How Does the 2026 FSC Fee Revision Impact Mauritius Regulated Entities?
Why the FSC Revised Its Fee Schedule in 2026 The gazetting of the Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2026 on 30 June 2026 marks an update to Mauritius’ licensing environment. Coming into force on 1 July 2026, the new rules replace the previous fee schedule under the 2008 framework. This revision does not alter core statutory obligations. Instead, the revised schedule reflects the wider scope of FSC supervision, covering a growing range of regulated activities, from corporate service providers and funds to VASPs and family offices. As cross-border financial activities grow in complexity, supervisory expectations and operational oversight continue to rise. Regulated firms must ensure their operational and licensing budgets align with these updated requirements for the 2026/27 financial year. Breakdown of Key Licence Adjustments The modifications to the First Schedule impact almost every licensed category operating under FSC jurisdiction. Corporate treasuries and financial controllers should integrate these specific revisions into their ongoing budget planning: Entity / Licence Type Previous Baseline Revised Annual Fee (USD) Relevant Impact / Notes Global Business Company (GBC) Standard baseline fee $2,600 Annual fee revised under the new schedule; requires client fee pass-through review. Authorised Company (AC) Standard baseline fee $1,400 Excludes Registrar of Companies annual registration costs. Management Licence Fixed fee $5,000 / Cap $25,000 $6,800 (Max aggregate: $26,800) Variable fee tiers based on administered GBCs remain operational. VASP & Fintech Base supervisory fee Updated per 2026 schedule Applies across Wallet, Custody, Advisory, and Marketplace licences. Investment Funds & VCCs Baseline CIS rate Adjusted schedule rate Sub-funds, cells, and individual share classes subject to revised structures. The updated schedule also covers collective investment schemes (CIS), single and multiple family offices, insurance intermediaries, credit rating agencies, and payment intermediary services (PIS). Practical Payment Execution & Deadlines To support a smooth transition and prevent unnecessary operational disruptions, Circular CL20260107 sets three key dates: Primary Settlement via FSC One Platform Licensees must execute payments primarily through the digital FSC One Platform using Automatic Payment Instructions, with deposit-account payments available to management companies that hold direct deposits with the FSC. The platform categorises renewals across five primary modules: Contingency Protocol for Technical Delays If FSC One cannot be used prior to 30 September 2026 due to technical disruptions, licensees may use the FSC’s alternative bank transfer procedure (direct transfer to designated FSC accounts at SBM Bank Mauritius Ltd in USD or MUR) and must send the relevant Excel reconciliation sheet alongside payment proof directly to [email protected]. Managing Regulatory Risk & Compliance Best Practices Failure to comply with renewal timelines reactivates standard late payment regimes, carrying surcharges and potential licence risk. Regulated businesses operating within or through Mauritius should take three immediate steps: Strategic Support with Blue Azurite Limited Navigating regulatory updates requires experienced operational coordination. Operating under FSC Management Licence MC/19/C1/060 from Port Louis, Blue Azurite Limited provides executive corporate structuring, licensing assistance, and ongoing compliance support across Global Business Companies, Authorised Companies, VCC funds, and specialized VASP entities. For regulated entities that need support with annual renewals, fee planning, and FSC compliance under the updated framework, contact the specialists at Blue Azurite Limited. Sources of this article:
Global Business Licence: all about this regime
Following the Mauritius Budget Speech 2018-2019, the Finance act was amended to abolish Global Business Category 1 and 2 (GBC1, GBC2) Licences. This is part of reforms undertaken by the government to increase the country’s competiveness and transparency as a global financial centre. Now, a non-resident of Mauritius wishing to establish a business in Mauritius must apply for a Global Business Licence. What is a Global Business Licence? The Global Business Licence (GBL) regime has been implemented to replace GBC1. It states that a resident corporation held or controlled by a person who is not a citizen of Mauritius and that is running or proposing to run one principally outside Mauritius will need to apply for a GBL. However, its issuance will depend on certain requirements. These are: The company’s core income-generating activities must be carried out in or from Mauritius, It is required to employ, directly or indirectly, a reasonable number of qualified persons to conduct its core activities, It should have a minimum level of expenditure which is proportionate to its level of activities, It must be managed and controlled in Mauritius and It should be administered by a management company. Factors considered by the FSC In line with provisions which have already been established, when determining management and control of a company, the Financial Services Commission (FSC) will take into consideration the following points: Will the GBL have a minimum of two directors who are residents of Mauritius and have enough capability to exercise independence of mind and judgement, Will the GBL maintain its principal bank account in Mauritius at all times, Will the GBL prepare statutory financial statements and will cause said financial statements to be audited in Mauritius and Will the GBL provide for meetings of directors to include at least two directors from Mauritius? The assessments carried out by the FSC will depend on case-to-case basis and they will take into account the specific circumstances of each GBL. Changes brought to the new tax regime The introduction of GBL brought several changes to the country’s tax regime. Previously a GBC 1 was subject to a presumption that the amount of foreign tax charged on its foreign source income was equal to 80% of the Mauritius tax chargeable with respect to that income (‘Deemed Foreign Tax Credit’). This Deemed Foreign Tax Credit has now been abolished. In its place, a partial exemption regime has been implemented. The latter advocates that an income tax exemption of 80% on the following categories of income is applicable on the condition that the enhanced substance requirements are met. Foreign source dividend provided that it has not been allowed as a deduction in the source country, Foreign source interest income, Profit attributable to a permanent establishment which a resident company has in a foreign country, Income derived by a collective investment scheme (CIS), closed end fund, CIS manager, CIS administrator, investment adviser or asset manager and Income derived by companies engaged in ship and aircraft leasing. Nonetheless, GBL companies can still claim credit for actual foreign tax incurred. If you are looking for a management company that will help you set up a GBL in Mauritius, do not hesitate to get in touch with us.
