Pan Asian Accounts

First Atlantic Commerce’s (FAC) Pan Asian solution offers merchants the ability to transact and settle in multiple currencies including US Dollars, Canadian Dollars, British Pounds, Euros, Hong Kong Dollars, Singapore Dollars, Yen, South African Rand and Australian Dollars to a direct merchant account with our partner bank in Mauritius.

Our Pan Asian solution allows merchants to take advantage of FAC’s Payer Authentication solution for Verified by VISA and MasterCard® SecureCode™.  Based on the Card Associations’ 3-D Secure ™ technology, FAC’s cGate®SecureVerify provides merchants with protection from fraudulent transactions, unauthorized payments and chargeback liability shift.

Merchants wanting to leverage this solution will be required to incorporate in Mauritius to meet Card Association Regulations stipulating that the company is incorporated in the jurisdiction in which it settles its online funds.  The FAC team can introduce merchants to fiduciaries in Mauritius to advise and assist with corporate set-up.

Merchant types:

FAC’s Pan Asian solution best fits industries such as large online retail companies, airlines, hotel and travel related services, dating sites, stored value and pre-paid card merchants, and prepaid phone cards/VOIP solutions.

Merchants must meet certain minimum criteria for the Pan Asian solution as follows:

• Merchants must have existing sales volumes of minimum USD $500,000 per year and provide estimated future sales volumes;
• No start-ups (merchants must have at least 6 months of online credit card processing history) or be able to provide financial information such as balance sheets to support current brick and mortar business;
• Merchants must have a low percentage of credits to sales and chargebacks of less than 1% to total sales volume;
• Merchants that do not have a custom built shopping cart must integrate to FAC’s payment gateway.

Merchant websites must be available for review and show:

• Credit card flag symbols in color to indicate card acceptance;
• Privacy, security and refunds policy;
• Complete description of the products or services offered;
• Pricing of product(s);
• Transaction currency(s);
• Contact information (e-mail, phone number, fax);
• Delivery policy;
• Security capabilities and policy for transmission of payment card details;
• Export restrictions (if applicable);
• Address of the merchant’s corporate office in Mauritius.

Pan Asian banking partner

In order to apply for a merchant account with FAC’s Pan Asian banking partner, prospective merchants will be required to provide the following documentation:

• Completed merchant application form.
• Copy of FAC KYC form signed by merchant
• Business overview (1 page)
• Bio/resumes of key members of the management team
• 6 months of corporate bank statements
• 6 months of processing statements showing chargebacks
• 2 years of the most recent financial statements (audited preferred)
• Color copies of passports for all principals, account signatories or directors of the company, as appropriate
• Copy of Certificate of Incorporation for existing parent company

The Jurisdiction

Merchants looking to set up direct accounts with FAC’s Pan Asian Banking Partner must incorporate in Mauritius.

Mauritius Country Information

Mauritius, a subtropical island in the Indian Ocean, is strategically located at the crossroads of Africa and Asia, 855 km east of Madagascar. The main city and capital of the country is Port Louis.

Currency

Mauritian Rupee. US$1 = MUR 33.44  (Feb, 2007).

Language

English is the official language. However, the Mauritian population is largely bilingual, being equally fluent in English and French. Creole is also spoken and understood by everyone. The population numbers some 1,200,000 inhabitants.

Legal

Mauritius enjoys a hybrid legal system. The procedural law both in criminal and civil litigation is mainly English, whilst the substantive law is mainly based on the French Napoleonic Code.

Regulatory Structure

Companies incorporated in Mauritius are known as ‘Global Business Companies Category 1’ (GBC1) or ‘Global Business Companies Category 2’ (GBC2). 

A Company holding a Category 1 Global Business License is resident for tax purposes and can access Mauritius' network of double tax treaties, provided that it is correctly structured and that the seat of management and control is in Mauritius.

Double Taxation Agreements

Mauritius has an extensive double tax treaty network which includes treaties with the following countries: Belgium, Botswana, China, Croatia, Cyprus, France, Germany, India, Italy, Kuwait, Luxembourg, Madagascar, Malaysia, Mozambique, Namibia, Nepal, Oman, Pakistan, Rwanda, Singapore, South Africa, Sri Lanka, Swaziland, Sweden, Thailand, Uganda, UK and Zimbabwe.

A company holding a Category 2 Global Business License is tax-exempt and therefore has no access to the network of double tax agreements with Mauritius.  

Mauritius has no exchange control regulations or other financial restraints affecting companies doing business in Mauritius.

Other

Mauritius encourages information technology operations and strongly supports the eCommerce sector. The government has therefore, invested heavily in state-of-the-art telecommunications and the development of a ‘cyber city’, which has free zone status and offers tax advantages to its occupants.

To find out more about our Pan Asian Accounts, contact Chris Burns on +1-441-294-4622 or email bizdev@fac.bm. Or simply apply online.