Bank AccountsHow to set up an offshore bank account in Mauritius?
Open a bank account remotely
Mauritius remains an attractive destination among foreign individuals and corporate when it comes to the establishment of entities and opening of offshore bank accounts.
You do not have to set foot in the island to open a bank account in Mauritius.
What is needed to open a 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, proof of address and a reference letter from a current bank.
Since the key focus is going to be on the funds that will be coming in the bank account, it must be evidenced that the money is not coming from any illegal or restricted activities and that the bank account is not going to be used to launder money.
How to successfully open a bank account in Mauritius?
Individual bank account
The process of opening a bank account for an individual is pretty straight forward once all criteria are met. You should ensure to:
- provide KYC documents, ensuring that the documents are certified true copies of the original.
- provide a bank reference or equivalent.
- fill and sign the relevant application forms.
- evidence the initial source of funds and provide comprehensive explanation on future incoming funds.
Corporate bank account
We open bank accounts for corporations domiciled in Mauritius and other jurisdictions. The process of opening a corporate bank account requires additional documents from that of an individual, these will mainly include:
- KYC on all principals. KYC on the ultimate beneficial owner(s) is compulsory.
- a detailed business plan and this should include 3 years financial forecast.
- true certified copies of the constitutive documents.
Choosing the right bank
All banks in Mauritius offer internet banking facilities with secured access. The accounts are usually opened in a major currency such as USD, GBP, EUR and some banks cater for minor and exotic currencies.
The banking sector is governed by the Bank of Mauritius Act, the Banking Act and regulations made thereunder. Special attention is paid to anti money laundering and the counter the financing of terrorism rules and regulations and each bank has its own set of rules to evaluate the risk associated with an individual and the activity of a business.
Full guidance is provided by Blue Azurite in choosing the right bank and a pre-approval with the chosen bank is conducted, free of charge, before opening the bank account.