If you wish to start using the services of a Mauritius bank, you need to find out more about the terms and conditions of working with the bank and the existing requirements. Turning to professionals, you can quickly compile the required package of documents and successfully open your corporate account. We will advise you on the terms of cooperation.
Banking System of Mauritius
Mauritius is an island nation with a stable economy and a developed banking sector. It is home to the oldest banking center in the African region and one of the largest in the Asian region. The regulator is the Central Bank of Mauritius, founded more than half a century ago. It is also in charge of non-governmental deposit institutions. Financial institutions of Mauritius are guided by their own client-oriented approach to their work. This means that opening an account in Mauritius has a lot of advantages since it is safe and you can choose a bank according to your priorities.
The legal system of Mauritius is based on French roots with certain British features. The work of the Central Bank is built up on the example of the English regulator. A characteristic feature of the national economy is that there is almost no corruption. Thanks to the fact that the country has signed the Hague Convention, Mauritius banks accept documents from their potential clients without mandatory legalization (which is of special relevance to non-residents of the signatory countries of the Convention).
What Does a Bank Account in Mauritius Give a Foreigner?
Non-residents opening a corporate bank account in Mauritius get many advantages since the local financial institutions are famous for their client-friendly attitude. You will be pleased to see that there are no administrative barriers to legal business here, and economic stability in the region is yet another benefit. Businessmen doing business in China, India, South Africa and other countries of the region can benefit from the Mauritius bank account. It is a great opportunity to save on financial operations and make payments promptly. Islamic banking services also available in Mauritius.
Here are the advantages:
- Simple procedure of opening an account;
- Client-friendly banking policy;
- A wide range of banking services;
- Low fees;
- Payments in major world currencies;
- The opportunity to use a large number of non-bank operations.
If you plan to do a successful business on the African continent, it is necessary to be supported by a reliable financial partner. This will provide access to the required financial resources, as well as allow for a convenient system of settlements with your partners from different countries. All of that can be ensured by a non-resident bank account in Mauritius.
Who Can Open a Bank Account in Mauritius?
Your decision of opening a corporate bank account in Mauritius which you have arrived at after studying all the advantages of operating from this jurisdiction, can be easily put into practice. Please feel free to seek advice from the professionals. We will tell you how to start working with the bank quickly and easily. As a rule, Mauritius banks do not impose any special requirements on the identity of their clients. It is only important to comply with the simple terms and conditions and take into account the banks’ requirements.
Country Restrictions
Before you decide to open a corporate bank account in Mauritius, please have a look at the list of those countries whose citizens cannot become the bank’s clients. These are territories where certain political conflicts have not yet been resolved or where the international situation remains rather unstable, which may negatively affect the ability of clients to meet their commitments.
Here is the list of countries whose citizens will not be able to work with the Mauritius financial institutions:
- Crimea (region);
- Cuba;
- North Korea;
- Sudan;
- Syria;
- Eritrea;
- Iran;
- Iraq;
- Somalia.
Representatives of the countries that did not join the Hague Convention (1961) should take into account that before filing any documents with the bank they will have to legalize them.
Restrictions on Business Activities
Mauritius banks have no restrictions on working with the clients based on their type of business. The main requirement is that the business must be legal and not related to terrorism and the illegal money laundering.
Corporate Bank Account in Mauritius for a Non-Resident. Services, Fees
An open bank account in Mauritius provides a foreigner with access to a large number of banking and related products. In particular, the clients are encouraged to use such comprehensive services as:
- Corporate account management (internal and external SWIFT transfers);
- Facilitation of international operations;
- A current account in foreign currency;
- Term lending;
- Credit lines (short-term, renewable);
- Leasing;
- Letters of credit;
- Mauritius bank VISA payment cards (debit and credit);
- Deposits;
- Electronic commercial acquiring;
- Checkbook;
- Bank guarantee.
Access to non-banking services: investment advice, financial distribution, insurance, financial custodians.
Currency for Account Opening and Transfers
The bank account in Mauritius will also allow you to send and receive SWIFT payments to any part of the world. The local currency, the Mauritian rupees (MUR), can be used for internal transactions. To make international payments, a foreigner should open a bank account in Mauritius in any of the world’s widely used currencies:
- dollars (US – USD, Canada – CAD, Australia – AUD);
- euro (EUR);
- pound sterling (GBP).
Types of Accounts
It is possible to open a non-resident account of the following formats:
- Current corporate account;
- Foreign currency account.
The current bank account in Mauritius will allow you to make any business transactions in the most convenient way. Access to a wide range of transactional banking services is provided, and the client-oriented support is ensured by an experienced team. A 24-hour consulting service is available.
Here are also some universal privileges: a checkbook, the possibility of the utility bills direct payments, an overdraft, round-the-clock access to the account via online banking. Each client is assigned an individual manager.
To use all of the banking services provided, you must keep a minimum required balance in the equivalent of USD 25,000. In order to activate foreign currency accounts, you will need to ensure the initial (minimum) deposit of USD 2,000 (or the same amount in another currency). Interest will start to be accrued on the account balance starting from this amount.
Also read: Popular Offshores Have Changed the Rules of Doing Business
Types of Bank Cards
In addition to the possibility of using a checkbook, Mauritius banks also offer payment cards to their clients:
- Credit cards;
- Debit cards.
VISA payment cards are widely available from the Mauritius bank. Using these cards, the clients can carry out any transactions and withdraw money from more than 2 million ATMs around the world. Mauritius has a fairly extensive ATM network.
Credit cards for business offer an attractive credit limit for the clients. Only 2% per annum per month is charged. Cards are convenient for use in online purchases. In addition, a 45-day grace period (interest-free period) is offered.
These credit and debit cards are accepted in more than 30 million outlets worldwide. There is an emergency card replacement service or an urgent cash withdrawal along with the round-the-clock client support. The cards have a multi-level protection system.
Note: Please talk to the experts to find out what limit you can count on and what you can do to increase it.
The cards also have a conventional loyalty system. Depending on the client’s status, here are the types of payment cards available:
- Classic (first issue fee/annual fee is MUR 200);
- Gold (MUR 600-700);
- Platinum (MUR 1,000);
- Perpetual (MUR 3,000);
- Business (MUR 350).
The conversion fee will be 1.75 to 2.5%. The debit transaction fee is 1% (the minimum fee is MUR 1,000). There is an opportunity of using the overdraft.
Useful tip: Please consult the experts on what business can get discounts and more attractive fees and rates.
Rates
| Payment type | For non-residents |
| Account opening fee | T.b.d. individually |
| Fee for incoming payments | T.b.d. individually |
| Fee for outgoing payments- internal transfers- outside the bank | 10 to 100 rupees10 rupees30 rupees |
| Account closing | T.b.d. individually |
| Monthly account maintenance | T.b.d. individually |
| Currency conversion fee | 2.5% |
| Internet banking (viewing and sending payments) | From 500 rupees per month |
| Withdrawals or cash deposits | 1% |
How Do I Open a Corporate Bank Account in Mauritius?
In order to open a bank account in Mauritius, you should submit a package of documents and pass an identification procedure. With the professional assistance you will easily understand all the subtleties and will quickly start enjoying all the available advantages offered by the local banks.
Corporate Account Opening Procedure:
- If you wish to open a non-resident corporate bank account in Mauritius as soon as possible, please feel free to contact us. This can be done by email to info@offshore-pro.info.
- After that we will send you an invoice for our professional assistance. You can make the payment using the most convenient way, i.e. bank transfer, card, PayPal, WebMoney, Western Union. The service cost is from 3999 EUR.
- You will need to compile the necessary package of documents. It is preferable that they be written in English. Get them certified by means of apostilling.
Documents Required for Opening a Corporate Bank Account in Mauritius
Here is the list of documents that will be required at the Pre-Approval stage:
- The company’s bills as a documented proof of business operations.
- A business plan.
- Certificate of Incorporation.
- Passport of the beneficiary owner.
Note: The compliance department may request other documents if necessary.
Timelines for Opening a Corporate Bank Account in Mauritius
To open a corporate bank account in Mauritius, a foreigner must provide a minimum required package of documents. As soon as the bank has studied all the documents submitted for opening the account, the client will be asked to send over their certified copies and originals. Please feel free to ask the professionals if you would like to speed up the procedure.
If you are interested in this service, please feel free to contact us today by email to info@offshore-pro.info.
