Opening a bank account in Mauritius
Opening a bank account in Mauritius

Opening a bank account in Mauritius is not as simple as the movies and social media make it out to be. Truth be told, opening a bank account in a any country today, is a very difficult and time-consuming process that requires careful preparation and consideration. Firstly, and most importantly, when choosing a country for your banking operations, it is important to ask yourself why you require a bank account in that particular country as this will be one of the main aspects that the financial institution will examine when reviewing your application. In today’s world of strict regulatory rules, automatic exchange of information and transaction control, it is no longer simply a matter of choosing a bank by popularity, country’s economic stability and financial instruments offered. Although these are all important factors to take into account, the main focus should lie on your business’s registrational and physical location, target market and supplier positioning. If in fact, your legal entity is registered, managed or headquartered in Mauritius then opening a corporate bank account on the island is the optimal solution for both operational ease and substance compliance. However, one must be prepared that even despite the legal reasoning for wanting a bank account in the country, it can be a very complicated process that requires a local management company and a competent banking advisor to assist with the preparation of the necessary due diligence and compliance documentation. Our firm has years of experience of working with different banks on a global level and can offer support with the set-up of a solid compliance and substance portfolio for the business, its beneficial owners and board of directors, as well as, assist with the preparation of the bank account opening forms, company contracts and any other documentation that may be required based on your business profile. We can also help with the engagement of a reputable, licensed agent who will undergo the application process on your behalf or offer alternative banking solutions if the need arises.

Mauritius has a highly developed banking sector which is composed of more than 20 financial institutions including local banks, foreign subsidiaries and branches of large International banks. The leading 5 are currently: Mauritius Commercial Bank (MCB), AfrAsia Bank, State Bank of Mauritius (SBM), Barclays Mauritius and HSBC Bank (Mauritius) Limited. However, it is worth noting that these may be the largest and highest rated banks in the country but may not necessarily be the right choice for your particular business which is why consulting a local advisor is always recommended prior to commencement of any account opening procedures.

Please feel free to contact our banking team at any time for a more detailed consultation on bank account opening in Mauritius or another jurisdiction worldwide. Our competent team will gladly answer any query you have and may offer excellent, cost-effective banking solutions catered to your particular business model that you may have not even considered.

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