From A to Z: Belize international business company (IBC)
This article will cast light upon Belize IBCs - which is the most prevalent type of offshore corporation and its key features that you should know.
Bank of Mauritius and Financial Services Commissions are two mandated bodies responsible for bank and non-bank financial service industry. The country has a well-regulated banking system with a risk-based supervisory framework including a strict AML/CFT legislation in place.
Mauritius has a large, bank-dominated financial sector. Overall, the financial sector contributes approximately 10% to GDP. Banking licenses are granted under Banking Act 2004, which allows banks to carry both domestic and offshore bank activities. As of Jun 2018, there are 5 domestically owned banks, 13 subsidiaries of foreign banks, 4 branches of foreign banks and 1 domestic/foreign joint venture, all constitute to 23 financial institutions. Five largest banks account for two-thirds of total assets.
Mauritius Banks offer an extensive range of services for offshore corporations i.e. multi-currency accounts, cross-border transactions, debit/credit card, internet banking…
|Country||Bank||Online Banking||Personal Visit||Credit Card||Debit Card||Intial Deposit|
|Belize||Caye International Bank Ltd.||USD 1,000|
|Heritage Bank||USD 3,000|
|British Virgin Island||First Caribbean International Bank||USD 25,000|
|Mauritius||ABC Banking Corporation||USD 5,000|
|Bank One Limited||USD 10,000|
|Mauritius Commercial Bank||USD 50,000|
|Investec Bank||USD 50,000|
|Puerto Rico||Euro Pacific Bank||USD 500|
|Singapore||Citi Bank||USD 300,000|
|OCBC Bank||USD 30,000|
|UAE||RAK Bank||USD 10,000|
We can support you opening company bank accounts in Mauritius or any proper offshore jurisdictions. Different banks will have unique requirements on a case-by-case basis. Some of the most common documents are presented below for your review:
Please contact BBCIncorp to know the exact documents needed for your case.
Final Rules of BVI Economic Substance Released
For those who are BVI legal entities, it should be noted that amendments have been made on The Economic Substance (Companies and Limited Partnerships) Act, 2018 (ESA) which was enacted in the British Virgin Islands on 31 December 2018 and came into effect on 1 January 2019.