PSP License


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PSP License Mauritius

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The Payment Intermediary Services Licence is of interest to those who wish to operate as an online Payment Service Provider (PSP). The PSP business model is becoming more of a norm in the current business environment to address the ever-increasing need of both online shoppers and online sellers to do business via the internet.

The Payment Intermediary Services Licence can only be applied under the structure of a Global Business Company (GBC) and needs the approval of the Financial Services Commission to obtain such a special licence. One of the licensing conditions is that the company must maintain an unimpaired capital of at least MUR 500,000 or its equivalent. With a Payment Intermediary Services Licence, the GBC can offer merchant online services for accepting electronic payments by a variety of payment methods including credit card, bank-based payments such as direct debit, bank transfer, and real-time transfer based on online banking. The main customer base is often composed of online merchant sellers.

Requirements for Set up of a Global Business Company with Payment Intermediary Services licence:

  1. KYC of Directors/Shareholders/Ultimate Beneficial Owners as per due diligence checklist
  2. Consent form of Director & shareholder to be signed (will send those forms duly filled in for signature once order confirmed).
  3. Personal Questionnaire Form (PQ) to be filled in and signed by the Director/Shareholder/ Ultimate BO (form to be sent later).
  4. Details of any other licence(s)/registration(s) which the Applicant holds and name of the licence(s) and issuing authority, and any restriction(s) imposed.
  5. Detailed Business PlanThere is no specific format for the business plan, but should include following details, among others:
    1. Introduction and background of director(s)/beneficial owner(s)/shareholder(s)
    2. The rationale for setting up the company in Mauritius
    3. Business objective, strategy and proposed activity
    4. Organisation structure/team
    5. Composition of members of the PIS team (inc. qualifications & experience)
    6. Target market(s) and client(s) profile
    7. Capital investment and source of funding
    8. Location where the business activity will be conducted
    9. Place where server will be hosted
    10. Three year Financial Forecasts (Balance Sheet, Profit and Loss, and Cash Flow Statement);
    11. Any other relevant information.

     

  6. Internal manual
    The manual should be well detailed including details like:

    • – Internal procedures describing the operational & compliance processes
    • – Details of arrangements put in place for day-to-day administration and management.
    • – Organisational structure with clear lines of responsibility, supervision & authority
    • – Details on the IT systems & infrastructure in place for proper functioning of the business
    • – Internal controls systems
    • – Risk management policies & procedures
    • – Details of arrangements to ensure confidentiality, security and reliability of client(s) information.
    • – Policies & processes on conflict management & monitoring of unethical conduct & market abuse
    • – Policies and processes to ensure compliance with applicable laws and regulations
    • – Internal audit procedures
    • – Internal dispute resolution system
    • – Procedures for complaints handling and indication as to who will be responsible to handle complaints & the time frame within which complaints will be handled.
  7. Draft customer agreements

NOTE:
The above are the standard documents which are normally requested by the Financial Services Commission (FSC) but given that each application is dealt with on a case-to-case basis, additional information may be requested by the FSC upon review.

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We would like to thank the team at VA Global Ltd for providing exceptional service to Blessov Ltd Mauritius since 2012. Your personal commitment to meet our demands and accuracy continuously exceeds our expectations. You have become a trusted resource from the moment you registered our company and began to handle our company accountancy . Your enthusiasm for the dedication in providing Blessov with timely and efficient solutions made the decision to continue year after year with VA Global. The key factors for choosing to work with VA Global is your in depth knowledge , dedication to fulfil our requirements as well as your ability to supply Blessov Ltd with day to day information . Throughout the years we have learnt to appreciate your high level of service you repeatedly provide. I would like to specifically thank you for the extraordinary service that you provide every time we need. We Blessov Ltd are very satisfied and happy to be your client and are looking forward to a long-lasting relationship.
Blessov Ltd
In 2015 we created our company Austral Technical Management in Port Louis - Mauritius. All the process was successfully handled by VA Global, with the so efficient leadership of Vidya Ramanah and her team. Even in the more complicated moments they have been at all times extremely serviceable and kind. Their advice was always accurate and wise.
Austral Technical Management
Having worked tightly and in various occasions with VA Group for several years, we can confirm that our experience was always amazing and up to SFM expectations.
SFM Corporate Services
Our experience for the past eight years with VA Global Limited as a management company institution has been excellent. Their resolution to issues are expeditious and their responses are quick.
Dunitek Limited
Our Company ICOM Ltd providing offshore manpower and catering services working with VA Global Business Ltd for many years. We are very satisfied with the quality of services of VA Global providing to our International business. With no hesitation we recommend VA Global
ICOM Ltd
It’s a very delightful and an excellent experience to work with VA Global. Staff is commendable, proactive, skillful and have complete knowledge of the subject matter. They work as a partner which is excellent
Innovis Telecom Services Ltd
We have been collaborating with your firm for a number of years and our experience has been most positive from the very beginning. The advice we received was essential and timely. The level of services was professional. Keep on doing great job!
Privacy Unlimited Ltd
We, BBC Incorp, have such a great experience in working with VA Global Limited. The entire staff is amazing as always fast in response and very knowledgeable to answer our questions in an easy way to understand as well as handle any issues with professionalism. We really appreciated all of the support and will continue using your company service whenever we need. Thank you for your hard work and great performance.
BBCIncorp
VA Global as a management company in Mauritius stands out and our experience has been excellent with them.  They have expertise in helping any new client in incorporating a new company, open bank accounts, legal documentation, making financial summaries and accounts. We have been associated with them for more than a year now.
Quramax Holding

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