Moving forward, every GBC bank account must include at least one officer from its licensed Management Company (MC) as an authorised signatory. This individual must be vetted and approved by the FSC under Section 24 of the Financial Services Act (FSA).

The End of Unilateral External Control

Historically, GBC bank mandates allowed complete operational independence from local administrators. Accounts could be operated exclusively by beneficial owners, nominee directors, or third-party signatories operating outside the Management Company structure. While Management Companies handled legal administration, they were frequently excluded from banking execution.

That structural disconnect has now been closed.

Key Mandate Requirements

Under the new Paragraph 9.2 guidelines, compliant banking arrangements require specific local oversight:

• Vetted MC Officer: The designated signatory must hold individual FSC approval under Section 24 of the FSA.
• Resident Director Eligibility: A resident director appointed under Section 71(3)(b)(i) of the FSA, holding FSC approval, satisfies this requirement.
• Universal Application: The mandate applies to all bank accounts held by a GBC, whether maintained in Mauritius or with international institutions.

Transitional Timeline and Deadlines

The enforcement schedule requires prompt operational adjustment from existing corporate structures:

• 19 June 2026: The official effective date. All GBCs incorporated on or after this date must establish bank accounts with an approved MC officer from inception.
• 19 September 2026: The deadline for existing GBCs. Licensed entities have a three-month transitional window to update current bank mandates.

Failure to align banking arrangements by 19 September 2026 leaves entities non-compliant, exposing licensees to direct supervisory intervention and administrative penalties from the FSC.

Operational Impact on Owners and Management Companies

While procedural in form, the regulatory shift alters daily administration across the jurisdiction.

1. Beneficial Owners

Ultimate beneficial owners retain operational access and transaction-initiating authority. However, unilateral control over corporate accounts has ceased. Introducing a regulated local signatory adds an institutional layer of oversight to corporate execution.

2. Management Companies

For Management Companies, co-signatory status increases legal exposure and administrative burden. Because designated officers carry formal accountability for account activity, MCs must enforce stricter internal review protocols regarding incoming and outgoing flows.

Four-Step Compliance Roadmap

To avoid transaction friction or banking disruptions ahead of the September deadline, corporate boards must execute a structured update:

1. Audit Account Portfolios: Map every bank account across group GBCs to identify mandates lacking an approved MC signatory.
2. Engage Management Companies: Formalise the appointment of an FSC-approved officer to be added to affected accounts.
3. Factor in Banking Lead Times: Mandate updates require board resolutions and refreshed KYC documentation. Financial institutions typically require two to six weeks to process these revisions.
4. Adjust Pipeline Structures: Ensure incoming GBC incorporations incorporate compliant banking signatories from the outset.

Reinforcing Mauritius as a Substance-First Hub

This regulatory tightening aligns with broader jurisdictional efforts to position Mauritius as a substance-first financial centre.

By ensuring no GBC operates bank accounts without direct involvement from a locally approved professional, the FSC removes the risk of shell entities detached from their host jurisdiction. The reform safeguards the international credibility of Mauritius structures while preserving their core advantages: a 15% corporate tax rate with foreign tax credits, an extensive network of 46 double tax treaties, and full alignment with EU and OECD standards.

Managing Your Bank Mandate Transition

Updating corporate banking arrangements requires precise coordination between directors, Management Companies, and financial institutions ahead of the 19 September 2026 deadline.

C&S Secretarial Services conducts complete structural audits, drafts necessary board resolutions, and liaises directly with banks to regularise signatory mandates.

Ensure your corporate structures remain fully compliant. Contact C&S Secretarial Services to audit your banking arrangements and execute the required regulatory updates.

FAQ – FSC Mandates Management Company Bank Signatories

Sources of this article : 

• Mauritius FSC Introduces New Authorised Bank Signatory Regime for GBCs — Effective 19 June 2026

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