Regulatory Sandbox License: Spearheading the transition of Mauritius to an innovation-driven economy
Encompassing innovation in its growth strategy is a natural step for Mauritius to pursue developmental goals, while mitigating perturbing effects of international uncertainties, addressing unemployment issues and graduating towards a high income economy.
The major constraints for these activities are the absence of a complete set of regulatory framework to enable such ventures. It is to address this lacuna that the Regulatory Sandbox License (RSL) has been announced in the 2016-2017 National Budget. The RSL offers a ‘safe space’ to test promising projects within set parameters which act as temporary framework and inspired from proven worldwide best practices. Following the testing period and upon demonstration of applicability, compliance and benefits of the project, the temporary framework can be used and adapted to set up permanent regulations for these new industries.
The measure was proclaimed on the 20th October 2016, and the Board of Investment is inviting interested promoters to submit their applications through the online service accessible on www.investmauritius.com.
The Guidelines for application include information related to the submission procedure, such as, required documents, license request evaluation and project monitoring.
The Regulatory Sandbox License will be issued by the Board of Investment after consultation with stakeholders, and will provide for safeguards, terms and conditions to ensure that the projects do not cause prejudice to the good repute of Mauritius and to ensure the protection of consumers.
Interested promoters are welcome to contact the Board of Investment for any queries and support relevant to the Regulatory Sandbox through firstname.lastname@example.org or by contacting us on the + 230 203 38 00.