Forming a Global Business Company (GBC) in Mauritius is a structured regulatory process involving the management company, the Registrar of Companies and the Financial Services Commission. When all documents are in order and the process is managed efficiently, a GBC can be incorporated and licensed within 4–8 weeks. This timeline can extend significantly if KYC documents are incomplete, if the FSC raises queries or if a bank account with specific requirements is needed. The timeline below assumes a standard GBC with no unusual complexity. Domestic company formation (no FSC licence required) is typically faster — often 3–7 business days for incorporation alone.
Phase 1: KYC, Onboarding and Structure Design
The first phase involves client onboarding, structure design, and KYC document collection. CTM conducts an initial consultation with the client — in person, by video call, or in writing — to understand the commercial objectives, the proposed structure, the parties involved, and any specific regulatory requirements. Based on this consultation, CTM prepares a tailored structure memorandum and a personalised KYC checklist.
KYC document collection can take anywhere from a few days (for a simple structure with a single individual shareholder and director) to several weeks (for complex multi-layered structures involving multiple corporate shareholders, foreign trusts, or parties from higher-risk jurisdictions). CTM conducts its AML/CFT risk assessment during this phase and prepares its internal compliance file. Management-level sign-off is required before the consent letter can be issued and the application submitted.
This phase also covers the drafting and finalisation of the business plan, which must accurately describe the proposed activities of the GBC and demonstrate genuine substance arrangements in Mauritius. For structures involving regulated activities, CTM will conduct a pre-licensing review to identify any additional FSC applications required.
Phase 2: Legal Documentation and Name Reservation
Once KYC clearance is obtained and the structure is confirmed, CTM proceeds with the preparation of the company's constitutional documents. This begins with a company name availability check through the Companies and Intellectual Property Office (CIPO) portal — at least two to three name options should be prepared in advance in case the preferred name is unavailable or requires clarification. Names that suggest a connection with governments, royalty, or regulated activities require additional approval.
CTM drafts the memorandum and articles of association tailored to the client's governance requirements, along with the director consent letters, the first minutes of the board, share certificate templates, and the GBC application form for the FSC Mauritius. These documents are reviewed and approved by the client before submission. The entire document preparation phase typically takes 3 to 5 business days for standard structures.
The Registrar of Companies incorporation filing — once documents are submitted — is typically processed within 3 to 7 business days, at which point the certificate of incorporation is issued. The company legally exists from this date, though it cannot conduct global business activities until the FSC Global Business Licence is received.
Phase 3: FSC Mauritius Application and Approval
Following incorporation at the Registrar of Companies, CTM submits the GBC licence application to the FSC Mauritius. The application package includes the certificate of incorporation, memorandum and articles of association, the business plan, full KYC on all parties, the management company consent letter, and the applicable FSC application form with supporting annexures.
The FSC Mauritius conducts a substantive review of the application, which typically takes 2 to 3 weeks for a well-prepared standard GBC application. During this review, the FSC may issue queries (referred to as 'FSC queries') requesting clarification on certain aspects of the application or additional documentation. CTM manages the query response process and aims to respond within 2 to 3 business days of receiving any query. Complex structures, regulated activity applications, or applications involving parties from higher-risk jurisdictions may take longer.
Upon FSC approval, the Global Business Licence is issued and the company is officially licensed to conduct global business activities from Mauritius. CTM prepares the complete statutory file and delivers it to the client. The company is now also eligible to apply for the Mauritius Tax Residency Certificate from the Mauritius Revenue Authority (MRA), which is required to access the benefits of Mauritius's double taxation avoidance agreements.
Phase 4: Bank Account Opening
Bank account opening for a newly incorporated GBC is a separate process that runs in parallel with or following the FSC approval phase. CTM assists clients with bank selection based on the company's activities, the jurisdictions of counterparties, the nature of expected transactions, and the client's banking history and relationships. Mauritius hosts several international banks including HSBC, Barclays (now ABSA), SBM Bank, MCB, and AfrAsia Bank, each with different risk appetites and service offerings.
The bank's compliance team will conduct its own independent KYC review of the company and all its directors, shareholders, and beneficial owners. In addition to the incorporation documents and KYC materials, the bank typically requires a detailed account purpose questionnaire, expected transaction volumes and counterparties, source of funds for initial deposit, and often a compliance interview (in person or by video) with the directors or authorised signatories. The bank may also require a minimum initial deposit, which varies by institution and account type.
Bank account opening typically takes 4 to 8 weeks from submission of the complete bank application package. Delays are most commonly caused by incomplete documentation, queries on transaction profiles or source of funds, or the bank's internal escalation to senior compliance for enhanced due diligence. CTM provides ongoing liaison with the bank throughout the process and advises on how best to address compliance queries to maximise approval prospects.
Phase-by-phase timeline
1
1–3 days
1. Initial Consultation
Initial discussion with the management company to define the structure: company type, proposed activities, ownership structure, share capital and licensing requirements. Name availability check. Fee proposal issued and engagement letter signed. This phase is essential for ensuring the structure is properly designed before documents are collected — changes to the structure after KYC submission cause delays.
2
1–3 weeks
2. Document Gathering
Collection of KYC documents for all parties: directors, shareholders and ultimate beneficial owners. This is typically the longest phase and is entirely within the client's control. Documents must be certified, up to date and complete. Delays at this stage — missing certifications, expired passports, inadequate source of wealth evidence — are the most common cause of overall timeline extensions. Preparing documents in advance of instruction significantly accelerates the process.
3
3–10 business days
3. KYC Review & Approval
The management company conducts its internal AML/CFT review of the submitted documents. Additional information or clarifications may be requested. For complex ownership structures or higher-risk jurisdictions, this review may involve a compliance committee and take longer. Once the KYC file is approved, the formation process can begin in earnest.
4
1–3 business days
4. Name Reservation & Incorporation
The management company submits the incorporation documents to the Registrar of Companies: application form, constitution (articles of association), details of directors and shareholders, and the prescribed fee. The Registrar of Companies in Mauritius is generally efficient — straightforward incorporations are typically processed within 1–3 business days. A certificate of incorporation and company number are issued upon approval.
5
2–4 weeks
5. FSC Licence Application
For a GBC, an application for a Global Business Licence must be submitted to the Financial Services Commission. The application includes the KYC file, a business plan describing proposed activities, the corporate structure, details of the management company and the prescribed FSC application fee. The FSC may raise queries requiring additional information or clarification. Standard GBC applications are typically processed within 2–4 weeks, though complex or first-in-class applications may take longer.
6
3–5 business days
6. Post-Incorporation Formalities
Once incorporated and licensed, the management company completes post-formation formalities: issue of share certificates, preparation of the initial register of members, appointment of the company secretary, registration of the registered office address, and preparation of the first board resolutions. The company is now legally constituted and licensed, but not yet operational.
7
2–8 weeks
7. Bank Account Opening
Opening a corporate bank account in Mauritius is a separate process and is typically the longest phase after KYC. Banks conduct their own due diligence on the company and its principals, independent of the management company's KYC process. The timeline depends heavily on the bank selected, the complexity of the ownership structure, and the proposed nature of business and transaction flows. Some banks currently have extended review periods. A realistic expectation for a straightforward GBC bank account is 3–6 weeks from submission of the complete bank application.
8
1–2 weeks
8. Operational Setup
Once the bank account is open, the company is operationally ready. This phase may include: registration for tax (if applicable), registration with the Mauritius Revenue Authority, economic substance assessment and planning (meeting the substance requirements for the category of activity), appointment of any local employees or executives if required, and setup of accounting and reporting processes. An annual general meeting and annual return must be filed within the first year.
The information on this page is provided for general guidance only and does not constitute legal, tax or regulatory advice. Always seek professional advice specific to your situation.
