While you are thinking about the why, read on about Mauritius banking…
Banks every where are cynical, finicky and difficult. Especially when you are an average customer like me. Mauritius banking is no different. Hence the lengthy Know Your Client requirements…
That's where our Mauritius based affiliates step in – as 'approved introducers'.
We will open the bank account for you. All forms will be filled by us, and sent to you for signatures by the authorized signatories.
Some points to remember:
1. All banks don't offer full internet banking. Some only let you view the account, while others also allow transactions.
2. The transaction and other fees vary depending on the bank, the type, and the size of the account.
3. Yes, you can be issued with a Debit and / or Credit card.
4. You will have your account ready for operation in about 2 weeks – subject to all documents being completed satisfactorily.
5. You can transfer funds in and out of your account by wire transfer, or directly from another bank.
6. Usually, the funds are transfered within 24 hours – provided there are no holidays that fall in between.
7. Yes, there is a minimum deposit requirement, but it is not big and varies with the bank and type of account. Please contact me for more information when you are ready to open your company.
8. Another small note about the Know Your Client documents. Each of the signatories and beneficial owners must also produce the submit the same documents…
You don't need to leave your office. Just have the filled in forms signed by the appropriate people and return them to us.
So, back to the question. Do you need to open an account in any of the Mauritius banks?
Consider these issues.
Are you going to use the offshore company administration Mauritius to invest money into another country – especially a country where paying taxes is important – or into another company? If yes, then yes, you should open a bank account.
Are you going to use the company for asset protection – such as owning a yacht, a house or other property? Again yes, if the investment will be into a tax country, but not necessary if it is into a place like Dubai, UAE, where there are no income or corporate taxes.
Are you going to use the company for trading, invoicing and billing? Yes, you should open a bank account in Mauritius.
Most countries will open bank accounts of foreign registered – offshore – companies only after a lot of documentation, and if they know you well, through other banking relationships.
The matter is a little complex and it costs money to open the account. I would be happy to toss this question around with you further.