Mauritius Banking - Offshore Bank Account Opening

#GoMauritius. Be Global

Table of contents

  1. What is the secret of Mauritius offshore banking?
  2. What is the best bank in Mauritius?
  3. How can you become a part of the Mauritius offshore banking club?
  4. 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. However, today this island is also known as a Mauritius offshore banking hub.

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:

 

1. 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 and financial institutions.

On top of that, unstable and low-profile banks are put out of business by the demanding requirements for obtaining a banking licence.

 

2. Mauritius as an offshore banking centre

The network of private banks in Mauritius is represented by well-known 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.

 

3. 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 this is the defining feature of Mauritius offshore banking.

 

4. 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 ONE

Location:

Port Louis (Mauritius)

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.

  • Corporate account
Location
BANK ONE
Personal Visit
Not required
Type of Account
Savings & current account
Online Banking
Yes, available
Currencies
USD, EUR, MUR
Card
Yes
Minimum Initial Deposit
N/A
Time to Open
Up to 4 weeks
Minimum Monthly Balance
USD 25 000 (+ USD 25 monthly fee if an account’s balance is less than required minimum)
Service Fee
GBP 399
Non-cooperative industries
Trade of precious metals, gaming, betting, dating etc.
Prohibited Jurisdictions
Crimea, Cuba, Iran, Iraq, North Korea, Somalia, South Sudan, North Sudan, Syria, Venezuela, Equatorial Guinea, Afghanistan and others
Location
British Virgin Islands (Tortola)
Personal Visit
100% online
Type of Account
Current Account
Online Banking
Yes
Currencies
USD only
Card
No cards currently
Minimum Initial Deposit
Not required
Time to Open
Up to 3 weeks
Minimum Monthly Balance
Not required
Service Fee
GBP 399
Additional fees
USD 150 once account is opened
Additional requirements
Bank account for non-residents only
Location
Personal Visit
Type of Account
Online Banking
Currencies
Card
Minimum Initial Deposit
Time to Open
Minimum Monthly Balance
Service Fee

HOW CAN YOU BECOME A PART OF THE MAURITIUS OFFSHORE BANKING CLUB?

 

1. 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.

In addition, we are aware of all the “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.

 

2. Let us prepare all the documents to open an offshore bank account in Mauritius

We will handle all the paperwork for you. 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.

Below is the list of documents you would need to open a Mauritius bank account online:

Mauritius bank account for companies

Mauritius bank account for individuals

Corporate documents (e.g., articles of association, certificate of good standing, proof of company’s address, register of directors, board resolution) Identification documents (e.g., driving licence and passport/ID card)
Identification documents of each shareholder/director (e.g., passport, CV, professional reference, etc.) Recommendation letters from accountant and/or lawyer/bank manager in the home country
Any additional documents upon a bank’s request (e.g., proof of source of wealth of a company’s UBO) Documents providing source of funds (e.g., shares’ certificate, income from rental property and so on)

 

3. Wait for compliance check

Private banks in Mauritius are quite meticulous when it comes to opening a bank account for an offshore company. 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.

 

4. Enjoy all the benefits of Mauritius offshore banking

Once a bank issues an 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 and online wealth management solutions.

 

FREQUENTLY ASKED QUESTIONS ABOUT MAURITIUS OFFSHORE 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 few successful cases of opening a Mauritius bank account for gaming businesses and forex.

 

  • Is it possible to open a Mauritius bank account online?

Yes, the application process and subsequent offshore banking can be done 100% remotely. 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 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 pocket.

Finally, Mauritius is a reputable financial hub, guaranteeing the security of transactions and safety of your funds.

 

  • 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.