Financial Services Commission (FSC) in Mauritius, the island-nation’s financial watchdog, has reported its financial metrics for the period between January and September 2016, which were emblematic of higher revenues and lagging expanses, according to an FSC statement.
The FSC announcement is not a routine occurrence among financial regulators worldwide but in general it aims to promote a picture of a more cost-effective, efficient and responsive agency, all the while providing interested parties both domestic and international with more opportunities to learn about its work. This also should boost the island’s plans to sell itself as a world class financial-services hub to investment companies.
During the reported period, the FSC revealed that revenues pointed higher, coming in at Rs 929 million ($26 million), a gain of 18.1 percent YoY from 786 million ($22 million) achieved in the same period of 2015.
In terms of the regulator’s operating expenses, the FSC reported a figure of Rs 227 million ($6.3 million), good for a drop of -7.3% YoY from Rs 245 million ($6.8 million) in the year earlier.
As such, net income for the first three quarters of 2016 amounted to Rs 719 million ($20.1 million) – this represents a gain of 39.4 percent YoY, or Rs 127 million ($3.5 million), from only Rs 516 million ($14.4 million) in 2015.
Mauritius was for a long time a preferred destination for those interested in operating an offshore forex broker due to the softer financial requirements, which make it a better option than many European jurisdictions.
The benefits list includes limited setup costs, low capital requirements of about €17,000, and a favorable tax regime. But recently it has become increasingly difficult to apply and obtain a forex licence in Mauritius to the point that most providers have changed their destination to Belize, despite the higher capital requirements and the more expensive fees structure.