While we are currently in an economic crisis, what options are there for offshore companies and bank account formations? What procedures to follow?

While we are currently in an economic crisis, it is very early to predict how the Covid-19 pandemic will impact the banking, financial and offshore sectors in Mauritius. At the time of writing, the virus has been contained in the island and but Mauritius is still in complete lockdown, which will have economic ramifications. So what options are there for offshore companies and bank account formations? What are the procedures that must be followed?

Foreign businesses can set up several companies remotely

Entrepreneurs, business owners and firms can establish bank accounts, companies and various types of Funds without even stepping foot in the island. These include Mauritian Business Registration of Global Business Companies (GBCs), Authorised Companies (ACs) and Mauritian domestic companies.

More complicated financial licences, such as a Payment Intermediary Services Licence (a PSP in other jurisdictions), an Investment Dealer Licence, an Investment Adviser Licence and a CIS Licence can be obtained as well.

Additionally, one can even invest in a property in Mauritius, set up an investment vehicle for buying the property and apply for a residence permit without coming the island. However, it is advised to liaise with a reliable firm, such as ours, to do so.

What type of financial services can they benefit from?

If you are living abroad and you want to establish a company in Mauritius, expand your business or you plan on moving to the island, it is not too early to look into the financial aspect of things. The following are some of the bank accounts that can be opened here:

  • Personal offshore bank accounts for people living abroad. These can be set up in a few weeks as long as compliance tests are passed.
  • Mauritian offshore bank accounts can be established for both Mauritian companies and foreign companies. These are very popular for firms incorporated in other locations such as Hong Kong, Dubai and Cyprus because of the strength and reliability of the banking sector in the country. It is worth noting that a company that is tax resident in Mauritius must have its primary bank account in the island.

What currency can be used to open a bank account?

To open a Mauritian offshore bank account, one of the main world currencies can be leveraged, therefore catering to several firms and individuals. As such, accounts can be created in EUR, GBP, USD and MUR. The internal exchange rate is very competitive with most of the banks and having multiple bank accounts is a significant benefit.

Several institutions are licensed by the Bank of Mauritius, so there are various options to choose from. Some examples are ABC, Absa, AfrAsia, Bank One, HSBC, Maubank, SBM, MCB or Warwyck, among others. There are niche banks and international names which differ in size, capability and offerings.

To know which institution would best suit your needs, how to open a bank account, the procedures to follow or how to set up a company, you can get in touch with our agents. They are trained professionals who are available to give you financial advice and guidance.

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