PIS in Mauritius

Quick facts

Regulator / authority

Financial Services Commission (FSC)

Coverage

Manage cross-border settlement flows, support online card payments, function as a Payment Service Provider (PSP), process payments on behalf of merchants, and serve as an intermediary for acquiring banks and merchants

Best for

Businesses that provide cross-border e-commerce services, iGaming PSP structures, crypto payment routing (with structure), and support high-risk merchants

Local presence

Required (Mauritius entity)

Substance level

Medium (local office is mandatory, Mauritius legal entity, local MLRO, Deputy MLRO, and a compliance officer, local directors). There should be a shareholder (can be an executive director) and two members of the PIS operation

Banking friendliness

Medium

Who this is for

Best fit

Fintechs and PSPs that focus on cross-border payments, FX, or remittance flows outside of Mauritius
Payment companies looking for a well-regulated, globally reputable jurisdiction that is aligned with the FATF

Businesses that are comfortable with the idea of functioning under strict AML/CTF guidelines without requiring complete banking-level oversight

What you can do (scope)

Processing and settling payments for businesses and merchants
Cross-border money transfers and remittances, particularly international payment flows
Services for exchanging money

Requirements overview

Company & presence

It is required to have a physical office on Mauritius, two directors who are Mauritius residents, and a compliance team.

Key persons / governance

Local compliance team and local directors. There should be a shareholder (can be an executive director) and 2 members of the PIS operation.

Capital / safeguarding / bonds

The precise amounts depend on the services offered, usually 2,000,000 MUR (approximately 44,000 USD).

AML/CTF baseline expectations

The FSC expects a full risk-based AML/CTF framework aligned with FIAMLA and FATF standards, covering customer, product, geographic, and delivery-channel risks. It is mandatory to have a designated compliance officer/MLRO, as well as to maintain explicit internal policies and report STRs to the FIU.

Reporting / audits

Regular reports to the FSC, like annual returns, audited financial statements, and certifications that the company is still following the rules of its license. Annual independent audit by an FSC-approved auditor that covers financial statements and (typically) controls that are important for protecting client assets. AML/CTF reporting requirements, such as sending Suspicious Transaction Reports (STRs) to the FIU and frequent compliance reports through the MLRO. Keeping records and making them available for inspection.

Process (end-to-end steps)

Step 1: Structuring & Pre-Assessment

Define activities (PSP, remittance, gateway, FX margin, etc.). Define target markets (Africa, EU, APAC). Assess risk category (standard vs. high-risk verticals). Confirm capital readiness (minimum capital requirement). Identify shareholders, UBOs, directors, compliance officers, and MLRO.

Step 2: Incorporation of Mauritius GBC

Company name reservation. Incorporation with Registrar. Appointment of a minimum of 2 resident directors (recommended), a company secretary, and a registered office.

Step 3: Compliance Framework Preparation

Preparation of a business plan, AML/CFT manual, risk assessment framework, compliance monitoring program, internal controls policy, data protection policy, IT & cybersecurity policy, and outsourcing agreements (if applicable).

Step 4: Capitalization & Substance

Regulatory capital must be deposited (can be deposited later too). Substance requirement: local resident directors, compliance officer, MLRO, registered office in Mauritius, ongoing reporting infrastructure.

Step 5: Filing with FSC & Review Process

Submission includes: application form; full corporate documents; fit & proper questionnaires; police clearance certificates; CVs of directors and compliance officers; business model explanation; financial projections; capital confirmation; bank reference letters. FSC Process: initial review; clarification requests; risk-based assessment; possible interview of directors; conditional approval.

Step 6: Approval, Licensing & Post-Licensing Setup

PIS license certificate. FSC registration number. Post-Approval: activate operational bank accounts, finalize PSP/acquiring agreements, implement AML reporting systems.

What's included in our support

The procedure of name reservation and due diligence
The legal procedure, which involves drafting agreements and statutory papers
The Mauritius company's registration
Support for opening a first bank account
Communicating with the regulator while the application is being processed
Government fees (FSC and company registrar costs)
Creating a business plan
Creating AML/CTF guidelines
Suggestions for screening instruments

FAQ

It is a license issued under the Financial Services Act that enables a company to exclusively operate payment intermediary services, such as online payment gateways, merchant acquiring, and cross-border remittances, outside of Mauritius.

The Financial Services Commission (FSC) of Mauritius is the regulator for PIS licence holders.

Activities include processing payment transactions, payment gateway services, merchant services, cross-border transfers, and similar intermediary functions.

About 3 to 9 months, depending on how big the project is.

Yes — the licence must be held by a Mauritius-registered entity (usually a Global Business Company with substance).

The minimum unimpaired capital needed for a PIS license is now MUR 2,000,000 (or the same amount in another currency).

No. A PIS cannot take deposits from the public and does not operate as a credit institution.

A PIS may process fiat transactions for crypto businesses, but operating as a virtual asset service provider requires additional regulatory approval.

Ready made

PIS - Mauritius·From EUR 195,000

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PIS (Payment Intermediary Services) - Mauritius