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 Prime Quotes as planned according to its regulatory address that Suite 803, 8th Floor, Hennessy Tower, Pope Hennessy Street, Port Louis 11328.

The investigators came to the Hennessy Tower on Pope Hennessy Street in Port Louis of Mauritius for an on-site visit to the brokers office.

With a well-maintained façade, the modern 14-storey building is located in close proximity to the South Africa High Commission and not far from the Supreme Court of Mauritius.

Upon arrival at the building for further investigation, the survey personnel spotted a directory in the lobby, which displayed that the 8th floor was occupied by Veoni Ltd and Sunlight Travel & Tours. However, it did not provide the specific suite number.

The inspection team then took the elevator to the 8th floor and saw four company names at the door of suite 801, including Ayushmat Ltd, Elm Park Fund Limited, Trufort Fund Limited, and Hypnos Fund Limited. Subsequently, they searched the websites of these companies, failing to discover any information pertinent to Prime Quotes. Furthermore, the broker‘s registration information could not be found on the FSC’s website.

Through the on-site investigation, it is confirmed that the broker does not have a physical presence at the place.

Conclusion

The survey team went to Mauritius to visit forex broker Prime Quotes as scheduled, but did not find the companys name at its regulatory address. This denotes that it may just register at the address without a physical business office. 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.