Bahrain corporate bank account

BBK BankSince 2003, Healy Consultants Group PLC has specialized in providing project management services to overseas investors who are interested in obtaining corporate bank accounts in Bahrain, whether conforming to standard or Islamic banking practices. Obtaining a corporate bank account is a difficult and time-consuming task. Healy Consultants Group’s expertise adds value in optimizing this process for our Clients and sheltering them from the various administrative challenges associated.

Engagement challenges

  1. Securing a corporate bank account in Bahrain is more challenging than in more westernized jurisdictions such as the United Arab Emirates. When bank signatories are residing outside of the GCC area, this task is further complicated by the necessity of the bank signatory to retain a Bahraini residence visa. Healy Consultants Group will provide a structured and detailed project plan, mapping out the steps and challenges anticipated with our Client’s specific profile, from engagement beginning through to successfully obtaining a corporate bank account for our Client;
  2. Central bank of BahrainAs is the case with most banks, Bahraini financial institutions require a thorough overview of the Client’s intended business in order to approve a corporate bank account for their business, this includes financial figures, business activities and jurisdictions the entity will associate with. Healy Consultants Group will use its understanding of what Bahraini banks are looking for and banking knowledge to compile a high-quality business plan for our Client to provide the highest probability of obtaining timely bank approval.

Bahrain banking system

Future Bank

  1. Bahrain is as of 2019, home to 111 financial institutions. Most of these banks offer specialty Islamic-oriented products and services. Offering the more conventional banking products and services known to most of the western world, are large international banks such as HSBC, Standard Chartered Bank and Citibank amongst others;
  2. Some large, notable and internationally respected banks in Bahrain include: i) Ahli United Bank, ii) Arab Banking Corporation and iii) Albaraka Bank Group;
  3. Due to the special nature of Islamic banking, the availability of Islam “friendly” banks in Bahrain is very important to international Muslim investors. As many Bahraini banks provide focused Islamic banking products and services with a GCC region wide reach, Bahrain is Middle East solutions.

Healy Consultants services

  1. Healy Consultants Group takes a unique and methodical approach to provide our Clients with a corporate bank account, by i) preparing a comprehensive business plan of the Clients intended business, ii) contacting numerous banking partners to share our Client’s profile and iii) handling negotiations on our Clients behalf to advance account opening with minimal disruptions to our Clients;
  2. Opening a corporate bank account in Bahrain typically includes i) 4 weeks to obtain pre-liminary interest from banks, ii) 3 weeks to receive corporate bank account numbers and iii) 2 weeks to activate online banking facilities;
  3. National bank of BahrainMiddle Eastern banks generally have specific requirements when assessing Client applications, Bahrain is no exception with banks generally requiring i) all foreign due diligence documents to be legalized and ii) a personal meeting with the bank signatory;
  4. Upon written receipt from our Client’s preferred banking partner confirming corporate bank account approval, Healy Consultants Group liaises with the bank to courier the bank token along with supporting documentation directly to the Client.

View all Middle East banking options for a foreign company (without travel).

Trade finance

Bahrain islamic bank

  1. Bahrain, over the past few years, has not made many improvements in the ease of obtaining credit. Due to this, it’s global bank ranking for “getting credit” when compared to various other financial centers, is still relatively low. According to the World Bank, Bahrain’s rank for “getting credit” currently sits at 112th in the Doing business report for 2019. Sitting behind almost all other countries in the region such as Qatar, Kuwait and Oman.
  2. Finance may be provided to Bahraini banks but, this is specifically done on a case-by-case basis. The criteria for a business to obtain finance is i) a quality SWOT analysis being performed, ii) the bank receives a detailed business plan of the company’s intentions iii) the business owners are professionals with veteran experience in their fields iv) audited financial statements for the company’s last 3 years and v) a detailed, high quality and professionally performed feasibility study completed;
  3. Healy Consultants Group is happy to assist our Clients with the sourcing of i) suitable bank guarantees and letters of credit ii) obtention of finance against trust receipt and iii) documents against payment and acceptance, done in order to help our client secure trade finance services;
  4. Healy Consultants Group is able to help our Clients with obtaining corporate finance in the form of a loan, overdraft or preferential credit terms.

Foreign exchange controls

BMI Bank

  1. The Central bank of Bahrain does not impose currency exchange controls on local or foreign investors. Consequently, non-residents can freely repatriate funds from the country without any government intervention;
  2. Foreign Non-Resident shareholders are able to freely receive dividends from Bahraini companies;
  3. Foreign Non-Resident shareholders can freely repatriate sales proceeds of their stake in a Bahraini resident company.

Engagement process

Ahli united bankFor an overview of Healy Consultants Group’s structured approach to obtaining our Client’s with banking facilities that are activated in a timely and efficient manner, view our Global corporate bank account opening process

Frequently asked questions

Contact us

For additional information on our corporate banking services in Bahrain, please contact our in-house country expert, Ms. Chrissi Zamora, directly:
client relationship officer - Chrissi