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Short news and ideas

Mauritius Commercial Bank, Seychelles


10/12/2014

One of the OECD’s recommendations to the banks is that where possible they should open accounts for companies registered in the jurisdiction in which they operate. Although the Seychelles is an excellent company formation jurisdiction, its banking infrastructure leaves a little to be desired.

There are very few banks in the islands, and a number of those which are there only open accounts for local residents. The opening of accounts for resident companies with the local Barclays branch is a particularly slow and bureaucratic process.

It usually takes at least 3-4 months to open an account and the bank charges are rather high. The Mauritius Commercial Bank, on the other hand, one of the largest banks in Mauritius, is present in the Seychelles, and approaches the opening of accounts much more flexibly. Once they have checked the company documents, they invite the beneficial owner(s) for a personal interview, and then make their decision on the account application within 2-3 days.

The only inconvenience, then, is that you have to travel to the beautiful, idyllic Seychelles for a few days. Given that today numerous banks insist on having at least one personal meeting with the beneficial owner(s), this can hardly be considered an “extra” requirement. This is a small price to pay for a stable, smooth-running banking relationship outside the EU.

The local LAVECO Ltd. office provides comprehensive assistance in all areas, from hotel reservations to ordering taxis.

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