Investment dealer (full-service dealer including underwriting)

The Securities Act 2005 coupled with the Securities (licensing) Rules 2007 remain the main legal framework governing the provisions and setting the parameters within which a GBC 1 with an Investment Dealer license can operate. Application for Investment Dealer license must be made under a Category 1 Global Business Company and license is granted subject to the approval of the Financial Services Commission.

Timeframe	3 Months
Capital	MUR 10 million
Accounting Required
Nominee Required

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Investment Dealer License (full service dealer Including underwriting)

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Legal Requirements in Mauritius

Requirements	Description
General
Corporate vehicle permitted	Category 1 Global Business Company
Physical office in Mauritius	No
Share capital or equivalent
Minimum paid-up capital	None
Directors
Minimum number	2
Corporate directorship allowed
Local director required
Shareholders
Minimum number	2
Corporate shareholder allowed
Local shareholder required	No
Service Providers Required
Company Secretary

Tax Treatment in Mauritius

A GBC 1 benefits from a deemed tax credit so that it will end up paying a maximum effective tax rate of 3% on its tradable profits;

There is no capital gains tax and no withholding tax on dividends, interest, and royalties paid by a GBC 1 company;

As soon as a GBC 1 is qualified as a tax resident in Mauritius, it will benefit from the tax treaty network;

There is no withholding tax on dividends, capital gains, and interests.

License categories in Mauritius

Full-Service Dealer (Including Underwriting) Such license allows the licensee to trade in securities as a principal with the intention of reselling these securities to the public, to underwrite or distribute securities on behalf of an issuer or a holder, to give investment advice which is ancillary to the normal course of its business activities and to manage a portfolio of clients.
The minimum unimpaired stated capital of MUR 10 million or an equivalent amount in a major currency and shall have a Professional Indemnity cover that varies with the volume of activities and risk of its business.

Scope of Mauritius Investment dealer license provided

An investment dealer in a broad sense acts as an intermediary in the execution of securities transactions for its client. Given that such activity has several specialized functions, each type of activity has been brought under a separate license in Mauritius where each category of license has its own scope of activity:

Act as an intermediary in the execution of securities transactions for clients;
Trade in securities as a principal with the intention of reselling these securities to the public;
Underwrite or distribute securities on behalf of an issuer or a holder of securities;
- give investment advice which is ancillary to the normal course of his business activities; and
- manage portfolios of clients.

Scope of Mauritius Investment dealer license provided

FAQs

1. What is Global Business?

Global Business (GB) is a framework available in Mauritius to a resident corporation which proposes to conduct business activities outside Mauritius. GB is regulated by the Financial Services Commission (the ‘FSC’) under Section 71(1) of the Financial Services Act 2007 (FSA). There are 2 categories of Global Business Licences:

Category 1 Global Business Licence (GBL1);
Category 2 Global Business Licence (GBL2).

2. What is the Corporate requirement for Investment Dealer in Section 2.2?

Corporate Requirement:

Certificate of Incorporation;
Certificate of current standing (where applicable);
A certified true copy of any licence/registration/authorisation held;
List of controlling shareholders and directors;
Latest audited financial statements;
Corporate Profile - in case the latest audited accounts are not available;
Confirmation from the applicant/Management Company to the effect that it holds on record CDD documents on the controlling shareholders of the corporate body and that these will be made available to the Commission.

3. What are the activities that Investment Dealer

According to the FSC Investment Dealer (Broker) for Section 2.2 can do the following activities:

Procedures with respect to onboarding and risk profiling of clients;
Details on the trading platform to be used;
Process and transaction flow;
Execution of trades;
Details on trade confirmations to clients;
Details on monitoring of clients activity.

4. What are the minimum capital requirements for Investment Dealer?

The applicant shall maintain a minimum stated unimpaired capital of Mauritian rupees 7 00,000 or an equivalent amount and submit evidence pertaining thereto.

For a Global Business Company, the following should be submitted:

An undertaking that the applicant shall at all times maintains the prescribed minimum stated unimpaired capital (currently, MUR 700,000 or it’s equivalent in another currency).
An undertaking that the applicant will not start its operations, trade, or incur any liabilities prior to meeting its minimum unimpaired stated capital of MUR 700,000
An undertaking that within one month of the licence being issued evidence that the proceeds of the share issue amounting to MUR 700,000 or its equivalent have been credited to the applicant’s bank account will be submitted to the Commission.

For a domestic company applying for an Investment Dealer (Full Service Dealer excluding Underwriting) Licence, the following should be submitted:

The applicant should ensure that the stated capital of MUR 700,000 is injected prior to the licence being issued.
Certified true copies of statutory filings with respect to the share capital.
Confirmation that the stated capital is fully paid

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