The Mauritian banking system
Mauritius has a solid and well-regulated banking system, supervised by the Bank of Mauritius (BoM) in accordance with the Banking Act 2004 and the Bank of Mauritius Act 2004. The banking sector includes leading local banks and subsidiaries of international banks, offering a wide range of services to international companies.
The Mauritian banking sector stands out for:
- Financial stability: well-capitalised banks with solvency ratios compliant with Basel III standards
- Multi-currency services: accounts in USD, EUR, GBP, ZAR, MUR and other currencies
- International connectivity: SWIFT network, global correspondent banks (Citibank, Deutsche Bank, etc.)
- Online banking: modern internet banking platforms, online international transfers
- Banking confidentiality: protected by law, with reporting obligations compliant with CRS and FATCA standards
Main banks for international companies
| Bank | Type | Strengths | GBC / AC |
|---|---|---|---|
| MCB (Mauritius Commercial Bank) | Local | Largest bank, extensive network, strong corporate services | GBC + AC |
| SBM (State Bank of Mauritius) | Local | State bank, presence in India and Africa, competitive rates | GBC + AC |
| AfrAsia Bank | Local | Specialised in global business, private banking services, responsive | GBC + AC |
| ABC Banking Corporation | Local | Flexible, responsive customer service, good for international SMEs | GBC + AC |
| Bank One | Local | CIEL partnership, diversified services, digital innovation | GBC + AC |
| HSBC Mauritius | International | Global network, trade finance services, global presence | GBC (selective) |
| Standard Chartered | International | Africa/Asia expertise, trade finance, corporate banking | GBC (selective) |
| Investec | International | Private banking, wealth management, HNW clients | GBC |
Tip: international banks (HSBC, Standard Chartered) are more selective and target structures of significant size. Local banks (MCB, SBM, AfrAsia, ABC Banking) are more accessible for SMEs and smaller structures. Your management company will be able to guide you towards the bank best suited to your profile.
Documents required for opening an account
Company documents
- Certificate of incorporation (issued by the Registrar of Companies)
- FSC licence (Global Business Licence or AC Licence)
- Constitution (articles) of the company
- Register of directors and shareholders
- Board resolution authorising the opening of the account and designating authorised signatories
- Certificate of good standing (if the company has existed for more than one year)
Documents for authorised signatories and UBOs
- Certified passport (notarised copy)
- Proof of address less than 3 months old
- CV or professional profile
- Personal bank reference (letter from the current bank)
Documents relating to the activity
- Business plan or detailed description of the activity
- Expected financial flows (monthly/annual amounts, frequency, origin and destination of funds)
- Main clients and suppliers (country, sector of activity, nature of transactions)
- Projected turnover for the first 12 months
- Proof of the source of funds for the initial deposit
Step-by-step opening process
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Selecting the bank
Your management company recommends the bank(s) best suited to your business profile, transaction volume and risk profile.
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Compiling and submitting the file
Gathering all required documents and submitting the complete file to the bank, generally through the management company.
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Bank due diligence
The bank examines the file, verifies the information (AML/CFT screening, UBO verification) and may request additional documents or clarifications.
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Branch appointment
Physical meeting with the account manager to sign the opening documents. Most banks require this step for at least one signatory.
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Activation and initial deposit
After approval, the account is activated, the internet banking access codes are provided and the initial deposit is paid by SWIFT transfer.
| Step | Indicative timeline |
|---|---|
| Compiling the file | 3 – 7 days |
| Bank due diligence | 1 – 4 weeks |
| Appointment and signature | 1 day |
| Account activation | 2 – 5 days |
| Total | 2 – 6 weeks |
Available banking services
Multi-currency accounts
Current accounts in USD, EUR, GBP, ZAR and other currencies. Currency conversions at competitive rates. Possibility of holding several currency accounts.
International transfers
Outgoing and incoming SWIFT transfers in 1 to 3 business days. Fees of USD 15 to 50 per transfer. Global correspondent banks.
Internet banking
Real-time balance consultation, online local and international transfers, PDF/CSV statement downloads, alerts and notifications.
Bank cards
Visa or Mastercard debit and credit cards in the company’s name. International payments and withdrawals. Customisable limits.
Trade finance
Letters of credit (L/C), bank guarantees, factoring and international trade financing. Specialised services for trading companies.
Treasury and FX
Cash management services, term deposits, foreign exchange operations (spot, forward). Hedging against currency risk.
Indicative banking fees
| Service | Indicative fees (USD) |
|---|---|
| Account opening | 0 – 500 |
| Minimum initial deposit | 500 – 5,000 |
| Account maintenance fee (monthly) | 20 – 100 |
| Outgoing SWIFT transfer | 15 – 50 |
| Incoming SWIFT transfer | 5 – 25 |
| Currency conversion | 0.3% – 1.5% margin |
| Bank card (annual) | 50 – 200 |
| Monthly statement | Free – 10 |
| Letter of credit | 0.1% – 0.5% of the amount |
Potential difficulties and solutions
Refusal to open an account
Banks may refuse to open an account for several reasons:
- High-risk profile: activity in a sensitive sector (crypto, online gaming), beneficiaries in high-risk or sanctioned countries
- Insufficient documents: incomplete KYC, unconvincing business plan, undocumented source of funds
- Activity volume too low: some banks target institutional clients with minimum volumes
Solutions: approach several banks simultaneously (2-3 minimum), strengthen your file with the help of your management company, consider more flexible local banks (ABC Banking, Bank One) for smaller structures.
Bank de-risking
The de-risking phenomenon (reducing exposure to risk) has led some international banks to restrict services to offshore companies. Mauritian banks, however, being accustomed to working with GBCs and ACs, take a more nuanced approach and assess each file on a case-by-case basis.
Alternatives and complements
- Fintechs and EMIs: certain electronic money institutions offer multi-currency accounts with simplified opening processes and reduced fees
- Correspondent banks abroad: possibility of opening accounts in other jurisdictions (Singapore, Dubai, Europe) in addition to the Mauritian account
- Private banking: for structures with significant wealth (>USD 500,000), private banking services offer tailor-made solutions with a dedicated contact
Practical recommendations
- Prepare your file in advance: gather all documents before contacting the bank to avoid back-and-forth
- Be transparent: accurately describe your activity, your financial flows, your clients and the origin of your funds
- Rely on your management company: it knows the banks and can recommend the one that matches your profile
- Plan a trip: the physical meeting facilitates approval and speeds up the opening process
- Maintain regular activity: an account inactive for more than 6-12 months may be closed by the bank
- Comply with reporting obligations: inform the bank of any significant change in your activity, shareholding or signatories
The information presented is provided for guidance only. Banking conditions, fees and procedures vary by bank and change regularly. Consult your management company for up-to-date recommendations.