How to Set Up a Company and Open a Bank Account in Mauritius as a Foreigner
Mauritius has become a hub for international business thanks to its stable economy, strategic location, favourable tax regime, and reputation for ease of doing business. For foreigners looking to invest, start a company, or relocate, understanding how to set up a business and open a bank account is key. This guide explains everything you need to know to launch your venture and manage your finances in Mauritius.
Why Set Up a Company in Mauritius as a Foreigner?
Mauritius offers an ideal environment for foreign investors. Its location between Africa and Asia makes it a strategic gateway to emerging markets. The country is politically stable and has a diversified economy supported by finance, tourism, ICT, and real estate sectors.
Foreigners benefit from a favourable tax system, including a flat 15% corporate tax, and no inheritance tax. Moreover, Mauritius has signed over 40 Double Taxation Avoidance Agreements (DTAAs), providing additional tax planning opportunities for international investors.
For investors looking to combine business with an exceptional lifestyle, developments like Harmonie Golf & Beach Estate offer a rare opportunity. Located on the west coast, the estate allows foreign buyers to invest in real estate while enjoying proximity to golf, nature, and key business amenities.
Who Can Set Up a Company in Mauritius?
Any non-citizen can set up a company in Mauritius, including those holding an Occupation Permit, Residence Permit, or investing through real estate or business incentive programs. Local representation or a management company may be required depending on the business structure you choose.
Types of Companies Foreigners Can Register in Mauritius
Domestic Company
This type of company is most suitable for business activities within the Mauritian market. Foreigners can be shareholders, and directors can be either residents or non-residents. A domestic company can own property, hire employees locally, and benefit from the general business infrastructure of the island.
Global Business Company (GBC)
A GBC is designed for companies conducting international business. It is regulated by the Financial Services Commission (FSC) and is eligible for tax residency in Mauritius, which allows access to DTAAs. GBCs are popular among firms offering consulting, financial, or e-commerce services globally.
Authorised Company
Authorised Companies are also for international operations but are considered non-resident for tax purposes. They cannot benefit from tax treaties and are generally used for holding structures or investments. Directors and shareholders must be non-residents, and the company cannot conduct business within Mauritius.
Step-by-Step Guide to Setting Up a Company
Reserve a Company Name
The first step is to ensure your desired company name is available. You can do this through the Companies and Businesses Registration Integrated System (CBRIS) online portal. It is advisable to choose a unique name that aligns with your brand or business goals.
Prepare Required Documents
To register your company, you’ll need several documents including:
- An application form
- Details of shareholders and directors
- A business address in Mauritius
- The company’s constitution (optional if using the standard one)
Professional guidance is recommended at this stage to ensure your paperwork complies with local regulations.
Register the Company
Submit your documents through the CBRIS portal and pay the applicable registration fees. If everything is in order, you will receive your Certificate of Incorporation within a few days. This certificate officially recognises your company as a legal entity in Mauritius.
Register for Taxes
Once incorporated, you must register your company with the Mauritius Revenue Authority (MRA) to obtain a Tax Account Number (TAN). If your annual turnover is expected to exceed MUR 6 million, you’ll also need to register for Value Added Tax (VAT).
Legal and Compliance Requirements
Foreign-owned companies must comply with several ongoing requirements. At least one shareholder is required, and for Global Business Companies, one resident director must be appointed. A registered office must be maintained in Mauritius, and financial statements must be filed annually.
Audited accounts are mandatory for most business structures, particularly if turnover exceeds specified thresholds. Compliance also includes submitting annual returns to the Registrar of Companies and fulfilling tax obligations with the MRA. Engaging a corporate services provider can help ensure that you meet all local compliance requirements.
How to Open a Business Bank Account in Mauritius
Opening a corporate bank account is a critical step in setting up your operations. Most banks in Mauritius offer services tailored to foreign investors, including multicurrency accounts and digital banking.
What You’ll Need
To open a business account, you’ll typically need:
- Certificate of Incorporation
- Business Registration Card
- Company constitution or Memorandum & Articles
- Proof of company address
- KYC documents for all directors and shareholders
Banks may request additional documents such as a business plan or projected cash flow, especially for new companies.
Recommended Banks for Foreign-Owned Companies
MCB (Mauritius Commercial Bank) is the largest and most established bank in Mauritius, offering tailored solutions for corporate clients. Absa Mauritius and SBM (State Bank of Mauritius) also offer strong international banking services. MauBank is a growing choice, particularly for SMEs and digital entrepreneurs.
Processing Time & Tips
The process of opening a business bank account can take one to three weeks. To avoid delays, submit all required documents upfront and consider scheduling a meeting with a bank officer. Using a management company can also speed up the process and simplify communication.
Opening a Personal Bank Account in Mauritius as an Expat
Foreigners who hold a valid permit—whether for work, residence, or retirement—can open a personal bank account in Mauritius. Having a local account makes it easier to receive payments, pay utilities, and access banking services on the island.
Documents Required
Banks typically ask for:
- Passport
- Proof of local address
- Residence or Occupation Permit
- Evidence of income or source of funds
Some banks may require a letter of reference from your previous bank. Requirements can vary, so it’s best to inquire directly before applying.
Expat-Friendly Banks
MCB and Absa both offer expat-friendly banking solutions, including mobile banking apps like Juice (MCB) and DigiBank (Absa). SBM and MauBank also provide personal banking products in multiple currencies, helpful for managing funds across borders.
Tax Benefits and Financial Incentives for Foreigners
Mauritius is known for its transparent and competitive tax regime. The standard corporate tax rate is 15%, but many businesses, especially Global Business Companies, qualify for partial exemptions that reduce the effective tax rate to as low as 3%.
Other benefits include no inheritance tax for direct descendants and full repatriation of profits and dividends. Foreigners can also benefit from Mauritius’s network of DTAAs, which helps avoid double taxation.
Residency Options for Business Owners
Occupation Permit – Investor Category
This permit allows you to reside and work in Mauritius as an investor. You must invest a minimum of USD 50,000 and submit a detailed business plan. The permit is valid for up to 10 years and can be renewed if certain turnover thresholds are met.
Other Residency Schemes
Residency through real estate investment is one of the most popular options. Projects like Harmonie Golf & Beach Estate qualify under the government-approved scheme, offering luxury villas in a prime location. A property purchase of USD 375,000 or more not only secures a stunning home but also grants residency to the buyer and their family.
Why Work with a Local Service Provider?
Setting up and managing a business in a foreign country can be complex. A local management company or corporate service provider helps simplify the process. These professionals assist with incorporation, permit applications, banking coordination, tax advice, and ongoing compliance.
Engaging an expert reduces risk, saves time, and ensures your company operates within Mauritius’s regulatory framework.
Final Tips for Foreign Entrepreneurs
Starting a business and managing your finances in Mauritius is a straightforward process if you are well-prepared. Make sure your documents are in order, understand the timelines for banking and registration, and stay informed about local legal changes.
Joining business chambers or expat networks can provide support and insights into the local market. With the right approach, Mauritius offers a rewarding and stable environment for business growth and personal lifestyle.
If you're planning a relocation that blends work, lifestyle, and nature, choosing to live in a development like Harmonie Golf & Beach Estate ensures a seamless transition. The estate’s secure environment, access to leisure, and proximity to key towns like Tamarin and Black River make it ideal for expats and investors alike.
