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22 Jul 2022 • Financial Services

Launching of a ‘Single Window System’ for the financial services sector

Presentation of tokens

The FSC Single Window, launched at the seat of the Financial Services Commission on Thursday 21 July 2022, is a one-stop-shop service to serve financial institutions, businesses, high-net-worth individuals and potential investors, providing all relevant information related to licenses, professional permits and business registration, among others. It will help investors of the financial services sector to submit systemised information and documents with a single-entry point so as to fulfil all regulatory requirements.

The single window provides access to three institutions, the Financial Services Commission (FSC), the Corporate and Business Registration Department (CBRD) and the Economic Development Board (EDB), includes information on investment matters and allows the processing of investor requests in a simplified and coordinated manner.

The Minister of Finance, Economic Planning and Development, Dr Renganaden Padayachy, the Minister of Financial Services and Good Governance, Mr Mahen Kumar Seeruttun, and other personalities were present at the launch at the FSC Single Window.

In his address, Minister Padayachy highlighted that the FSC Single Window system is in line with Government’s vision of establishing a customer-centric approach to serve financial institutions, corporates, High-Net-Worth Individuals and potential investors by providing all relevant information pertaining to licensing, occupational permits and business registration, amongst others. He pointed out that this one stop shop will enable investors to carry out business in Mauritius more effectively.

Dr Padayachy indicated that, henceforth, potential investors will be able to book a meeting online via the Single Window section on the FSC website, indicating the business purpose, and relevant licences and permits being applied for. Thereafter, officers of the FSC Single Window system will confirm the meeting and contact the investor if any further information is required, he underlined.

Furthermore, the Minister of Finance emphasised that Government has brought about a series of reforms during the past years so as to encourage foreign direct investment.

In his address, Hon. Mahen Kumar Seeruttun, Minister of Financial Services and Good Governance explained that this platform will act as a one-stop shop and help investors in obtaining information relating to permits and licenses from the EDB and the FSC. “This demonstrates the government’s desire to make doing business in Mauritius easier. We simplify the hassle of investors and entrepreneurs. It was necessary to implement user-friendly processes for the financial services industry in order to be able to retain and attract our investors”, underlined the minister.

Mr Dhanesswurnath Thakoor, Chief Executive of the FSC, highlighted that investors are looking for a simple way to do their business. “The FSC Single Window is yet another milestone in our journey towards digitalisation to facilitate applications for financial activities licences with the FSC. It aims to create simpler, user-friendly process to serve Financial Institutions, Corporates and High Net Worth Individuals,” said Mr Thakoor.

For Mr Hemraj Ramnial, chairman of the EDB, this system is in line with what the EDB is doing to promote Mauritius as an international financial center. “This single window corroborates with what EDB is doing on other fronts as per its mandate, which is amongst others to provide institutional support, promote Mauritius as an International Financial Centre and ensure a conducive business environment.” He further added: “This platform will be a dedicated portal and a channel to facilitate investors for expeditious submissions of documents and applications for relevant permits. This System forms a quintessential part of recommendations of the Blueprint for the financial services sector, and its prime aim is to enhance ease of doing business in Mauritius.”

Mr Ramnial emphasized that in order to operationalize this System, EDB will lend all the support needed, as enumerated in the tripartite MoU with the FSC and the CBRD.

The Chairman of the EDB recalled that not so long ago, the EDB instituted the National Electronic Licensing System (NELS) which “has been implemented to curtail inefficiencies and provide more certainty to the business community. To further simplify the process to start operations, several other reforms are underway; for instance, the Government has started a review exercise to streamline the regulatory framework for the general business environment and for some specific sectors including health care, tourism, construction and trade, amongst others,”

In addition, a memorandum of understanding was signed yesterday between the FSC, the EDB and the CBRD. It lays the foundation for collaboration between the three institutions to facilitate the conduct of business in the financial services sector.

The FSC Single Window aims to be a single point of contact to respond to requests from local and international stakeholders.

The FSC Single Window will provide the following benefits: time reduction for processing documents, avoid the hassle for booking multiple appointments, improve connectivity and bring about reduction in clearance time to set up a business in Mauritius.

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