Mauritius and Seychelles are two names that come up time and again—and for good reason. Both have carved out reputations as go-to destinations for offshore brokers, but their licensing systems and regulatory quirks can make a world of difference. So, how do you choose? Let’s roll up our sleeves and dig into what really sets these two apart.

The Licensing Landscape—What’s on Offer?

Mauritius: A Menu of Options

Mauritius doesn’t believe in one-size-fits-all. Instead, the Financial Services Commission (FSC) offers a tiered licensing system for investment dealers, which means you can pick a license that matches your client’s business model (and budget).

Here’s the breakdown:

• Discount Broker (Tier 1):
  This is as bare-bones as it gets. You execute trades for clients—no advice, no principal trading, no market making. The capital requirement is pretty approachable (around $13,000), so it’s a good fit for firms just starting out or those who want to keep things simple.
• Broker (Tier 2):
  Step it up a notch, and you can offer investment advice and manage portfolios, but you still can’t trade as principal or underwrite. Think of this as a middle ground—more flexibility, but still some guardrails.
• Full Service Dealer (excluding underwriting, Tier 3):
  Now we’re talking. This license lets you do pretty much everything: trade as principal, act as a market maker, manage portfolios, and give advice. Most international FX and CFD brokers go for this one. The capital requirement is higher (about $21,000), but you get a lot more freedom.
• Full Service Dealer (including underwriting, Tier 4):
  If your client wants to underwrite or distribute securities—think IPOs or issuing financial instruments—this is the ticket. The capital requirement jumps substantially (over $200,000), so it’s for firms with big ambitions.

No matter which license you choose, Mauritius expects you to have a real presence on the ground—think two resident directors, an AML officer, and an accountant. The compliance bar is set high, but that’s part of what gives Mauritius its solid reputation.

Seychelles: Simplicity Rules

Seychelles, on the other hand, keeps things straightforward. The Financial Services Authority (FSA) offers a single main license for most FX and brokerage activities, which covers both dealing desk and non-dealing desk models.

• Securities Dealer License:
  This is your all-access pass. Whether your project run a dealing desk, offer CFDs, or manage portfolios, this license has them covered. The minimum capital is usually around $50,000, and the process is generally quicker and less fussy than Mauritius.
• Investment Adviser License:
  For those who just want to give advice without handling trades, this is the simpler, cheaper option.

Seychelles is known for its business-friendly approach and low taxes (as little as 1.5% corporate tax if you meet the “substantial activity” requirements). The compliance requirements are solid—local office, compliance officer, regular reporting—but generally less onerous than Mauritius.

Mauritius vs. Seychelles: How Do They Stack Up?

Real-World Scenarios: What Fits You?

Scenario 1: The Startup Broker
If you are just dipping their toes in the water and only wants to execute trades, Mauritius’ Discount Broker or Broker license is a cost-effective way to get started. In Seychelles, the Securities Dealer License might be more than they need, but it’s still a viable option.

Scenario 2: Full-Service FX/CFD Brokerage
For projects who want to run a dealing desk, offer CFDs, and manage portfolios, both Mauritius (Full Service Dealer, Tier 3) and Seychelles (Securities Dealer License) fit the bill. The choice may come down to reputation, cost, and target markets.

Scenario 3: Ambitious Firms Seeking to Underwrite
Only Mauritius offers a license for underwriting and distributing securities. If your project has their eye on IPOs or issuing financial instruments, Seychelles is off the table.

Scenario 4: Crypto-CFD Brokers Targeting Asia or Africa
Seychelles’ Securities Dealer License is often the go-to for crypto-CFD startups thanks to its flexibility and lower costs. Mauritius is still an option, but expect a heavier compliance lift.

Clearing Up the Myths

Let’s address a couple of rumors that tend to float around:

• “Seychelles is a regulatory free-for-all.”
  Not true. While it’s more streamlined, Seychelles has robust AML rules and requires audited financials. It’s not the Wild West.
• “Mauritius is only for big players.”
  Also not true. The tiered system means smaller firms can start with a lower-tier license and scale up as they grow.

Bottom Line: Which Should You Choose?

If you values credibility or needs the ability to underwrite securities, Mauritius is probably the way to go. The compliance requirements are steeper, but so is the perceived legitimacy.

If cost, speed, and flexibility are bigger priorities—especially for startups or firms focused on emerging markets—Seychelles is tough to beat.

At the end of the day, the “best” jurisdiction depends on your goals, risk appetite, and business plan. Both Mauritius and Seychelles offer strong solutions, but the right fit is always a matter of matching the license to the client—not the other way around.

All details are current as of June 2025, based on the latest guidance from the FSC (Mauritius) and FSA (Seychelles). For case-specific advice, always consult with local experts.

At Porat Group, we specialize in guiding companies through the legal and regulatory requirements for obtaining brokerage licenses across leading international jurisdictions. Whether you’re a startup building from the ground up or an established project expanding into new markets, our legal team delivers the expertise and support you need to operate compliantly and confidently on a global scale.

What We Offer:

• Licensing & Legal Structuring
  We manage the entire licensing process in key jurisdictions such as Seychelles, Mauritius, BVI, Cyprus, Labuan, Malta, UK and others. From preparing applications and drafting internal policies to regulator communications and entity formation—we handle it all.
• Banking & Payment Solutions
  We help you establish operational infrastructure with trusted banks, PSPs, crypto exchanges, and liquidity providers that understand the unique needs of regulated brokerages.
• Ongoing Compliance & Risk Management
  Our team provides AML frameworks, outsourced compliance officers, internal manuals, and regulatory updates—so you stay ahead of local and international requirements. Global Network of Professionals
  Gain access to our trusted network of law firms, auditors, accountants, and compliance specialists worldwide to ensure seamless operations in every jurisdiction.
• Strategic Industry Partnerships
  Leverage our longstanding relationships with regulators, registrars, and service providers—helping you fast-track processes and avoid common pitfalls.

Whether you’re at idea stage or already operating, contact Porat Group to explore how we can support your global brokerage licensing, compliance, and growth strategy.

Or Reizis, Adv, Head of the Regulation Department at Porat Group, has guided hundreds of startups and large-scale companies from the idea stage to fully operational, profitable businesses. With a unique blend of legal expertise and business-oriented strategy, Or and the Porat Group team provide tailored solutions that drive real results.

Contact us today to better understand which solution fits your goals, explore our network of trusted partners, and take the first step toward launching your global brokerage project with confidence.