Our Proposal
Fintech & Innovation Ltd
A three-jurisdiction licensing pathway for cross-border payment services
A comprehensive proposal for the establishment and licensing of a GCC–Africa cross-border payment services business across the Seychelles (CBS PSP), Mauritius (FSC PIS), and the UAE (CBUAE via Meydan Free Zone). Each jurisdiction is addressed separately with full regulatory scope, documentation requirements, and indicative timelines.
Three regulated licences. One integrated GCC–Africa payments business.
The GCC–Africa payments corridor is one of the most underserved and highest-growth remittance and B2B payment lanes globally. A three-jurisdiction licensing strategy positions the business to operate with full regulatory coverage across Seychelles (as the operational base), Mauritius (as the Indian Ocean hub and cross-border gateway), and the UAE (as the GCC commercial and investor-facing entity).
Each licence serves a distinct commercial purpose: the CBS PSP licence provides the primary operating authority and acquiring bank relationship; the Mauritius PIS licence provides cross-border payment gateway capability and access to Mauritius treaty network; and the UAE Meydan entity provides a commercial UAE presence and GCC-facing operational base, with Payment Service Provider (PSOP) activity listed on the Meydan trade licence and operations conducted via an existing acquiring partner — no CBUAE licence required at this stage.
Each jurisdiction addressed in full: scope, requirements, timeline, and our service delivery.
Payment Service Provider (PSP) Licence
The Seychelles PSP licence is issued by the Central Bank of Seychelles (CBS) and provides authority to operate as a payment service provider, enabling the acceptance, processing, and transmission of electronic payments. It is well-suited as the primary operating entity for a GCC–Africa corridor business given Seychelles' favourable regulatory stance towards fintech, its established IBC framework, and the CBS's growing familiarity with cross-border payment models.
What the licence permits
A CBS PSP licence covers: acceptance and processing of electronic payments (credit card, debit card, direct debit, bank transfer); cross-border remittance services; digital wallet issuance and management; B2B trade payment rails; and API-based payment infrastructure services. The crypto-fiat settlement component (USDT/USDC) will require separate regulatory confirmation with CBS as virtual asset regulation in Seychelles continues to develop.
Corporate structure requirement
A Seychelles domestic company (not an IBC) must be incorporated first. The PSP licence application is filed under the domestic company name. The company must maintain a local registered office and appoint a Compliance Officer/MLRO. An Acquiring Bank Agreement must be in place or in advanced negotiation at the time of submission.
AML/CFT requirements
The application must include a comprehensive AML/CFT Policy Manual drafted in accordance with CBS Directive No. 3 of 2025. This is one of the most scrutinised components of the application. The manual must address customer due diligence, enhanced due diligence for high-risk corridors (GCC–Africa qualifies), transaction monitoring, suspicious activity reporting, and MLRO responsibilities.
- Regulator
- Central Bank of Seychelles (CBS)
- Entity required
- Seychelles Domestic Company (not IBC)
- AML framework
- CBS Directive No. 3 of 2025
- Acquiring bank agreement
- Required at submission
- Compliance Officer / MLRO
- Must be appointed; fit-and-proper
- Physical presence
- Registered office required; local director preferred
- Estimated timeline
- 4 to 8 months from complete submission
- Year 1 total
- USD 50,350 (incl. incorporation, licence application, govt fees, bank account, annual fees)
- Annual recurring (Y2+)
- USD 16,300 p.a.
Engagement & KYC
Collect all director and shareholder KYC documentation. Confirm corporate structure. Begin company incorporation.
Document preparation
Incorporate domestic company. Draft business plan per CBS template. Prepare AML/CFT policy manual per Directive No. 3 of 2025. Draft compliance framework.
Acquiring bank introduction
Facilitate introduction to acquiring banking partner. Negotiate and execute Acquiring Bank Agreement.
CBS submission
Submit complete PSP application to CBS. Manage all CBS correspondence, clarification rounds, and follow-ups through to licence grant.
Review & licence grant
CBS review period. Target: licence grant within 4 to 8 months of complete submission. Post-licence annual compliance support provided.
Documentation required from the client
Fee schedule — Seychelles PSP Licence
| Service | Amount (USD) | Frequency | Notes |
|---|---|---|---|
| One-off setup fees | |||
| Incorporation of a Seychelles Domestic Company COI, M&A, share certificates, registers of directors/shareholders/UBOs, notice of situation, first board minutes, consent to act as director, application of shares, UBO declaration, client declaration form |
USD 1,000 | One-off | Full corporate documentation package |
| Application for PSP Licence Full end-to-end PSP licence application management. End-to-end PSP licence application and management. |
USD 26,500 | One-off | Business plan, AML/CFT manual, CBS liaison, acquiring bank introduction, all application documents |
| Govt. Application Fee — Operator of payment, clearing or settlement system Payable to Central Bank of Seychelles at time of submission |
USD 3,550 | One-off | Government fee — non-refundable |
| Bank Account Assistance (1 account) | USD 3,000 | One-off | Corporate banking introduction and KYC facilitation |
| Annual / recurring fees | |||
| Govt. Annual Fee — Operator of payment, clearing or settlement system Payable annually to Central Bank of Seychelles |
USD 7,100 | Annual | Ongoing CBS regulatory fee |
| Annual Secretary Fee Company Secretary and Registered Agent, annual licence renewal with authority, registered address and office, annual registry fees, accounting record notice, ongoing compliance with local laws, dedicated agent |
USD 6,500 | Annual | All-inclusive annual secretarial and administration |
| Annual Return Filing Fee | USD 200 | Annual | Annual return to Seychelles Registrar |
| Public Officer (Seychelles Resident) Provision of a resident public officer to deal with Seychelles Revenue Commission |
USD 2,500 | Annual | Required for tax compliance with Seychelles Revenue Commission |
| Year 1 total (incl. all one-off and annual fees) USD 50,350 | Incorporation USD 1,000 + Licence application USD 26,500 + Govt application fee USD 3,550 + Bank account USD 3,000 + Govt annual USD 7,100 + Secretary USD 6,500 + Annual return USD 200 + Public officer USD 2,500. | ||
| Annual recurring (Y2+ excl. bank accounts) USD 16,300 | Govt annual USD 7,100 + Secretary USD 6,500 + Annual return USD 200 + Public officer USD 2,500. | ||
Payment Intermediary Services (PIS) Licence
The Mauritius PIS licence is issued by the Financial Services Commission (FSC) under the Financial Services Act 2007. It authorises the holder to operate as a payment gateway, facilitate online payment transactions, and acquire merchants for cross-border payment processing. Critically, PIS licensees must conduct business exclusively outside Mauritius — making it ideally suited for a business serving the GCC–Africa corridor from a Mauritius base.
Why Mauritius for this business
Mauritius offers a highly credible, FATF white-listed regulatory environment with strong treaty networks across Africa and Asia. The FSC's codified licensing framework and the FSCOne online portal provide predictable timelines. Mauritius operates at approximately 3% effective corporate tax for GBC entities, making it commercially attractive for routing cross-border payment flows. For a business targeting East Africa and Indian Ocean economies, Mauritius is a natural hub.
Structure: Global Business Company (GBC)
The PIS licensee must be a Global Business Company (GBC) incorporated in Mauritius. The GBC must have a minimum of two resident directors, maintain a principal bank account in Mauritius, and demonstrate adequate substance. The GBC is managed by a licensed Management Company (which we will arrange through our partner network in Mauritius).
Minimum capital
The minimum stated unimpaired capital for a PIS licence is MUR 2,000,000 (approximately USD 45,000 to 60,000 depending on exchange rates). This must be paid up and maintained at all times. Additionally, the applicant must demonstrate sufficient working capital — typically bank balance confirmation showing minimum capital plus 35% for initial expenses.
Timeline
The FSC has introduced a statutory determination of application process to accelerate decisions for complete applications. Typical timeline from complete submission is 6 to 9 months. All applications are submitted through the FSCOne digital portal — no paper filings.
- Regulator
- Financial Services Commission (FSC), Mauritius
- Entity required
- Global Business Company (GBC) or domestic company
- Minimum capital
- MUR 2,000,000 (~USD 45,000–60,000)
- Resident directors
- Minimum 2 resident directors required
- Scope of operations
- Cross-border only — no domestic Mauritius transactions
- Annual FSC fee (statutory)
- MUR 57,000 (~USD 1,900) fixed annual fee
- Filing platform
- FSCOne digital portal (no paper)
- Estimated timeline
- 6 to 9 months
- Year 1 total (excl. monthly fees)
- USD 67,500 + Monthly compliance from USD 2,000/month
GBC incorporation
Incorporate the GBC through a licensed Management Company. Appoint 2 resident directors. Open principal bank account in Mauritius.
Application preparation
Prepare business plan, AML/CFT policies, compliance framework, financial projections, and all FSC-required documentation via FSCOne portal.
FSC submission
Submit complete PIS application via FSCOne. Pay processing fee (MUR 25,000 / ~USD 550). Manage all FSC queries and clarification rounds.
FSC review & licence grant
FSC statutory determination period. Annual compliance support and regulatory reporting provided post-licence.
Documentation required from the client
Fee schedule — Mauritius PIS Licence
| Service | USD | Frequency | Notes |
|---|---|---|---|
| One-off setup fees | |||
| GBC1 incorporation & PIS licence application Name reservation, FSC submission, incorporation docs, M&A, company seal, statutory registers, legal certificate, first meeting minutes, share issuance |
USD 45,500 | One-off | All-inclusive setup and licence application fee |
| Corporate bank account — Mauritius | USD 3,500 | One-off | Principal Mauritius bank account opening |
| International bank account (optional) | USD 2,500 | One-off | Additional international banking relationship |
| Annual fees (Year 1 and ongoing) | |||
| Statutory annual fees FSC licence processing fee (one-off, payable pre-incorporation), annual GBL1 licence fee, annual PIS licence fee, Registrar of Companies registration fee |
USD 7,500 | Annual | All statutory and government fees |
| GBC1 + PIS annual administration Registered office, qualified company secretary, due diligence maintenance, 2 resident directors of sufficient calibre |
USD 14,500 | Annual | Mandatory for PIS licence maintenance |
| Monthly compliance & management fee (post-licensing) | |||
| Monthly compliance & management — first 6 months | USD 2,000 | Monthly | AML monitoring, regulatory reporting, operational compliance |
| Monthly compliance & management — after 6 months | USD 3,500 | Monthly | Full ongoing compliance management |
| Year 1 total (excl. monthly fees & bank accounts) USD 67,500 | Setup USD 45,500 + Statutory USD 7,500 + Annual admin USD 14,500. Monthly compliance billed separately. | ||
Meydan Free Zone Company — PSOP Trade Licence Activity
The UAE component is a Meydan Free Zone Company (FZC) with the Payment Service Provider (PSOP) activity listed on its Meydan trade licence. This establishes a legitimate, commercially credible UAE entity authorised to engage in payment service provider activities under the Meydan Free Zone framework.
Critically, no CBUAE Meydan entity (PSOP trade licence) is required at this stage. The business will operate through an existing acquiring partner relationship, which means the entity can be operational rapidly without going through the CBUAE licensing process. This is the most commercially pragmatic starting point for a GCC-facing payment business that already has or can secure an acquiring arrangement.
Why Meydan
Meydan Free Zone offers same-day digital licence issuance, 100% foreign ownership, zero personal income tax, a prestigious Dubai address, and strong banking access through its partner network. For a fintech founder already based in Dubai, Meydan provides immediate UAE corporate standing, the ability to invoice and contract in the UAE, and a base from which to build the GCC commercial relationship network.
PSOP activity
Meydan's activity list includes Payment Service Provider (PSOP) as a permitted fintech activity. This allows the entity to present itself as a licensed UAE payment services company to partners, clients, and banks, supported by the Meydan trade licence as the regulatory instrument. Operations are conducted through the acquiring partner, keeping the compliance and capital burden minimal at this stage.
Acquiring partners
Fintech & Innovation Ltd (FIL) has established relationships with three UAE-based acquiring partners who are active in the GCC–Africa payments corridor. These are payment processors and acquiring banks with whom FIL has pre-existing commercial arrangements, enabling faster onboarding for our clients compared to a cold approach.
FIL can introduce the client to one or more of these acquiring partners as part of the engagement. Each introduction is subject to the acquiring partner's own KYC and onboarding process, but FIL's existing relationship materially accelerates that process. Our introduction fee is USD 2,500 per partner, payable on successful introduction (i.e. upon the partner accepting the client for onboarding). Introductions to all three partners are available at the client's request.
Banking
The Meydan entity will need a UAE corporate bank account. Meydan has banking relationships with several UAE banks and fintech-friendly institutions. Given the payments nature of the business, we recommend approaching both a traditional UAE bank and a UAE-licensed fintech (such as Wio or Liv Business) for the corporate account. Source of funds documentation and a clear business plan narrative will be required by all banking partners.
Phase 2 — CBUAE licence
Once the business is operational and transaction volumes grow, a CBUAE Retail Payment Services licence (Category II or III under the RPSCS Regulation) can be pursued as a Phase 2 milestone. This will provide full regulatory standing for UAE-regulated payment operations, including domestic UAE transactions and higher-volume cross-border flows. We can support this application when the time is right.
- Corporate vehicle
- Meydan Free Zone Company (FZC)
- Trade licence activity
- Payment Service Provider (PSOP)
- CBUAE licence required
- No — not at this stage
- Operations via
- Existing acquiring partner
- Foreign ownership
- 100% permitted
- Trade licence fee
- AED 12,500 (standard) or AED 15,000 (Fawri — 60-min issuance)
- Flexi-desk
- Included in licence fee
- Incorporation timeline
- 1 to 3 business days (standard) / 60 min (Fawri)
- UAE corporate bank account
- Required — we facilitate introduction
- Crypto-fiat (USDT/USDC)
- VARA licence required separately — Phase 3
- Phase 2 upgrade path
- CBUAE RPSCS licence when volumes justify
- Year 1 total
- ~USD 10,404 (Licence AED 12,500 + our fee USD 4,000 + bank account USD 3,000)
Application submission
Submit Meydan incorporation application online. Select PSOP activity and any complementary activities (fintech, financial consultancy). Pay licence fee.
Licence issued
Meydan trade licence issued digitally. Company is incorporated and the PSOP activity is live on the licence. Establishment card applied for.
Banking introduction
Introduce to UAE banking partners. Submit corporate bank account KYC pack. Meydan facilitates introductions to partner banks.
Account open & operational
Corporate bank account opened. Entity is fully operational. Acquiring partner relationship activated. UAE commercial presence established.
Documentation required from the client
Fee schedule — Meydan Free Zone (UAE)
| Service | Amount | Frequency | Notes |
|---|---|---|---|
| Meydan government / licence fees | |||
| Standard trade licence (Regular) LLC-FZ, up to 3 activity groups incl. PSOP, flexi-desk included, 100% foreign ownership |
AED 12,500 ~USD 3,404 |
Annual | Standard digital process; 1–3 business days |
| Fawri instant trade licence (alternative) Same inclusions; licence issued in 60 minutes; 1,800+ activities; solo-founder structure |
AED 15,000 ~USD 4,086 |
Annual | Recommended if speed of setup is the priority |
| Additional business activity (if beyond 3 groups) | AED 1,000 ~USD 272 |
Per activity | Each additional activity group beyond the included 3 |
| Our professional fees | |||
| FIL (Fintech & Innovation Ltd) professional fee — Meydan incorporation Activity selection incl. PSOP, name reservation, document preparation, licence issuance coordination, establishment card |
USD 4,000 | One-off | Our professional fee for end-to-end UAE setup |
| UAE corporate bank account opening Dr. Navaneethakrishnan is a UAE resident — standard bank account; Meydan banking partner introduction included |
USD 3,000 | One-off | UAE resident pricing; faster KYC process |
| Acquiring partner introduction FIL has 3 UAE-based acquiring partners active in the GCC–Africa corridor. Introduction fee per partner, payable on successful acceptance by the partner. |
USD 2,500 per partner | Per intro | Optional. Up to 3 introductions available. Billed on partner acceptance of client KYC. |
| Year 1 total (standard licence) USD 10,404 approx. | Licence AED 12,500 (~USD 3,404) + our fee USD 4,000 + bank account USD 3,000. Annual renewal is the licence fee only. | ||
End-to-end service delivery across all three jurisdictions.
Full licence management
- +Domestic company incorporation (coordination with licensed registered agent)
- +CBS PSP application management — end-to-end submission
- +Business plan preparation per CBS template and requirements
- +AML/CFT Policy Manual drafting per CBS Directive No. 3 of 2025
- +Compliance Officer / MLRO support — appointment and fit-and-proper preparation
- +Acquiring Bank introduction — facilitation of signed agreement
- +CBS liaison — all correspondence and clarification responses during review
- +Annual compliance support — post-licence regulatory reporting
Full licence management
- +GBC incorporation with licensed Management Company
- +Resident director appointment (minimum 2)
- +Principal bank account facilitation in Mauritius
- +FSC PIS application preparation via FSCOne portal
- +Business plan, AML/CFT policies, compliance framework
- +FSC liaison throughout review process
- +MLRO and Compliance Officer placement support
- +Post-licence annual regulatory filing and compliance support
Full licence management
- +Meydan Free Zone company incorporation
- +Trade licence and activity selection (fintech/financial services)
- +PSOP activity selected and listed on Meydan trade licence
- +Trade licence and activity selection — digital same-day process
- +Establishment card and company documents
- +Corporate bank account facilitation via Meydan banking partners
- +Annual Meydan licence renewal support
- +Phase 2 CBUAE licence advisory when volumes justify
Three licences compared across the parameters that matter for this business.
| Parameter | 01 · SEYCHELLES CBSPSP Licence | 02 · MAURITIUS FSCPIS Licence | 03 · UAE CBUAERetail Payment Services |
|---|---|---|---|
| Regulator | Central Bank of Seychelles | FSC Mauritius | Central Bank of UAE (CBUAE) |
| Corporate vehicle | Seychelles Domestic Company | Global Business Company (GBC) | Meydan Free Zone Company |
| Minimum capital | To be confirmed with CBS | MUR 2,000,000 (~USD 45–60k) | Meydan licence fee only — no regulatory capital requirement at this stage |
| Cross-border remittance | Yes | Yes (outside MU only) | Yes (Category II/III) |
| B2B trade payments | Yes | Yes | Yes |
| Digital wallet | Yes | Limited scope | Yes (Category I/II) |
| White-label API | Yes | Yes | Yes |
| Crypto-fiat (USDT/USDC) | Phase 2 — CBS confirmation | Not covered by PIS | VARA licence required separately (Phase 3) |
| Acquiring bank required | Yes — at submission | Recommended | Recommended |
| Corporate tax | ~1.5% (IBC) / standard (domestic) | ~3% effective (GBC) | 0% qualifying income (free zone) |
| FATF status | White-listed | White-listed | White-listed |
| Estimated timeline | 4–8 months | 6–9 months Platform must be live before grant | 1–3 business days (Meydan digital process) |
| Year 1 indicative cost | USD 50,350Annual Y2+: USD 16,300 | USD 67,500+ Monthly from USD 2,000 | ~USD 10,404Annual renewal: AED 12,500 |
Adjust your priorities. See which jurisdiction fits best.
Drag the boundaries on the pie chart to weight what matters most to your business. The scoring table updates in real time, ranking the three structures by how well they serve your stated priorities.
Begin preparing these documents immediately. Much of this overlaps across all three jurisdictions.
The KYC and documentation requirements across Seychelles, Mauritius, and UAE are substantially overlapping. Preparing a single comprehensive KYC pack covering the items below will serve all three applications with minor jurisdiction-specific additions.
- Certified passports — all directors and shareholders
- Proof of address — all directors and shareholders
- Professional CVs — all key officers including Compliance Officer/MLRO
- Bank reference letters
- Source of funds documentation
- Corporate structure chart and UBO declaration
- Business plan per CBS template
- AML/CFT Policy Manual (per Directive No. 3 of 2025)
- Acquiring Bank Agreement (or letter of intent)
- IT and platform technical overview
- Three-year financial projections
- Certified passports and proof of address
- Bank reference letters (2+ years, good standing)
- Bank balance confirmation (capital + 35% expenses)
- CVs and qualifications — all key officers
- Two professional reference letters per key officer
- Certified GBC Certificate of Incorporation
- M&A with Mauritius establishment clause
- Financial statements (3 years) or source of funds
- Certificate of Good Standing
- Business plan and service description
- AML/CFT policies and compliance framework
- Passport copies — directors, shareholders, UBOs
- UAE residential address (or intended address)
- Professional CVs — management and compliance officers
- Source of funds documentation
- Detailed business plan and service scope
- Three-year financial projections
- IT and cybersecurity infrastructure overview
- AML/CFT policies and procedures
- Risk management framework
- Proposed organisational chart
- Capital adequacy and solvency statement
Sequence matters. Start with Seychelles, then Mauritius, then UAE.
The CBS PSP licence is the client's stated immediate priority and the right starting point. It provides the primary operating authority, the acquiring bank relationship, and the core payment infrastructure from which the Mauritius and UAE entities will draw commercial credibility.
The Mauritius PIS licence should be initiated within 1 to 2 months of the Seychelles application, as the GBC incorporation and management company setup take time and the FSC timeline (6 to 9 months) means it will be the last to arrive. Starting it early ensures the Indian Ocean and Africa corridor is covered as quickly as possible after the Seychelles licence grants.
The UAE Meydan incorporation can be completed within 1 to 3 business days with the PSOP activity listed on the trade licence. With an existing acquiring partner in place, the UAE entity is commercially operational as soon as the corporate bank account is open — making it the fastest of the three to go live.
The crypto-fiat settlement component (USDT/USDC) should be explicitly scoped as a Phase 2 milestone across all jurisdictions. Including it in the initial PSP or PIS applications would add significant complexity and likely delay all three approvals.
From instruction to three licensed entities.
Engagement & KYC
Confirm scope of engagement. Provide signed engagement letter and retainer. Begin assembling KYC pack for all directors and shareholders across all three jurisdictions.
Seychelles company & CBS application
Incorporate Seychelles domestic company. Prepare and submit CBS PSP application including business plan, AML/CFT manual, and acquiring bank agreement.
Mauritius GBC & FSC PIS
Incorporate GBC, appoint resident directors, open Mauritius bank account. Prepare and submit FSC PIS application via FSCOne portal.
UAE Meydan (PSOP activity)
Incorporate Meydan FZ company with PSOP activity on trade licence. Open UAE corporate bank account. Activate acquiring partner relationship. Fully operational within weeks.