Investment Banking License

Permitted Activities

By virtue of the Financial Services (Investment Banking) Rules 2016, an entity holding an Investment Banking License may by way of business engage, in one or more of the following activities:

• Investment Dealer (Full-Service Dealer including underwriting)
• Investment Adviser (Unrestricted) License
• Investment Adviser (Corporate Finance Advisory)
• Asset Management
• Distribution of Financial Products

Substance Requirements

• The board of directors shall consist of at least 5 natural persons, of which 40% shall be independent directors, and
• It shall incur a minimum annual expenditure of MUR 5 million in Mauritius (equivalent to approx. USD 126,000)

Taxation

Upon fulfillment of the above-mentioned substance requirements, the entity holding an Investment Banking License will be exempted from corporate income tax for 5 years in Mauritius.

Minimum Unimpaired Capital

There is a requirement as per the Financial Services (Investment Banking) Rules 2016 to maintain a minimum stated unimpaired capital of MUR 50 million (equivalent to approx. USD 1,260,000).

The licensee shall inform the FSC immediately where its minimum stated unimpaired capital falls below the minimum required.

Regulatory Fees

• FSC Processing Fee: MUR 100,000 (equivalent to approx. USD 2,500)
• FSC Fixed Annual Fee: MUR 500,000 (equivalent to approx. USD 12,500)