Find answers to common questions.
1. How do I open a corporate bank account in Mauritius?
After incorporation, the company can apply to a bank for a corporate account.
The bank will conduct its own due diligence and KYC/AML assessment before deciding whether to accept the application.
Baldo Corporate Services can assist with preparing corporate documentation and coordinating the application process.
2. Can a foreigner open a corporate bank account in Mauritius?
A foreign-owned Mauritius company can apply for a corporate bank account.
The bank will normally assess the company, shareholders, beneficial owners, directors, business model, source of funds and expected transactions.
Approval is ultimately subject to the bank's own policies and due diligence.
3. What documents are required to open a corporate bank account?
Banks may request incorporation documents, identification and proof of address for directors and beneficial owners, information about the company's business, source of funds, expected transactions and supporting commercial documents.
The exact requirements vary between banks and individual cases.
4. How long does corporate bank account opening take?
The timeframe varies depending on the bank, the complexity of the ownership structure and the completeness of the documentation.
International shareholders and more complex structures may require additional due diligence.
5. Does company incorporation guarantee a bank account?
No. Incorporating a company and opening a bank account are separate processes.
The bank conducts its own due diligence and has its own acceptance criteria. Company incorporation therefore does not guarantee that a bank account will be approved.
6. Can Baldo assist with bank account opening?
Yes. We can assist with the preparation and coordination of corporate bank account applications.
However, the final decision to open an account remains with the bank.
7. Can I open a bank account before incorporating my company?
In most cases, a corporate bank account requires an incorporated legal entity.
The exact process depends on the bank and the proposed structure.
8. Can a Mauritius company have an international bank account?
Depending on the company's activities and banking requirements, a Mauritius company may be able to maintain banking relationships outside Mauritius.
The appropriate banking structure depends on the company's business model, transaction flows and applicable regulatory requirements.
9. What is source-of-funds verification?
Source-of-funds verification is part of the KYC and AML process used to understand where money entering a company or transaction originates.
Banks and corporate service providers may request supporting documentation to verify the legitimacy and origin of funds.
10. Why do banks ask so many KYC questions?
Banks are required to conduct due diligence and manage financial crime and money-laundering risks.
They may therefore request detailed information concerning ownership, business activities, source of funds, expected transactions and the individuals controlling the company.