The common requirements include payment of annual fees to the Financial Services Commission, submitting audited accounts, financial statements, compliance report, annual return. The FSC may conduct a fit and proper assessment of the directors, officers, and shareholders of a licensed investment dealer on an annual basis. This assessment is to ensure that the individuals involved in the operation of the investment dealer are of good character and have the necessary competence and experience.

Companies holding the Investment Dealer Licence are subject to a reduced effective income tax rate of 3%. There is no withholding tax on dividends, capital gains and interests.

The minimum paid up capital requirements are:

MUR 10,000,000 - for Full Service Dealer including Underwriting

MUR 1,000,000 - for Full Service Dealer excluding Underwriting

*MUR - Mauritian rupee 

An undertaking shall at all times maintain the prescribed minimum stated unimpaired capital. 

Application timeframe will depend on the complexity of ownership structure, commercial proposition, and cooperation of the related parties since the application process runs in close collaboration with an applicant.

The licensing process usually takes around 3-6 months from the date application is lodged with the Financial Services Commission of Mauritius if all the documents are in order. 

The company must have at least 1 shareholder and at least 2 directors. Notably that there must be at least 2 local directors in the licensed company. 

The Fit and Proper Test is conducted by the Financial Services Commission (FSC) in Mauritius. It is a critical component of the licensing process for investment dealers in Mauritius, and the FSC requires all applicants to undergo the test before granting a license. It aims to ensure that the individuals who operate or manage an investment dealer meet certain standards of integrity, competence, and financial soundness.