Corporate Bank Account Opening in Mauritius

1. Can a foreign company open a Bank Account in Mauritius?

Yes, a company not incorporated in Mauritius can open a bank account in Mauritius on the condition that the bank is satisfied with the due diligence level.

2. Which banks are present in Mauritius?

Local and International banks in Mauritius are diversified financial service providers and offer an array of products and services for Personal, Private, SME, Corporation and Institutional banking:

• The Mauritius Commercial Bank Limited
• SBM Bank (Mauritius) Limited
• Absa Bank (Mauritius) Limited
• AfrAsia Bank Limited
• ABC Banking Corporation Ltd
• Bank One Limited
• HSBC Bank (Mauritius) Limited
• Standard Bank (Mauritius) Limited
• Standard Chartered Bank (Mauritius)

3. What are the benefits for opening a bank account in Mauritius?

Offshore bank accounts are known for asset protection, wealth management, ease of transactions and privacy. Having a bank account in Mauritius offers a plethora of benefits as follows:

a. No foreign exchange control restrictions;
b. No need to be physically present for the bank account to be opened;
c. Availability of a range of multi-currency accounts (USD, EUR, CNY etc.…);
d. Free, secured and fully transactional Internet Banking facility;
e. Attractive FX deals with competitive rate for spot, forward and swaps in all major currencies;
f. Advantageous and competitive account maintenance;
g. Pay or receive funds seamlessly and securely through the International Banking solutions (Foreign Exchange, International Payments and Letters of Credit).

4. What documents are needed to open a bank account?

The generic list of information to be requested is as follows:

a. Certified true copy (‘CTC’) of certificate of incorporation;
b. CTC of license (if applicable);
c. CTC of Memorandum & Articles of Association;
d. CTC of certificate of good standing (if company has been incorporated for more than 6 months);
e. CTC of registers of directors / shareholders / secretary;
f. CTC of latest financial statements (if available);
g. CTC of business plan (template questionnaire attached); and
h. CTC KYC documents on the shareholders and directors.
Additional documents on Shareholders and Directors:
a. CTC of passport or ID;
b. CTC of proof of address dated less than 3 months (P.O Box address not accepted);
c. Updated CV;
d. CTC of bank reference letter; and
e. CTC of source of funds document (e.g.: bank statements for last 6 months, payslips, etc.)

5. Timeframe for the bank account opening

The timeframe for the opening of a corporate bank account is between 2 – 4 weeks.

6. The process for bank account opening

STEP 1: Upon receipt of the CTC documents as listed above, we will proceed with the on-boarding process.
STEP 2: Our invoice will be issued and sent to you for payment.
STEP 3: Upon receipt of payment, we will seek a pre-approval from the bank.
STEP 4: Upon receipt of the pre-approval, the bank application forms will be pre-filled and sent to you for client’s signature.
STEP 5: Once bank confirms that the execution of the bank forms are in order, client needs to courier the originals to our office in Mauritius.
STEP 6: Upon receipt of the original bank forms, the bank processes and releases the bank account details (Account number & IBAN).

For more information, we invite you to contact us by email at business@juristax.com or call us on + 230 465 55 26.