Source of Funds and Source of Wealth: What Evidence Is Enough

If you search for source of funds source of wealth Mauritius, you are probably facing a question from a bank or a corporate service provider and wondering how much proof is enough. The two terms sound alike, but they ask different questions and call for different documents. Mixing them up is one of the most common reasons a file stalls.

This page explains the distinction, shows which evidence usually fits which origin of money, and gives a short checklist to prepare before you are asked. It is general information, not advice: what a particular institution accepts depends on its own risk assessment of you and your structure.

Source of funds and source of wealth: the difference

Source of funds concerns a specific movement of money. Where does the money used to subscribe for shares, fund a company's bank account or pay for an acquisition come from, and through which account did it travel? The answer is tied to a transaction and a date.

Source of wealth concerns the whole person. How did this individual (or the ultimate owner behind a company) accumulate the assets they now hold? The answer is a history: employment, a business sold, an inheritance, investments.

Both belong to the customer due diligence an institution must carry out under the Mauritian anti-money laundering framework, described in AML/CFT legislation explained for business owners. The basic identity and document checks sit in the KYC checklist for corporate clients, which this page does not repeat.

Why institutions ask for both

A bank or provider has to be satisfied that the money entering a structure is not the proceeds of crime. Knowing the source of funds alone can be misleading: a transfer may come from a respectable account that was itself fed by something else. Knowing the source of wealth gives the context against which the amount looks plausible or not.

The depth of the request is risk-based. A modest contribution from an employed individual with a clear history rarely needs more than a few documents. A large amount, a complex chain of companies or a link with a high-risk jurisdiction attracts more questions. Under section 17H of the FIAMLA, the minister may designate as high risk a jurisdiction identified by the FATF as having strategic deficiencies, and enhanced due diligence then applies to transactions involving that country. The same logic is explained in Mauritius and the FATF grey list and in business risk assessment for AML purposes.

What counts as proof, origin by origin

No official list fixes one document per origin. The table below reflects what institutions commonly accept; a provider may ask for more, or accept an alternative that tells the same story.

Documents in a foreign language or issued abroad are often requested with a certified translation or certified copy. Ask the institution which form it expects before you spend time on formalities.

A few points that surprise first-time applicants

• Statements must show the path. A figure written in a letter is not evidence by itself; the institution wants to see the account the money left and the account it reached.
• A third party's money needs the third party's file. If a relative or a related company funds your contribution, expect to document their source too.
• Old or round-number explanations invite questions. "Savings over many years" is accepted only when savings can be traced.

Source of funds in the life of a Mauritian company

The question returns at several moments after incorporation, not only at the start.

At incorporation and onboarding

The Form F1 application to the Registrar of Companies is accompanied by identity and address documents of the directors, signed consents, and shareholder details such as the number, class and amount paid on shares. Those are registry formalities, not wealth evidence, but the provider handling your file will usually go further and ask where the subscription money comes from. See how to choose a corporate services provider in Mauritius for what to expect from the onboarding process.

Banking for a Global Business Licence company

A resident company that is majority-owned or controlled by a non-citizen and conducts its business mainly outside Mauritius must apply to the FSC for a Global Business Licence (section 71(1) of the Financial Services Act). Among the management and control criteria, the company must keep its principal bank account in Mauritius (section 71(3)(b)(ii)). A new criterion introduced by Act 13 of 2026, effective 1 September 2026, requires the company to make sure its bank accounts are operated under a bank signatory arrangement consistent with FSC guidelines (section 71(3)(b)(vi)). In practice, the bank asking for source of funds and wealth for the owners sits at the centre of these arrangements.

Later capital injections and loans

A shareholder loan, a share capital increase or a director's advance is a fresh transaction, so a fresh source-of-funds question. Keep the paper trail with the board record. Loans between a company and its directors and the register of charges cover the related records.

Beneficial owners

The wealth question attaches to the people who ultimately own or control the company. Who qualifies is explained in who counts as a beneficial owner in Mauritius, and the register itself in the beneficial ownership register guide.

Immigration and residence files use similar proof

The same reasoning appears outside company law. For an Occupation Permit in the Investor category, the initial investment threshold is USD 100 000 (or the equivalent in a freely convertible currency) under the Economic and Financial Measures (Miscellaneous Provisions) Act 2026, which became Act 13 of 2026 on 12 August 2026. The applicant must produce proof of funds in the form of a certified bank statement and undertake to transfer that USD 100 000 from abroad to a Mauritian account within 60 days of the permit being issued.

The Premium Visa, according to the EDB's FAQ document dated 2023, requires proof of income of at least USD 1 500 per month for each adult and USD 500 per month for each dependent child, backed by bank statements for the last 3 months. These figures come from older guidance, so check the current requirement before relying on them. They illustrate the pattern: a threshold, then documents demonstrating that the money genuinely exists and is yours.

Practical checklist before you are asked

• Identify which transaction is being funded and its amount and date
• Gather the bank statements showing the originating account and the receiving account
• Prepare the underlying document for each origin (sale deed, dividend voucher, payslips, loan agreement)
• Write a short, factual narrative of how the owner's wealth was built
• Collect tax returns or accounts that corroborate the narrative
• Arrange certified copies and translations where documents are not in English or French
• If a third party funds the contribution, ask for their documents too
• Keep copies with the company records, as described in company records: what to keep

Common reasons a file is rejected or delayed

Most delays are avoidable:

1. The explanation does not match the statements, for example a stated sale of property with no matching credit.
2. The documents prove who the person is but not where the money came from.
3. The money passed through accounts in several names without explanation.
4. A jurisdiction involved is on a high-risk list and no additional support was prepared.
5. Documents are unreadable, incomplete or uncertified.

When an institution cannot resolve its doubts, it may refuse the relationship and, in some cases, file a report; see suspicious transaction reports in Mauritius. The consequences of failing the underlying duties are covered in penalties for failing anti-money laundering duties.

Where to go next

If a bank or provider has asked you for evidence and you are unsure what fits your situation, a licensed adviser can look at your actual facts. You can start from the contact form. For the wider picture of duties that continue after incorporation, see corporate compliance in Mauritius and AML/CFT compliance for Mauritian companies.