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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
| 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 | ||||
| DBS | USD 50,000 | |||||
| OCBC Bank | USD 30,000 | |||||
| UOB | USD 100,000 | |||||
| UAE | RAK Bank | USD 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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