Banking in Mauritius
Mauritius has a well-developed banking sector with both domestic and international banks operating under the supervision of the Bank of Mauritius (BoM). The banking system is stable, well-regulated, and offers a full range of corporate banking services suitable for international business operations.
For a GBC, maintaining a principal bank account in Mauritius is a key substance requirement. For an Authorised Company, a Mauritius bank account is highly recommended but not mandatory.
Major Banks for Global Business
SBM Group
The largest banking group in Mauritius with extensive experience in Global Business banking. Offers multi-currency accounts, international transfers, and dedicated relationship managers.
MCB (Mauritius Commercial Bank)
The oldest and most established bank, with a strong international network. Provides sophisticated corporate banking services for GBCs and investment funds.
AfrAsia Bank
A specialist bank focused on international business, wealth management, and cross-border transactions. Popular choice for GBCs with Africa-focused operations.
International Banks
HSBC, Standard Chartered, and Absa also maintain operations in Mauritius, offering the backing of their global networks for corporate clients.
Account Opening Requirements
Documentation Checklist
Banks in Mauritius apply rigorous KYC/AML procedures in line with international standards. Complete and accurate documentation is essential for timely account opening.
Required Documents:
- Certificate of Incorporation and company constitutional documents
- FSC licence (for GBCs) or FSC registration confirmation (for ACs)
- Board resolution authorising the account opening and designating signatories
- KYC documents for all beneficial owners and directors — passport, proof of address, CV
- Business plan or description of activities
- Source of funds documentation
- Expected transaction volumes and patterns
- Tax residency certificate (if applicable)
Types of Accounts Available
- Current/operating accounts — For day-to-day business transactions in MUR, USD, EUR, GBP, and other currencies
- Fixed deposit accounts — For surplus cash management with competitive interest rates
- Multi-currency accounts — Hold and transact in multiple currencies from a single account
- Escrow accounts — For specific transaction requirements
- Investment accounts — For portfolio management and securities trading
Banking Services
Mauritius banks offer comprehensive services including:
- International wire transfers via SWIFT
- Online banking platforms with multi-currency management
- Trade finance (letters of credit, guarantees)
- Foreign exchange services
- Corporate credit facilities
- Debit and credit cards for authorised signatories
Account Opening Process
- Bank selection — We recommend the most suitable bank based on your business profile, currency needs, and banking requirements.
- Documentation preparation — We prepare and compile all required documents including board resolutions and KYC packages.
- Application submission — As your Management Company, we submit the application directly to the bank's Global Business department.
- Bank due diligence — The bank conducts its own KYC/AML review, which typically takes 1-2 weeks.
- Account activation — Once approved, the account is activated and online banking credentials are issued.
GBC Substance: The Bank Account Requirement
For GBCs, maintaining a principal bank account in Mauritius is a key element of the substance requirements set by the FSC. The account should be the company's main operational account, through which significant transactions are routed. This demonstrates that the company's financial management is genuinely conducted from Mauritius.
Need help opening a corporate bank account? Sunibel Corporate Services assists with bank selection and the entire account opening process. Contact us for guidance.