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Top 7 Benefits of Offshore Bank Account in Mauritius

Mauritius is an island nation that is primarily known for its attractive tourist destinations and manufacturing activities.

However, were you aware that the location is also a perfect destination for offshore business and offshore banking?

Well, yes! You heard it right.

With the offshore industry's growth and the acceptance that the industry has at a global level, Mauritius, too, has positioned itself as one of the profitable offshore business destinations.

This treatise focuses on core grounds as to what are the benefits of opening an offshore bank account in Mauritius.

Offshore Business in Mauritius

Offshore companies in Mauritius has been one of the growing and profitable grounds for global business investors as it helps them to incorporate their business entity with high-end security.

Starting an offshore company in Mauritius turns out to be an easy and feasible way for business investors as they enjoy numerous tax benefits.

The government of the tax-haven jurisdiction has simplified the registration of an offshore business entity in Mauritius to grab global investors' attention.

Here’s a guide on How to Register an Offshore Company in Mauritius.

One of the core element that needs to be focused on during company formation is the opening of an offshore 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.

Right from dealing in multi-currency to getting involved in Forex trading, one can earn huge profits.

As stated, Mauritius has stood as one of the profitable tax-haven jurisdictions and so holds an easy offshore bank account opening process for the business investors.

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.

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:

  • A duly filled bank account application form
  • Identity proofs of the business investors and shareholders
  • Address proofs of the business investors and shareholders
  • Passport-size photos of business investors and shareholders
  • The company Certificate of Incorporation
  • Memorandum of Association (MOA)
  • Articles of Association (AOA)
  • Initial deposit as per bank’s requirement
  • Any other document (as required by the bank)

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.

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 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.

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 important reason that makes 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 to 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 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 being 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, banking facilities will become even more straightforward and convenient.

Here’s a list of the offshore banking facilities that you can grab while opening one.

So, you have got a complete idea of the core grounds regarding the benefits of opening an offshore bank account.

However, opening one while the offshore company gets incorporated turns out to be one of the best practices as the completely legal and documentation process can be completed at the initial front.

Here’s the latest guide on the Benefits of Mauritius Company Formation with Bank Account that is a must-read for any business investor.

Now, when it comes to implementation, it is recommended to continue the legal moves under a certified expert's guidance.

Are you wondering why and whom to contact?

Well, one of the core reasons for hiring a professional expert is that they are well-versed with the legal processes and can help you to deal with it more efficiently.

With the right kind of knowledge, they can share the market insights and connects you to the best bank suiting your business activities.

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.

 

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