Finance & Tax — Mauritius

Opening a Bank Account for a Mauritius Structure

Mauritius is home to a well-developed banking sector with international and regional institutions offering multi-currency corporate accounts. The process requires thorough KYC documentation and realistic timelines — we manage it from start to finish.

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Opening a corporate bank account in Mauritius for a newly incorporated GBC, trust, fund or operating company is a critical step in making the structure operational. Mauritius has a sound and internationally connected banking sector, with leading international banks (HSBC, Barclays/ABSA, BNP Paribas, Standard Bank, Standard Chartered) alongside strong local institutions (MCB, SBM, AfrAsia Bank, MauBank). Account opening requires comprehensive KYC and AML documentation, and the process typically takes four to twelve weeks depending on the bank and the complexity of the structure. We manage the entire process, liaising directly with the bank's compliance teams on your behalf.

Types of Bank Accounts Available

Multi-Currency Corporate Account

The standard account type for GBCs and holding companies. Accounts are typically maintained in USD, EUR, GBP and MUR, with sub-accounts in additional currencies available on request. Online banking with SWIFT/IBAN capabilities for international transfers is standard across all major Mauritius banks.

Trust Account

Banks offer dedicated trust accounts for Mauritius trusts administered by licensed trustees. The account is opened in the name of the trustee on behalf of the trust and requires identification of the trustee, the trust deed, and identification of all underlying beneficial owners and beneficiaries above applicable thresholds.

Fund Account

Investment funds require accounts structured to handle multiple share classes, investor subscriptions and redemptions, and segregated cash movements. Specialist fund administration banks such as AfrAsia and SBM Bank Mauritius offer dedicated fund banking services.

Private Banking Account

High-net-worth individuals and families relocating to Mauritius or with significant investable assets can access private banking services through MCB Private Banking, AfrAsia Private Banking, HSBC Premier and others. These accounts offer wealth management, investment advisory and premium service levels.

Bank Account Opening Process

Bank Selection

We assess the client's needs — currency requirements, transaction volume, jurisdiction of business counterparties, online banking needs, investment services — and recommend the most appropriate bank(s). Each bank has different risk appetite profiles, sector sensitivities and service levels.

KYC Document Pack Preparation

We compile and review the complete KYC document pack for the entity and all underlying beneficial owners, directors, shareholders, settlors and beneficiaries as required. We ensure documentation meets bank standards before submission, reducing back-and-forth delays.

Account Application Submission

We submit the account opening application directly to the bank's relationship management or compliance team, utilising our established relationships to ensure the file receives prompt attention. We handle all queries from the bank's compliance team.

Compliance Review

The bank conducts its internal KYC and AML review, including checks against sanctions databases, politically exposed person (PEP) screenings, and source of funds/wealth verification. This phase typically takes two to six weeks and may involve additional information requests.

Account Activation

Once approved, the account is activated and online banking credentials are issued. We assist with the initial setup of online banking, establishment of authorised signatories, and configuration of payment limits and approval workflows.

Typical KYC Documentation Required

Certificate of incorporation and constitutional documents for the entity
GBC licence or other FSC licence (if applicable)
Registered office confirmation and corporate structure chart
Certified copy of passport for all directors and beneficial owners
Proof of residential address (utility bill or bank statement, dated within 3 months)
Professional reference letter for each beneficial owner (from lawyer, accountant or banker)
Bank reference letter for each beneficial owner
Source of funds and source of wealth declaration with supporting evidence
Business plan or description of anticipated account activity
Tax Identification Number (TIN) or equivalent for all account signatories
For corporate shareholders: full corporate registry documents and beneficial ownership chain to ultimate natural person

Indicative Costs

Bank fees are set by the banks and are subject to change. The following ranges cover our professional fees for account opening assistance only.

Item	Indicative range
Bank account opening assistance (standard)	USD 1,500 – 3,000
Bank account opening assistance (complex / multiple BOs)	USD 3,000 – 6,000
Bank introduction and relationship management (ongoing)	USD 500 – 1,200 per year
Account maintenance fee (bank — indicative)	USD 500 – 2,000 per year

Frequently asked questions

How long does it take to open a bank account in Mauritius?

Typically four to twelve weeks from submission of a complete and clean KYC file. Delays are almost always caused by incomplete documentation, complex beneficial ownership structures, or clients from higher-risk jurisdictions who require enhanced due diligence. Having a well-prepared, complete file submitted from the outset is the single most important factor in reducing the timeline.

Which Mauritius banks are available for GBC companies?

The main banks serving international corporate clients in Mauritius include MCB (Mauritius Commercial Bank), SBM Bank, AfrAsia Bank, HSBC Mauritius, Standard Bank Mauritius, Standard Chartered, BNP Paribas Mauritius and Barclays/ABSA. Each has different sector specialisations, risk profiles and service levels.

Can a Mauritius company open a bank account outside Mauritius?

Yes. A Mauritius GBC or company is not required to hold its bank accounts in Mauritius, and many do hold accounts with international banks in Singapore, Luxembourg, Switzerland or the UK. However, an account must be opened somewhere for the structure to function, and for GBCs demonstrating Mauritius substance, at least one local account is strongly advisable.

Will the bank require a face-to-face meeting?

Some banks require an introductory meeting with the beneficial owner, which can sometimes be conducted by video conference. Others accept fully documentary applications without a meeting, particularly for clients introduced by established corporate service providers such as ourselves. We will advise on the specific requirements of the recommended bank.

What is the minimum deposit required to open a business account?

Requirements vary by bank and account type. For standard corporate accounts, most banks require a minimum initial deposit of USD 5,000 to USD 25,000 and minimum average balance thresholds to avoid monthly charges.

The information on this page is provided for general guidance only and does not constitute legal, tax or regulatory advice. Always seek professional advice specific to your situation.