Bank Account Administration for Mauritius Structures
Ongoing management of corporate bank accounts — including signatory authority, payment processing, online banking, bank relationship management and account maintenance — delivered as part of a comprehensive managed corporate service.
Once a bank account is open, the ongoing administration of that account is a critical function for any Mauritius corporate structure. For clients who do not wish to manage day-to-day banking themselves, or who require a Mauritius-based signatory as part of their economic substance requirements, we provide a comprehensive bank account administration service. This includes monitoring account activity, processing authorised payments, managing signatory mandates, liaising with the bank on account matters, and ensuring that all banking activity is properly recorded in the company's books.
Bank Account Administration Services
Signatory Authority Management
We maintain and update the authorised signatory mandate with the bank, reflecting changes in directors, beneficial owners or delegation of authority. Where clients require a Mauritius-resident signatory as part of their substance profile, we can provide this as a managed service under strict internal authorisation and oversight procedures.
Payment Processing
We process authorised domestic and international payments on behalf of the company — whether these are investment funding calls, loan disbursements, dividend payments, supplier invoices or operational expenses. All payment instructions are validated against authorised mandates before execution, with dual-approval controls for payments above defined thresholds.
Online Banking Management
We maintain access to and oversight of the company's online banking portal, monitoring transactions, managing token-based authentication, updating access credentials, and promptly escalating any unusual activity to the client. Security protocols are reviewed at least annually and whenever a signatory change occurs.
Bank Relationship Management
We maintain an active relationship with the company's banking officer, handling routine account queries, responding to KYC refresh requests, assisting with account upgrades or additional currency accounts, and resolving any issues that arise with transactions or account facilities. In Mauritius, strong bank relationships are particularly important given the enhanced due diligence practices of local banks toward cross-border structures.
KYC Refresh and Annual Reviews
Banks regularly refresh the KYC documentation for their corporate clients. We manage this process — collecting updated identification documents, preparing cover letters, and submitting the refreshed KYC pack to the bank on the company's behalf to avoid account suspension or restriction.
Transaction Reconciliation
We reconcile bank statements to the company's accounting records on a monthly basis, ensuring that all credits and debits are properly categorised, allocated and reflected in the company's management accounts and annual financial statements.
Multi-Bank and Multi-Currency Account Oversight
For structures holding accounts at multiple Mauritius banks — or at overseas banks alongside their Mauritius accounts — we provide a consolidated administration service, maintaining a unified view of all account balances and transactions. This is particularly valuable for holding companies with accounts at both a Mauritius bank and a corresponding international custodian or private bank.
Setting Up Bank Account Administration
Service Scope and Mandate Review
We review the existing bank account mandate, signatory structure and any prior administration arrangements. We identify any gaps — expired signatory authorities, outstanding KYC refresh requests, incomplete online banking access — and agree the scope of the administration service with the client.
Authorisation Matrix Drafting
We draft a payment authorisation matrix specifying who must approve different categories and amounts of payment — distinguishing between routine recurring payments that can proceed under standing instructions and ad hoc payments requiring explicit client sign-off before execution.
Bank Notification and Mandate Update
We notify the bank of the new administration arrangement, update the signatory mandate as required, and — where we are providing a Mauritius-resident signatory — complete all bank formalities for the new signatory, including specimen signatures and identification.
System Access and Security Setup
We set up secure access to the online banking portal under our internal security protocols, ensuring that credentials and token devices are held in accordance with our compliance procedures and that the client's administrator is notified of all access events.
Ongoing Administration
We administer the account on the agreed basis — processing payments, managing the bank relationship, handling KYC refresh requests, reconciling transactions, and delivering monthly account reports to the client. Any changes to the mandate, bank policies or account conditions are flagged to the client promptly.
Key Requirements for Administration Service
- Executed service agreement and client acceptance form
- Up-to-date KYC documentation for all beneficial owners and signatories
- Board resolution authorising the administration arrangement and any delegated signing authority
- Payment instruction template and approval matrix specifying authorisation levels for different payment types and amounts
- Online banking login credentials and token devices to be held under secure procedures
- Regular (typically monthly) account statements provided to client for review
- Annual confirmation of bank account details and signatory mandate for compliance records
Indicative Annual Fees
| Item | Indicative range |
|---|---|
| Basic account monitoring and KYC refresh management | USD 800 – 1,500 per year |
| Active payment processing (up to 20 transactions per month) | USD 2,000 – 4,000 per year |
| Active payment processing (20+ transactions per month) | USD 4,000 – 8,000 per year |
| Mauritius-resident signatory service | USD 3,000 – 6,000 per year |
| Bank relationship management (dedicated) | USD 1,200 – 2,500 per year |