How to open a bank account in Mauritius in 2022
If you care about confidentiality and the protection of deposits, you should open a corporate account in Mauritius. The offshore country has a stable economy and a developed banking sector. Transaction fees are low, there are many tax benefits. Banks offer high interest rates for deposits, provide loans at favorable interest rates. To open a business account with the Bank of Mauritius 2022, it is not necessary to go to the island. The user gets access to the phone, mobile, and online banking.
Who can open an account in Mauritius
Banking services in Mauritius can be used by almost all foreign companies, but there are some restrictions. Residents of countries that are on the sanctions and blacklists (in more detail will tell our specialist) may not open a corporate account.
The company must tell the bank what kind of activity it is engaged in. The application will be rejected if the business is related to the following risks:
- drugs, chemicals;
- wood products;adult businesses and online dating;
- mining, including diamonds;
- crypto-business (trading, token trading, online-service providers);
Types of bank cards
Business clients can open multi-currency accounts. Banks issue Master Card and Union Pay cards. They can be used to withdraw money from ATMs and pay for goods in stores.
Requirements for non-residents
To start using a corporate account, a foreigner must make a minimum deposit of $5000 (equivalent in another currency is possible) within a month after opening an account. If there is more than one account, it is sufficient to make a deposit into one of them. If you do not do this, the account will be automatically closed without warning.
For the convenience of the client, the account can be opened remotely, through a video link. A bank employee will contact the applicant in advance and schedule an interview time.
A video call may be necessary for situations such as:
- When activating online banking;
- When requesting internal and external transactions;
- When making the first money transfer;
- If payment in excess of $50000 has been made;
- For confirmations/explanations of non-standard or suspicious situations;
- When changing or supplementing the contact information;
- When activating the debit card;
- When transferring a debit card with an incorrect PIN code.
How to open an account in Mauritius
Banks in Mauritius will only consider applications that are submitted through the official representatives of the verifier. Therefore, we recommend using IT-OFFSHORE services.
The procedure takes place in 3 stages:
- The bank preliminarily evaluates the submitted documents. All papers must be translated into English or French and notarized;
- The officer communicates with the company's representative via video link;
- If the application is approved, the client must remit a fee of $100 to the bank for opening an account. Once the bank receives the money, they will give you the details.
Documents for account opening
- Certificate of registration;
- Certificate of current status if the company was registered more than 1 year ago;
- Memorandum and Articles of Association;
- Registration of directors and founders (with a share of 20% or more);
- Passports / ID cards of all signatories, directors, shareholders (with 20% stake or more);
- Residency paper not older than 6 months for all authorized signatories, directors, shareholders;
- Business plan;
- Detailed information (summary) about the ultimate beneficiary / shareholder, including business data.
Bank may require other paperwork, which must be submitted.
If all documents are in order, it will take 2 to 10 days to open a corporate account with a bank in Mauritius in 2022.