PIS (Payment Intermediary Services) - Mauritius
For payment companies that aren't banks but process or facilitate payments, frequently across borders, without retaining customer money like a bank does
On this page
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
PIS - Mauritius
From EUR 195,000
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.
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