Senegal corporate banking options
Healy Consultants’ corporate banking team assists our Clients to open a corporate bank account in Senegal as part of our Senegal company formation services or as a standalone engagement. All necessary documents will be prepared and submitted to the preferred bank on behalf of the Client. Healy Consultants experienced banking team will also attend the bank account opening interview on your behalf. Our fees for corporate bank account opening services in Senegal amount to US$2,950.
- Commercial banks in Senegal provide various tailored products and services including i) savings and current accounts ii) multi-currency accounts iii) internet and mobile banking iv) debit and credit cards v) wealth management services in Senegal;
- Some of the leading regional and international banks in Senegal recommended by Healy Consultants include i) Citibank, ii) United Bank of Africa, iii) International Commercial Bank, iv) Ecobank. Banks in Senegal are averagely well capitalized, liquid and profitable;
- Profitability of the Senegalese banking sector is quite high due to the readily available access to cheap and adequate deposits, with returns on equity above 17%. Additionally the banking sector experiences very low liquidity risks;
- According to the financial soundness indicators, the Senegalese banking sector’s capitalization is at an ample level with a steadily increasing capital adequacy ratio;
- Financial systemic risk in Senegal is highly limited and likely to be low, with banks mostly financing prime borrowers only with short term credits to finance working capital.
Healy Consultants banking services
- Healy Consultants assists Clients to access a full range of tailored corporate banking facilities including i) savings and checking accounts ii) Multi-currency accounts iii) internet and telephone banking iv) corporate debit and credit cards v) cheque book vi) wealth management services;
- To receive the best internet banking and customer service to facilitate Senegal company formation, Healy Consultants recommends the services of the major regional and international banking institutions in Senegal mentioned in the above section;
- Healy Consultants assists international entrepreneurs register a Senegal company and to open a corporate bank account in Senegal with a top tier bank without the Client travelling to Senegal. Healy Consultants fee for opening a corporate bank account without travel is US$2,950.
Opening a corporate bank account in Senegal
- Healy Consultants International Banking Team can open a corporate bank account with the Client’s preferred bank in Senegal within 4 weeks of Senegal business formation;
- The documents required when opening a corporate bank account in Senegal include i) passport copy of the company directors and account signatory ii) proof of address of the company directors and account signatory iii) proof of business operating address iv) Memorandum and Articles of Association v) certificate of incorporation and vi) Tax identification number;
- There is a 20% probability that the Client will be required to travel to Senegal to sign the account opening documents. To minimize this probability, Healy Consultants does everything possible including attending the bank interview on behalf of the Client to prevent the Client from travelling to Senegal;
- Sequel to the approval of the corporate bank account, the preferred bank will independently and promptly send by post, courier or email our Client the corporate bank account details and correspondence.
Foreign Exchange Controls and Other Regulations
- Senegal being a member of the Western Africa Economic and Monetary Union, the country shares i) a common currency, the CFA Franc ii) a single central bank, the BCEAO and iii) a common monetary policy with the other eight member states;
- Senegal has no exchange controls or limitations with countries within the Economic Community of West African States (ECOWAS) and free repatriation or movement of money and capital is allowed within the member states;
- The foreign exchange controls in Senegal have also no limits to the amount of profits that may be repatriated abroad by a resident company. For outward transfers, resident companies must submit their income to an approved intermediary, usually an authorized bank together with supporting documents of their source of income.