Mauritius backdrop

Workforce Payments Guide Mauritius

Last updated: Dec 18, 2023

Mauritian Rupee (MUR)
Payroll Frequency
Port Louis
Fiscal Year
1 January- 31 December
Employer Taxes
Employee Costs
Central Bank
Bank of Mauritius
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3rd Party Payments

Mauritius Revenue Authority (MRA): Employers are required to file a joint monthly social contributions, NSF contributions / PAYE return declaring the contributions payable in respect of its employees.

Pay As You Earn (PAYE): The PAYE system is a withholding tax deducted in Mauritius every month by the Employer and paid to the Mauritius Revenue Authority (MRA).

End of the Year Gratuity: Every employer shall, on or before 21 December in every year, pay a gratuity to every employee who is or has been in his continuous employment during that year.

The payment due dates:

PAYE: Tax withheld by an employer under PAYE should be paid to the Director-General within 20 days from the end of the month in which the tax was withheld.

Annual Registration Fee: Companies, Sociétés, Limited Partnerships, Limited Liability Partnerships and Foundations are reminded that it is their responsibility to ensure that payment of Registration Fee and/or Trade fee is effected not later than 20 January.

Payments Coverage

Papaya Global supports payments, with potential local requirements in Mauritius.

Funding currencies may be AED,AUD,CAD, CHF, kr DKK, EUR, GBP, HKD, NZD, kr SEK, SGD, USD. The payout currency is MUR and the payment takes one day

Contractor Payments

Papaya Global supports payments to contractors in Mauritius. The payout currency may vary based on the receiver bank account setup when receiving foreign currencies. it is advised for contractors to reach out to their bank to confirm how foreign currencies are handled

Payroll Frequency



IBAN Example Mauritius


IBAN in print MU80 XBCT 8367 7488 3999 3558 9199 TNW
Country Code MU
Digit Code 80
Bank Code XBCT8
Bank Account Number 9935589199Y


In Mauritius, the Know Your Customer (KYC) process for companies involves several steps. Here are the key components:

Client Verification Documentation: This includes the verification of the Account Holder, which could be an Individual or Legal Entity in whose name the account will be opened.

Significant Shareholders and Partners: The KYC process also involves the verification of significant shareholders and partners, who directly or indirectly hold 20% or more of the capital or the voting rights of the company.

Ultimate Beneficial Owner: The KYC process must identify the ultimate beneficial owner, which is an individual who ultimately owns or controls a client and/or an individual on whose behalf a transaction is being conducted.

Document Verification: This includes the verification of various documents such as Identity Card, Passport, Driving License, and Credit/Debit Card.

Company Specific Documents: For companies, additional documents such as Certificate of Incorporation, Memorandum and Articles of Association, Board resolution to open and operate the bank account, and the latest list of directors may be required.

Please note that these are general guidelines and the exact process may vary depending on specific circumstances.

Banking Regulations

Cross-border workforce payments are influenced by several banking laws and regulations.

Correspondent Banking: Correspondent banking refers to formal agreements or relationships between banks to provide payment services for each other. It plays a crucial role in effectuating cross-border payments. The value of global cross-border payments is estimated to increase significantly, and correspondent banking represents a significant portion of this.

Anti-Money-Laundering (AML) and Countering the Financing of Terrorism (CFT) Controls: Correspondent banks may bear liability, regulatory, and reputational risk for AML-CTF violations by the respondent banks. This has led to a phenomenon known as “de-risking,” where some banks shed their correspondent banking relationships with smaller banks, often in emerging markets viewed as “high-risk” for AML.

Bank Account Opening

To open a company bank account in Mauritius, the following documents are required:

  • Valid passport of each of the company’s stakeholders.
  • Proof of address of each of the company’s stakeholder
  • Documents related to the company’s registration, such as: certificate of incorporation, company registration card, certified copy of the minutes of the company’s board of directors authorizing the opening of the account(s). Bank reference letter from the country of origin indicating that the account is well managed and does not have any anomalies.

Business plan.
Bank statements.
Please note that the requirements may vary depending on the bank and the nature of the business.

The account opening process can take around 30 to 40 minutes. Please note that the approval timeframe may vary depending on the complexity of the application and the bank’s internal processes.”

International Banks

Several major foreign banks operate in Mauritius. Here are some of them:

  • ABC Banking Corporation Ltd
  • Absa Bank (Mauritius) Limited
    AfrAsia Bank Limited
    Bank of Baroda
    Bank of China (Mauritius) Limited
    Bank One Limited
    HSBC Bank (Mauritius) Limited
    Investec Bank (Mauritius) Limited
    Standard Bank (Mauritius) Limited
    Standard Chartered Bank (Mauritius) Limited”

Local Major Banks

Major local banks that operate in Mauritius:

  • Mauritius Commercial Bank (MCB): This is one of the dominant local banks with a market share of about 45%.
  • State Bank of Mauritius (SBM): This bank also has a significant presence in the local market with a market share of about 25%.
  • MauBank Ltd
  • SBI (Mauritius) Limited
  • Banque des Mascareignes Ltee: This bank is a wholly-owned subsidiary of Groupe BPCE, the 2nd largest banking group in France”

Payment Tools

There are several B2C payment tools available for e-commerce transactions:

  • Credit and Debit Cards:
  • Digital Wallets: Customers can store a variety of different credit cards and bank account numbers within an online wallet. Examples include services like PayPal, Apple Pay, and Google Pay.
  • Bank Transfers: Also known as electronic funds transfers or direct debit payments, these payment systems allow customers to complete checkout by transferring money from their bank account to the retailer’s bank account.
  • Mobile Payments: With this e-commerce payment method, the customer sends a payment request to the service provider via text.
  • Juice MCB App: The Juice MCB app by the Mauritius Commercial Bank (MCB) is widely used as a means to effect payment.
  • State Bank of Mauritius (SBM) e-Secure Platform: This platform is used for password-protected online transactions, ensuring greater payment security


Cryptocurrencies are regulated under the Financial Services Act 2007. The Financial Services Commission (FSC) of Mauritius considers cryptocurrencies to be regulated as a digital asset. Although Mauritius considers virtual currencies an asset class for investments, they are not classified as legal tender.

In June 2020, Mauritius released new guidelines for the licensing of ‘security token trading’. Key provisions include requirements such as:

  • Standards and guidelines regarding cybersecurity.
  • A minimal capital requirement of 35 million rupees or an equivalent amount.
  • A board that is always comprised of a minimum of three directors, of which at least one is resident in Mauritius and 30% is/are independent director(s).
  • Must at all times perform its core functions from an office in Mauritius and maintain up-to-date transactional records4.
  • The Virtual Asset and Initial Token Offering Services Act 2021 (VAITOS Act) was enacted to provide a legal framework within which business activities relating to virtual assets can operate. The FSC has also issued its AML/CFT Guidance Notes for virtual asset service providers (VASPs) and issuers of initial token offerings.”

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