Mauritius Forex License (FSC Investment Dealer)

Important: this is general information, not legal or regulatory advice, and requirements and figures can change. Confirm the current position with the FSC Mauritius or a licensed advisor before proceeding.

The FSC Investment Dealer licence

For most forex and CFD brokers, the relevant category is the Investment Dealer (Full Service Dealer, excluding Underwriting). It generally authorises the holder to deal in securities as an intermediary for clients, trade on its own account, manage client portfolios and provide investment advice — the core permissions a brokerage needs. A separate, lower-capital Investment Dealer (Broker) category exists for firms acting purely as agents.

The Investment Dealer categories

The FSC offers the Investment Dealer licence in several sub-categories — you choose the one matching your activities:

• Full Service Dealer (including underwriting) — the broadest: dealing for clients, dealing as principal, underwriting and distributing securities, advice and portfolio management. Indicative minimum capital MUR 10,000,000 (roughly USD 220,000).
• Full Service Dealer (excluding underwriting) — the usual choice for forex/CFD brokers: dealing for clients, proprietary (principal) trading, portfolio management, PAMM/MAM, advisory and signals. Indicative minimum capital MUR 1,000,000 (roughly USD 22,000).
• Broker — execute orders, manage portfolios and advise, acting as agent. Indicative minimum capital MUR 700,000 (roughly USD 15,000).
• Discount Broker — execution-only, no advice. Indicative minimum capital MUR 600,000 (roughly USD 13,000).

Capital must be fully paid up and maintained throughout the licence period. These figures are indicative and move with exchange rates and regulation — confirm current requirements with the FSC.

Other key requirements

• Company — a Global Business Corporation (GBC) incorporated through a licensed Management Company in Mauritius
• Directors — at least two resident directors with relevant financial-sector experience
• Substance & compliance — local substance, AML/CFT systems and an appointed Money Laundering Reporting Officer (MLRO)
• Application pack — business plan, financial forecasts and policies (AML/CFT, risk, KYC/onboarding, execution, conflicts), plus platform and liquidity arrangements and client-asset safeguards

Step-by-step: how to obtain the licence

1. Choose the category — usually Full Service Dealer (excluding underwriting) for a forex/CFD broker.
2. Engage a Management Company — a licensed Mauritius Management Company incorporates the GBC and files with the FSC.
3. Build the application — business plan, financials, policies, directors and MLRO, and platform/liquidity setup.
4. Submit to the FSC — file and respond to the regulator's queries and conditions.
5. Meet conditions — deposit capital and finalise local substance and personnel.
6. Licence granted — begin operating, with the Baxance platform live behind you.

Why brokers choose Mauritius

• Real regulatory oversight and international credibility
• Far lower capital and cost than EU/UK/Australia
• A well-established financial-services centre with a good reputation
• Suitable for brokers serving international (non-EU) clients
• A credible mid-point between offshore registration and top-tier regulation

Who it suits

Mauritius fits a broker who has outgrown pure offshore registration and wants genuine regulation and credibility without EU-level capital — typically serving international clients and building a durable business. If you need EU passporting choose Cyprus; if you want the fastest, cheapest start, Saint Lucia may fit better. Compare all routes on the licensing hub.

How Baxance helps

Baxance is an information and technology partner — not a licence provider or law firm. We explain the categories and process, help you plan your structure and capital, and connect you with licensed Mauritius advisors and Management Companies who prepare and file the application. Alongside that we deliver the brokerage technology — CRM, trader's room, MT5 or B-Trader, liquidity and risk — so you're ready to operate the moment the licence is granted.

Frequently asked questions

What licence do forex brokers need in Mauritius?

Most use the FSC Investment Dealer (Full Service Dealer, excluding Underwriting) licence, which allows dealing for clients and on own account, portfolio management and advice.

How much capital is required?

Indicatively around MUR 1,000,000 (roughly USD 22,000) for the Full Service Dealer (excluding underwriting) category, held in a Mauritius bank; other categories range from MUR 600,000 to MUR 10,000,000. Confirm current figures with the FSC.

Do I need local staff?

Typically yes — around two resident officers with relevant financial-sector qualifications, plus appropriate local substance and governance.

How does Mauritius compare to offshore?

It offers real regulation and stronger credibility than pure offshore registration, at higher cost and with more requirements — a respected mid-tier option.

Is Mauritius good for EU clients?

Mauritius does not passport into the EU. For EU clients, a Cyprus CIF under MiFID II is the usual route.