Setting up an Offshore Mauritius account oftentimes means going through a lot of red tapes. There are so many rules to follow. It is for this reason that I decided to bank in Mauritius. Their banking options are friendly and I was sure that I would get the most out of your banking experience whilst there.
Offshore Account Mauritius
Opening offshore accounts in Mauritius is a great idea for anyone’s investment. In my research, I noticed that Mauritius is governed by two bodies, the bank of Mauritius and the Financial Services Commission. Another assuring factor is that the banking system is headed by a risk-based supervisory framework. There was no fear of my money going missing when I bank with them.
How to open an offshore account in Mauritius
One of the things everyone wants to know is what the requirements are for owning an account in Mauritius. This was pretty simple to find, and here are a couple of things that I was asked for when opening my account.
What you need to opening offshore account in Mauritius:
- Bank statements
- Referral letters
- Proof of business (sales, purchases, invoices, contracts, etc.)
- Certified copies of passport, recent address)
- Certificate of good standing
- The company documents
Different banks ask for different documentation but most of these items were similar.
Setting up a Mauritius Offshore Company
Setting up offshore companies in Mauritius is also straightforward. As long as I have the right papers and documentation, I wouldn’t expect any hitches. Mauritius offshore company tax rates are better compared to most rates in other countries.
Here are a couple of advantages of opting for a Mauritius offshore company setup:
- The taxes imposed on offshore companies range from 0% to 3% which is lower than the 15% imposed on resident companies.
- The companies will be exempted from paying withholding tax and capital gains tax.
- The country is known to have lower tax rates compared to other areas that offer offshore companies.
- The companies have an assurance of more privacy than if they set up business in other countries.
Mauritius is making great strides when it comes to hosting offshore companies. Just as this comes with many perks, there are great disadvantages for one who opts to register an offshore business in Mauritius. Knowing about them helps me to make the right decision before setting up my offshore business.
Being a tax haven country, Mauritius tends to come under a lot of scrutiny from tax authorities and banks.
Offshore companies are not allowed to work in banking, insurance, financial services, and service formation services. It beats the whole purpose especially if that is the business you are planning on venturing.
Opening a personal offshore bank account in Mauritius
Many people around the globe are getting attracted to open an offshore bank account in Mauritius because of the many advantages it comes with. If you are wondering how to open an offshore bank account in Mauritius, you can open an account online without having to go there physically. As time goes by, Mauritius offshore bank account is gaining popularity around the globe because of this flexibility.
There is now Mauritius offshore account for South Africans and I can use the open an offshore bank account in Mauritius for keeping dollars option as well. There is no need to go to Mauritius to open the account, even for South African citizens, as you can do it in the comfort of your home.
Why you should get an offshore account
If you have never thought about Mauritius offshore banking, there are various reasons for it. Here are a few reasons why you should think about opening an offshore:
Dilute your political risk:
Politics greatly affects the investment you have in your country. The easiest way to deal with it is to save money in an area that it will not be affected.
Sounder banking systems:
In many areas, the banking systems are not stable. Mauritius is known to have the best banking systems in the world. You do not have to worry about your money getting listed or the interest rates changing overnight.
Everyone wants to sleep at night knowing that their money is protected in the bank. The systems in Mauritius can help one do this. Even though I cannot be guaranteed 100% protection, I can opt for the highest chance. Mauritius offshore savings account offers this and even more so I do not have to worry about your money. Anyone can bank with them without a second thought.
The currencies are diversified:
There is flexibility when working with Mauritius’s offshore bank account. You can safely transact with various currencies since they offer an option for all their clients.
7 Offshore Advantage Mauritius
As time goes by many companies are opening up offshore accounts and businesses. There are various reasons one should consider Mauritius as your offshore. Here are some of the advantages of offshore banking in Mauritius.
1) Provides Security and Protection
One of the most suitable banking options for anyone is an offshore account. Deposits are not affected by your country’s political or economic issues. Compared to other forms of banking this is the most risk-free mode. You can access your funds anytime which is very convenient, if you have a confidentiality issue then you will have no qualms with a personal offshore bank account in Mauritius because they can assure you of this.
2) Higher Interest Rates
Many people who save in a bank complain of the poor interest their money earns over time. You do not have to worry about this when you are using an offshore account. They have better and higher interest rates compared to your local bank. If you are making savings and want to earn from them, you can rest assured that the returns will be really good and worth your savings.
The biggest thing you can get out of offshore banking is the flexibility the service offers. Apart from being safe, they are also easily accessible. There are no restrictions when it comes to the currency you choose to transact in. I get to choose my banking service provider that will work according to my preference. All the banks are regulated by the same body and you are assured of quality no matter the type of bank you choose to settle for.
4) Superior Lending and Credit
As a corporate account holder, I get to access the bank’s amazing lending opportunities. Since that banking infrastructure is really good, I can be assured of getting credit and money when I need it. Their loan rates are better than many resident banks and I can take advantage of it.
5) The System is Well-Connected
Since the banking industry is well connected to the rest of the world I gain access to investment opportunities around the world as they happen. There are so many business ventures I can tap into that will work for me or my company. Just read my blog post as example on The reasons to invest in Mauritius. The good thing with these opportunities is they assure you of better returns than you would get when you invest in your own country. You make more of your investment because you are better informed on the venture you are investing in.
6) Better Tax Rates
Many people are moving their offshore accounts to Mauritius because of the better tax rates. The cost of running the accounts is significantly reduced because the tax rates are lower. Many companies open their accounts and companies in Mauritius because they are more likely to make better profits than they would in their resident countries. They get quality services and pay less for them.
7) Easy Access
To top everything off, clients can gain access to their money whenever they need it. Most banks have an excellent customer service department that deals with the client’s needs when they arise. You can talk to the company whenever you want to as they have open phone lines, messaging tools, and internet banking.
Operating your account offshore is made easier because of all these perks. As cryptocurrency makes its ways into the bank, these offshore features have been improved to become more straightforward and streamline
Offshore banking is taking the world by storm. There are so many options and it has a convenience that residential banking does not come with.
To ensure you make the most out of it, ensure you do your research before investing. Find out which bank would work for you and what their clients say about them. Know the tax rates of the bank and what the minimum deposit for the account is.
Ensure you offer the right documentation when opening the account to avoid having your money withheld from you. Where in doubt, consult with a financial advisor. They are better placed to advise you on the way forward. You can rest assured that Mauritius Banks have the best options for you.
Many European residents are opening their accounts in the country because they can bank on the area’s reliability. You can rest assured that your money is protected under the Mauritius offshore business activities act 1992.
May this blog post on What are the best businesses to do in Mauritius? could interest too.