The decision to open a corporate bank account in Mauritius is a new step in the development of your international business. In order to start enjoying all the advantages of a Mauritian account as soon as possible you can use our services. We will provide guaranteed professional assistance in this matter.
Banking Services in Mauritius
A corporate bank account in Mauritius will ensure a number of advantages for modern foreign companies. These advantages will help you successfully start and develop your business based on international trade or investment activities.
Mauritius is an African country in terms of geography, but its economic development is one of the most successful in the region. Its banking sector has been serving the business since the early 19th century and is continuously demonstrating stability. It has been developing successfully along with the offshore services that are in demand with large and small-sized businesses.
Mauritius has a banking system based on the traditional English model. The central bank has been operating as a financial regulator since 1967. Its powers include issuing licenses to banks, both local and international, that have been approved. So, it also regulates the activities of non-banking deposit financial institutions.
What Does a Bank Account in Mauritius Give a Foreigner?
The bank in Mauritius, whose services we recommend here, has been operating for about 10 years as a full-fledged commercial bank. It is part of a major global banking corporation, a well-diversified Mauritian conglomerate comprising the top 100 business organizations in the region.
The choice of this bank in Mauritius for opening of a corporate account can be explained by the bank’s focus on clients, high quality service, efficiency in the highly competitive financial sector of the country.
Here are some advantages of opening a corporate bank account in Mauritius:
- Fair service fees and rates;
- Remote use of account (online, Internet and mobile banking);
- A wide choice of banking products;
- 24-hour support in English.
Who Can Open an Account in Mauritius?
The banking services in Mauritius can be used by almost any foreign companies and businessmen. But it is necessary to take into account some of the restrictions that the financial institution has set. This was done solely to reduce the risk of being drawn into illegal transactions involving the laundering of illegally obtained cash or the financing of terrorism. Please learn more about what client requirements the bank can impose.
Country Restrictions
Non-residents from the following countries will not be able to open a corporate bank account in Mauritius:
- Those on the sanctions list;
- Ukraine;
- Russia;
- Latvia;
- Belarus;
- United States;
- high risk countries.
Restrictions on Business Activities
When opening a corporate bank account in Mauritius, a non-resident needs to disclose what kind of activities they are engaged in. You application for opening an account will be rejected if your company’s business is related to weapons, tobacco, pharmaceuticals, woodwork, business for adults, mining, diamonds, chemicals, furs, online dating, bitcoins, virtual money, gambling, online casino, online service providers, trading derivatives/options/hedging/FOREX, online trading (marketing and e-commerce).
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Corporate Bank Account in Mauritius for a Non-Resident. Rates
The bank in Mauritius provides its clients with excellent service, offering competitive rates and guaranteed reliability. With our assistance, you will be able to start using your Mauritian bank account in the shortest possible time.
It is important that the bank in Mauritius keeps up with the times and introduces all cutting-edge technologies into operation. So, to resolve a lot of arising issues, clients of the bank do not have to visit the island. Most transactions including account openings are available remotely.
Currency for Account Opening and Transfers
Any client’s account can be multi-currency. Financial transactions are allowed in the following major currencies: USD, EUR, GBP, AUD, CAD, CHF, HKD, SGD, CNY, INR, JPY, ZAR.
Types of Accounts
Business clients are encouraged to open the following accounts:
- Call Deposit Account;
- Term Deposit.
Note: If you are interested in opening a trading account in Mauritius, then please check out our product offer.
Types of Bank Cards
Clients of the Mauritian bank can order the following payment cards:
- Debit Master Card;
- Union Pay card.
Payment cards of the Mauritian bank will provide non-residents with access to their account. They will also allow you to withdraw cash from ATMs, to pay for goods and services in retail chains.
Account Opening Terms and Service Arrangements
To start using a corporate account, a foreigner must make an initial minimum deposit of USD 5,000 (or the equivalent in another currency) within one month of opening. You can open a deposit in one of your accounts at least if you have several accounts. If the deposit is not made within the specified timeframe, the account will be automatically closed without any further notice.
In order to ensure the client safety and convenience, the Mauritian bank has introduced the practice of video communication. Thus, the bank employee will contact the client via a video call in the following cases:
- Before opening the account.
- When your order for internal and external money transfers is received:
- At the first transaction;
- For payments exceeding USD 50,000;
- For getting clarification on business activities or confirmation of documents in the unusual situations;
- for any suspicious amount, or random verification of any transaction, regardless of the amount.
- Additions or changes to the contact information.
- Debit card activation.
- The first debit card transaction with the wrong pin.
- Internet banking activation.
No video call will be required in the following cases:
- If communication with this client has already taken place in the past (for example, during the opening of their account, introduction of any possible changes, activation of a debit card or internet banking).
- Offshore management companies located in Mauritius will not be receiving video-calls.
- If the bank’s representative has already met the client one-on-one.
- Based on business relations with the client and upon mutual agreement.
- Provided that it is approved by the bank’s senior management.
Rates
Call Deposit Account
| Account opening | USD 100 |
| Minimum initial balance | USD 5,000 |
| Monthly payment (not charged if the minimum balance is maintained) | USD 50 |
Telegraphic Transfers
| Incoming payments | Free of charge |
| Outgoing transfer via the Internet banking | USD 60 Fixed fee |
How Do I Open a Corporate Bank Account in Mauritius?
In order to open a corporate b\ account in Mauritius, you will need to use the services of specialized companies or persons (CSP, company registration agents, an offshore management company or a law firm that can represent the client at the bank).
Our company will help you fulfill this condition put forth by bank. The account will be opened without the physical presence of the client’s representative. It will be enough to provide all the necessary documents and take a video call from the bank’s representative. Video communication is conducted via Skype/WhatsApp/Viber/Zoom/WeChat/Botim. Find out what does the corporate account opening procedure look like and what the necessary documents are.
Corporate Account Opening Procedure:
- To open a corporate bank account in Mauritius please send us your corresponding request to: info@offshore-pro.info.
- After that we will ask you to pay for the bank account opening service from 3999 EUR. You can make payment in a way the most convenient for you: bank transfer, payment card, WebMoney, PayPal, Western Union.
- Once we receive your payment, we will start working with the list of required documents that are to be submitted for opening an account. Please make sure to use English when filling out the forms.
The bank will only consider the applications filed via the applicant’s acceptable eligible representatives. Once the application has been submitted, the representative will be informed of the status of the account opening request. A list of missing documents will also be sent via the representative. First, copies of the documents are to be submitted, and the originals will have to be sent to the bank within 2 weeks of opening the account.
If the corporate account opening application is submitted by a foreign company, the account can be opened on the basis of scanned certified/notarized copies sent by email to the bank. The original documents (bank forms and certified/notarized copies) must be delivered to the bank by courier.
Verification steps for opening an account
Stage 1: Preliminary assessment carried out by the bank. It is based on a form that the client has completed, which should provide accurate information about the business profile, the nature of transactions that will be handled by the bank. After prior approval, a video meeting will be scheduled.
Stage 2: Video call (via Skype/WhatsApp/Viber/Zoom/WeChat/Botim). Once the client is identified, the bank will ask them to send the documents by courier.
Stage 3: As soon as the application is approved, the client will need to transfer a fee for opening the account to the bank. The amount is USD 100. We will provide you with the bank details for this transfer. Once the bank receives your payment, you will be provided with the details of your account.
Documents Required for Opening a Corporate Bank Account in Mauritius
All documents submitted to the bank in Mauritius (including electronic copies) other than the account opening forms must be properly certified as a genuine copy of the original. Certification must be done in English or French or accompanied by a certified English or French translation made by an independent accredited translator.
Here is the list of documents required for a corporate account opening:
- Incorporation Certificate;
- Certificate of the 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);
- Passport/identity card of all authorized signatories, directors, shareholders (with a share of 20% or more) and UBO;
- Proof of residence no older than 6 months for all authorized signatories, directors, shareholders (with a share of 20% or more) and UBO;
- Company’s organogram (if any);
- Certified company business plan;
- Global business license 1 or 2 (if applicable);
- Detailed information (a CV) on the ultimate beneficial owner/shareholder, including business data.
Timelines for Opening a Corporate Bank Account in Mauritius
To open a corporate bank account with the bank in Mauritius, a non-resident needs to fill out a form and send us the scans of documents. We will help you fill out the questionnaire should you have any issues with it.
Opening of a corporate account usually takes 2 to 10 days if all the documents are in order.
Please contact us by email to info@offshore-pro.info if you wish to open your corporate bank account in this jurisdiction.
