Financial Crime World

Obtaining a License to Operate a Bank in Mauritius under the Banking Act 1987

The Banking Act 1987 of Mauritius outlines the requirements for obtaining a license to operate a bank in the country. This article provides an overview of the key points to consider when applying for a banking license, including domestic banks and foreign banks.

Domestic Banks: Requirements for Obtaining a License

To obtain a license to operate a domestic bank in Mauritius, applicants must meet the following requirements:

Application Process

  1. The application must be made in writing to the Commissioner.
  2. The applicant must provide the required documents and information as outlined below.

Required Documents and Information

  • Articles of incorporation and bylaws
  • Authorized capital, paid-up capital, and number of shares held by shareholders
  • Details of shareholders owning more than 10% of issued capital
  • Financial standing, banking experience, and reputation of directors and principal officers
  • Balance sheet audited by an independent qualified auditor
  • Name, address, and professional qualification of the auditor
  • Date of financial year end
  • Statement on whether the bank will exercise trust powers
  • Names, addresses, nationalities, and banking experience of principal officer and deputy
  • Details of subsidiaries (if any)
  • Full particulars of business and objectives of the applicant
  • Letter or document from Federal Deposit Insurance Corporation (FDIC) or other approved body indicating current insurance covering deposits held
  • Initial non-refundable application fee of $500

Foreign Banks: Additional Requirements

In addition to the requirements outlined above for domestic banks, foreign banks must also provide:

  • Certified copy of certificate of corporate registration in Mauritius
  • Evidence of insurance by FDIC or other approved body

Important Notes

  • These requirements are subject to change and may be updated by the Commissioner or regulatory authorities.
  • If you have any specific questions or need further clarification on this topic, please do not hesitate to ask.