A forex license cost is never one number. It is four numbers that advisers often mix. Regulator fees, locked capital, people and office, and annual running costs each behave differently.
This forex license cost comparison separates them for Dubai, Cyprus, and Mauritius, so you compare like with like. Published figures conflict, so we flag where sources disagree. We build broker technology and do not give legal advice. Confirm every figure with local counsel and the regulator before you commit.
Three Different Kinds of Licence
These three options are not like-for-like products.
- Cyprus: CySEC authorisation under MiFID II, with an EU and EEA passport.
- Dubai and the UAE: the CMA on the mainland, the DFSA in DIFC, or the FSRA in ADGM.
- Mauritius: an FSC Investment Dealer licence, with no passport and a substance-based offshore model.
The CMA replaced the SCA on 1 January 2026. Cost differences partly reflect these differences in market access.
Cost Line 1: Regulator Fees
Cyprus
CySEC’s application fee is cited at EUR 7,000 for standard services. Adviser pages range from EUR 3,000 to EUR 10,000. The annual levy starts from about EUR 6,500 plus a turnover element. Retail-facing firms also contribute to the Investor Compensation Fund.
Dubai and the UAE
UAE advisers usually quote regulator fees inside a total licence cost. One adviser quotes these licence costs, excluding capital:
- Mainland: AED 250,000 to 600,000, about USD 68,000 to USD 163,000.
- DIFC (Category 3A): AED 400,000 to 900,000, about USD 109,000 to USD 245,000.
- ADGM (Category 3A): AED 350,000 to 800,000, about USD 95,000 to USD 218,000.
Mauritius
Mauritius official fees are small. For the Full Service Dealer excluding underwriting, sources cite USD 750 to USD 1,000 to apply. They cite USD 2,500 to USD 3,400 as the annual fee. A Global Business Licence adds further fees, and one adviser notes a fee update from 1 July 2026.
Cost Line 2: Locked Capital
Capital is not a fee, but it ties up cash for as long as you operate.
- Cyprus: EUR 75,000, EUR 150,000, or EUR 750,000, depending on the business model.
- Older Cyprus guides cite EUR 50,000, EUR 125,000, and EUR 730,000, so check current figures.
- UAE mainland: AED 500,000 for Category 5, and AED 5 million or more for full dealing.
- DIFC and ADGM: base capital cited between about USD 200,000 and USD 500,000, and sources differ.
- Mauritius broker tier: MUR 700,000, about USD 15,500.
- Mauritius full service dealer: MUR 1 million, about USD 22,000.
Underwriting activities lift the Mauritius requirement to MUR 10 million, about USD 222,000. Most forex brokers do not need that tier. One adviser says CySEC expects around EUR 500,000 in shareholder funds in practice for an STP model.
Cost Line 3: People, Office, and Substance
Over time, this line often costs more than the licence fee.
- Cyprus: a physical office, four directors with a resident majority, and local compliance, AML, and risk staff.
- Cyprus annual staffing and operating costs are quoted at EUR 100,000 to EUR 400,000 or more.
- DIFC: a physical office is mandatory, and the mainland route needs an office lease.
- Mauritius: two resident directors, a physical office, and local management and control.
Mauritius management companies can supply resident directors and outsourced compliance, which keeps costs lower. The FSC checks substance, so nominee directors with no real oversight are a risk.
Cost Line 4: Annual Running Costs
Every route adds audit, supervision, insurance, compliance reporting, and technology costs each year. For Cyprus, advisers quote EUR 5,000 to EUR 15,000 for the annual audit. They quote EUR 20,000 to EUR 50,000 or more for technology setup.
Advisers cite a 15 percent corporate tax in Cyprus from 2026. They cite about 3 percent effective tax in Mauritius with substance. UAE tax treatment depends on the structure, so take UAE tax advice early.
Side-by-Side Cost Comparison
| Factor | Cyprus (CySEC) | Dubai and UAE (CMA, DFSA, FSRA) | Mauritius (FSC) |
| Market access | EU and EEA passport | UAE and Gulf, with free zones for institutional and international clients | Offshore, with no passport |
| Locked capital | EUR 75,000 to EUR 750,000 by model | About USD 200,000 and up (DFSA, ADGM), AED 500,000 to AED 30 million (mainland) | MUR 700,000 to MUR 1 million for brokers |
| Regulator fees | Application EUR 7,000 (range EUR 3,000 to EUR 10,000), annual levy from EUR 6,500 | Inside AED 250,000 to 900,000 adviser licence costs | USD 750 to USD 1,000 to apply, USD 2,500 to USD 3,400 a year |
| Realistic timeline | 8 to 14 months | 4 to 8 months, and 9 to 18 months for full CMA dealing | 4 to 8 months, some advisers say 8 to 12 |
| Local substance | Office, four directors, local staff | DIFC office mandatory, mainland office lease | Two resident directors and a physical office |
| Tax and leverage | 15 percent tax from 2026, ESMA retail leverage limits | Structure dependent | About 3 percent effective tax, no fixed leverage cap reported |
Realistic First-Year Budgets
Adviser first-year estimates differ because they count different items.
- Cyprus: about EUR 85,000 to EUR 150,000 for fees and setup, before local staff.
- UAE: licence costs of about USD 68,000 to USD 245,000, before staff, office, and capital.
- Mauritius: about USD 55,000 to USD 160,000 all in, depending on the adviser and scope.
Technology, marketing, and liquidity costs come on top in every case. Treat all figures as planning ranges, not quotes, and convert at current exchange rates.
Which Option Fits Your Brokerage?
- Choose Mauritius for the lowest locked capital and a quicker offshore route.
- Choose Cyprus when you need an EU passport and accept ESMA limits.
- Choose the UAE when your clients are in the Gulf, or you want an institutional base.
The cheapest licence is the one that lets you legally serve your target clients. ESMA rules cap retail leverage at 30:1 for major currency pairs, and require negative balance protection.
How Device Doctor India Supports Brokers on Any Route
At Device Doctor India, we build the technology stack a licensed broker needs, whichever route you choose. Licensing advice comes from local counsel, and we build around their decisions.
- MT5 server setup, bridge configuration, and risk rules.
- A custom forex CRM with Manager API integration, KYC, and an IB module.
- AML monitoring and audit trails that support your reporting duties.
- Payment integration for SWIFT, SEPA, cards, and USDT.
- A compliance-ready broker website with required disclosures.
Tell us your target markets and preferred jurisdictions. We will price the technology side of each route so you can compare total budgets.
Talk to our forex technology team:
- Call / WhatsApp: +91 81144 71036
- Email: info@devicedoctorindia.in
- Website: devicedoctorindia.in
Mauritius is usually the cheapest on locked capital and regulator fees. Cyprus and the UAE cost more on capital, staff, and setup. The cheapest option only works if the licence covers your target clients.
Current rules cite EUR 75,000 with no client money and EUR 150,000 with client money. Dealing on own account needs EUR 750,000. Older guides cite EUR 125,000 and EUR 730,000, so confirm the figure with CySEC.
Some pages count only regulator fees. Others add capital, staff, office, audit, technology, and legal costs. Compare the same cost lines across each jurisdiction before you decide.
Neither licence gives EU market access. Only a Cyprus CIF carries an EU and EEA passport under MiFID II. Soliciting EU retail clients without EU authorisation can breach local rules. Confirm your marketing plan with counsel.
Advisers quote 8 to 14 months for Cyprus. UAE routes are quoted at 4 to 8 months, while full CMA dealing can take 9 to 18. Mauritius is usually quoted at 4 to 8 months, and some advisers say 8 to 12.
