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Banking in Mauritius

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…

Banking Options for Mauritius Company

CountryBankOnline BankingPersonal VisitCredit CardDebit CardIntial Deposit
BelizeCaye International Bank Ltd.USD 1,000
Heritage BankUSD 3,000
British Virgin IslandFirst Caribbean International BankUSD 25,000
MauritiusABC Banking CorporationUSD 5,000
Bank One LimitedUSD 10,000
Mauritius Commercial BankUSD 50,000
Investec BankUSD 50,000
Puerto RicoEuro Pacific BankUSD 500
SingaporeCiti BankUSD 300,000
DBSUSD 50,000
OCBC BankUSD 30,000
UOBUSD 100,000
UAERAK BankUSD 10,000

Required documents

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:

  • Account opening forms
  • Bank statements
  • Bank reference letter
  • Business proofs (sales/purchase orders, invoice, contract…
  • Certified copies of valid passport, recent address proof within 3 months for all directors/shareholders/account signatories
  • Business plan
  • Certified copies of Mauritius GBC company documents i.e. CoI, M&AA, Registers of directors/shareholders…
  • Certificate of Good Standing/Certificate of Incumbency.

Please contact BBCIncorp to know the exact documents needed for your case.

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