Financial services: Jyoti Jeetun refutes any risk of exodus from Global Companies

Recent increases in some Financial Services Commission (FSC) licensing fees are unlikely to result in a mass departure of Global Companies to other jurisdictions, according to Financial Services Minister Dr Jyoti Jeetun. According to her, this perception is based on isolated elements rather than a real trend.

“This assumption is largely based on the single example of a company proposing Authorized Companies to register in Seychelles, and could not reflect a real trend within the sector,” argued the minister in a press release published on July 17. Dr Jyoti Jeetun recalls that only the category of Authorized Companies, which carry out their activities outside Mauritius, is affected by an increase in fees greater than 50%. Of the 145 categories of licenses administered by the Financial Services Commission (FSC), 33 saw their prices reduced, 87 remained unchanged and only 25 were revised upwards.

For Dr Jyoti Jeetun, the cost of administrative formalities is only one of the criteria taken into account by investors. “Administrative and registration costs are not the only criteria for selecting a financial center. It’s the ecosystem as a whole that really matters,” she emphasizes. She particularly mentions the regulatory framework, governance, economic stability and the business climate.

The minister also rejects criticism of a lack of consultation with operators in the sector. She indicates that consultations have been carried out since November 2024 as part of the development of the 2025-2030 financial services strategy, with the participation of industry representatives within the Financial Services Consultative Council. She also recalls having met with the management of Mauritius Finance on July 2 to discuss concerns related to budgetary measures and new licensing fees.

The ministry highlights several results recorded over the last two years, including 5% growth in the sector, the integration of Mauritius into the Top 50 of the Global Financial Centers Index and reforms intended to strengthen the competitiveness of the Mauritian financial center.

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