Any body corporate may apply to the Central Bank for a banking license. It is important to note that any corporation incorporated outside Mauritius must register with the Registrar of Companies before applying for the license. The application should be accompanied by the following documents:

  1. Copy of the Certificate Incorporation of the applicant;
  2. Constitution of the applicant;
  3. A certified list of the particulars of the directors, beneficial owners, CEO and other senior officers;
  4. A certified list of shareholders holding at least 10% of its shares;
  5. Stakeholders listed in (iii) and (iv), above should also provide a Certificate of Good Conduct;
  6. Copy of financial statements detailing activities conducted within the last 60 days before the date of the application;
  7. A business plan; and
  8. Non-refundable application and processing fee of six hundred thousand rupees (Rs 600,000) and ninety thousand rupees (Rs 90,000), respectively. Other fees to be factored in include; Rs 1,000,000 in respect of the principal pace of business and Rs 50,000 for every other place of business.

Foreign Companies

  1. Foreign companies registered in Mauritius should provide a copy of the certificate of registration and a confirmation in writing from the banking regulator in the applicant’s mother country that it has no objection to the applicant’s proposal;
  2. Certificate of good standing from the banking regulator in the applicant’s mother country.

Once an application has been lodged for determination, Central Bank has 60 days within which to make a decision or request the applicant to provide supplementary information.

For Central Bank to grant a banking licence, the applicant should demonstrate that:

  1. the directors or senior officers have sufficient knowledge and experience in the banking industry
  2. the directors are fit and proper persons to carry on the proposed banking business;
  3. the applicant has an adequate capital structure and access to sufficient financial resources as financial support for the proposed bank. It should be noted that the applicant should inject a minimum paid up and unimpaired stated and shareholders’ funds of at least Rs 50 million.
  4. the proposal is a sound and feasible business plan;

Once Central Bank has determined that it will issue a banking license, it shall communicate its decision to the applicant within 7 days. The applicant shall then pay an annual fee of Rs 300,000 and thereafter the Central Bank shall issue the banking licence.