Why consider Mauritius?
Start by separating the activities customers will use. If your proposed business combines a wallet, fiat transfers and securities dealing, record which legal entity would provide each service. The Financial Services Commission, Mauritius (FSC) also licenses capital-markets intermediaries such as investment dealers. Check the exact dealer licence category and permitted activities rather than relying on the description in a sale proposal.
Crypto services
The FSC regulates and supervises virtual asset service providers and issuers of initial token offerings under the Virtual Asset and Initial Token Offering Services Act 2021 (VAITOS Act), in force since February 2022. The VASP classes are M (Virtual Asset Broker-Dealer), O (Virtual Asset Wallet Services), R (Virtual Asset Custodian), I (Virtual Asset Advisory Services) and S (Virtual Asset Market Place, or exchange). Verify the classes held by the target in the FSC register and match them to the proposed services. Holding one class does not authorise activities that require another.
PSP, fiat and payment services
The Bank of Mauritius licenses payment service providers under the National Payment Systems Act 2018. Review the specific payment services and conditions covered by the licence. The Act does not allow a licence to be transferred unless the central bank specifies otherwise in writing. Ask advisers how the licence and its conditions apply to the proposed ownership change. Banks and licensees under that Act need prior written approval from the Bank of Mauritius before applying for VASP permissions. For Classes M, O and S, the application must be made through a separate subsidiary.
Company formation and operations
FSC guidance says a VASP applicant must be a Mauritian company carrying on business in or from Mauritius, directed and managed there, with a physical office there. Its controllers, beneficial owners and officers must meet the FSC’s fit-and-proper criteria. The FSC FAQ says prior approval is required for share transfers that change control or fall outside the notification-only thresholds. It also identifies appointments of controllers, beneficial owners and officers as requiring FSC approval. Confirm what the proposed transaction and appointments trigger before agreeing how to close.
Tax, incentives and the full cost
Give your advisers the proposed ownership chart and explain where decisions, work and customer relationships will sit. Ask them to review the actual transaction structure and set out which tax and reporting matters belong to the company, its owners or another group entity.
Compare three figures: setup cost, the cost to operate for a year, and the tax outcome for both company and owner. Any incentive should state its eligibility conditions and be confirmed for your facts before it is included in a proposal.
Banking and provider fit
Trace a customer payment and a settlement from start to finish. Identify who provides the accounts and settlement services, which relationships the target relies on and what each partner would need to review after an ownership change. Check how the business handles failed settlements, unresolved balances and escalation to its partners.
What to check before choosing this route
For a virtual asset business, ask who can initiate a transfer, approve it and recover access if credentials are lost. Compare the answers with the target’s written procedures and the roles its local team actually performs.
Ask for a record of regulatory correspondence and outstanding findings, together with evidence of how the AML/CFT framework works in practice. Agree who will review each item and what evidence you need before relying on the seller’s description of the operation.