CHAPTER 19 / 55 · Paid
FS-2.3 Credit Finance.
Specialised financial services. It is not a bank, not factoring, and not a money-lending licence.
Approx. 12 min with exercisesLaw cut-off: 20 September 2026Our approach
By the end of this chapter
- Describe the shop in one paragraph from the first file on the desk.
- Decide the promoter’s next asks: which stay on this letter, which need another paper.
- Keep neighbouring permissions off this desk.
- Cite the enabling section and treat the licence letter as the book.
FSC · FS-2.3 · Licence
1. CreditLine Ltd’s shop
CreditLine Ltd is the desk this chapter is for. Carry on credit-finance business as a specialised financial service / institution under the official FSC heading.
The first file on the desk is this. CreditLine Ltd will finance SME equipment purchases from its own capital and bank lines, without taking deposits from the public. FS-2.3 as the specialised credit-finance code to test.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a licence under Financial Services Act 2007, Section 14. A company name is not a permission.
Second, neighbouring papers stay off this desk. Not a bank, not FS-1.20 money lending, not factoring (FS-2.4), not leasing (FS-2.5), and not a P2P platform.
Third, the assumptions stay in the file. Fictional company. Contract is credit, not a lease. Cut-off 20 September 2026.
Financial Services Act 2007, Section 14. See the register note · Open the published text ↗.
2. A week with An equipment-finance book without deposits
Monday. The promoter walks in with “An equipment-finance book without deposits.” Write the facts before anyone names a code: CreditLine Ltd will finance SME equipment purchases from its own capital and bank lines, without taking deposits from the public.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Carry on credit-finance business as a specialised financial service / institution under the official FSC heading.
Wednesday. They record what this permission is used for. FS-2.3 as the specialised credit-finance code to test.
Thursday. They write what the letter does not cover. Not a banking mode, not FS-1.20, not FS-2.5 leasing if the contract is a loan rather than a lease.
Friday. They lock the assumptions. Fictional company. Contract is credit, not a lease. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.
The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what FS-2.3 is used for. The Act matters when CreditLine Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.
3. What the same promoter asks next
The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.
This licence
An equipment-finance book without deposits
CreditLine Ltd will finance SME equipment purchases from its own capital and bank lines, without taking deposits from the public.
Why it fits. FS-2.3 as the specialised credit-finance code to test.
Different paper
The same promoter asks for bank
The slide says the FS-2.3 letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not a banking mode, not FS-1.20, not FS-2.5 leasing if the contract is a loan rather than a lease.
Different paper
The same promoter asks for FS-1.20 money lending
The slide says the FS-2.3 letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not a banking mode, not FS-1.20, not FS-2.5 leasing if the contract is a loan rather than a lease.
| The promoter asks CreditLine Ltd to… | This licence? | Why |
|---|---|---|
| An equipment-finance book without deposits | Yes | FS-2.3 as the specialised credit-finance code to test. |
| The same promoter asks for bank | No | Keep the neighbouring paper off this desk. Not a banking mode, not FS-1.20, not FS-2.5 leasing if the contract is a loan rather than a lease. |
| The same promoter asks for FS-1.20 money lending | No | Keep the neighbouring paper off this desk. Not a banking mode, not FS-1.20, not FS-2.5 leasing if the contract is a loan rather than a lease. |
4. Papers that sit beside this one
Not a bank, not FS-1.20 money lending, not factoring (FS-2.4), not leasing (FS-2.5), and not a P2P platform. Name the other desk when the work changes: a bank; FS-1.20 money lending; factoring (FS-2.4); leasing (FS-2.5); a P2P platform.
- a bank
- FS-1.20 money lending
- factoring (FS-2.4)
- leasing (FS-2.5)
- a P2P platform
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
A section 14 applicant in the specialised-institutions family. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing fee Rs 34,000 (USD 1,000). Status at cut-off: Published specialised-financial-services category as at 1 July 2026.
Who may hold it. A section 14 applicant in the specialised-institutions family. Credit policy, funding (not public deposits) and collections belong on the file.
Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Dedicated form and criteria column for FS-2.3 (not the FS-2.11 reuse).
Rules, codes and circulars. CL20260107 for fees. Banking Act deposit-taking remains with the Bank of Mauritius.
6. How to cite FS-2.3
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | FS-2.3 Credit Finance |
| Legal nature | Licence |
| Enabling law | Financial Services Act 2007 · Section 14 |
| Fees as at 1 July 2026 | Processing fee Rs 34,000 (USD 1,000). Fixed annual fee Rs 77,000 (USD 1,900). Unless the directory states a different conversion rule, USD figures apply only to an applicant for a Global Business Licence or a corporation holding a Global Business Licence. FSC Circular Letter CL20260107 (1 July 2026) records that the replacement fee schedule operates from 1 July 2026 and that annual fees are due by 30 September 2026. A circular does not rewrite the activity this code authorises. |
| Status at cut-off | Published specialised-financial-services category as at 1 July 2026. |
The structured library card keeps the same coordinates for search. Open FS-2.3 in the reference library.
FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteFinancial Services Act 2007 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register noteBanking Act 2004 ↗Register note
PAUSE & REFLECT
Check your understanding.
Three questions to make the ideas stick. Your score is saved on this browser; this is a learning exercise, not a qualification.
Follow the sources.
Each title opens the published text. The register note records the edition used for this course.
- FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗ All published category codes, fees, forms and licensing-criteria columns; consolidation as at 1 July 2026 · Register note
- Financial Services Act 2007 ↗ Sections 2, 14, 14A, 16–18, 25, 33, 71A, 72, 77, 77A, 77B, 77C, 78, 79A; Second Schedule Parts I–III; Fifth Schedule · Register note
- FSC licensing and fees amendment rules 2026 ↗ Rule 3 and replacement First Schedule; rule 4 commencement · Register note
- FSC Circular Letter CL20260107 — review of fees and renewal of licences ↗ 1 July 2026 fee review; annual-fee due date 30 September 2026; FSCOne alternative arrangements · Register note
- FSC rules and regulations directory ↗ Consolidated licensing and fees rules; sector-specific rules including Securities (Licensing) Rules and Family Office Rules · Register note
- Banking Act 2004 ↗ Sections 2, 5, 7 and cash-dealer provisions; definitions of banking, digital, private and Islamic banking business · Register note
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