Mauritius is a popular place to open an offshore banking account because it is political and economically stable and has a well-developed regulatory environment.
In this article, we’ll see how you can open an offshore bank account online in Mauritius and get some of the frequently asked questions.
What Types of Accounts are Available for Online Offshore Banking in Mauritius?
Several accounts can be obtained during offshore banking in Mauritius:
Savings Accounts - The lowest level of account that anyone can have is the savings account. They let you make deposits and withdrawals on demand while generating interest on your holdings. You’ll generally have to put in a minimum deposit to get a savings account.
Checking/Current Accounts - Checking or current accounts work the same way as a savings account, but you can write checks or debit card payments. They typically require less deposits than savings accounts.
Time Deposits - Time deposits or term deposits are accounts with fixed maturities ranging from a few months to a few years. The lump sum that you put down is an interest-bearing deposit that, over the period of the deposit, can not be cashed out unless the maturity date has been set.
Shared Accounts - Joint accounts enable two or more people to own and gain access to the same account. They are a convenient alternative for families and partners.
Corporate Accounts - Jetonbank offers business accounts for corporate customers, including foreign companies. Support for multi-users, wire transfers, and payment gateways.
The majority of Mauritius banks today facilitate the establishment of these types of accounts entirely online without the need for face-to-face meetings. This is extremely convenient for those who want to bank offshore from a distance.
What are the Basic Steps to Open an Online Offshore Bank Account in Mauritius?
The typical steps of setting up an offshore bank account online with a bank in Mauritius are:
- Choose a Bank - Find the banks in Mauritius which have online account opening services like Jetonbank. Make sure they take clients from your country.
- Submit the Application - Online applications are 15-30 minutes long. You’ll provide simple KYC details such as name, address, date of birth, ID number.
- Send Documents - Scan and upload scans of your passport and a utility bill for proof of address. Some banks may require additional documentation.
- Deposit into the Account - Most banks require a minimum deposit of $1000-5000. In some cases you can wire it or make a debit/credit card deposit.
- Certification - The bank will examine your application and required documents online. This usually takes between 1-3 business days.
- Activation - If approved, you will be given access to online banking and your account will be activated. Worldwide banking service now accessible.
That’s it for the rudimentary sign up process. The online application and funding process for a Mauritius offshore bank account typically takes 5-7 business days.
What Documents are Required to Open an Offshore Bank Account in Mauritius?
The documents that most banks request for opening an offshore bank account in Mauritius include the following:
- Passport - For KYC you need to scan/photograph the information/identity page of your expired passport clearly.
- Representation of Address - A recent utility bill, bank statement, or tax form that shows your name and current address.
- Declaration on Fund Source - A statement that tells the sender where and how the funds are to be deposited.
- Description of Work - Please include the name of the job you’re working in, employer, and number of years worked.
- Reference Documents - Some banks require an introduction letter from a registered agent in Mauritius.
- Businesses Registration and Ownership Structure Papers - You’ll require business registration and ownership structure documents to get a corporate account.
Most applications are filled online by submitting electronic versions of these documents. It is important to send clear, legible scans so that you can verify them quickly.
Jetonbank accepts applications on-line using e-signatures.
What Currencies Can I Hold in an Offshore Bank Account in Mauritius?
These provide flexibility and variety in terms of currency. The most prevalent accepted currencies are:
- MUR – The Mauritian Rupee is the national currency, and some banks require MUR accounts.
- US Dollar (USD) - USD is the most widely used currency for offshore banking in Mauritius because of its stability.
- Euro (EUR) - EUR accounts are convenient for European clients and regional traders.
- British Pound (GBP) - GBP accounts are still common among UK and Commonwealth clients.
- Australian Dollar (AUD) - For Australians and Asian-Pacific traders.
- Canadian Dollar (CAD) - An excellent choice for Canadians and North American traders.
- Japanese Yen (JPY) - Ideal for Japanese clients and Asian businesspeople.
You can hold funds in multiple currencies at a time from one offshore Mauritius bank account such as Jetonbank. We also offer money changing services.
How Secure is Online Banking in Mauritius for Offshore Accounts?
Jetonbank has introduced strict regulatory measures to maintain the security and integrity of its online banking platform:
- Privacy - All transactions are protected during transmission via bank-standard SSL/TLS protocols.
- Multi-Factor Authentication - Tough passwords are paired with other security measures such as a one-time code or biometric verification.
- Fraud Monitoring - Smart systems continually track accounts and transactions, reporting any anomalous activity for review by the user.
- Backup Generators - Data centers that store sensitive financial data have backup power and air conditioning protection against outages.
- Regular Audits - Banks are subjected to periodic internal and external audits in order to validate security measures and find vulnerabilities.
- Risk Insurance - In the event of a bank’s failure, the client’s funds are covered by Deposit Insurance Scheme up to certain limits.
With prudent digital precautions, online banking in Mauritius makes it possible to conveniently access offshore accounts from any computer or smartphone.
Jetonbank is licensed and incorporated, which makes it a reliable bank.
For those wishing to open a global online offshore bank account, Mauritius provides a corporate environment and strong regulatory framework for both individuals and businesses.
After completing the application steps detailed in this guide and registering with an official Mauritius-based bank like Jetonbank, account opening can be completed remotely.
Mauritius banking offers convenient access to financial services around the world, aided by political stability and double tax treaties in Mauritius.
For more information about opening an offshore account with Jetonbank, visit our website or talk to our client support representatives. We’ll be happy to answer any additional questions and walk you through the process.
