MAURITIUS Law and Practice Contributed by: Sameer K Tegally, Sonia Xavier and Ashvan Luckraz, Venture Law
Consequences of Investing Without Approval Financial services Any person who operates without securing an FSC licence shall commit an offence and shall, on conviction, be liable to a fine of up to MUR500,000 and to imprisonment for a term of up to five years. Property development In the case of a property that is acquired by a foreigner, without an authorising certificate, the curator shall take possession of the property and cause it to be sold. 2.3 Commitments Required From Foreign Investors Conditions Attached to an FSC Licence for Financial Services The FSC shall not grant an application unless it is shown to its satisfaction that: • the application complies with the provisions of the law; • the criteria for the licence are met; • the applicant has adequate resources, staff with appropriate competence and experience to carry out the activity for which the licence is sought; • the applicant and each of its controllers and beneficial owners are fit and proper persons to carry out the business for which the licence is sought; and • the applicant has adequate arrangements for proper supervision of everything done under the licence to ensure compliance with the law. Conditions Attached to an Acquisition of Property Conditions attached to an acquisition under the Non-Citizens (Property Restriction) Act are as follows:
• a main holder of an occupation permit as investor, professional, self-employed; • a main holder of a short-term occupation permit; • a main holder of a family occupation permit; and • a main holder of a residence permit as a retired non-citizen Investing in Securities Foreign investors may invest in any securities listed on a securities exchange. However, the Securities (Investment by Foreign Investors) Rules 2013 provide that a foreign investor can - not acquire interests in a Mauritian sugar com - pany listed on a securities exchange without prior written consent of the FSC where, as a result of such investment, 15% would be held by foreign investors. 2.2 Procedure and Sanctions in the Event of Non-Compliance Other Regulated Activities An application for authorisation has to be made to the relevant authority. Financial Services An application for a licence must be made to the FSC prior to setting up and must be accom - panied by: • a business plan; • fees as specified in the FSC Rules; • other information required by the Commission to determine the application; and • particulars and information relating to pro - moters, beneficial owners, controllers and proposed directors. Property Development An application on the prescribed form must be filled in and submitted to the EDB.
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