Opening of a Corporate Bank Account in Mauritius: An Overview
Mauritius has become a popular destination for foreign investors and businesses due to its favourable business environment and equally favourable tax regime. In order to conduct business in this island nation, it is important to have a local corporate bank account. Opening a corporate bank account in Mauritius can be a complicated and time-consuming process, especially for those unfamiliar with the local banking system and regulations. That’s why many businesses turn to corporate bank account opening consultancy services offered by Enterslice to simplify the process and ensure a smooth and efficient bank account opening experience.
Reasons for Opening a Corporate Bank Account in Mauritius
Mauritius has emerged as a hub for international business and investment due to its favourable tax regime, strategic location and well-developed infrastructure. Opening a corporate bank account in Mauritius can provide numerous benefits for businesses, making it an attractive option for companies looking to expand their operations in the African region. Following are the reasons why you should consider opening a corporate bank account in Mauritius:
- Favourable Tax Regime
Mauritius has a favourable tax regime that makes it an attractive destination for foreign businesses. The country has a low corporate tax rate of 15%, and it also has several double taxation agreements in place with other countries, providing further tax benefits for businesses.
- Strategic Location
Mauritius is strategically located in the Indian Ocean region, providing access to major shipping routes and regional markets. This makes it an ideal hub for companies looking to expand their operations in the region.
- Well-Developed Infrastructure
Mauritius has a well-developed infrastructure, including a modern banking system and a stable economy. This provides a solid foundation for businesses looking to establish operations in the country.
- Access to Regional Markets
Mauritius is a member of several regional organizations, including the Common Market for Eastern and Southern Africa (COMESA), and the Southern African Development Community (SADC). This provides businesses with access to a large market of over 400 million people.
- Efficient Banking System
The banking system in Mauritius is highly efficient and well-regarded, providing businesses with access to a range of financial services and products.
Mauritius has strict banking confidentiality laws, providing a high level of protection for businesses looking to keep their financial information private.
- Local Support
There are many local professional services firms in Mauritius that can provide support and assistance to businesses looking to establish operations in the country.
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Steps of opening a Corporate Bank Account in Mauritius
Opening a Corporate Bank Account in Mauritius involves the following processes:
- Preparation of the Required Documentation for opening an account
Once you have chosen a bank, you will need to prepare the required documentation for opening a corporate bank account. This typically includes the company’s articles of association, a certificate of incorporation, and a resolution from the company’s board of directors authorizing the opening of a bank account. You may also need to provide additional documentation such as identification documents for the company’s directors and signatories, and proof of address for the company.
- Arrangement of a meeting with the desired bank
The third step is to schedule a meeting with the bank to discuss the process for opening a corporate bank account. During the meeting, the bank will provide you with detailed information on the process, as well as any additional documentation that may be required. You may also need to provide additional information on the company, such as its business activities, structure, and financial projections.
- Completion of the Application form
Once you have gathered all the required documentation, you will need to complete the bank’s application form for opening a corporate bank account. This form will typically ask for information on the company, its directors, signatories, and business activities. It is important to provide accurate and complete information on the form to ensure a smooth and efficient process.
- Submission of the Documents
After completing the application form, you will need to provide the bank with all the required documentation, including the company’s articles of association, a certificate of incorporation, and any additional documentation requested by the bank. It is also important to ensure that all the documents are in order and that they meet the bank’s requirements.
- Wait for the Approval
Once you have provided the bank with all the required documentation, you will need to wait for the approval. The approval process can take several days to several weeks, depending on the bank and the complexity of the application. The bank will review the application and assess the risk associated with the company before making a decision.
- Activation of the Account
Once the bank has approved the application, the next step is to activate the corporate bank account. This involves setting up the account, completing the necessary formalities, and establishing any additional services such as online banking and 24/7 customer support.
List of Documents required for opening a Corporate Bank Account in Mauritius
Following is the list of documents that are required for opening a corporate bank account in Mauritius:
- Certificate of Incorporation of the Company
- Memorandum and Articles of Association of the company
- A certificate indicating the current status of the company if it was registered more than one year ago
- Details of the Directors and Founders having 20% or more than 20% share in the company
- Passport/ Identity card of all the authorized signatories, shareholders, directors and UBO
- Business plan of the company
- Details about the ultimate beneficial owner/ shareholder
- Licenses obtained by the company for undertaking business in Mauritius
- Certificate of good standing of the business
Factors to be taken into consideration while opening a Corporate Bank Account in Mauritius
There are a number of banking institutions offering corporate bank account opening services in Mauritius. Following are the factors that should be taken into consideration before opening a Corporate Bank Account in Mauritius:
- Restrictions on Countries: There are certain countries, for example Post-Soviet countries, on whom restrictions have been imposed by some of the Mauritian banks. It is very difficult for non-residents whose countries are situated in these countries to open a corporate bank account in Mauritius.
- Restrictions on the business activities: There are certain business activities on which restrictions have been put in place by some of the banks in Mauritius. These are prohibited activities, illegal activities or activities that are being undertaken in furtherance of promoting terrorism. Additionally, the banking activities that are sought to be undertaken by your company must be communicated properly to the bank and the business must also be understandable to the bank.
- Terms and Conditions of the bank: You should also take into consideration whether the bank offers favourable terms and conditions for conducting your business. For example the criteria of minimum balance to be kept in the account, the rates charged by the bank on incoming and outgoing payments, account maintenance charges etc.
- Facilities offered: You should also take into consideration the facilities that are offered by the bank. For example, remote access, remotely making payments, online platform of the bank etc. Top of Form