Offshore bank account: how to set up an account in Mauritius?

Despite the Covid-19 pandemic, Mauritius still remains an attractive destination among foreign investors to establish a business or expand one. You do not have to set foot in the island to open an offshore bank account. You can do so from anywhere else in the world with the help of our agents who are going to guide and assist you in taking the right decision regarding your finances.

What is needed to set up an offshore bank account in Mauritius?

First of all, it should be noted that each bank has their own set of procedures to open an account. In all cases, there is the usual verification of individuals. This requires certified copies of a passport and a recent utility bill. Reference letters from a current bank or substitute documents such as 6 months of current bank statements and a signed form allowing the Mauritian bank to contact the current bank are also needed.

Moreover, since the key focus is going to be on the funds that will be coming in the bank account, it must be shown that the money is not coming from illegal activities and that the bank account or the company is not going to be used to launder money. You can expect that the business plan for any company account will be looked into in detail.

How to successfully open an offshore bank account?

Below are some key elements that must be taken into consideration if you wish to successfully open an account in the country and to enjoy the various benefits on offer.

The Shareholders and the UBO

All parties involved in the offshore bank account will have to go through KYC checks, especially those owning the company or account. If you have issues such as historical media attention, you can handle the situation by tackling it from the start. You must also bear in mind that it is easier to open a bank account in Mauritius if it is for a Mauritian company, not a foreign one. As such, you can set up a holding or trading company to benefit from the banking sector here if you are having trouble doing so with a foreign company.

Preparation of the application

The most successful applications are those with the client having an agent based in the country. This is because the latter is already aware of the procedures involved and it will have, beforehand, already asked the questions that the bank will ask. Therefore, the initial evidence will be smooth and comprehensive and the evidence will pre-empt any potential concern. If the first two issues are not in order, there might be some difficulties but opening an offshore bank account is still possible. There are many clients who have been able to get through these troubles provided that they have the right assistance.

Picking up the right bank

Picking up the right banks for your needs is essential. For instance, there are some institutions that are reluctant to take risks and others that are fintech-friendly. As such, when setting up a company in Mauritius, either with a Regulatory Sandbox Licence or a PIS licence dealing with cryptocurrency, you must seek guidance with regards to which bank is more likely to open an account . Some institutions are more appropriate for internet banking and others are quicker for account opening. You may also ask for help with your licence application.

The Activity of the company or individual

If your company’s activity is related to something illegal in Mauritius, then the possibility of it getting off the ground is practically non-existent. Some examples of those are cannabis oil, online gambling or weapons. The probability would also be low for risky operations such as cryptocurrency exchanges with clients predominantly from countries which makes banks nervous. This is because Mauritian banks are quite cautious regarding activities dealing with cryptocurrency, even if it is licenced by the FSC in Mauritius. One can, nonetheless, ask for dispensation from the FSC for a GBC to have a primary bank elsewhere, and there are now some banks in Mauritius that are more interested in fintech.