Why Should You Consider to Open a Bank Account in Mauritius?

Once a company is formed in the UAE, it requires a Bank Account to make any kind of business transaction. Opening a corporate bank account refers to fulfilling of all the requirements and initial pre-approval from the bank to understand if the company is eligible to obtain a Bank Account or not. Mauritius is an attractive location for UAE companies to open bank accounts, especially if they’re doing business in Asia, Europe and Africa, as well as for nonresident individuals looking for a safe banking location with sophisticated wealth management services.

Advantages of opening a Bank Account in Mauritius

1. 1. Account Opening - Fastest way of offshore account opening
      • Opening of all types of accounts
      • Opening of accounts for Authorised companies, International Business Companies, Trusts, Foundations, Non-resident & other corporate vehicles
      • Account opening process takes around 1 week if all documents are in place
      • Application of rigorous and robust KYC (Know-Your-Customer) procedure
      • Acceptance of Certified scanned copies via email, provided that the original follows after account opening
   2. Types of account
      • Multi-currency facility is provided
      • All correspondent banks are international banks
      • Transfers are accepted in more than 100 exotic currencies
   3. Account Maintenance
      • The minimum balance requirement is USD 5,000 or equivalent
   4. Internet Banking
      • Free of charge and secured Internet Banking (Both Viewing and Transactional access)
   5. Direct Debit card (MasterCard affiliates)
      • Recognised and accepted at over 30 million merchant locations and over 1.9 million ATMs worldwide in more than 210 countries and territories
      • Withdraw cash on any ATM displaying the logo of Maestro/Cirrus/ MasterCard and swipe on any authorized Point of Sales
   6. Forex Transaction
      • Competitive rates regarding FOREX transactions (Fixed deposit or conversion in cross currency)

1. International remittances
   • All inward remittances are free of charge
   • Outward remittance via Internet Banking USD 60 excluding any overseas bank charges
   • There is no restriction or limit regarding inward and outward transfers
   • Extended cut-off time for international remittances without any additional cost
2. Additional services
3. Payroll Services - process bulk payments and salary processing same day value at competitive rate
4. Trade Finance

Documents Required

1. Certificate of Incorporation;
2. MOA/AOA
3. Certificate of Good Standing;
4. Register of Director/ Shareholder
5. Business plan
6. CV
7. Passport
8. Trade License
9. Share Certificate
10. Certificate of Incumbency
11. Any additional documents requested by the Bank

Why UAE companies are opening accounts in Mauritius?

As the UAE banking system gets more into due-diligence, which is necessary, the time frame to open an account has become relatively longer. Also, UAE bank accounts may have restrictions in dealing with certain countries, which may not be the case with a Mauritius bank account (note: each country has their own list of sanctioned countries). Keeping the above points in mind, many UAE companies are opening accounts in Mauritius, along with having a UAE account. This blog is written by Ms. Florine Das, Director (Client Relationship) at Flyingcolour Business Setup, Accounting & Tax Services in Dubai & across UAE . Feel free to call us for more info about opening bank account in Mauritius. You can also send your inquiry to info[at]flyingcolour[dot]com or call +971 4 4542366. Please Note: This article was published on 01st October, 2020. The information provided in the article is based on the policies and rules applicable at the time of writing it. Talk to one of our consultants for any recent update or change.