🇲🇺 Mauritius Offshore Banking
Intelligence Center

FSC Mauritius has continued phased enforcement of the Qualified Domestic Minimum Top-up Tax (QDMTT) framework applicable to in-scope Global Business Companies, with compliance reporting obligations for the first reference period remaining active through Q3 2026. GBC licence holders with consolidated group revenues meeting the EUR 750 million threshold are reminded that substance documentation must align with updated FSC guidance issued in late Q2 2026. Failure to submit timely QDMTT self-assessment declarations may trigger licence condition reviews under the Financial Services Act 2007 as amended.

Mauritius continues to attract regional holding and investment structures from sub-Saharan Africa, with the GBC segment showing steady licence application volumes in the fund administration and fintech advisory categories through mid-2026. The jurisdiction's expanded double taxation agreement network, now covering 46 treaties including the renegotiated India-Mauritius protocol provisions, remains a primary draw for inbound structuring activity. Market participants note increasing due diligence timelines at correspondent banking level as global AML monitoring standards are applied more stringently to Mauritius-domiciled entities.

FSC Mauritius has continued its phased implementation guidance for the Qualified Domestic Minimum Top-up Tax (QDMTT) framework, which came into force for accounting periods beginning on or after 1 January 2025. GBC-1 legacy structures and Global Business Companies holding cross-border investment mandates are being reviewed by compliance teams ahead of the 31 December 2026 annual reporting deadline. Firms are advised to confirm their effective tax rate calculations meet the 15% minimum threshold to avoid supplementary top-up assessments.

Mauritius continues to consolidate its position as a primary African investment gateway, with GBC licensing applications in the financial services and renewable energy sectors remaining elevated through Q3 2026. The FSC's streamlined online portal for GBC Category 1 licence renewals, introduced earlier in 2026, is reducing processing times to an average of 14 business days, down from the previous 28-day benchmark. Practitioners note that enhanced substance requirements introduced under the revised Financial Services Act guidelines are now firmly embedded in FSC licence assessment criteria.

FSC Mauritius issued Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2026 [GN No. 119 of 2026] effective July 1, 2026, updating fee structures and renewal procedures for all FSC-licensed entities including Global Business Companies, fund managers, securities dealers, and investment advisors.

FSC Mauritius issued Circular Letter CL20260701 confirming review of fees and renewal of licences for 2026/2027 cycle. All GBC holders and FSC-licensed entities required to complete annual renewal process. Non-renewal results in automatic licence surrender.

Mauritius fund sector 2026 outlook: pivot from tax-led to substance-based financial centre completed, Qualified Domestic Minimum Top-Up Tax (QDMTT) integrated, two-resident-director rule for GBCs in force. Private equity and debt funds focused on African and Asian markets continue to dominate. VCC (Variable Capital Company) structure remains popular. Jurisdiction retains top-tier ranking as Africa investment gateway.

Mauritius fund industry demonstrated significant resilience in 2025 navigating global tax reform and heightened regulatory standards. Looking ahead to 2026: confident growth outlook with fund managers re-evaluating structures under the new QDMTT framework. GBC companies must maintain genuine economic substance, two resident directors, local management and control.

FSC Mauritius revoked authorisations of Paka Group Limited (December 2025), Yuragi Limited, and Yukai Limited (October 2025), reinforcing active regulatory oversight. FSC's enforcement actions in 2025 signal willingness to revoke licences of non-compliant entities, strengthening the jurisdiction's credibility with international investors.

Mauritius removed from FATF grey list, October 2022. Clean FATF status maintained through 2026. This followed the removal from the EU list of non-cooperative tax jurisdictions in 2021. Mauritius is now fully compliant with international AML/CFT standards, OECD-recognised as a cooperative jurisdiction, and holds clean status on all major blacklists.