Mauritius - Apply for Regulatory Sandbox Permit or License

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Procedure

Apply by Email:

1. To Apply for Regulatory Sandbox Permit or License in person, the applicant has to approach the Economic Development Board, Mauritius link
2. The applicant should obtain the application form from the Economic Development Board.
3. The applicant should fill in the form such as name, address, contact information, purpose of obtaining Regulatory Sandbox Permit or License, details of the business plan, and the necessary documents and they can be found under the “Required Documents” section of this page.
4. Applications and relevant supporting documents must be submitted electronically to the Chief Executive Officer of the EDB via email to the [email protected].
5. The applicant will then need to pay the prescribed fees to proceed with the registration process.
6. A fee for this procedure has to be paid as per the authority’s request.
7. After submission of the form, the Economic Development Board will issue a receipt for the application.
8. The Economic Development Board will review the application and documents before granting the Sandbox Permit or License.
9. The Economic Development Board will conduct a background check on the applicant and verify the documents submitted.
10. The Economic Development Board will then review the proposed business plan of the applicant and decide if the applicant is eligible for the Sandbox Permit or License.
11. If the Economic Development Board approves the application, the applicant will be issued with the Regulatory Sandbox Permit or License.
12. After receiving the Regulatory Sandbox Permit or License, the applicant can start the business.
13. Generally, an application can take up to two months to process.

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Required Documents

• A completed application form
• Business Plan
• Financial Statements
• Regulatory Sandbox Permit or License Application Form
• Evidence of Compliance with the Regulatory Framework
• Proof of Authorization to Operate in Mauritius
• Business Registration Certificate
• Company Memorandum and Articles of Association
• Shareholder Agreement
• Identity Documents of the Beneficial Owners and Director
• Policies and Procedures Manual
• Compliance Monitoring System
• Risk Management Systems
• Documentation on the Role and Responsibility of the Board of Directors
• Internal Audit Reports
• Business Continuity Plan
• Technical Specifications
• Security and Data Protection Policies
• Anti-Money Laundering and Counter-Terrorism Financing Policies
• Insurance Policies
• Regulatory Sandbox Code of Conduct

Office Locations & Contacts

Economic Development Board, Mauritius
Board of Investment (BOI)
Address: Wall St, Quatre Bornes, Mauritius
QF3V+2G Quatre Bornes, Mauritius
Contact number: +2302033800
Location Location link
Contact Contact link
Email: [email protected]

Eligibility

• In Mauritius, any company that provides financial services, such as banking, loan services, investment services, payment services, and Insurance services, can be eligible for a Regulatory Sandbox Permit or License.
• Companies must meet certain criteria to be eligible, including having a valid business registration certificate and a valid license from the Financial Services Commission of Mauritius.

Fees

• A fee for this procedure has to be paid as per the authority’s request.

Validity

• The validity period for a Regulatory Sandbox Permit or License is twelve months. However, depending on the specific application, the validity period may be extended.

Documents to Use

Please attach documents that can be used by people. e.g. links

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• Generally, an application can take up to two months to process.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

Please provide other instructions related to the certificate/documents.
e.g. The state office holds birth records since january 1908.

Required Information

• Applicant details: Name, address, contact information, business type, and products/services offered.
• Business premise details: Address of premises, layout, and security measures.
• Business plan: Description of the business and its activities, objectives, target customers, and financial projections.
• Technology: Description of the technology and its uses, security measures, and processes.
• Regulatory compliance and risk management: Description of compliance requirements and risk management policies and procedures.
• Shareholders: Names and addresses of shareholders, and details of shareholding structure.
• Board of directors: Names and addresses of board members, and details of board structure.
• Data protection: Details of data protection measures in place.
• Submission of documents: Details of documents required to be submitted with the application.
• Authorization: Declaration from the applicant confirming the accuracy of the information provided.

Need for the Document

• The Regulatory Sandbox Permit or License provides a safe environment in which to test new services, products or business models without the requirement of a full license.
• This allows companies to experiment, learn, and assess the viability of their solutions before launching them on the market. The Regulatory Sandbox also enables companies to reduce the costs and risks associated with obtaining a full license.
• By obtaining a Regulatory Sandbox Permit or License, companies can benefit from a lighter regulatory framework, and the FSC can benefit from increased innovation and investment in the financial sector.
• Mauritius has implemented a regulatory sandbox framework to allow FinTech's, banks, and other financial service providers to develop and test innovative products and services in collaboration with the Financial Services Commission (FSC).

Information which might help

More information can be obtained via link

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

Link

Others

More information which might help people.