How to Open a Business Bank Account in Mauritius: 2025 Complete Guide

A business bank account is essential for operating professionally in Mauritius. It separates your personal and business finances, simplifies tax compliance, and enhances your credibility with clients and suppliers. This comprehensive guide covers everything you need to know about opening a business bank account in 2025.

Why You Need a Business Bank Account

Legal and Tax Benefits

1. Clear Separation of Finances

Personal expenses clearly separated from business
Easier accounting and bookkeeping
Simplified tax return preparation
Cleaner audit trail for MRA

2. Professional Image

Business name on checks and transfers
Professional payment collection
Enhanced credibility with clients
Better supplier relationships

3. Tax Compliance

Clear record of business income
Documented business expenses
VAT tracking made easier
Audit-ready transaction history

4. Legal Protection (for companies)

Maintains corporate veil
Proves business as separate entity
Essential for limited liability protection

Practical Benefits

Accept card payments from customers
Online banking and mobile apps
Overdraft facilities available
Business loans and financing
Multi-currency accounts
International transfers
Payroll processing
Automatic bill payments

Quick Comparison: Major Banks in Mauritius

Bank	Account Opening Fee	Monthly Fee	Min Balance	Online Banking	Best For
MCB	Rs 500	Rs 200-500	Rs 5,000	Free	Established businesses, international trade
SBM	Rs 300	Rs 150-400	Rs 3,000	Free	SMEs, competitive fees
ABC Banking	Rs 250	Rs 100-300	Rs 2,000	Free	Start-ups, low fees
MauBank	Rs 400	Rs 200-450	Rs 5,000	Free	Growing businesses, good service
Barclays	Rs 1,000	Rs 500-800	Rs 10,000	Free	International businesses, premium service
HSBC	Rs 1,200	Rs 600-1,000	Rs 15,000	Free	Large companies, global operations

Required Documents

For Private Limited Companies (Ltd)

Company documents:

✅ Certificate of Incorporation
✅ Business Registration Certificate (BRN)
✅ Company Constitution (Articles of Association)
✅ Register of Directors
✅ Register of Shareholders
✅ Register of Beneficial Owners
✅ Board Resolution authorizing account opening
✅ Specimen signatures of authorized signatories

For each director and authorized signatory:

✅ National ID or passport (certified copy)
✅ Proof of residential address (utility bill <3 months)
✅ Curriculum Vitae (CV)
✅ Recent photograph (passport size)

Additional requirements:

✅ Proof of business address (lease agreement, utility bill)
✅ Business plan (for new companies)
✅ Latest financial statements (for existing companies)
✅ Tax clearance certificate (if operating >1 year)
✅ Trade license (if applicable)

For Sole Traders / Individual BRN

Personal documents:

✅ National ID or passport
✅ Proof of residential address (utility bill <3 months)
✅ Recent photograph

Business documents:

✅ Business Registration Certificate (BRN)
✅ Trade name certificate (if applicable)
✅ Trade license (if required for your business)
✅ Proof of business address

Financial documents:

✅ Personal bank statements (last 6 months)
✅ Source of initial deposit funds

For Partnerships

All documents for sole traders, plus:

✅ Partnership agreement
✅ Documents for all partners
✅ Authorization specifying who can operate the account

Step-by-Step Application Process

Step 1: Choose Your Bank (Week 1)

Factors to consider:

1. Fees and Charges

Monthly maintenance fees
Transaction charges
ATM withdrawal fees
International transfer costs
Check book fees

2. Services Offered

Online/mobile banking quality
Branch network convenience
Customer service hours
Multi-currency options
Merchant services (card payments)

3. Business Needs

International transactions? → MCB, Barclays, HSBC
Low fees priority? → ABC Banking, SBM
Extensive branch network? → MCB, SBM
Premium service? → Barclays, HSBC

4. Relationship Manager

Larger accounts get dedicated manager
Important for loans and credit facilities
Better service and faster resolutions

Step 2: Book an Appointment (Week 1)

Don't just walk in - most banks require appointments for business accounts.

How to book:

MCB Business Banking

Phone: 202-5000
Online: www.mcb.mu (Book Appointment)
Visit: Business Banking Center, Port Louis

SBM Business

Phone: 202-1111
Email: businessbanking@sbmgroup.mu
Visit: Any SBM branch

ABC Banking

Phone: 208-5015
Visit: Head Office, Port Louis

MauBank

Phone: 208-5000
Visit: Corporate Banking division

Barclays Business Banking

Phone: 404-5000
Email: mauritius.businessbanking@barclays.com

HSBC Business Banking

Phone: 404-4242
Email: business.banking.mu@hsbc.com

Tip: Book 1-2 weeks in advance, especially during busy periods.

Step 3: Prepare Documentation (Week 1-2)

Organization tips:

1. Create a Document Checklist

Use the lists above
Tick off as you gather each document
Ensure all copies are certified if required

2. Certify Documents

Get certified copies from attorney, notary, or Justice of Peace
Original documents must be presented at appointment
Some banks accept self-certification with original shown

3. Prepare Board Resolution

Sample Board Resolution:

BOARD RESOLUTION OF [COMPANY NAME]

Date: [Date]

At a meeting of the Board of Directors held on [Date] at [Location],
it was RESOLVED that:

1. A business bank account be opened with [Bank Name] in the name of
   [Company Name].

2. The following persons be authorized to operate the account as
   signatories: [Names and Positions]

3. The signing authority be: [Single/Joint signatures required]

4. [Name], [Position] is authorized to complete all necessary
   formalities and sign all required documents.

Signed:

________________________
Director 1

________________________
Director 2

________________________
Company Secretary

4. Update Business Plan (if required)

1-2 page summary acceptable for most banks
Explain business model
Expected monthly turnover
Purpose of account
Transaction volume estimates

Step 4: Attend Bank Appointment (Week 2-3)

What to expect:

Duration: 30-60 minutes

Who to bring:

All directors (if company)
Authorized signatories
Sole trader (if individual)

What happens:

Document verification
- Bank officer reviews all documents
- Checks completeness and validity
- Makes certified copies
Account opening forms
- Complete application forms
- Provide specimen signatures
- Choose account features
Know Your Customer (KYC) interview
- Questions about business nature
- Source of funds
- Expected transaction patterns
- International dealings (if any)
Compliance checks
- Anti-money laundering (AML) screening
- Sanctions list checks
- Risk assessment
Initial deposit
- Some banks require deposit during appointment
- Others allow within 7 days of approval
- Bring cash, check, or transfer proof

Questions you'll be asked:

What is your business activity?
What will be your monthly turnover?
Will you receive international payments?
How many transactions per month?
Who are your main customers/suppliers?
What is the source of your initial deposit?
Do you have accounts at other banks?

Tip: Be honest and accurate. Banks verify information through various channels.

Step 5: Compliance Review (Week 3-4)

Bank's internal process:

Compliance department review (3-5 days)
- Verifies all documents
- Conducts background checks
- Assesses risk profile
Credit check (if applying for overdraft)
- Personal credit history reviewed
- Business credit check (if existing company)
Management approval (2-3 days)
- Senior manager reviews and approves
- May request additional information

Processing time:

Simple cases: 1-2 weeks
Complex cases: 3-4 weeks
First-time business owners: 2-4 weeks
Foreign directors: 4-6 weeks

Possible outcomes:

✅ Approved - Account activated
⚠️ Approved with conditions - e.g., lower transaction limits initially
❌ Rejected - Reasons provided, can reapply after addressing issues

Step 6: Account Activation (Week 4)

You'll receive:

Account number and details
- Account number
- SWIFT/BIC code (for international transfers)
- Branch code
- IBAN (if applicable)
Online banking credentials
- User ID
- Temporary password
- Security token or app setup
Debit card (within 1-2 weeks)
- Business debit card
- PIN sent separately
Check book (optional, within 1 week)
- Usually 25-50 checks
- Additional fee may apply
Welcome pack
- Fee schedule
- Terms and conditions
- User guides

Initial setup:

Activate online banking
Change temporary password
Set up mobile banking app
Register for SMS alerts
Order additional cards if needed

Bank Comparison: Detailed Analysis

Mauritius Commercial Bank (MCB)

Best for: Established businesses, international trade

Pros:
✅ Largest bank in Mauritius - strong reputation
✅ Extensive branch and ATM network (50+ branches)
✅ Excellent international banking services
✅ Multi-currency accounts (20+ currencies)
✅ Strong mobile/online banking platform
✅ Good merchant services (card payment terminals)

Cons:
❌ Higher fees than smaller banks
❌ May require higher minimum balance
❌ Can be bureaucratic for small businesses

Fees (Business Current Account):

Opening fee: Rs 500
Monthly maintenance: Rs 300
Minimum balance: Rs 5,000
Transaction charges: Rs 10-50 per transaction (over free limit)
International transfers: Rs 500 + 0.125% of amount

Free transactions: 20-50 per month depending on account type

Contact: 202-5000 | businessbanking@mcbmu.com

State Bank of Mauritius (SBM)

Best for: SMEs, competitive fees

Pros:
✅ Competitive pricing structure
✅ Good SME support programs
✅ Decent branch network (40+ branches)
✅ Responsive customer service
✅ Business development support
✅ Easier approval for start-ups

Cons:
❌ International banking less robust than MCB
❌ Technology platform not as advanced
❌ Smaller international network

Fees (SME Business Account):

Opening fee: Rs 300
Monthly maintenance: Rs 200
Minimum balance: Rs 3,000
Transaction charges: Rs 8-40 per transaction
Free transactions: 30 per month

Special: SME package with reduced fees for qualifying businesses

Contact: 202-1111 | businessbanking@sbmgroup.mu

ABC Banking Corporation

Best for: Start-ups, budget-conscious businesses

Pros:
✅ Lowest fees among major banks
✅ Fast approval process (1-2 weeks)
✅ Friendly service, less bureaucratic
✅ Good for local businesses
✅ Flexible minimum balance requirements

Cons:
❌ Smaller branch network (15 branches)
❌ Limited international services
❌ Less sophisticated online platform
❌ No relationship manager for small accounts

Fees (Business Account):

Opening fee: Rs 250
Monthly maintenance: Rs 150
Minimum balance: Rs 2,000
Transaction charges: Rs 5-30 per transaction
Free transactions: 40 per month

Contact: 208-5015 | info@abcbanking.mu

MauBank

Best for: Growing businesses, good service

Pros:
✅ Excellent customer service
✅ Dedicated relationship managers
✅ Flexible lending policies
✅ Good online/mobile banking
✅ Competitive rates on business loans

Cons:
❌ Smaller network than MCB/SBM
❌ Higher fees for premium services
❌ Limited international presence

Fees (Corporate Account):

Opening fee: Rs 400
Monthly maintenance: Rs 250
Minimum balance: Rs 5,000
Transaction charges: Variable
Free transactions: 25 per month

Contact: 208-5000 | corporate@maubank.mu

Premium Banks (Barclays, HSBC)

Best for: Large companies, international operations

Pros:
✅ Global banking network
✅ Premium services and support
✅ Advanced treasury services
✅ Excellent international transfers
✅ Strong credit facilities

Cons:
❌ High fees and minimum balances
❌ Strict eligibility criteria
❌ Less accessible for small businesses
❌ Longer approval process

Typical fees:

Opening: Rs 1,000 - Rs 1,500
Monthly: Rs 600 - Rs 1,000
Minimum balance: Rs 15,000 - Rs 25,000

Account Types and Features

Basic Business Current Account

Features:

Unlimited deposits
Limited free transactions (20-50/month)
Debit card
Online banking
Check book

Best for: Small businesses, low transaction volume

Typical cost: Rs 150 - Rs 300/month

Business Premium Account

Features:

Higher free transaction limit (50-100/month)
Dedicated relationship manager
Priority customer service
Free check books
Lower transfer fees
Business credit card option

Best for: Medium businesses, moderate transaction volume

Typical cost: Rs 400 - Rs 800/month

Multi-Currency Account

Features:

Hold multiple currencies (USD, EUR, GBP, etc.)
Reduced FX conversion fees
International payment services
Trade finance facilities

Best for: Import/export businesses, international services

Typical cost: Rs 500 - Rs 1,000/month + FX fees

Merchant Account (with POS/card payment)

Features:

Accept Visa/Mastercard payments
POS terminal provided
Online payment gateway option
Next-day settlement

Best for: Retail, restaurants, services accepting cards

Cost:

Setup: Rs 2,000 - Rs 5,000
Monthly rental: Rs 300 - Rs 800
Transaction fee: 1.5% - 3% per card transaction

Additional Services

Overdraft Facility

What it is: Credit line allowing negative balance up to approved limit

Typical limit: Rs 50,000 - Rs 2 million

Interest rate: 9% - 15% per annum

Requirements:

Business operating >2 years
Positive cash flow
Collateral (property, fixed deposits)
Personal guarantee from directors

Approval time: 4-8 weeks

Business Credit Card

Credit limit: Rs 20,000 - Rs 500,000

Benefits:

30-45 days interest-free credit
Expense tracking
Employee cards
Reward points

Annual fee: Rs 500 - Rs 3,000

Requirements:

Account operating >6 months
Good transaction history
Minimum turnover

Trade Finance

Services:

Letters of Credit (L/C)
Bank guarantees
Import/export financing
Foreign exchange services

Best for: Businesses in international trade

Available at: MCB, SBM, Barclays, HSBC, MauBank

Payroll Services

Features:

Bulk salary payments
Employee salary accounts
Automatic transfers on fixed date
Payroll reports

Cost: Rs 500 - Rs 2,000/month (depending on employee count)

Common Rejection Reasons and Solutions

Why Applications Are Rejected

1. Incomplete Documentation

Missing required documents
Expired documents
Uncertified copies

Solution: Use checklist, verify all documents before appointment

2. Suspicious Business Activity

Cash-intensive business without clear source
Business model not clear
Vague answers to KYC questions

Solution: Prepare clear business explanation, provide supporting evidence

3. Poor Credit History

Personal credit defaults
Previous business failures
Outstanding loans

Solution: Clear debts first, or apply at bank where you have positive history

4. High-Risk Business

Cryptocurrency trading
Online gambling
Adult entertainment
Unlicensed money transfer

Solution: Some banks specialize in higher-risk sectors - shop around

5. Foreign Directors Without Local Presence

No office in Mauritius
No local operations
Shell company concerns

Solution: Establish physical presence, provide business plan, be patient

6. Beneficial Owner Issues

Cannot identify ultimate beneficial owners
Complex ownership structures
Owners on sanctions lists

Solution: Simplify structure, provide clear ownership chart

Tips for Faster Approval

1. Prepare Documents Early

Gather everything before booking appointment
Get certified copies in advance
Update any expired documents

2. Maintain Good Personal Banking

Clean credit history
Healthy personal account balance
No bounced checks or overdrafts

3. Show Business Substance

Real office address (not just PO box)
Business website and email
Client contracts or purchase orders
Clear business purpose

4. Start with Your Personal Bank

Existing relationship helps
Faster KYC process
Better approval chances
May get fee discounts

5. Realistic Financial Projections

Don't exaggerate turnover
Be conservative in estimates
Banks verify through various sources

6. Professional Presentation

Organized document folder
Typed board resolution
Professional business plan
Arrive on time, dress appropriately

Costs Summary

One-Time Costs

Item	Cost Range
Account opening fee	Rs 250 - Rs 1,500
Initial deposit	Rs 2,000 - Rs 15,000
Document certification	Rs 100 - Rs 500
Check book (initial)	Rs 100 - Rs 300

Total: Rs 2,450 - Rs 17,300

Ongoing Monthly Costs

Item	Cost Range
Monthly maintenance	Rs 150 - Rs 1,000
Transaction fees	Rs 100 - Rs 500
SMS alerts	Rs 0 - Rs 50
Additional services	Variable

Total: Rs 250 - Rs 1,550/month

Annual Business Banking Costs

Small business: Rs 3,000 - Rs 8,000/year
Medium business: Rs 8,000 - Rs 20,000/year
Large business: Rs 20,000 - Rs 50,000+/year

Frequently Asked Questions

Q: Can I use my personal account for business?
A: Legally yes for sole traders, but not recommended. Mixing personal and business finances creates tax complications and looks unprofessional. Companies must have separate accounts.

Q: How long does it take to open a business account?
A: 2-4 weeks on average. Simple cases can be 1-2 weeks; complex cases 4-6 weeks.

Q: Do I need to visit the branch or can I apply online?
A: Physical visit required for initial account opening (KYC regulations). After that, most services available online.

Q: Can foreign companies open accounts in Mauritius?
A: Yes, but process is more complex. Requires local registered office, local directors, and additional documentation. Takes 4-8 weeks.

Q: What if my business is brand new with no revenue?
A: Acceptable, but you'll need a solid business plan explaining expected income. May have lower transaction limits initially.

Q: Can I have accounts at multiple banks?
A: Yes, many businesses use multiple banks for different purposes (local vs international, backup, better rates).

Q: Is online banking included?
A: Yes, all major banks provide free online and mobile banking with business accounts.

Q: Can I accept card payments from customers?
A: Yes, but you need a separate merchant account and POS terminal (additional fees apply).

Checklist: Opening Your Business Bank Account

Before Appointment:

Choose bank based on your needs
Book appointment (1-2 weeks advance)
Gather all required documents
Get documents certified if needed
Prepare board resolution (companies)
Update business plan
Check credit history

At Appointment:

Bring all original documents
Bring all directors/authorized signatories
Bring initial deposit funds
Be ready to explain business model
Provide accurate information
Ask about fees and services
Get timeline for activation

After Approval:

Make initial deposit (if not done already)
Activate online banking
Set up mobile app
Order additional cards if needed
Register for merchant services (if needed)
Update invoices with bank details
Inform clients and suppliers

Conclusion

Opening a business bank account in Mauritius is straightforward if you prepare properly. The key steps are:

Choose the right bank - Match services to your needs
Gather complete documentation - Use the checklists provided
Be prepared for KYC - Clear business explanation ready
Be patient - Process takes 2-4 weeks typically
Maintain the account well - Good banking relationship helps future borrowing

Our recommendations:

Start-ups on budget: ABC Banking (low fees, easy approval)
Growing SMEs: SBM (good balance of fees and service)
Established businesses: MCB (extensive services, strong network)
International trade: MCB, Barclays, or HSBC (multi-currency, global reach)

Most businesses are approved within 3 weeks if documentation is complete and business is straightforward.

Need help with business banking setup or financial management? Connect with experienced accountants through our directory.