:** After FSC approval, incorporate with the CBRD and open the principal Mauritian account; allow two to six weeks for the bank.
5. **Register for data protection:** Register as a controller with the Data Protection Office before you process trader data.
6. **Launch with separated websites or sections:** Show which entity sells evaluations and which entity is licensed, with simulated-trading notices and restricted countries.
7. **Budget the annual cycle:** From 1 July 2026: USD 2,600 GBL fee, USD 3,400 for a Full Service (excl. Underwriting) dealer, Rs 18,000 registry fee, plus management, audit and staff.

## Providers worth a look

- **Paytiko**: Payment orchestration connecting merchants to 500+ PSPs; widely used by prop firms.
- **BridgerPay**: Payment orchestration with routing, retries and payouts across 1000+ PSPs.
- **Match2Pay**: Crypto processor for brokers and prop firms, linked to Match-Trade; published deposit fees of 0.30–1.00%.
- **NOWPayments**: Crypto gateway with mass payouts; transaction fees from 1%.
- **Sumsub**: KYC, AML screening and a trading/broker solution; published per-verification pricing.
- **Veriff**: Identity verification with document, biometric and AML screening, sold self-serve or enterprise.

## Your website

PipValley builds the marketing website for any platform or route: pricing table, rules, payouts, FAQ, legal pages and the checkout hand-off. Plan your launch: https://pipvalley.com/contact?src=launch-jurisdiction&place=mauritius

## Questions

### How much does a Mauritius forex licence cost?

For a Global Business Company, the FSC’s fees from 1 July 2026 (GN 119 of 2026) are USD 1,000 processing and USD 3,400 a year for an Investment Dealer (Full Service excluding Underwriting), plus USD 600 and USD 2,600 a year for the Global Business Licence. Stated capital is MUR 1 million. Management company, staff, audit and office costs come on top.

### Which prop firms have a Mauritius licence?

Finance Magnates reported in June 2026 that FundingPips, FundedNext’s FNmarkets, Hola Prime and Finotive Markets secured Mauritius licences in recent months. TradeInformer reported that Fundingpips Ltd was granted an SEC-2.1B Investment Dealer licence on 8 June 2026. These licences cover real dealing, not the simulated evaluations themselves.

### Does a prop firm need a Mauritius licence?

We found no FSC statement on simulated-evaluation prop firms as of 12 October 2026. Real dealing, brokering live trades or holding client money needs an Investment Dealer licence. Whether a pure evaluation product can sit in an unlicensed Authorised Company or GBC is a question for a Mauritius lawyer, who should review your terms and payout flow.

### What is the difference between a GBC and an Authorised Company?

A Global Business Company needs two resident directors, a management company and its principal bank account in Mauritius, and is tax resident. An Authorised Company needs one director who can live anywhere and a registered agent, must do business outside Mauritius and is not tax resident. Both need FSC approval to incorporate, according to the CBRD.

### How long does it take to set up a company in Mauritius?

A domestic company can be registered in days. For a GBC, formation agent Expanship estimates 6–12 weeks to the certificate of incorporation and 10–18 weeks to a usable company with an active bank account, with FSC licence processing at 4–8 weeks. An Investment Dealer licence adds its own review on top.

### What is the corporate tax rate in Mauritius?

The headline rate is 15%. Some specified foreign-source income qualifies for an 80% partial exemption, and the 5% Fair Share Contribution on income above MUR 24 million does not apply to GBL holders, according to PwC (reviewed June 2026). Ask a Mauritius tax adviser how it applies to evaluation fees.

## Sources

1. [Finance Magnates: The Comoros was just a layover, prop firms are landing in Mauritius (Jun 2026)](https://www.financemagnates.com/forex/the-comoros-was-just-a-layover-prop-firms-are-landing-in-mauritius/) (checked 2026-10-12)
2. [TradeInformer: Funding Pips secures securities dealer licence in Mauritius (Jun 2026)](https://tradeinformer.com/broker-news/funding-pips-secures-securities-dealer-licence-in-mauritius) (checked 2026-10-12)
3. [Sovereign Group: Investment dealer licence Mauritius](https://www.sovereigngroup.com/mauritius/investment-dealer-licence-mauritius/) (checked 2026-10-12)
4. [FSC Mauritius: Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2026, GN 119 of 2026](https://www.fscmauritius.org/media/it1dm5yd/financial-services-consolidated-licensing-and-fees-amendment-rules-2026.pdf) (checked 2026-10-12)
5. [FSC Mauritius: Communiqué on the licensing fee realignment (10 Jul 2026)](https://www.fscmauritius.org/media/c4bhmcmy/final-communique-review-of-fees.pdf) (checked 2026-10-12)
6. [CBRD Mauritius: Incorporation of a company](https://companies.govmu.org/cbrd/incorporation-domestic-company/) (checked 2026-10-12)
7. [CBRD Mauritius: Fees payable to the Registrar (2026)](https://companies.govmu.org/cbrd/fees-payable-to-roc/) (checked 2026-10-12)
8. [Expanship: Mauritius incorporation pricing](https://www.expanship.com/mu/incorporation/pricing) (checked 2026-10-12)
9. [Expanship: Timeline to incorporate a company in Mauritius](https://www.expanship.com/mu/blog/timeline-needed-to-incorporate-a-company-in-mauritius) (checked 2026-10-12)
10. [PwC Worldwide Tax Summaries: Mauritius corporate taxes](https://taxsummaries.pwc.com/mauritius/corporate/taxes-on-corporate-income) (checked 2026-10-12)
11. [DLA Piper: Data protection laws of the world, Mauritius](https://www.dlapiperdataprotection.com/?c=MU&t=law) (checked 2026-10-12)

_Not legal, tax or financial advice: rules differ by place and change often; speak to a qualified lawyer and tax adviser. Evaluation accounts are simulated; nothing here promises revenue, pass rates or payouts._