Madam Speaker, I am informed by the Financial Services Commission that on average, the FSC receives around 2400 global business company’s applications annually. As regards the date of submission of pending applications for GBCs, as at 15 November 2025, there are currently 120 applications pending; the oldest one dating back to April 2023. Madam Speaker, as regards part (b) of the question, I am informed that it is for GBC’s engaged in financial services activities that prior approval of the FSC is required for the appointment or renewal of directors. The average time taken for the approval or renewal of directors is 14 days. As regards part (c) (i) of the question, the FSC has received 62 complaints over the last two years for excessive delays for processing application of GBCs and domestic companies. Out of these complaints, 6 concerned domestic companies and 56 concerned GBCs. As regards part (c) (ii) of the question, I am informed by the FSC that as at date, no formal complaint has been received in respect of delays in the processing of Directors’ appointment or renewal. Madam Speaker, the delays relating to licensing issues at the FSC underscores the need for continued improvement to strengthen efficiency and effectiveness. Since I took office, a year ago, I have had extensive consultations with the industry stakeholders and one of the most recurrent issues and problems that has come up is delays in processing of application. This clearly impacts on the ease of doing business and the competitiveness of the Mauritius International Financial Centre. This is why in the Financial Services Strategy Report 2025-2030, ease of doing business has been recognised as one of the five key pillars. Madam Speaker, a new Chief Executive of the FSC has been appointed since September 2025. One of the key priorities of the FSC Board and the new leadership is to

66 improve the ease of doing business. The Chief Executive of FSC also chairs the subcommittee of the Financial Services Consultative Council which has just been reconstituted. He chairs the Ease of Doing Business subcommittee of the FSCC which reinforces the mandate and our drive to make improvements with regard to delays. I am also informed that FSC has started implementing a series of measures, including upgrading of its application forms and has embarked, since November 2025, on the testing phase of a digital interface to make the process easier, clearer and more efficient. The new modes of application contain enhanced features that guide applicants’ step by step, reducing mistakes and incomplete submissions. In conclusion, Madam Speaker, I wish to say that timely processing of application is critical for the industry as we are competing globally. This is therefore a top priority for the FSC and we are actively working on this. Thank you.

Thank you. Yes, hon. Rookny?

Madam Speaker, I must first of all thank the Minister for the very extensive reply. I would like to ask, in view of the 62 complaints received from management companies over the last two years, would she consider requesting the FSC to set up a special desk to handle complaints, that is, separate from the normal processes during incorporations or applications?

I totally concur with the hon. Member that we have already communicated to have a special desk and to have a line of communication with clients because very often clients are left without any communication.

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