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Investment Banking

An investment bank is a financial services entity that helps to raise capital and provide financial consultancy services. 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
  • Or such similar activities as may be approved by the Commission


Investment Banking is a licensable activity under Section 79A of the Financial Services Act 2007.An Investment Bank may conduct the activities of an investment dealer (full service dealer, including underwriting), investment adviser (unrestricted), investment adviser (corporate finance advisory), asset management, distribution of financial services, and such other activities as may be specified in FSC Rules.

Prior to licensing any Non-Banking Financial Institution, the FSC ensures that the applicant meets the “fit and proper” criteria and fulfils certain prudential requirements and conditions of operations. Applicants are required to apply rules of corporate governance and adopt clear measures to prevent conflict of interest and to prevent financial crimes and money laundering. The FSC ensures inter alia that applicants have in place the necessary compliance functions, appropriate internal control measures and continuous internal audit and monitoring system as well as adequate resources in terms of qualified personnel and equipment.

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)


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 minimum stated unimpaired capital shall be fully paid and no amount shall be due or payable.
  • 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 300,000 (equivalent to approx. USD 7000)

How can Ashton help?

  • Support in applying the Investment Banking License in Mauritius
  • Support in drafting the constitutive documents
  • Full administration and support services
  • Monitoring compliance with domestic legislations

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