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:
- KYC of Directors/Shareholders/Ultimate Beneficial Owners as per Due diligence Checklist
- Consent form of Director & shareholder to be signed (will send those forms duly filled in for signature once order confirmed).
- Personal Questionnaire Form (PQ) to be filled in and signed by the Director/Shareholder/ Ultimate BO (form to be sent later).
- 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.
Detailed Business Plan
There is no specific format for the business plan, but should include following details, among others:
- Introduction and background of director(s)/beneficial owner(s)/shareholder(s)
- The rationale for setting up the company in Mauritius
- Business objective, strategy and proposed activity
- Organisation structure/team
- Composition of members of the PIS team (inc. qualifications & experience)
- Target market(s) and client(s) profile
- Capital investment and source of funding
- Location where the business activity will be conducted
- Place where server will be hosted
- Three year Financial Forecasts (Balance Sheet, Profit and Loss, and Cash Flow Statement);
- Any other relevant information.
- 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.
- Draft customer agreements
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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