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Open a Mauritius Bank Account

Introduction

Mauritius is a politically stable jurisdiction and one of the largest financial hubs in Africa.All in all, Mauritius is an attractive location for offshore companies to open bank accounts, especially if they are doing business in Asia, Europe, and Africa, as well as for nonresident individuals looking for a safe banking location with sophisticated wealth management services.
Bank Account Key details
Currencies: MUR, EUR, USD, CHF, GBP, SGD, ZAR
Minimum deposit to open Bank Account: USD 10,000
Good For: Transactional Banking, Trade Finance, Prepaid Cards, Corporate Credit Cards
Eligibility: Offshore companies, Resident companies, Nonresident companies
Personal Visit: Not required
Money back guarantee if unsuccesfull bank account opening
We will assist with up to 3 different banks
Personal Bank Account fee: £350
Corporate Bank Account Fee: £749

Documents Required to open your Bank Account

Company documentation
  • Certificate of incorporation
  • Memorandum and articles of association.
  • Share certificates.
  • Certificate of incumbency, or certificate of good standing if the company is more than 12 months old.
  • Corporate structure identifying the ultimate beneficial owners.
  • Business license (if applicable for some industry like Financial Services).
  • Power of attorney (if applicable).
  • Declaration of trust (if applicable).
Personal documents of each director, shareholder, appointed secretary, authorized signatory and ultimate beneficial owner.
  • Proof of identity: copy of valid passport (The passport must have the passport holder’s signature and it must match the signature in the application form, certification required however we can support you on this).
  • Proof of residential address: original or certified copy of utility bill/bank statement dated within previous 3 months.
  • Proof of banking history: original or notarized copy of bank reference letter, dated within the previous 3 months, or 6 months’ statements (depending on the chosen bank).

     *Certification can be done by a bank, a attorney at law, a notary or public officer however we can assist you on this.

Business evidence (upon bank request)
  • Invoices, contracts, agreements of your existing company.
  • Service Provider Certification with your prosperous partners/ suppliers.
  • Any documents proving your qualifications in the business scope.

Country General Information

Banking
Mauritius’ banking sector is made up of sophisticated financial institutions that offer global banking services to a broad range of corporates and individuals. In addition to traditional banking facilities in a number of foreign currencies, they also offer card-based payment services, such as credit and debit cards, internet banking, and trade financing facilities. Furthermore, Mauritius is part of the IBAN numbering system, which may be convenient for individuals and companies transacting with European Banks.Banks in Mauritius also offer institutional banking and wealth management services such as fund administration, custodial services, trusteeship, structured lending, international portfolio management, investment banking, private client activities, treasury, and specialized finance.Mauritius corporate accounts are available for Mauritius Global Business License companies (GBL), as well as nonresident companies, including entities incorporated in offshore jurisdictions. Mauritius banks also understand wealth and succession planning structures and are used to work with structures using Trusts and Foundations.Account opening procedures for corporate accounts are some of the most straightforward worldwide, and the turnaround time is pretty quick compared to other international financial centers.For nonresident individuals, Mauritius also offers international banking facilities, from transactional banking and foreign currency exchange to brokerage accounts and wealth management services.
History
The first people to enter the island were the Portuguese in 1510 and they named it Cirné. The group of islands consisting of Mauritius, Reunion and Rodrigues were called Mascarenes after Pero Mascarenhas, the Portuguese captain before they left in 1598. Today, this group are still referred to as the Mascarene Islands. In 1598 the Dutch entered and named the island Mauritius, after Prince Maurice of Nassau. They introduced sugarcane and Java deer to the island which are unique to this island. Sugarcane has become the main agricultural product of Mauritius. They then left the island in 1710. In 1715 the French occupied the island and named it ‘Isle de France’. Port Louis harbour was built and this became the capital city. Port Louis was also used as a base for attacking in battle. Today this bustling city is the heart of the island and has many shops, bars, and restaurants for tourists to enjoy whilst on holiday. The French stayed on the island until 1810. In 1810 the British occupied the island after defeating the French in a battle at Cap Malheureux, taking control from the French through the ‘Traiti de Paris’, which was signed in 1814. Ile de France was then renamed ‘Mauritius’ and rapid economic and social changes were made. The British owned the island until Mauritius gained independence in 1968. Mauritius gained independence as a constitutional monarchy on 12th March 1968 when Seewoosagur Ramgoolan was prime minister. Mauritius changed their status to a Republic on 12th March 1992 when Sir Veerasamay Ringadoo was president. He was then succeeded by Cassam Uteem.
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