Bahrain corporate banking options
- Opening a bank account in the country is required for Bahrain business formation. Assistance to our Clients to open a corporate bank account is included amongst our Bahrain company formation services and Healy Consultants bank account opening team will liaise with the Bahrain banks to prevent our Client having to travel for an interview with their preferred bank;
- Prior to incorporation, Healy Consultants assists our Client open a Bahrain corporate bank account. Our Client deposits the paid up share capital of capital of US$133,000 and supplies Healy Consultants with a certificate of deposit and bank statement which will be later required to complete company registration;
- There is no limitation on the inflow or outflow of funds for remittances of profits, debt service, capital, capital gains, and returns on intellectual property or imported inputs. The Bahrain currency is the Dinar and is de facto fixed to the US dollar. The exchange rate has remained at US$1 = Dinar .376 since 2001.
- Bahrain banks are willing to provide finance to local companies if the following conditions are met i) good Business-plan ii) availability of security iii) experience of business owners iv) last three years audited financial statements v) realistic feasibility study vi) project strength and weaknesses analysis (SWOT);
- Trade finance includes i) bank guarantees ii) letters of credit iii) finance against trust receipt and iv) document against payment and against acceptance;
- Corporate finance in the form of a loan, overdraft or simply preferential credit terms.
- Bahrain corporate and personal banking products and customer service are of a poor standard;
- Because Bahrain is not perceived as a tax haven, it is not on the list of black listed destinations. Bahrain is neither a member of the OECD nor of the EU. Bahrain is not on the OECD ‘blacklist’ of tax havens (nor the FATF blacklist). Consequently, Bahrain banks are not obliged to share customer information with international governments;
- Bahrain banks offer multiple currencies, internet banking and telephone banking, checking accounts, savings accounts, debit and credit cards, fixed term deposits and wealth management;
- Our favorite banks include HSBC and SCB. Other Bahrain leading banks include National Bank of Bahrain (NBB), Citibank Bahrain, Gulf International Bank, ABC Islamic Bank, Khaleeji Commercial Bank, Gulf Finance House, and Ithmaar Bank.
Healy Consultants’ fees to open a corporate bank account in Bahrain is US$2,950.
Frequently asked questions
Is it required to have a bank account in order to proceed with company formation in Bahrain?Yes, a corporate bank account in Bahrain is required in order to start a Bahrain company. Prior to company formation, our Clients will indeed need to deposit the share capital required for the formation of their Bahrain subsidiary.
Is there a minimum of share capital required for business formation in Bahrain?Yes, foreigners willing to open a company in Bahrain will be required to invest approximately US$133,000. This requirement explains why assistance to open a corporate bank account is included amongst our professional Bahrain company formation services.
How to open a company in Bahrain and its corporate bank account?Both Bahrain company formation procedures and those required to open a corporate bank account in Bahrain are complex and would require our Client to travel to process some documents and for a bank interview. Fortunately, Healy Consultants may assist our Client with these requirements, enabling him no to travel to complete Bahrain business formation and corporate bank account opening. Our Bahrain company formation specialists will assist our Client with all the procedures required to start a Bahrain company and open a corporate bank account in Bahrain.