Mauritius is an island nation that is primarily known for its attractive tourist destinations and manufacturing activities. In recent years, there has been a drastic increase in business activities owing to its business-friendly environment. Also, the island nation is also well-known for its offshore banking services.
Business owners and individuals can open an offshore bank account in Mauritius with ease. The procedure is quite straightforward and requires minimal effort. There are umpteen benefits of having an offshore bank account. This article highlights a few of these benefits, which makes Mauritius an ideal hub for offshore banking.
Offshore Banking in Mauritius
An offshore bank account can simply be termed as a bank account that can be opened in a jurisdiction outside the country of residence. In the early days, Mauritius had a different license requirement for offshore and domestic banking services. In 2014, this distinction between the two was removed following the Banking Act 2004, which is regulated by the Financial Services Commission (FSC). The banking service providers in the territory are regulated under the Banking Act 2004, Finance Act 2004, and Financial Services Act 2007. There are many banking service providers present in the jurisdiction for catering to the needs of individuals and corporations.
Benefits of Offshore Bank Account in Mauritius
Individuals and business owners require an offshore bank account for various personal and business-related purposes. There are multiple benefits of opening an offshore bank account in Mauritius, some of which are mentioned below:
1. Provides Security and Protection
An offshore bank account is perhaps most suitable for the protection and security of deposits. It ensures that the deposits are not affected by any political or economic scenario. There is a comparatively lower risk involved with this mode of banking. The funds are highly secured and easily accessible anytime. Also, most of the banks in Mauritius offer the utmost confidentiality in banking activities.
2. Higher Interest Rates
Another significant advantage of having an offshore bank account in Mauritius is the higher interest rates when compared to other jurisdictions. Often, the interest rates offered by banks in the country of residency are lower. Therefore, with an offshore bank account, you can expect good returns for your deposits in the offshore banks.
Offshore banking offers excellent flexibility and allows financial freedom for account holders. The deposits are not only safe but also easily accessible. There are also no restrictions imposed on the currency in which transactions occur. Account-holders are free to choose any banking service provider, which is suitable according to their requirements.
4. Superior Lending and Credit
Offshore banks offer superior lending and credit facilities, which can be quite beneficial for corporate account holders. The procedure for availing loans is quite simple and requires fewer documents. Mauritius banks have a stable banking infrastructure that allows quick credit facilities to its account holders. It significantly boosts the cash flow and at nominal processing fees.
5. International Investment Opportunities
Mauritius has functional connectivity to different parts of the world. The market supports international trade and other activities. By having an offshore bank account, you can enjoy international investment opportunities, which can result in higher returns. Also, the investments made are safe and secure, giving you the flexibility to invest in multiple international investment schemes. Investors and business owners should have an offshore corporate bank account for company registration in Mauritius.
6. Tax Savings
Another essential reason that make offshore banking a suitable option is tax benefits. Offshore banks offer premium services that help in saving tax on deposits, investments, and savings. It would not have been feasible with banks in the resident country as they can be subjected to higher tax rates. Also, the transaction fees are quite low, allowing you to save more money on your deposits.
7. Easy Access
Most of the top banks provide easy accessibility to account holders with services such as telephone banking, mobile banking, and internet banking. You can access your bank account from any part of the world without having to be physically present at a banking outlet. It is easier to manage your transactions with such flexibility. With advancements such as cryptocurrency and high-speed internet, the banking facilities will tend to become even more straightforward and convenient.
How Can We Help?
Here at Business Setup Worldwide, we provide customized solutions for all your business requirements. We have a team of business advisors who have in-depth knowledge about the process of offshore banking in Mauritius. By availing our services, you can be assured of world-class banking facilities and asset protection. We will provide you with extensive support and assistance for opening an offshore bank account suitable for your requirements. Contact us today and get in touch with our expert advisors who'll guide you in opening an offshore bank account in Mauritius.