Mauritius features an advanced banking sector and has attracted billions of dollars worth of investments from international clients. This, combined with a number of other features has enhanced its economic performance. With English as is its official language and many of its laws based on English common law, numerous international investors are attracted to this location to invest their money.
Starting Business can assist you with all of your offshore bank account opening needs. To learn more about setting up a Mauritius offshore account, please view our Mauritius Offshore Bank Account service page.
Why Open a Mauritius Offshore Account?
Mauritius is an island nation located in the Pacific Ocean east of Madagascar. It is a popular destination for travel purposes and many people visit this island every year. Because of this, interest in the region as an offshore banking jurisdiction has been augmented.
The economy of Mauritius is successful and strong, and features a large financial services industry. Property development, education and healthcare have emerged as important sectors, amongst others, which have attracted substantial investment from local and foreign investors, and assisted in enhancing the country’s revenue further. In recent years, investment in the banking sector has reached over US$1 billion, demonstrating the international significance of this country.
The Mauritius banking and financial industry is supervised and regulated by the Central Bank of Mauritius. This body was established in 1967 and was modeled on the Bank of England. Over the years, the Central Bank enhanced and amended its operations to ensure that they were as modern and sophisticated as possible. It now plays an extensive role in issuing currency, providing an efficient payment, settlement and clearing systems whilst regulating and supervising banks. However this body is not responsible for issuing licenses to financial institutions.
When setting up a bank account in Mauritius you will have the opportunity to select from a personal, investment or corporate account. Your application will be assessed and you must meet the criteria of the bank that you are applying to, and the Mauritius Central Bank, in order to open the account.
Opening a bank account in Mauritius is relatively straightforward and provided you meet the criteria, can be completed in a short space of time. There are many financial institutions operating in Mauritius to select from and each has their own benefits and features.