Mauritius business bank account: domestic company, GBC or Authorised Company

Three categories of company and their banking needs

A Mauritius business bank account depends first on the type of company: domestic, holder of a Global Business Licence or Authorised Company. The bank then reviews the licence, the management company, the beneficial owners and the expected trade flows. A domestic company trades locally, a Global Business Company licensed by the Financial Services Commission operates mainly abroad, and an Authorised Company is managed from abroad and is not tax resident.

A domestic company with a business account in Mauritius trades in the local market; a Global Business Company, licensed by the Financial Services Commission, mainly operates outside Mauritius; an Authorised Company is managed from abroad and is not tax resident. Each follows a different banking path.

A GBC must keep its principal bank account in Mauritius

A GBC’s substance criteria include keeping its principal bank account in Mauritius, having at least two resident directors and keeping its accounting records on the island. The local account is therefore a condition of the licence, not an option.

The role of the FSC-licensed management company

Every GBC is administered by a licensed management company, which provides the registered office, secretarial services and often the bank introduction. It already checks beneficial owners, but the bank conducts its own due diligence and may decline an application.

The 15% corporate tax rate and 80% partial exemption

The corporate tax rate is 15%. Some income, such as foreign dividends or interest, qualifies for an 80% partial exemption if the company meets substance conditions. The bank may ask how these conditions are satisfied.

BRN, tax number and registration with the registrar

The company receives a Business Registration Number on incorporation with the companies registry, then a tax account number from the Mauritius Revenue Authority. Both references appear in the bank file and on invoices issued.

A platform for Africa: SADC, COMESA and agreements

Mauritius is a member of SADC and COMESA and has a network of tax treaties and investment protection agreements with several African countries. Firms running regional operations from the island need dollar and euro accounts for their continental flows.

KYC file for the company and its officers

The bank asks for the certificate of incorporation, constitution, FSC licence where relevant, share register, group chart, three-year business plan, then the passport, address and source of wealth of each beneficial owner and signatory.

Mauritian VAT and rupee accounts for the local market

A domestic company above the registration threshold charges Mauritian VAT at the standard 15% rate and pays salaries and suppliers in rupees. It needs a local current account, MACSS transfers and often a card payment terminal.

Corporate banking and cash management in Port Louis

Mauritius Commercial Bank offers domestic and international companies multi-currency accounts, trade finance, letters of credit and treasury management tools. For a GBC, the account opening usually goes through the management company presenting the file.

Transparency: UBO register and exchange with France

Mauritius keeps a register of beneficial owners and exchanges bank data under the CRS. A shareholder resident in France declares accounts on form 3916 and must consider article 209 B or 123 bis for a low-taxed company.

Choosing your Mauritius business bank account according to company structure

The starting point for your Mauritius business bank account is the form of the company and the reality of its activity. In Mauritius the route differs between the domestic company, the Global Business Company licensed by the FSC and the Authorised Company managed from abroad.

If your business falls into such a sector, prepare extra documents, for example licences and compliance policies, before you approach corporate banking in Mauritius.

Documents required for your business account in Mauritius

Prepare the certificate of incorporation, the articles, the FSC licence where relevant, a three-year business plan and, for each beneficial owner, passport, address and source of wealth.

Day-to-day use of your Mauritius company bank account: payments and currencies

A domestic company above the registration threshold collects Mauritian VAT at the rate of 15% and pays salaries and suppliers in rupees: it needs a local current account and MACSS transfers.

For your Mauritius company bank account, compare transfer fees, exchange margins, the payment methods offered and the online banking tools. An account blocked by the absence of the only signatory disrupts cash management, especially for your business account in Mauritius, which pays salaries or regular suppliers.

Tax, transparency and points to check with the bank

Your Mauritius business bank account comes with reporting duties: keeping accounting records, filing accounts or returns with local authorities, the beneficial ownership register and automatic exchange of information under the CRS. The corporate tax rate is 15%, with an 80% partial exemption on certain income subject to substance conditions; Mauritius keeps a beneficial ownership register and applies the CRS.

Preparing for the bank’s review according to company type

For a Mauritius business bank account opened by a domestic company, the sequence is simple: incorporation, BRN, tax number from the Mauritius Revenue Authority, then the bank appointment. A founder coming from France who sets up a trading activity for the local market should show a lease, Mauritian customers and a three-year business plan. Ask from the outset whether the bank can later open dollar and euro accounts within the same relationship, because an activity launched in rupees may develop into invoicing abroad.

For a GBC, the principal bank account in Mauritius is a condition of the licence, so the bank’s timetable conditions the substance of the company. Check that the management company is really licensed by the FSC, ask who your contact will be and what happens if the bank declines the file presented. Align your answers too: the two resident directors, the place where the accounting records are kept and the registered office given to the bank must match what was declared for the licence, otherwise the bank’s own due diligence will point out the contradiction.

The Authorised Company, managed from abroad and not tax resident, raises different questions: where decisions are taken, where the funds come from and why a Mauritian account was chosen. Prepare a short note explaining the company’s role in the group, the countries of its counterparties and the nature of the expected flows. That note must match the group chart and the business plan given to the bank, since the share register and the beneficial owners are compared with them line by line.

African flows, taxation and transparency

A company running regional operations from Mauritius rarely deals in a single type of flow. Ask whether one agreement can cover dollar and euro accounts, trade finance and letters of credit, as Mauritius Commercial Bank offers in Port Louis. Prepare the contracts that show which SADC or COMESA countries are involved: they explain why multi-currency accounts are useful and avoid repeated questions about the origin of payments. Have your adviser confirm which tax treaty applies to each counterparty before you invoice.

The 80% partial exemption on foreign dividends or interest is not automatic: it depends on substance conditions, and the bank may ask how they are met. Gather the board minutes, evidence that the two directors are resident, the place where the accounting records are kept and the accounts filed. These papers serve the bank as much as the tax authority; a gap between them and the income passing through the account creates needless difficulty, since the 15% tax is calculated on that same income.

A shareholder resident in France must coordinate three levels of information: the beneficial ownership register kept in Mauritius, the data the bank transmits under the CRS and their own return. Accounts held appear on form 3916, and article 209 B or 123 bis should be examined with an adviser if the company is lightly taxed. Every change of shareholder is reflected in the share register, at the bank and in the shareholder’s own tax file at the same time.