Mauritius is an oasis of investments. Its stable political and financial systems have made people keep running there to open bank accounts. At a time when the banking systems in most countries have become highly perilous, people are looking for jurisdictions that guarantee stability, higher interest rates, and ease of access. To take advantage of Mauritius’ great political environment, the first thing is opening a bank account. Here is an account of how to open a bank account in Mauritius.
Make the decision to go offshore
This is the beginning and the most important point. To make this decision, one needs to shed off some common myths such as offshore banking is illegal, and offshore banking is only for the super-rich. Most offshore banks are just like the ordinary banks you know of back at home. It is only that they are located abroad, have better terms, and operate under different authorities. At this point, you could draw some objectives for seeking an offshore bank account.
Compare banks and pick the one that is most appropriate
Mauritius has become an attraction to global financial institutions. The chances are that every other big bank you have heard of has a branch in Mauritius. To open and run a bank account in Mauritius, you need to review the banks comprehensively and establish the one that best suits you. Here, you will need to link with the personal objectives of going offshore. Some of the most crucial things to look for include;
- High-interest rates
- Lower charges for cash transfer
- Ability to link to your bank back at home
- Support for credit cards
- Super customer support
Dig deeper into the selected bank to establish its requirements
Most banks in Hong Kong have different requirements for offshore clients. For example, there are those that require applicants to make some deposits immediately on approval while others allow longer periods. The target at this point is looking at the bank from all angles to confirm it fits you well. Some of the main requirements that banks will ask for include the following;
- Copies of personal identification documents such as passports
- Proof of address
- Copies of bank statements from the current bank
- Proof of employment by supplying a letter of contract
- If you are in business, the bank might want to see the invoices, contracts, and other official documents.
Visit the selected bank and present the documents
Most banks in Mauritius are very strict about knowing your customer principle. This means that they want to understand and feel you before opening an account. To open a bank account in Mauritius, you have to present yourself to the banking hall and have a real interview. At this point, the bank staff will check the documents and seek clarifications that might be needed. This is also a perfect opportunity to ask crucial questions about the bank, cash accessibility, and branches.
Deposit some cash into the bank account for activation
Once the bank management has seen and gotten all clarifications, you will be asked to wait for some time so that the offshore account can be processed.
This depends on the bank you select. Some take only 7 days while others might require up to 2 weeks. When the account is finally set, most banks will not activate it until some cash has been deposited. It is, therefore, important to be prepared with some cash and deposit it in the account. It is also important to test the different withdrawal methods to determine they are working and in line with what the bank promised.