Offshore accounts in Mauritius refer to financial accounts held by non-residents or international businesses under Mauritius’ offshore jurisdiction. These accounts are managed primarily through Global Business Companies (GBCs), regulated under the Financial Services Act 2007 and overseen by the Financial Services Commission (FSC).
Mauritius provides two types of Global Business Licences:
- Global Business Licence 1 (GBC 1): Used for tax-resident companies conducting international business.
- Authorised Company (formerly GBC 2): Not considered tax-resident in Mauritius and typically used for asset protection, private wealth management, or holding structures.
Key Features of the Mauritius Offshore System
1. Robust Legal Framework
Mauritius combines elements of civil and common law systems, creating a flexible legal environment for international investors. The FSC ensures that offshore accounts and structures comply with global financial standards such as:
- Anti-Money Laundering (AML)
- Know Your Customer (KYC)
- OECD and FATF compliance
2. Double Taxation Avoidance Treaties (DTAs)
Mauritius has signed over 45 Double Taxation Avoidance Agreements (DTAAs) with countries in Africa, Asia, and Europe. This network allows companies operating in multiple jurisdictions to legally avoid double taxation on income, dividends, and royalties.
This treaty network is a key attraction for companies structuring international operations through Mauritius.
3. Attractive Tax Regime
While Mauritius is not a tax haven, it offers a competitive and transparent tax system:
- Corporate tax: 15%, with partial exemptions reducing it effectively to 3% in some cases
- No capital gains tax
- No withholding tax on dividends and interest (under specific conditions)
- No exchange control restrictions
These features make offshore structures in Mauritius particularly attractive for tax planning and capital efficiency.
How Offshore Accounts Support Multinational Companies
1. Global Treasury and Cash Flow Management
Offshore accounts in Mauritius help MNCs centralize and manage global treasury functions. This includes:
- Holding multi-currency accounts
- Facilitating international transactions
- Reducing foreign exchange risks
- Enhancing liquidity through consolidated financial structures
With major international banks present in Mauritius, companies can operate globally with ease and speed.
2. Legal Asset Protection
Offshore structures, especially when set up through trusts and holding companies, provide a layer of asset protection for MNCs. These structures protect against potential legal claims, political instability in operating countries, or high-risk jurisdictions.
3. Facilitating Investment in Africa and Asia
Mauritius acts as a bridge between Africa and Asia. MNCs use Mauritius-based offshore accounts and companies to enter emerging markets in:
- East and Southern Africa: Thanks to Mauritius’ African Union and SADC memberships
- India and Southeast Asia: Through favorable treaties and regional relationships
This has led to Mauritius being ranked high in Africa for Foreign Direct Investment (FDI inflows), particularly in sectors like ICT, finance, infrastructure, and energy.
4. Efficient Holding Structures
MNCs can create holding companies in Mauritius to consolidate ownership of regional subsidiaries. Benefits include:
- Simplified dividend repatriation
- Streamlined reporting and governance
- Cost-effective management of inter-company loans and royalties
These structures are vital for multinational businesses expanding into multiple countries.
Setting Up an Offshore Company and Account in Mauritius
Step 1: Choose the Right Business Structure
Most MNCs opt for a Global Business Company (GBC) as it allows for tax residency, DTA benefits, and access to the local financial system. You’ll need:
- At least one resident director
- A registered office in Mauritius
- Company secretary
- A local auditor for annual filings
Alternatively, an Authorised Company offers privacy and flexibility but cannot benefit from DTA agreements.
Step 2: Apply for Licence via FSC
A licensed Management Company (MC) in Mauritius must assist in the application process. The MC ensures compliance with all local laws, including:
- Business plan submission
- KYC documentation
- Economic substance requirements
Approval typically takes 2–3 weeks.
Step 3: Open an Offshore Bank Account
Once licensed, the offshore company can open accounts with reputable banks like:
- Standard Bank Mauritius
- AfrAsia Bank
- SBM Bank
These accounts support international transfers, FX operations, and multicurrency deposits. Most banks require:
- Company registration documents
- Business plan
- Directors’ and shareholders’ passports
- Proof of address and source of funds
Some banks also offer online banking and API integrations for treasury operations.
Compliance and Reporting
While Mauritius offers ease of doing business, offshore companies must comply with certain regulations:
- Filing of financial statements and tax returns annually
- Meeting economic substance requirements—GBCs must conduct real business activity in Mauritius
- Maintaining AML/KYC standards for clients and counterparties
Non-compliance can result in license revocation or reputational damage.
Reforms Enhancing Credibility and Transparency
Mauritius has undertaken numerous reforms to clean up its image and comply with global financial standards. These include:
- Being removed from the EU blacklist of non-cooperative jurisdictions in 2021
- Implementing FATF recommendations on financial transparency
- Enhancing due diligence on beneficial ownership
These efforts have improved Mauritius’ international standing and made it a preferred offshore destination for legitimate business activities.
Challenges and Considerations
Despite its advantages, there are some challenges in using Mauritius for offshore banking and operations:
- Increased global scrutiny of offshore jurisdictions
- Economic substance laws requiring local presence and employees
- Costs of compliance and professional services can be high
- Bank onboarding may take longer due to strict AML checks
These challenges are manageable with proper planning and support from licensed advisors.
Regulatory Support and Future Outlook
Mauritius is committed to maintaining its reputation as a safe and compliant financial center. The Financial Services Commission continues to work closely with the Mauritius Investment Corporation (MIC) and Economic Development Board (EDB) to attract responsible investors.
The government is also investing in fintech, blockchain regulation, and sustainable finance to keep Mauritius competitive globally.
You can explore the government’s support for investment at the Mauritius Economic Development Board – your go-to portal for business and investment assistance.
Conclusion
The offshore accounts system in Mauritius plays a pivotal role in supporting the expansion and success of multinational companies. By offering a reliable, tax-efficient, and legally compliant platform for international operations, Mauritius has cemented itself as the go-to gateway for Africa and Asia-bound businesses.
As global financial regulation becomes more stringent, Mauritius’ commitment to transparency and modernization continues to make it one of the most trusted offshore jurisdictions in the world.
Whether you are a corporate investor, tech entrepreneur, or fund manager, setting up an offshore account in Mauritius may be your best move toward sustainable, global business growth.
