Mauritius Banking - Offshore Bank Account Opening
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Mauritius Banking – Bank Account Opening
Table of contents
- What is the secret of Mauritius offshore banking?
- What is the best bank in Mauritius?
- How can you become a part of the Mauritius offshore banking club?
- Frequently asked questions about Mauritius offshore banking
What Is The Secret Of Mauritius Offshore Banking?
Most people probably associate Mauritius with the extinct dodo bird, pristine waters and sandy beaches. However, today this island is also known as a Mauritius offshore banking hub. Mauritius is also being referred to as an “African Switzerland” due to their financial and economic stability, as well as high standards of doing business.
Many businesses and high-net-worth individuals all over the world prefer to conduct their transactions and settle funds through Mauritius banking institutions.
Unlike some other offshore banking jurisdictions, private banks in Mauritius enjoy the distinction of the country being a compliant jurisdiction on the EU’s white list.
But what makes Mauritius offshore banking so attractive to international businesses? Well, there are a number of reasons, namely:
A philosophy of transparency
The Central Bank of Mauritius has created a competitive and compliant environment that promotes the growth of the financial sector. Therefore, banking in Mauritius is always understandable and predictable for both clients, financial institutions and international stakeholders.
On top of that, unstable and low-profile banks are put out of business by the demanding requirements for obtaining a banking licence.
Mauritius as an offshore banking centre
The network of private banks in Mauritius is represented by well-known and reputable international banks such as HBSC, Absa (formerly Barclays), Baroda Bank and many others. For this reason, banking in Mauritius is quick, convenient, client-oriented and diversified.
Political and economic stability
Probably the key factor in the growth of the Mauritius banking industry is the absence of major constitutional crises, civil unrest and political volatility. Money loves silence and predictability Mauritius is ready to offer for expats, international investors and businesses. This is what makes this island in the Indian Ocean prominent for Mauritius offshore banking.
A new hub for nomads
Mauritius offshore banking can also benefit remote workers who come to work and live on the island during the pandemic. The recently introduced nomad resident visa program (i.e., Premium Travel Visa) solicits expats around the world to explore the benefits of the island lifestyle.
What Is The Best Bank In Mauritius?
Bank
Currencies
Minimum Initial Deposit
Minimum Monthly Balance
Prohibited jurisdictions
US citizens restrictions
Personal Visit
Online Banking
Card
Time to Open
Book Service
If you are looking to open an offshore bank account in Mauritius, then Bank One may be the right choice for you. Bank One holds a full banking licence issued by the central bank of Mauritius.
Bank One is a Mauritius banking institution with an extensive global presence in more than 10 countries in Sub-Saharan Africa and Asia. Bank One was incorporated in 1991 and has been the market leader in the Mauritius banking sector ever since.
Bank One is in a constant process of development to provide its clients with the best financing and payment solutions. The most advanced Mauritius Internet banking and elite banking for high-net-worth individuals are not the complete list of services this bank is ready to offer.
- USD
- EUR
- GBP
- MUR
N/A
USD 25 000 (+ USD 25 monthly fee if an account’s balance is less than required minimum)
Sanctioned countries and OFAC list
N/A
Available
3-5 months after the required documents received
EUR 1200
Bank
Currencies
Minimum Initial Deposit
Minimum Monthly Balance
Prohibited jurisdictions
US citizens restrictions
Personal Visit
Online Banking
Card
Time to Open
Book Service
If you are looking to open an offshore bank account in Mauritius, then Bank One may be the right choice for you. Bank One holds a full banking licence issued by the central bank of Mauritius.
Bank One is a Mauritius banking institution with an extensive global presence in more than 10 countries in Sub-Saharan Africa and Asia. Bank One was incorporated in 1991 and has been the market leader in the Mauritius banking sector ever since.
Bank One is in a constant process of development to provide its clients with the best financing and payment solutions. The most advanced Mauritius Internet banking and elite banking for high-net-worth individuals are not the complete list of services this bank is ready to offer.
- USD
- EUR
- GBP
- MUR
N/A
USD 25 000 (+ USD 25 monthly fee if an account’s balance is less than required minimum)
Sanctioned countries and OFAC list
N/A
Available
2-3 months after the required documents received
EUR 1200
Mauritius Offshore Banking: What Is The Process of Opening of Account?
Contact Astra Trust to benefit from Mauritius offshore banking
We have strong ties with managers representing the best private banks in Mauritius. Therefore, Astra Trust is always up to date when it comes to the list of documents that banks may require to open a Mauritius bank account. We always ask you only for the documents banks in Mauritius may need throughout the whole application process.
In addition, we are aware of all “hidden pitfalls” or “unpublished” requirements that private banks in Mauritius may ask of their clients.
Astra Trust will take care of all the groundwork on your behalf, including contacting bank managers and guiding you through the entire process.
Let us prepare all the documents to open an offshore bank account in Mauritius
We will handle all the paperwork for you without any hassle. All we ask is that you provide us with accurate and detailed information regarding your business. This is necessary to ensure that we can find the best bank in Mauritius for you.
There is no such thing as a “fixed” list of documents for Mauritius bank account opening. Of course, the initial set of compliance documents is almost the same for all private banks in Mauritius. However, if you plan to use Mauritius banking for certain high-risk activities (e.g., betting, trading in precious metals and so on), a bank may ask for additional information (e.g., a document confirming sources of funds or source of wealth etc.)
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Below is the list of documents you would need to open a Mauritius bank account online:
Mauritius bank account for companies
- Corporate documents (e.g., articles of association, certificate of good standing, proof of company’s address, register of directors, board resolution)
- Identification documents of each shareholder/director (e.g., passport, CV, professional reference from an attorney or reputable banking institution, etc.)
- Any additional documents upon a bank’s request (e.g., proof of source of wealth of a company’s UBO)
Mauritius bank account for individuals
- Identification documents (e.g., driving licence and passport/ID card)
- Reference letters from accountant and/or lawyer/bank manager in the home country
- Documents providing source of funds (e.g., shares’ certificate, income from rental property and so on)
Additional documentation, if requested (e.g. latest audited financial statements, information regarding the source of funds, business plan, board resolution to open an account in Mauritius etc.)
Wait for compliance check
Private banks in Mauritius are quite meticulous when it comes to opening a bank account for an offshore company. The reason for that is not only a Mauritius solid compliance regulation in place, but also the jurisdiction’s reputation in general. The central bank of Mauritius exercises prudent control to ensure all compliance procedures are duly adhered to by local financial institutions. Therefore, no excuses or concessions are permitted at this stage.
If you are not engaged in any high-risk activities or do not belong to the so-called “unlucky passport club”, then Mauritius bank account opening should be a straightforward process.
Usually, the Mauritius bank account opening process should not take more than three weeks from receipt of all necessary documents.
Enjoy all the benefits of Mauritius offshore banking
Once a bank issues approval, you can start exploring all the opportunities afforded by Mauritius offshore banking right away.
Local banks in Mauritius offer their clients an extensive list of high-profile services. Among them are highly innovative mobile banking in Mauritius, various investment possibilities and online wealth management solutions.
Need More Help To Open a Bank Account?
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Frequently Asked Questions
What advantages can I expect from a Mauritius bank account?
There are dozens of benefits! Firstly, you get an account at one of the best banks in Mauritius.
Secondly, you receive access to 24/7 enhanced mobile banking in Mauritius, which means you can literally bank from your mobile phone.
Finally, Mauritius is a reputable financial hub, guaranteeing the security of transactions and the safety of your funds.
How long does it take to open a bank account in Mauritius?
The time frame for opening a bank account in Mauritius can vary. Generally, it may take a couple of weeks, depending on the bank’s procedures and the completeness of the submitted documents.
Is it possible to open a Mauritius bank account online?
Yes, the application process and subsequent offshore banking can be done 100% remotely. All in all, it means that you will not be required to travel to Mauritius for the documents’ submission, verification or for the purpose of signing any papers.
The process of Mauritius bank account opening is conducted via email. In rare cases, some private banks in Mauritius may ask for a face-to-face Skype call, but this is an exception rather than a rule.
What types of Mauritius bank accounts can I open?
Mauritius offshore banking offers a vast set of options to cover the needs of all clients.
Individuals and companies can enjoy savings and current accounts and multi-currency term deposits (USD, EUR, MUR).
Furthermore, Mauritius bank accounts provide their clients with wealth management services and investment solutions, securities trading and treasury services, as well as internet and mobile banking.
What types of clients are Mauritius banking institutions willing to work with?
Private banks in Mauritius are willing to cooperate with resident and non-resident clients.
Unlike other offshore centres, Mauritius banking institutions have a relatively small list of jurisdictions with which they do not cooperate at all (e.g., North Korea, Russia, Crimea, etc.).
There are also a few successful cases of opening a Mauritius bank account for gaming businesses and forex.
Are there any fees associated with opening a bank account in Mauritius?
Yes, most banks charge fees for account maintenance, transactions, and other services. It is important to review the fee structure of the bank before proceeding with Mauritius bank account opening.
Can I manage my Mauritius bank account online?
Yes, most banks in Mauritius offer online banking services, allowing you to manage your account, transfer funds, pay bills, and monitor transactions conveniently through their online platforms.
What documents are required for Mauritius bank account opening?
To open a bank account in Mauritius, you typically need to provide proof of identity (such as a passport or national ID), proof of address (such as a utility bill or bank statement), and possibly additional documents depending on the bank’s requirements, such as a reference letter or employment details.
What currency are bank accounts held in Mauritius?
Bank accounts in Mauritius can be held in Mauritian Rupees (MUR) or various foreign currencies, including USD, EUR and GBP, depending on the bank and the account type. It is advisable to inquire about the available options during the Mauritius bank account opening process.
Is there a minimum deposit requirement for Mauritius bank account opening?
Many banks in Mauritius have a minimum deposit requirement for account opening, which can vary by account type. It is advisable to check with the specific bank for their requirements.
Can non-residents open a bank account in Mauritius?
Yes, non-residents can open a bank account in Mauritius. However, they may need to present additional documentation, such as a letter explaining the purpose of the account and evidence of funds.
