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Special Licence Companies
Mauritius has a very wide selection of licence types that are available to specialist financial services providers that are looking to set up and do business in and from Mauritius.
Some of the most common financial services business and global business applications that have been handled by Imara Trust in recent times other than Fund set-up include:
Investment Dealer
The Securities Act 2005 and rules & regulations made under it allow for Investment Dealer Companies to be set up and licensed in Mauritius. These are particularly beneficial for Brokerage Houses operating worldwide and there is growing demand for the Investment Dealer License in Mauritius.
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Categotries of Investment Dealer Licences →
There are 3 categories of Investment Dealer licences that may be issued under The Mauritius Securities Act 2005 and the Securities Licensing Rules 2007:
Investment Dealer (Full Service)(a) Including Underwriting is authorised to:
- act as an intermediary in the execution of securities transactions for clients;
- trade in securities as principal with the intention of reselling to the public
- underwrite or distribute securities on behalf of an issuer or a holder of securities give investment advice; and
- manage portfolios of clients.
b) excluding underwriting does not allow the licensee to underwrite or distribute securities on behalf of an issuer or a holder.
The licensee is also requested to have a Professional Indemnity cover that varies with the volume of activities and risk of its business.
Investment Dealer (Broker)
Is authorised to execute orders for clients, to manage portfolios of clients and to give advice on securities transactions to clients (mainly derivatives).
It should also comply with the minimum competency standard requirements for its representatives and officers.
Investment Dealer (Discount Broker)
Is authorised to execute orders for clients without giving advice.
Investment Adviser
The Mauritius Investment Adviser Licence is one of the three classes of ‘Securities or Capital Market Intermediary’ provided for by the Securities Act 2005 and regulated by the Financial Services Commission (FSC) Mauritius under the Securities (Licensing) Rules 2007.
According to Section 30 of the Securities Act 2005, no unlicensed person is permitted to:
- Advise, guide or recommend other persons, or hold himself out to advise, guide or recommend other persons, whether personally or through printed materials or by other means, to enter into securities transactions; or
- Manage or hold himself out to manage, under a mandate, whether discretionary or not, a portfolio of securities, without an investment adviser licence issued by the FSC or without being licensed as a representative of an investment adviser by the FSC.
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Categotries of Investment Adviser Licences →
Investment Adviser (Unrestricted) Licence
Authorised to manage, under a mandate, portfolios of securities and give advice on securities transactions other than corporate finance advisory, through printed materials or any other means.
Investment Adviser (Restricted) Licence
Authorised to give advice on securities transactions other than corporate finance advisory, through printed materials or any other means.
Investment Adviser (Corporate Finance Advisory)1 Licence
Authorised to provide corporate finance advisory services(1) with respect to securities transactions through printed materials or any other means.
(1) As per Securities Act 2018, “corporate finance advisory” means provision of advisory services on (a) compliance with listing requirements of any securities exchange; (b) raising of funds through the issue of securities; (c) arrangement or restructuring including takeovers, mergers and acquisitions, of a corporation, as far as it relates to securities transactions; or (d) any other matter specified in the FSC Rules.
Payment Intermediary Services
In recent years, payment service providers based in traditional financial hubs such as the United States and European Union have faced near untenable amounts of regulatory scrutiny. In reaction to this, payment service providers have become increasingly limited in the industries they serve, foregoing not only traditional high-risk markets but also more traditional, conservative businesses. An offshore payment service provider license provides a respected platform for operating a payments-related business free from the encumbrances faced by operators in larger jurisdictions.
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PERMITTED ACTIVITIES →
- offer wallets/accounts to individuals and corporate clients;
- offer Merchant services like trustee payment processing, credit card processing to companies, online shop owners or any kind of Merchant that is operating according to its local and the Mauritius laws;
- enable customers funding of their wallets, process incoming and outgoing payments directly via correspondence banks or through other Payment Services Providers e.g. in Europe to use the SEPA infrastructure of third parties;
- charge fees for accounts, openings, incoming and outgoing transfers, credit card processing, other payment methods;
- issue account certificates to your account holders;
- offer online banking and transfer options for individuals and corporate clients;
- issue debit cards by co-branding or white label.
Insurance Broker Licence
The global insurance industry is evolving rapidly, with growing demand for specialised products such as cyber insurance, trade credit, political risk, and parametric solutions. Offshore brokers are at the heart of this growth — providing access to reinsurance markets, designing bespoke covers, and enabling clients to manage cross-border risks with confidence.
Mauritius is strategically positioned between Africa and Asia, two regions that are experiencing strong economic growth yet remain significantly under-insured. Africa, in particular, shows average insurance penetration of less than 3%, compared to more than 7% in advanced economies. This gap represents tremendous potential for forward-looking insurance solutions, with Mauritius perfectly placed to act as the regional gateway.
Already established as the reinsurance hub for Southern Africa, Mauritius hosts leading international reinsurers who bring expertise and capacity to the market. Imara Trust Company (Mauritius) Limited has been instrumental in supporting this growth together with assisting with the setup and ongoing administration of Insurance Broker and Insurance Manager licences. Our proven track record and dedicated back-office expertise make us a trusted partner for clients looking to enter and thrive in this sector.
At Imara Trust Company (Mauritius) Limited, we stand ready to help you seize this opportunity and unlock the full potential of Mauritius as your base for your insurance broking business.
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DUTIES OF THE INSURANCE BROKER →
The Insurance Broker Licence in Mauritius is issued by the Financial Services Commission Mauritius (FSC) to any person or company who wishes to do business as Insurance Broker in Mauritius. An Insurance Broker is defined as a person who arranges insurance business with insurers on behalf of prospective policyholders, or as a representative of a policyholder, and includes a reinsurance broker carrying on reinsurance brokering for an insurer.
As per the Insurance (Insurance Brokers) Rules 2008, the duties of an Insurance Broker in Mauritius are as follows:
- obtaining detailed information of the client’s business and risk management philosophy;
- familiarising himself with the client’s business and underwriting information so that this can be explained to an insurer or any relevant person;
- maintaining detailed knowledge of available insurance products, as may be applicable;
- providing detailed knowledge of all the suitable insurance products available in the market;
- rendering advice on appropriate insurance cover and terms;
- submitting quotations received from insurer(s) for consideration of a client;
- providing requisite underwriting and customer due diligence information as required by an insurer in assessing the risk to decide pricing terms and conditions for cover;
- advising the client of the exact dates on which the premiums have to be paid and the implications of not paying the premiums;
- acting promptly on instructions from a client and providing him written acknowledgements and progress reports;
- assisting clients in paying premiums in terms of all the premium payment options available with the insurers;
- providing services related to insurance consultancy and risk management;
- assisting in the negotiation of the claims;
- maintaining proper records of claims.
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RESTRICTIONS →
An Insurance Broker in Mauritius:
- shall not be dependent on any particular insurer in transacting insurance broking business and in the event where more than 40 percent of premium concluded in any financial year is placed with one insurer, he / she needs to immediately inform the regulator and give details of all insurance contracts placed with such insurer.
- cannot hold shares, or any other significant interests, whether directly or indirectly in any insurer, insurance agent or reinsurance company, unless approved by the regulator.
- cannot provide its services in relation to an insurance policy where it would also directly or indirectly provide reinsurance broking services in respect of the same insurance policy.
- shall not be entitled, when providing its services in relation to an insurance policy, to act directly or indirectly as an introducer or agent for a Reinsurance Broker or consultant nor receive any form of remuneration whether directly or indirectly from the Reinsurance Broker or consultant in respect of any reinsurance arrangement in connection with the same insurance policy.
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LEGISLATIVE AND REGULATORY REQUIREMENTS →
The Insurance Broker in Mauritius needs to comply at all times with the provisions of the Insurance Act 2005 and any subsequent rules, however the main requirements will be:
- An Insurance Broker shall open and maintain one or more appropriately identified bank accounts for keeping of premium received and such accounts shall be separate from any account which the Insurance Broker may open and maintain for the keeping of its own funds. However, if the Insurance Broker is licensed to carry on business as both general insurance business broker and long-term insurance business broker or both long term reinsurance business broker and general reinsurance business broker, it shall establish and maintain separate accounts with a bank in respect of each category of business for which it is licensed.
- He / she may levy a broker fee to the client, provided it r discloses the existence of the broker fee which it proposes to charge at the time of the initial premium quotation and discloses the remuneration, which is allowed in the premium in absolute terms at the time of initial premium quotation. The client needs also to agree to the broker fee in advance of the agreement, after full disclosure of all material facts surrounding the broker fee.
- An Insurance Broker shall maintain a register of its broking staff.
- He / she needs to have a Money Laundering Reporting Officer and an Alternate Money Laundering Reporting Officer.
- The Insurance Broker needs to have a manual of internal control and compliance procedures
- The insurance boker needs to have a professional indemnity insurance.
The Insurance Broker needs to nominate someone in the organisation who will be the designated officer vis a vis the FSC. A Designated Officer is an officer of the company who is expected to have the minimum technical competencies prescribed under the Competency Standards. The designated officer is expected to have:
- Advanced knowledge of:
- insurance principles and practices
- classes of insurance and insurance products;
- risk management and practices;
- the industry and the regulatory framework in Mauritius;
- the claims procedures;
- the underwriting procedures;
- the contractual agreement between the policy holder and the insurer.
- Understanding the duties of Insurance Broker.
- Understanding client’s needs and providing advice on general and/or long-term insurance products available.
- A Minimum of 3 years full time professional or academic qualification in insurance from a recognised institution and also hold relevant experience of at least 3 years in a managerial position in insurance business.