Mauritius - How to Open Your Corporate Bank Account

ProcedureEdit

Apply In-Person:

To Open Your Corporate Bank Account in person, the applicant will need to go through the any of the commercial banks in Mauritius.
Please view the list of some commercial banks that provide the loan service in the “Office Locations & Contacts” section below or through this link
Once the applicant has chosen a bank, they will need to prepare the required documentation for opening a corporate bank account. This typically includes the company’s articles of association, a certificate of incorporation, and a resolution from the company’s board of directors authorizing the opening of a bank account. Applicants may also need to provide additional documentation such as identification documents for the company’s directors and signatories, and proof of address for the company and they can be found under the “Required Documents” section of this page.
The next step is to schedule a meeting with the bank to discuss the process for opening a corporate bank account. During the meeting, the bank will provide the applicant with detailed information on the process, as well as any additional documentation that may be required.
Applicant may also need to provide additional information on the company, such as its business activities, structure, and financial projections.
Once the applicant has gathered all the required documentation, they will need to complete the bank’s application form for opening a corporate bank account.
Applicants should obtain the application form from the authority.
This form will typically ask for information on the company, its directors, signatories, and business activities. It is important to provide accurate and complete information on the form to ensure a smooth and efficient process.
After completing the application form, they will need to provide the bank with all the required documentation, including the company’s articles of association, a certificate of incorporation, and any additional documentation requested by the bank.
Once the applicant has provided the bank with all the required documentation, the applicant will need to wait for approval.
The approval process can take several days to several weeks, depending on the bank and the complexity of the application.
The bank will review the application and assess the risk associated with the company before making a decision.
Once the bank has approved the application, the next step is to activate the corporate bank account.
This involves setting up the account, completing the necessary formalities, and establishing any additional services such as online banking and 24/7 customer support.
A fee for this procedure has to be paid as per the authority’s request.

Apply In Mail

To open a corporate bank account in Mauritius please send us their corresponding request to: [email protected].
After that we will ask the applicant to pay for the bank account opening service from 3999 EUR. The applicant can make payment in the way the most convenient for the applicant: bank transfer, payment card, WebMoney, PayPal, Western Union.
Once receive the applicant payment, they will start working with the list of required documents that are to be submitted for opening an account. Please make sure to use English when filling out the forms.
The bank will only consider the applications filed via the applicant’s acceptable eligible representatives.
Once the application has been submitted, the representative will be informed of the status of the account opening request. A list of missing documents will also be sent via the representative. First, copies of the documents are to be submitted, and the originals will have to be sent to the bank within 2 weeks of opening the account.
If the corporate account opening application is submitted by a foreign company, the account can be opened on the basis of scanned certified/notarized copies sent by email to the bank. The original documents (bank forms and certified/notarized copies) must be delivered to the bank by courier.
The bank will review the application and assess the risk associated with the company before making a decision.
Verification steps for opening an account:
Preliminary assessment carried out by the bank. It is based on a form that the client has completed, which should provide accurate information about the business profile, the nature of transactions that will be handled by the bank. After prior approval, a video meeting (via Skype/WhatsApp/Viber/Zoom/WeChat/Botim) will be scheduled.
Once the client is identified, the bank will ask them to send the documents by courier.
As soon as the application is approved, the client will need to transfer a fee for opening the account to the bank. The amount is USD 100. They will provide the applicant with the bank details for this transfer.
Once the bank receives the applicant payment, he/she will be provided with the details of the applicant account.
Opening of a corporate account usually takes 2 to 10 days if all the documents are in order.

Required DocumentsEdit

An Application Form
Certificate of Incorporation of the Company
Memorandum and Articles of Association of the company
A certificate indicating the current status of the company if it was registered more than one year ago
Details of the Directors and Founders having 20% or more than 20% share in the company
Passport/ Identity card of all the authorized signatories, shareholders, directors and UBO
Business plan of the company
Details about the ultimate beneficial owner/ shareholder
Licenses obtained by the company for undertaking business in Mauritius
Certificate of good standing of the business

Office Locations & ContactsEdit

Economic Development Board, Mauritius
Board of Investment (BOI)
Address: Wall St, Quatre Bornes, Mauritius
QF3V+2G Quatre Bornes, Mauritius
Contact number: +2302033800
Location link
Contact link

ABC Banking Corporation Ltd
Head Office & Main Branch Address:
WEAL HOUSE, Duke of Edinburgh Avenue,
Place d’Armes,11328,
Port Louis
Tel: (+230) 206 8000 or (+230) 208 0088
Email: [email protected]

Bank of Baroda
Address: P.B. No. 553 No.32,
Sir William Newton Street,
Port Louis Mauritius
Telephone General: (230) 208 1504/05 or (230) 208 3891/93
Email: [email protected]

Bank One Limited.
Address: 16, Sir William Newton Street Port Louis,
Mauritius
Tel: 230 202 9200 Fax: 230 212 8883
Cards Hotline: 230 467 1900

SBI(Mauritius) Ltd.
Address: 6th & 7th Floor SBI Tower Mindspace,
Bhumi Park, 45, Ebene Cybercity, Mauritius
Tel: (230) 404 4900
Email: [email protected]

State Bank of Mauritius
Address:SBM TOWER1,
Queen Elizabeth II Avenue,
Port Louis, MAURITIUS
Tel: (+230) 202 1111
Email: [email protected]
Contact link

EligibilityEdit

Any foreign companies and businessmen are eligible for this application.

FeesEdit

The fee for opening a corporate bank account in Mauritius varies from bank to bank and includes account maintenance fees, transaction fees, and other charges.
A fee for this procedure has to be paid as per the authority’s request.

ValidityEdit

Valid for a longer period if they keep their minimum deposit on the account.

Documents to UseEdit

Please attach documents that can be used by people. e.g. links

Sample DocumentsEdit

Please attach sample completed documents that would help other people.

Processing TimeEdit

The approval process can take several days to several weeks, depending on the bank and the complexity of the application.

InstructionsEdit

Account Opening Terms and Service Arrangements:
In order to ensure the client safety and convenience, the Mauritian bank has introduced the practice of video communication.

Thus, the bank employee will contact the client via a video call in the following cases:

Before opening the account.
When their order for internal and external money transfers is received:
At the first transaction;
For payments exceeding USD 50,000;
For getting clarification on business activities or confirmation of documents in the unusual situations;
for any suspicious amount, or random verification of any transaction, regardless of the amount.
Additions or changes to the contact information.
Debit card activation.
The first debit card transaction with the wrong pin.
Internet banking activation.

No video call will be required in the following cases:

If communication with this client has already taken place in the past (for example, during the opening of their account, introduction of any possible changes, activation of a debit card or internet banking).
Offshore management companies located in Mauritius will not be receiving video-calls.
If the bank’s representative has already met the client one-on-one.
Based on business relations with the client and upon mutual agreement.
Provided that it is approved by the bank’s senior management.

Required InformationEdit

Full name of applicant
Residential address
Sex, Age and marital status
Date of birth
Nationality
Fathers Name
Email Id
Other details

Need for the DocumentEdit

A business bank account lets others, such as their clients, competitors and suppliers, know they're serious about their business. Opening a small business account means the applicant can accept and deposit cheques payable to their business name, instead of asking clients to write a cheque to the applicant personally.
A corporate account is a bank account one can open in the name of a business. It is used to facilitate transactions, receive income, and store funds.
Every small business that is required to pay tax should have a corporate bank account for business banking and its numerous benefits.

Information which might helpEdit

More information can be obtained via link

External LinksEdit

Link
Link

OthersEdit

More information which might help people.