Investment Banking Licence

An entity holding an Investment Banking Licence issued by the Financial Services Commission (FSC) may conduct the following activities:

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• Investment Dealer (full service dealer including underwriting)

• Investment Adviser (Unrestricted)

• Investment Adviser (Corporate Finance Advisory)

• Asset Management

• Distribution of Financial Services

• Distribution of Financial Products

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FSC FEES

The processing fees for this licence is MUR 100,000 (USD2,700 approx.) and the annual licence fees is MUR 500,000 (USD13,000approx).

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EXEMPTION FROM INCOME TAX

A company holding an Investment Banking Licence shall be exempted from income tax for a period of 5 income years as from the income year in which the corporation was granted its licence

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Statutory Requirements

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Minimum Capital

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The minimum paid up and unimpaired stated capital and shareholders’ fund should be at least MUR 50 million rupees (USD 1,300,000)

• Employment and Substance Requirements

• Need to employ at least five professionals

• The minimum annual expenditure to be incurred is MUR 5m

• The Board of directors need to consist of at least 5 natural persons, of which at least 2 need to be independent directors

Internal Control System

Need to have documented rules of internal control namely

• Operations and Compliance Manual

• Details of IT Infrastructure

• Disaster Recovery and Business Continuity Plan

• Procedures for complaints handling

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Insurance Policies

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Need to subscribe to a professional indemnity insurance to cover the following:

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• Fraudulent activities of employees;

• Fraudulent instructions;

• Losses arising from the malicious or fraudulent corruption of electronic data or electronic transactions; and

• Legal liability to third parties arising from breaches of professional duties.

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Annual Report

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An Annual Report need to be filed with the FSC within 90 days of the balance sheet date and which has to include:

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A report on corporate governance policy as well as any other information required by the FSC
An audited report on its risk management procedures and their application
Audited financial statements prepared in accordance with IFRS or such other standards
Consolidated financial statements where the holder of the Investment Banking Licence is a holding company or a subsidiary or a branch of a company incorporated abroad.

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Premier Services

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Premier specialises in providing professional services whether your need is to minimize tax or protect your wealth. We help you in setting up the right structure whether it is an onshore company, offshore company or offshore trust. The solutions we provide are adapted to your needs and are smartly structured. Our expert services include:

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• Professional Advisory services

• Company Formations, Directorship, Secretarial and Compliance

• Bookkeeping and Accountancy Services

• Licensed Trustee Services

• Foundation Services

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• Offshore Funds (Hedge/Mutual Funds) Licence applications & advice

• Broker Licence applications and advice

• Investment Adviser/Manager Licence applications and advice

• Other Financial Activity Licence applications and advice

• Tax Compliance Services (for companies, trusts & foundation and individuals) such as:

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• Tax Computations

• Annual and Quarterly Tax filings

• International Tax Structuring

• Filing of Declaration of non-residency for trusts and foundations

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Our client base is involved in various sectors from automotive, agriculture, aviation, banking, construction, digital services, financial, health, food, high tech, investment funds, legal, minerals, telecommunications, steel, transport and many more.

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