Mauritius is mainly known for its manufacturing activities and attractive tourist destinations. However, did you know that Mauritius is also a suitable destination for offshore banking and offshore business operations?
The offshore sector is growing rapidly, and Mauritius has positioned itself well as a profitable international financial hub. If you’re interested in establishing an offshore company in Mauritius, below we’ll look into the benefits of an offshore bank account in Mauritius.
About Offshore Business in Mauritius
One of the reasons why global business investors should open offshore firms in Mauritius is because these companies are growing fast and profitable. Foreign investors who want to open offshore companies in Mauritius will gain significantly from the high-end security.
Launching offshore companies in Mauritius is easy, and investors can take advantage of the numerous tax benefits. One benefit of incorporating offshore is that the Mauritian government has ensured the registration process of offshore business entities is simplified.
One of the major elements that you should focus on as you establish an offshore company is opening an offshore bank account in Mauritius.
Offshore Banking in Mauritius
The offshore bank concept involves opening an offshore bank account outside a tax haven jurisdiction where the business owner resides. Having an offshore bank account is also very beneficial to a business owner. You can deal in multi-currency and participate in forex trading to earn more profits.
Fortunately, Mauritius is among the most profitable tax-haven jurisdictions. Also, opening an offshore bank account is easy for a foreign investor.
Advantages of Mauritius Offshore Banking
Business owners or individuals require an offshore bank account for business-related or personal purposes.
Numerous benefits arise from opening an offshore bank account in Mauritius, and we’ll look into some of them below:
1. Higher Interest Rates
One of the advantages of having offshore bank accounts in Mauritius is higher interest rates compared to other jurisdictions. In most cases, the interest rates offered by banks in the resident country are usually low. Thus, an offshore bank account ensures you’ll get good returns from your deposit.
2. Provide Protection and Security
Offshore bank accounts are preferable since they offer security and protection. The banks ensure each deposit isn’t affected by economic or political scenarios.
Most of the banks in Mauritius also guarantee confidentiality in all banking activities.
3. The Bank Account Opening Process is Flexible and Easy
The process of opening a bank account in Mauritius is easy and hassle-free. You only need guidance from a business expert, and you’ll be good to go.
Offshore banking offers flexibility, and the account holder will have financial freedom. The deposits are also safe and easily accessible. Also, no restrictions are imposed on the specific currency in that transactions should take place.
The account holder can choose from different banking service providers depending on their requirements.
We have established that opening an offshore bank account is easy and flexible. Nevertheless, you may be asking yourself, how much does it cost to open an offshore bank account? In Mauritius, the costs will vary from one financial institution to another.
On average, it may cost at least $2,600. Also, you must adhere to the initial deposit requirements varying from one bank account to another.
Is it possible to open an offshore bank account remotely? Yes! You only need to provide authentic documents requested by the financial institution you’re interested in working with.
Can I withdraw money remotely from an offshore bank account? Yes! Let’s look into how to withdraw money from an offshore account.
Foreign banks usually offer clients debit cards which allow them to access their funds globally. However, this may be costly because of the commissions. The best way to access and deposit funds should be through a wire transfer.
You can use two bank accounts, domestic and offshore. In such an instance, you can transfer huge sums of your offshore funds to the domestic account.
4. International Investment Opportunities
Mauritius is a suitable investment destination since it has connectivity to various parts of the globe. The market also supports international trade, among other activities.
You’ll enjoy different international investment opportunities as a foreign investor if you have an offshore account. You end up earning some returns from it.
Also, the investments are secure and safe, which means you’ll gain from the flexibility to invest in different global investment schemes. Business owners and investors should make an effort to have a corporate bank account that will aid in company registration.
5. Easy Access
Most banks in Mauritius offer easy accessibility to account holders with different services, such as internet banking and mobile banking.
You can also access your accounts from different parts of the globe without being physically present at the bank. This flexibility makes it easy to manage transactions anytime and from anywhere.
6. Superior Lending and Credit
Offshore banks usually offer superior credit and lending facilities that can benefit corporate account holders. The procedure to avail loans is also simple, requiring fewer documents.
The banking infrastructure in Mauritius is quite stable, which means banks in the nation can allow fast credit facilities. It also helps to boost nominal processing fees and cash flow.
7. Tax Savings
Another reason you should consider having an offshore bank account as a foreign investor is the tax benefits. Offshore banks usually offer premium tax-saving services on investments, savings, and deposits. The transaction fee is also low, which allows you to save more funds on each deposit.
You should seek professional assistance if you need help opening an offshore business account. Numerous agents in Mauritius understand all the legal processes. With the right knowledge from such professionals, you will choose the best-suited bank and account. Do not wait and miss the opportunity to enjoy the benefits of owning an offshore bank account in Mauritius.
Questions & Answers
List of offshore banks in Mauritius
- AfrAsia Bank Limited
- Investec Bank (Mauritius)Limited
- Absa Bank Limited (Mauritius)
- SBI (Mauritius) Ltd
- Bank of BarodaBank One Limited
- HSBC Bank (Mauritius) Limited
- BCPSBM Bank(Mauritius)Limited
- ABC Banking Corporation Ltd
- Bank of China (Mauritius) Limited
- Habib Bank Limited
- Standard Chartered Bank (Mauritius)
- MauBank Limited
- Standard Bank (Mauritius) Limited
Offshore Account Setup: Criteria
Foreign investors must complete a specific documentation process to open an offshore business account in Mauritius.
As a business investor, you need the following papers:
- Proof of identity of the shareholders and business investors
- A bank account application form that is duly filled
- Passport-size photos of the shareholders and business investors
- Proof of address of the shareholders and business investors
- MOA (Memorandum of Association)
- The firm’s Certificate of Incorporation
- Initial deposit (Depends on the bank’s requirements
- Any additional documents the bank may request.
Mauritius Offshore Banking Benefits
- Higher Interest Rates
- Provide Protection and Security
- The Bank Account Opening Process is Flexible and Easy
- International Investment Opportunities
- Easy Access
- Superior Lending and Credit
- Tax Savings