Fintech in Mauritius: Hub, Companies, Licences and Setup Guide

TBI Mauritius can help you navigate the complexities of setting up your fintech business as your local business partner in Mauritius.

Mauritius as a Fintech Hub

For several years, Mauritius has been implementing a structured plan to position itself as the leading African fintech hub. The island's appeal in this space is built on a stable regulatory and financial environment that has been developed over the past two decades, including bilateral treaties covering tax, reciprocity, and protection of investments, as well as a bilingual, educated workforce with strong roots in financial services.

Mauritius has established the Mauritius Africa Fintech Hub (MAFH), introduced the Regulatory Sandbox Licence, recognised digital assets including cryptocurrency as an asset class, and permits Security Token Offerings (STOs). The jurisdiction still has some ground to cover, particularly around banking for businesses closely linked to cryptocurrency, but the direction of travel is clear.

The fintech sector in Mauritius sits within a broader financial services framework overseen by the Financial Services Commission (FSC) and the Bank of Mauritius. For companies looking to set up in fintech, the choice of licence and structure depends on the specific activity involved.

Fintech Companies in Mauritius

Mauritius is home to a growing number of fintech companies across payments, digital assets, wealth management, insurance technology, and lending. The combination of a low tax environment, access to African markets, and a well-regulated financial services sector makes it an attractive base for fintech operators looking to serve the African continent and beyond.

Fintech companies in Mauritius typically hold one or more licences issued by the FSC. These range from Investment Dealer licences and Payment Intermediary Services (PIS) licences to the newer Digital Asset custodian and trading licences. Companies operating in areas without an existing regulatory framework can apply for a Regulatory Sandbox Licence while the legal framework is developed.

Mauritius Africa Fintech Hub (MAFH)

The Mauritius Africa Fintech Hub (MAFH) was established with support from the Mauritius government and the Economic Development Board (EDB) to create a practical ecosystem for fintech innovation on the island. The hub brings together innovators, entrepreneurs, government agencies, and corporates, and works with other African fintech hubs to allow financial service providers and fintech companies to collaborate and develop products in a structured, supportive environment.

The MAFH has in the past offered free office space to companies looking to establish themselves in the ecosystem. It represents a key part of Mauritius's national priority status for fintech and its ambition to be the bridge between Africa and global financial markets.

Regulatory Sandbox Licence (RSL)

The Regulatory Sandbox Licence was created to enable innovative businesses to operate where no existing legal or regulatory framework applies. It is administered through the Economic Development Board and allows companies to begin operating in a well-defined and controlled manner, giving the authorities time to understand the activity and either draft new legislation or identify an appropriate regulatory home.

While it is primarily aimed at fintech businesses, the RSL is open to any sector involving emerging technology, including RegTech, PropTech, and EdTech. For fintech operators entering Mauritius with a novel model, the RSL provides a legitimate route to operate and build a track record while the regulatory environment develops around them.

The Digital Asset Custodian Licence

The Custodian Services (Digital Asset) Licence was introduced in 2019, creating a formal licence for those wishing to store digital assets on behalf of clients. The Financial Services (Custodian Services (Digital Assets)) Rules 2019 came into operation in March 2019. The licence allows the holder to offer digital asset custody services, and sits within the broader framework established after the FSC recognised digital assets as an asset class for sophisticated and expert investors in its September 2018 Guidance Note.

Security Token Offerings (STOs)

Because digital assets are deemed securities in Mauritius, Security Token Offerings are regulated under the Securities Act. The FSC has issued Guidance Notes that provide for both Security Token Offerings and Security Token Trading Systems, making Mauritius one of a small number of jurisdictions where STOs have a clear regulatory home. This adds a further dimension to the fintech offering in Mauritius for businesses working in tokenised securities or digital asset trading infrastructure.

Setting Up a Fintech Business in Mauritius

Setting up a fintech company in Mauritius typically involves incorporating a Global Business Company (GBC) or a domestic company, depending on where you intend to generate revenue. A GBC is the more common structure for international fintech businesses, as it provides access to Mauritius's network of tax treaties and is eligible for certain financial services licences.

The key steps for setting up a fintech business in Mauritius generally include:

• Incorporating the company through a licensed Management Company

• Identifying the correct FSC licence or RSL application for your activity

• Meeting the substance requirements, including local directors, a registered office, and appropriate staffing

• Opening a corporate bank account, which can be more complex for crypto-related businesses

• Applying for the relevant Occupation Permit or Residence Permit for the founders or key staff who will be based in Mauritius

The Innovator Occupation Permit is particularly relevant for fintech founders relocating to Mauritius. It was designed for entrepreneurs building innovative businesses and has less onerous conditions than the standard investor route, making it a practical entry point for fintech operators who want to live and work on the island.

Tax Environment and Incentives for Fintech in Mauritius

Mauritius offers a favourable tax environment for fintech businesses. The standard corporate tax rate is 15%, and GBCs benefit from a partial exemption regime that can reduce the effective rate significantly on qualifying foreign-source income. There is no capital gains tax, no withholding tax on dividends paid to foreign shareholders, and no inheritance tax.

Mauritius has been designated as a national priority sector for fintech, which has in the past attracted specific incentives including a tax holiday on intellectual property developed in Mauritius. The Economic Development Board can advise on current incentives available to fintech businesses at the time of application.

Our Assistance

TBI works with fintech businesses and their founders across the full range of setup, licensing, and relocation services in Mauritius. We act as your local business partner and can bring together the right service providers for each part of the process, including management companies for GBC licences, law firms for regulatory advice, and banks where appropriate.

We can assist with:

• Company incorporation and GBC licence setup

• Identifying and applying for the appropriate FSC licence or Regulatory Sandbox Licence

• Occupation Permits and Residence Permits for founders and key staff relocating to Mauritius

• Connecting you with fintech-experienced law firms and compliance advisors

• Corporate banking introductions

• Finding property to live in, schools for children, and supporting relocation to Mauritius

• Broader business advisory support throughout your time in Mauritius