The Payment Intermediary Services Licence is of interest to those who wish to operate as a Payment Service Provider (PSP). The PSP business model is quite common in the current business environment to address the increasing need of online shoppers and online sellers (merchants) to do business through the internet.

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The Mauritius Payment Intermediary Services Licence can only be applied for under the category of a Global Business Company (GBC). With such licence, the Mauritius GBC can offer Payment Intermediary Services (PIS) 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.

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The main customer base is often composed of online merchant sellers. The PSP should normally have an agreement with an Acquiring Bank for onboarding of the merchants. The Acquiring Bank will normally provide the second gateway.

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Conditions

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Main conditions for the successful applications for a PIS licence are as follows:

1. Minimum unimpaired capital of at least MUR 2,000,000 (USD 57,000 approx.) or its equivalent; and

2. Operations Committee – The persons designated must be well experienced in the line of business.

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Conditions

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• Our Company Application Form – to be completed and signed.

• KYC documents on all the parties including passport copy, proof of address, Bank Letter of Reference, CV and Personal Questionnaire.

• A Detailed business plan – a template will be provided to client.

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Substance Requirements

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In order to issue a GBC Licence, the Mauritius FSC considers whether the company has substance in Mauritius through its management and control. The following substance requirements have to be met:

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1. The Company shall have at least 2 directors, resident in Mauritius;

2. The Company shall maintain at all times its principal bank account in Mauritius;

3. The Company shall keep and maintain, at all times, its accounting records at its registered office in Mauritius

4. The Company shall prepare its statutory financial statements and causes such financial statements to be audited in Mauritius;

5. The Company shall provide for all meetings of directors to include at least 2 directors from Mauritius; and

6. The Company must satisfy, at all times, the following additional pre-defined substance requirements: 

   • ​​Carry out its core income generating activities in, or from, Mauritius by:

     • employing, either directly or indirectly, a reasonable number of suitably qualified persons to carry out the core activities

     • incurring a minimum level of expenditure, which is proportionate to its level of activities

7. Be managed and controlled from Mauritius; and

8. Be administered by a Management Company.

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