News & Insights

The Investment Dealer Licence provides a regulated and tax-efficient platform for securities trading, advisory, and portfolio management in one of the most credible financial centres in Africa.

What is the Investment Dealer Licence?​

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The Mauritius Investment Dealer Licence, issued by the Financial Services Commission (FSC), authorises companies to act as intermediaries in securities transactions, establish trading platforms, and in some cases, manage portfolios or underwrite securities.

Mauritius’ Securities Act 2005 and Securities (Licensing) Rules 2007 provide the legal foundation for the licence, offering a modern regulatory regime with efficient processing times and competitive capital requirements. The 2021 Mauritian Budget also extended the 80% partial tax exemption to investment dealer companies, meaning GBL holders now benefit from an effective tax rate of just 3%.

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Types of Investment Dealer Licence​​

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There are four categories of Investment Dealer Licence available, allowing firms to choose the scope that best fits their operations:

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• Investment Dealer (Full Service – Including Underwriting):

  Authorised to execute securities transactions, trade as principal, underwrite or distribute securities, provide ancillary investment advice, and manage client portfolios.

   

  • Minimum capital: MUR 10 million (USD ~230,000)

  • Professional indemnity cover required, based on activity level

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• Investment Dealer (Full Service – Excluding Underwriting):

  Permitted to carry out all activities above except underwriting or distributing securities.

   

  • Minimum capital: MUR 1 million (USD ~23,000)

  • Professional indemnity cover required

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• Investment Dealer (Broker):

  Authorised to execute client orders, manage portfolios, and provide investment advice. Applicants must clearly define their scope of activities​

  • Minimum capital: MUR 700,000 (USD ~16,000)

  • Compliance with competency standards for representatives and officers required

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• Investment Dealer (Discount Broker):

  Limited to executing client orders only, with no advisory services permitted.

   

  • Minimum capital: MUR 600,000 (USD ~13,600)

  • Compliance with competency standards for representatives and officers required

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Licensing and Compliance Requirements ​

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Applicants must satisfy the FSC’s licensing standards to ensure transparency, investor protection, and operational integrity. These include:

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• Conflict of Interest Controls – Segregation of activities to prevent misuse of inside information

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• Trading Platform Details – Submission of specifications and operating procedures where applicable

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• Fit & Proper Criteria – All promoters, directors, shareholders, beneficial owners, and staff must meet FSC’s standards

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• AML/CFT Compliance – Appointment of MLRO, DMLRO, and Compliance Officer, with robust policies in place

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• Qualified Personnel – Investment dealer team members must demonstrate relevant experience and qualifications under the Securities Act

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• Economic Substance – GBL companies must meet Mauritius’ substance rules, including physical presence and operational expenditure

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Benefits at a Glance

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• 3% effective tax rate under the GBL regime (subject to partial exemption)

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• Modern and efficient regulatory framework aligned with international best practices

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• No capital gains tax or withholding tax on dividends and interest

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• Access to a skilled and bilingual workforce at competitive costs

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• Gateway to Africa, Asia, and beyond through Mauritius’ strategic location and credibility

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