The Payment Intermediary Services (PIS) Licence
As a PIC, you can offer an extensive array of facilities designed to optimise and streamline financial operations for your clients.
Leveraging the advantages of a Payment Intermediary Services (PIS) licence can significantly enhance your business’s financial operations:
- Your clients will benefit more from cross-border payment solutions
- Offer immediate transaction processing, crucial for maintaining business momentum.
- Facilitate transactions in various currencies, thereby allowing your clients to enhance global reach.
- Provide favourable financial terms for merchants, enhancing liquidity and financial planning.
- Streamline the process of integrating new merchants, reducing friction and time-to-market.
The PIS Licence
We help you navigate the process.
Acquiring a Payment Intermediary Services licence (PIS) in Mauritius involves several detailed steps, from initial preparation to final approval.
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Step 1
Preliminary Assessment
1. Understand the Regulatory Requirements · 2. Business Plan Preparation
We will assist you familiarise yourself with the specific rules and guidelines related to Payment Intermediary Services licence and guide you so that your business model aligns with the service permitted under a PIS licence.
At this stage, you are required to draft a detailed business plan outlining your business objectives, target market, services offered, and financial projections. Our legal team will assist you with the drafting of a robust risk management and compliance strategy.
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Step 2
Incorporation and Local Presence
3. Incorporate Your Company · 4. Establish a Physical Office
We start the incorporation process with the Registrar of Companies and prepare the application document so the company can be structured and licensed as a financial service provider.
Considering setting up a local office will enhance substance so the PIS can benefit from the 80% partial tax exemption. It will also demonstrate a genuine presence as it will serve as your operational base.
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Step 3
Application Preparation
5. Gather Required Documentation · 6. Appoint Key Personnel
Gathering of application documents such as all internal control procedures, manuals and policies, financial projections, detailed CV of key personal, clearance certificates, AML/CFT policies. Demonstrate and evidence the competence of designated individuals such as the Compliance Officer, MLRO, and other senior management personal.
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Step 4
Submit the Application
7. Application Submission · 8. Pay Application Fee
Upload the required documentation on the platform of the FSC and answer all questions pertaining to the application. Please note that any technical information concerning the business activity should be replied by the applicant as they are directly linked to the operation of the business.
By following these steps, you can successfully acquire a Payment Intermediary Services Licence in Mauritius, enabling your business to provide efficient and secure cross-border payment solutions.
