In the global offshore scenario, Mauritius has built a massive amount of reputation. The country has always been a prime tourist destination and now is an investment paradise for international entrepreneurs, businesses, and multiple companies.
Moreover, the bounties don't stop there. Mauritius is well-rounded for almost all offshoring services, like offshore incorporation and offshore banking. The ease of doing business and the ease of opening an offshore bank account make Mauritius one of the best tax havens in the entire world.
The friendly banking laws and a flourishing banking sector allow entrepreneurs to open a bank account easily in renowned banks situated in Mauritius.
In December 2019 a data displayed that over 20,000 companies and funds have been set up and are functioning in Mauritius. The country has become a hotspot for investors worldwide, resulting in the growth of both the business sector and the banking sector in Mauritius. There are multiple benefits of a Mauritius company formation with a bank account.
Offshore Banking in Mauritius
The concept of an offshore bank deals with the idea of opening an offshore bank account outside the tax-haven jurisdiction where the business owner resides.
Holding an offshore bank account is something that benefits any business owner to a great extent.
The country holds an easy offshore bank account opening process for business investors because Mauritius is a tax-haven jurisdiction.
The Offshore Banking Initiative in Mauritius
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, 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 individuals and corporations' needs.
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.
3. Easy Bank Account Opening Process and Flexibility
When it comes to opening an offshore bank account in Mauritius, the process turns out to be an easy one and can be completed in a hassle-free way under business experts' guidance.
Here's a guide on How to Open an Offshore Bank Account that will help you to get a clear picture of the process that you will go through.
The deposits are not only safe but also easily accessible. Opening an Offshore bank account in Mauritius will provide you excellent flexibility and will allow financial freedom for account holders.
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 of 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, resulting in higher returns.
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
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 to be subjected to higher tax rates. Also, the transaction fees are pretty low, allowing you to save more money on your deposits.
7. Easy Access
Most top banks provide easy accessibility to account holders with telephone banking, mobile banking, and internet banking.
You can access your bank account from any part of the world without being physically present at a banking outlet. It is easier to manage your transactions with such flexibility. With the advancement of online banking, banking facilities will become more straightforward and convenient.
So, you have got a complete idea of the core grounds regarding the benefits of opening an offshore bank account.
Apart from getting the help of a professional expert for the opening of an offshore bank account, Business consultants can also help start an offshore company in Mauritius.
Requirements to Open a Bank Account in Mauritius
To open an offshore bank account in Mauritius, an investor needs to meet the complete documentation process.
The complete list of the papers that needs to be submitted to any business investor involves:
- Certified copy of passport
- Original or certified copy proof of address (utility bill of gas, electricity, or water), the issue date must be less than three months ago
- Original personal bank reference letter mentioning good standing of the account since at least 2 years
- Original bank statement for a personal account from the last 3 month indicating the client’s address
- Signed business plan
- Curriculum vitae
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 of 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.