All companies require a bank account but opening accounts is becoming increasingly difficult due to international transparency and anti-money laundering initiatives. Many banks will no longer open
accounts for non-resident companies. Others will only open accounts for companies that have been introduced by a recognised and licensed service provider that is on their ‘approved list’.
All banks now undertake increased due diligence – not just when opening accounts but also on a transactional basis. Account opening procedures differ widely between banks, sometimes even between different branches of the same bank. Applications can be complicated and documents often have to be certified or notarised and translated.
Mauritius had 23 banks operating in the jurisdiction as at end-June 2017, of which 13 were international banks. Sovereign has longstanding relationships with a large number of these institutions and it is strongly recommended that we assist with bank introductions and the preparation and submission of the necessary documentation. Clients are, of course, free to choose their own banks but generally an account can be opened more quickly and on better terms at banks known to, and recommended by, Sovereign.
Personal accounts can also be facilitated once a corporate relationship has been established with a bank. This does not form part of our standard corporate services and will therefore involve an extra cost.