Mauritius is one of the largest financial centers in Africa.
It has one of the most sophisticated financial services industries in the region, including securities businesses, investment funds, banking, insurance, and corporate services. Such a financial industry is regulated by the Financial Services Commission (FSC), with the exception of banks and payment service providers which are regulated by the Bank of Mauritius.
The offshore financial services sector mostly targets sophisticated investors and institutional investors.
The banking sector in Mauritius is significant and plays a pivotal role in the financial ecosystem due to its extensive range of services and ability to attract international clients. This sector supports various economic activities, including international trade with a particular focus on South Asia and Africa.
Mauritian banks generally open corporate bank accounts to nonresident companies, including those incorporated in offshore jurisdictions. Requirements and client profiles vary across banks - while some banks require their clients to have commercial or investment nexus to Africa, others may require that regulated fiduciaries and/or management companies act as signatories of the bank accounts.
Besides corporate banking, banks in Mauritius also open personal bank accounts to nonresident individuals, providing both transactional and investment services.
The Mauritius Commercial Bank (MCB) and the State Bank of Mauritius (SBM) are the most well-known and largest local banks in Mauritius.
Other local banks, such as AfrAsia Bank, Bank One, and ABC Banking have gained popularity and clientele in recent years for domestic and foreign clients.
Mauritius also hosts subsidiaries and branches of large foreign banking groups such as HSBC, Standard Chartered, Standard Bank, and ABSA Bank. These banks generally serve corporate clients trading in Mauritius, or with South Asian and African countries, as well as nonresident investors.
At Flag Theory, we assist both, Mauritius and foreign companies with opening corporate bank accounts in Mauritius. Additionally, we help family offices, fund managers, and brokerage companies establish investment accounts, as well as nonresident individuals to open personal accounts.
We work with 2 different banks in Mauritius, each bank has different eligibility requirements, types of accounts available and onboarding processes.
We invite you to carefully review each banks requirements and services to better understand if their banking services meet your needs.
The Republic of Mauritius is a sovereign island country located in the southwest of the Indian Ocean, about 900 kilometers from Toamasina, a town on the easternmost coast of Madagascar and approximately 3800 kilometers southwest of Cape Comorin on the southern tip from India.
In addition to the island of Mauritius, the republic includes the islands St. Brandon, Rodrigues and the Agalega Islands. Mauritius forms part of the Mascarene Islands, along with the French island of Reunion, about 170 kilometers to the southwest.
Mauritius is inhabited by about 1.4 million people. Its capital and the most populated city is Port Louis.
The people of Mauritius are multiethnic, multi-religious, multicultural and multilingual. The Mauritian Creole, French, English, and Bhojpuri are its vernacular languages, plus other 9 languages spoken in the territory.
Its official currency is the Mauritian rupee (MUR).
Mauritius is highly ranked for democracy and for economic and political freedom.
The Head of State of Mauritius is the President, who is elected for a period of five years by the National Assembly, the Mauritian unicameral parliament.
The National Assembly has 62 members elected by direct and popular suffrage and comprises between 4 and 8 members elected by minorities representing ethnic minorities, depending on the election results. The government is headed by the prime minister and a council of ministers.
Since its independence from the British in 1968, Mauritius has seen a dazzling evolution.
The island went from being a low-income country with per capita income, in which the economy was based on agriculture, to be a country with the status of an emerging and constantly developing country with intermediate incomes and a diversified economy based on a growing industrial, financial and tourism sector.
During this period of economic growth, the country grew at a rate of 5 to 6% per year. This result translates into a significant improvement in the quality of life and a significant increase in life expectancy, a decline in infant mortality and a great infrastructural development.
Regarding the primary sector, sugar cane accounts for 90% of crops and accounts for 25% of exports. Livestock in Mauritius mainly comprises porcine and caprine, and fishing is also an important source of income.
Its main industrial sectors are the textile, information and communications technology and seafood processing, as well as petrochemical and chemical industry in Port Louis.
Tourism is its more prominent sector and a significant source of its foreign exchange revenues. Mauritius is a growing tourism destination for its natural beauty and man-made attractions, multi-ethnic and cultural diversity of the population, tropical climate, beautiful beaches, and water sports.
The financial sector is a major economic pillar on Mauritius economy, with more than 10,000 offshore companies incorporated and a comprehensive offer of banking, insurance and reinsurance services, captive insurance managers, trading companies, ship owners or managers, fund managers and international corporation services.
Our banking support service is not just a mere introduction to the bank. We assist you in filling out the business questionnaires appropriately and help you understand and provide business details, commercial information and purpose/use of the bank account that a given bank wants to know in order to approve your account application. Banks want certainty and clarity on how the account will be used. Everything must be watertight. We will work with you to make sure there is minimal 'back and forth' and a smooth account opening process.
Bank Account opening requirements are subject to change at the discretion of the bank. There might be additional fees charged by the bank itself. Bank account opening is not guaranteed and is subject to the bank policies and compliance department. There might be restrictions on UBO nationalities, business activities and/or jurisdictions. A refund is available if the account is not successfully opened subject to our terms of service (30% to partly cover service and payment processing and administrative costs apply).