How to open a corporate bank account in Mauritius?

Opening a bank account will be one of your priorities if you are planning to start a business in Mauritius. To help you out, here is an overview of the essential steps to follow, between choosing a bank and the requirements to succeed in this step.

Steps to follow to open a corporate bank account in Mauritius

Once you have registered your business with the relevant authorities, you will have to build a file to be submitted to the chosen commercial bank. In general, you will need the following documents, although more specific documents may be requested by the bank:

1. Valid passport of each of the company’s stakeholders;
2. Proof of address of each of the company’s stakeholders;
3. Documents related to the company’s registration:

• Certificate of incorporation;
• Company registration card;
• Certified copy of the minutes of the company’s board of directors authorizing the opening of the account(s);
• Last applicable annual tax declaration for incorporated companies with at least 18 months of activity;
• Business plan specifying the source of funds

What are the best practices for opening a corporate bank account in Mauritius?

It is easier for foreign companies with a physical establishment in Mauritius to open a corporate bank account.

A wise decision would be to choose a simple form of incorporation consisting of individual shareholders and directors rather than trust, holding, nominee, etc.

To save time, prepare the following legal documents that might be requested by the department of legal and compliance and regulatory licenses:

• Proof of activity in the world and in the country of origin;
• Additional KYC information on the activity;
• Applicant’s residence status.

As part of the bank’s AML/CFT obligations, one of the account’s signatories may be requested to come for an in-person interview.

Choosing your bank in Mauritius

The Bank of Mauritius has an updated list of 17 banking institutions:

• ABC Banking Corporation Ltd – WEAL House, Duke of Edinburgh Street, Place d’Armes, 11328, Port-Louis – www.abcbanking.mu
• Absa Bank (Mauritius) Limited – Absa House, 68 Wall Street, Cybercity, Ebene, 72201, Mauritius – https://www.absabank.mu/
• AfrAsia Bank Limited – 10, Dr. Ferriere Street, Port-Louis – www.afrasiabank.com
• Bank of Baroda – Bank of Baroda Building, Sir William Newton Street, Port-Louis – www.bankofbaroda-mu.com
• Bank of China (Mauritius) Limited – 420/510-20 Dias Pier, Le Caudan Waterfront, Port-Louis – http://www.bankofchina.com/mu
• BCP Bank (Mauritius) Ltd – Level 9, Maeva Tower, Corner Bank Street & Silicon Avenue, Cybercity, Ebene 72201 – https://www.bcpbank.mu/
• Habib Bank Limited – 30 Louis Pasteur Street, Port-Louis – https://www.hbl.com/mauritius/
• HSBC Bank (Mauritius) Limited – HSBC Centre, 6th Floor, 18 Cyber City, Ebene – www.hsbc.co.mu
• Investec Bank (Mauritius) Limited – Office 660, 6th Floor, Dias Pier Building, Le Caudan Waterfront, Port-Louis – www.investec.com
• MauBank Ltd – Lot 25, Bank Street, Cybercity, Ebene – www.maubank.mu
• SBI (Mauritius) Limited – 7th Floor, SBI Tower Mindspace, 45, Cybercity, Ebene – www.sbimauritius.com
• SBM Bank (Mauritius) Ltd – State Bank Tower, 1 Queen Elizabeth II Avenue, Port-Louis – www.sbmgroup.mu
• Silver Bank Limited – 4th Floor, Silver Bank Tower, 18 Cybercity, Ebene – www.silverbankltd.com
• Standard Bank (Mauritius) Limited – Level 9, Tower A, 1 Cybercity, Ebene – www.standardbank.mu
• Standard Chartered Bank (Mauritius) Limited – 6th Floor, Standard Chartered Tower, 19 Bank Street, Cybercity, Ebene 72201 – www.sc.com/mu/
• The Mauritius Commercial Bank Limited – Sir William Newton Street, Port Louis – www.mcb.mu
• Warwyck Private Bank Ltd – Warwyck House, Nalletamby Road, Phoenix – www.warwyckprivatebank.com

To smoothen the process of opening a corporate bank account in Mauritius, opt for professional assistance. Magellan helps you save time. Our team of experts will facilitate your installation in Mauritius by guiding you through all the steps of this process, which can be quite intimidating. Contact us now for more information about our services!