Reason for this visit

Mauritius is one of the financial centers in Africa, and many Chinese companies choose to conduct overseas business there, such as the African headquarters of Huawei and the African branch of Bank of China, which further promotes the prosperity of the forex trading market. Additionally, the country has trade relations with over 100 countries and regions, largely including France, the United Kingdom, the United States, India, and China, providing a broad market and opportunities for forex trading.

Regarding forex regulation, the Financial Services Commission (FSC) of Mauritius serves as a comprehensive regulatory authority responsible for the overall management of the non-banking financial services sector. Since its inception in 2001, the FSC has operated within a modern and internationally recognized legal framework, which encompasses key regulations such as the Financial Services Act, Securities Act, and Insurance Act. The FSC not only issues licenses for financial services activities but also implements strict supervision, surveillance, and oversight of various activities within the industry to ensure a fair, transparent, and stable market.

The FSC has ambitious and clear development goals, aiming to become an internationally recognized regulatory authority dedicated to promoting Mauritius as a sound and highly competitive financial services center, thereby driving the countrys sustained development. While Mauritius may not be economically prominent on a global scale, it is undoubtedly one of the most developed countries in Africa. The authority and reliability of its forex regulatory licenses are gradually gaining widespread trust and recognition from global traders and forex brokers. In an attempt to provide investors with a genuine understanding of the current situation of forex brokers in Mauritius, WikiFX survey team is determined to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to Mauritius to visit forex broker Capitist as planned according to its regulatory address that 14 Poudrière St, Premier Business Center, 10th Floor, Sterling Tower, Port Louis.

On January 30, 2024, the investigators came to 14 Poudrière Street in Port Louis of Mauritius for a visit to the brokers office, and located Sterling Tower, one of local iconic commercial buildings, in the prosperous district. Situated in the city center with steady stream of people, the tower boasts convenient transportation for both business activities and daily commute thanks to its fabulous location.

Upon arrival at the building for further investigation, the survey personnel spotted a directory at the entrance, which, however, didnt display the information pertinent to Capitist on the 10th floor.

After proceeding to the 10th floor via the elevator, the inspection team surprisingly discovered a different company called “Premier Financial Service”, rather than “Capitist”. Subsequently, the team communicated with the staff working for the former to understand if there was a collaboration and lease relationship between both parties, while consulting relevant registered documents and lease contract for verifying whether Capitist exists at the address or not.

Through the on-site investigation, it is confirmed that the broker doesnt have a physical presence at the place.

The survey team went to Mauritius to visit forex broker Capitist as scheduled, but didn‘t find the company at its regulatory address. This denotes that the broker doesn’t have a physical business office at the location. Accordingly, investors are advised to make a judicious decision following much deliberation.

Disclaimer

The content is for informational purpose only, and shall not be taken as a final order for making a choice.