Corporate banking options
- The Zimbabwe currency was the Zimbabwean Dollar (Z$) up to until the year 2009 when it was abandoned due to hyperinflation in Zimbabwe. Currencies such as US$, Sterling Pound, Euro, Yuan, Botswana Pula, Indian Rupee and the South African Rand are currently used for all financial transactions in Zimbabwe;
- The banking sector in Zimbabwe is relatively sophisticated, consisting of commercial banks, finance houses, merchant banks, building societies, insurance companies and a stock exchange.
Healy Consultants banking services
- To support Zimbabwe company formation, Healy Consultants assist our Clients with accessing a full range of tailored corporate banking facilities comprising of i) single and multiple currency accounts ii) telephone banking iii) internet banking iv) savings and checking accounts v) debit and credit cards and vi) wealth management services;
- To receive best online banking and customer service to facilitate Zimbabwe company business setup, Healy Consultants recommends using services of international banks including Barclays Bank and Standard Chartered Bank for major corporate bank accounts solutions;
- Local banks are also recommended especially where the company plans to deal exclusively with local Clients and suppliers. Some of the local banks in Zimbabwe include Ecobank, Bank ABC, Stanbic Bank, Stewart Bank, among others;
- Local banks in Zimbabwe like Ecobank require an initial deposit of US$500 when opening a non-resident business bank account for foreign companies.
Opening a corporate bank account in Zimbabwe
- Healy Consultants’ Compliance Team can open an international corporate bank account within 3 – 4 weeks of Zimbabwe business setup to facilitate Zimbabwe company formation;
- As is a requirement by most banks, that the bank account signatory visits the bank on a know-your-customer (KYC) basis, there is a high probability that the Client will be obliged to travel to meet the bank directors in order to open the account. Healy Consultants, however, does everything necessary to minimize this probability ensuring the Client does not travel;
- After the approval of the corporate bank accounts, the preferred bank will promptly send by post or email our Clients the corporate bank account sdetails;
- Healy consultants can open a non-resident business bank account for a foreign company without having to setup a local company in Zimbabwe. Many of our Clients prefer the use of local business bank accounts to receive payments and pay local suppliers without necessarily having to register a local company. Healy Consultants fee for this service will be USD2,550.
To support Zimbabwe business establishment, Healy Consultants will assist Clients, where required, with trade finance engagements including and not limited to i) letters of credit ii) bank guarantees iii) documents against payment and against acceptance iv) finance against trust receipt.
Exchange controls and other regulation
Healy Consultants recommended banks in Zimbabwe have no restrictions on the inflow or outflow of funds for remittances of profits, payments to third parties, capital gains, debt service and imported inputs or returns on intellectual property.