Can I be considered as self-employed ?

Dear David

I consider that the right and only question would be to ask “Whether I can trade officially on the currency market in Mauritius”.

As far as I know, the criteria for granting such trade licences is quite regulated in Mauritius, and cannot go beyond a certain limit.

Again, as far as I know, the Bank of Mauritius granted many such licences to players in Mauritius recently, knowing that the minimum capital required is MR 3,000,000/-, representing some €70,000.

In the very remote possibility that you get a licence to operate, I doubt whether currency trading will give you a self-employed status.

Anyway, best of luck!

Kind regards

Vayid

Hi Vayid !

Thank you very much for your prompt reply.
Do you have any idea where I could get more information about the licence you are talking about ?

Also, do you think that a retired visa can be an option in my case if I transfer more than 40 000 USD /year to a mauritius account ?
Or this visa is only for people over a certain age and receiving a pension  ?

Best regards,
David

Welcome on board David,

you should send an email to the BOI http://www.boimauritius.com/

they are the officials and they'll do their best to provide THE accurate response.

Hope this helps,

Julien

Retired scheme does not have any age limit imposed on them. The BOI requests a testimonial (sometimes!?) from your ex-employer (Quite odd, I admit)... and also a proof of pension or other regular income that tend to prove you're not professionally active. I have had clients in this situation, and others where they simply showed their USD40,000 and got their Retired Scheme.

As regards your operational licence, you should contact the Ministry of Finance. Trading CAN GIVE YOU self-employed licence. You act similar to a Chartered Accountant, but then your responsibility to cover yourself with a professional indemnity insurance. Now this question can lead to a paradox : The Ministry of Finance do insist that a Body Corporate applies and runs the licence. You will need the approval of the Financial Services Commission

It will then depend on the market you target. Are your clients in Mauritius? This will change many things as regards your operational mode and the rules you're submitted to.

Thank you for your posts. They are enlightening. I agree with Nadeem, that's what they asked for from the person I know. With the economic downturn and increase in joblessness, there are more individuals than ever trying for making a living off their hobbies. Cottage industry is on the rise, and it could well be the incubator for American recovery. Working long and hard just to get back on a treadmill never could be a good idea. Many individuals are headed this direction, though, because they haven't learned the hardest lesson of industry.

Are you trading for your own account or trading for clients as well?  If you are trading only for yourself using your own capital then you probably won't have to get a license nor will there be the need to be regulated in Mauritius assuming you will still be trading offshore.

If you have clients then you could set up a business in Mauritius and get the occupation permit that way and it may be possible to do it as "self employed" status as well depending on the business model.  There will be regulatory requirements that you will have to fulfil though either way.

If you are trading only for yourself, you could claim to be retired and then should be able to come in to Mauritius under the retirement scheme as you are not technically employed and earning a salary. It will probably depend on your current savings and how closing they look at your application though.

As others have said, get in touch with the BOI and explain the situation to them.  They are very helpful.