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Regulatory Institutions

Financial Services Commission (FSC)

The Financial Services Commission (FSC) was established as the regulator for the non-bank financial services sector under the Financial Services Development Act 2001. The FSC is the integrated regulator for the industry and licenses, regulates and supervises non-bank financial institutions in Mauritius.  The non-bank financial sector includes institutions involved in Insurance & Pensions, Capital Market operations, Leasing & Credit Finance as well as Global Business activities.
 
The main role of the FSC is to protect the integrity and stability of the non-bank financial services sector and by so doing protect the interest of investors and consumers.  The Commission also licenses, regulates, monitors and supervises the conduct of business activities in the financial services sector.  

The FSC regulates non-bank financial institutions, Investment Schemes and Financial Service Providers.  The companies and services which the FSC regulates have been listed below under their respective categories.  

The entities falling under
non-bank financial institutions category are:
  • Insurance & re-insurance companies
  • Leasing companies
  • Credit Finance companies
  • Market intermediaries: fund managers, portfolio managers, investment managers / asset managers, custodians, brokers, investment advisers
  • Cooperative credit unions

The entities falling under Investment Schemes category are:
  • Authorised mutual funds
  • Unit trusts
  • Global Business funds and Collective Investment Schemes
  • Pension and Equity funds

The entities falling under the Financial Service Provides category are:
  • Management Companies / Corporate Trustees
  • Captive Managers
  • Collective Investment Schemes Managers
  • Investment Dealers (Stockbroking companies)
  • Insurance brokers
  • Professional Financial Advisers

For more information about the FSC, please visit its website: http://www.fscmauritius.org


Mauritius Revenue Authority (MRA)

The Mauritius Revenue Authority (MRA) has been established as an agent of the State under the MRA Act 2004 for the management, operation and administration of Revenue laws. MRA became fully operational with effect from 1st July 2006. MRA is a body corporate and is administered and managed by a Revenue Board.

The MRA is responsible for the administration of tax policy, and the collection and accounting of all revenues arising under the Revenue laws, with Income Tax, VAT, Customs, Excise and Gaming.
It administers and collects taxes due in Mauritius within an integrated organisational structure.

MRA efforts are geared towards the development of the Authority in a manner, which promotes a transparent and accountable administration. 

The main goals of the MRA are:
  • Increase revenue collection
  • Deliver an efficient, effective and professional service to the public.
  • Promote voluntary compliance with the Revenue Laws.
  • Promote confidence and ensure integrity management so as to obtain the trust of all stakeholders and the public.
  • Combat corruption and other fraudulent activities such as tax evasion, smuggling and drugs trafficking.
  • Protect and facilitate legitimate trade and industrial development and uphold the country's trading integrity.
  • Promote the use of advanced technologies to enhance transparency and expediency in tax services.
  • Promote human resource development, capacity building and training for a competent, ethical and highly motivated staff.
  • Ensure that tax and fiscal policies are evolved in line with best practices and procedures.
  • Fulfil international obligations.

For more information about the MRA, please consult its website: http://www.mra.mu


Board of Investment (BOI)

The Board of Investment (BOI) is the official Investment Promotion Agency of the Government of Mauritius.   

As Mauritius opens to the world, transforming itself into a competitive global business platform, the BOI has put at the disposal of the international business community a personalised range of services to attract international investments and talents to the country. 

The range of services being provided, free-of-charge by the BOI are:

  • Counseling on investment opportunities in Mauritius;
  • Providing sector-specific and tailor-made information for the setting up of a business in Mauritius;
  • Organising customised meetings and visits;
  • Identifying joint-venture partners;
  • Providing guidance on the choice of site locations and production facilities;
  • Assisting with occupation permits, licenses and clearances;

For more information about the Board of Investment (BOI) please visit its website: http://www.boimauritius.com


Bank of Mauritius (BOM)

The Bank of Mauritius was established in September 1967 as the Central Bank of the country.  It was modelled on the Bank of England and was, in effect, set up with the assistance of senior officers of the Bank of England.

The Bank of Mauritius was conceived along the line of the well-known Radcliffe Report as 'a separate organisation with a life of its own, capable of generating advice, views and proposals that are something more than a mere implementation of its superior's instructions.'

The Bank has been set up as the authority which is responsible for the formulation and execution of monetary policy consistent with stable price conditions.  It also has responsibility for safeguarding the stability and strengthening of the financial system of Mauritius.

The effectiveness of the role and functions of Central Banks in achieving the desired results depends greatly on the extent to which monetary policy and fiscal policy are co-ordinated.

The basic objectives of the Banking Act are to maintain a sound banking system in Mauritius and to protect the interests of depositors.

The Bank of Mauritius has moved away from a system of direct monetary control to an indirect method of monetary control. The functions of monetary management and the regulatory as well as the supervisory role of the Bank of Mauritius are intertwined, more so as the country has been increasingly integrated with the world economy.

Against this backdrop of changes within the Mauritian financial system as well as those in the world financial system, the conduct of monetary policy and the regulatory and supervisory role of the Bank of Mauritius have become increasingly complex. The Bank of Mauritius is strongly committed to enhancing competition and efficiency in the financial system and ensuring its total integrity.

For more information about the Bank of Mauritius (BOM), please visit its website: http://bom.intnet.mu