For the past few years Mauritius has been implementing a plan to become a hub for African Fintech. Much of this is provided by the stable regulatory and financial environment that has been forged over the last couple of decades. This includes the bilateral treaties for tax, reciprocity and protection of investments, as well as the bilingual, educated workforce that has developed in the financial services sector. However, external expertise in FinTech has been sought for many years to make sure that Mauritius is ahead of the curve.
The Mauritius Africa Fintech Hub (MAFH) has been set up with assistance from the Mauritius government and Economic Development Board to bring some substance to the environment needed to promote Mauritius on this front. This hub brings together innovators, entrepreneurs, government agencies and corporates, as well as working with other African Fintech Hubs to allow financial service providers and Fintech companies to work together to create products in a safe, innovative and nurturing environment. They are even giving free office space for those wanting it!
There have been substantial innovation incentives for FinTech in Mauritius, from an 8 year tax holiday in the latest budget for IP created here, to an amendment to the investor Permit, whereby innovator investors have less onerous conditions to get residence here and set up. Recent legal changes include a licensing framework for the custody of digital assets. Wherever there are no regulations in place for a particular type of FinTech activity, there is the Regulatory Sandbox Licence (RSL), which allows those operating to have a licence and jurisdiction whilst the laws and regulations catch up.
TBI can be used by those looking to come over for many facets of this. We can help to bring together Fintech-savvy service providers for each of the services that you will likely need. From Management companies to get a GBC licence, to law firms to advise, occupation and residency permits to apply for, we would be your local business partners to guide you on the way, avoiding the pitfalls that many encounter. Our partners can even help you find a villa to live, schools for your children and help embed you in the diverse community here.
Please get in touch to find out more.