Bahrain corporate bank account

BBK BankFor more than a decade, Healy Consultants Group PLC specializes in project management support to overseas investors interested to in quality corporate and Islamic banking in Bahrain. Although time-consuming, Healy Consultants will optimize this process for our Clients and shelter them from the associated administrative challenges.

Engagement challenges

  1. To secure a corporate bank account in Bahrain is a difficult, often time-consuming task for bank signatories residing outside of the GCC area. On our foreign Client’s behalf, Healy Consultants will organize the due diligence collection from A to Z, negating personal travel required;
  2. Central bank of BahrainMost banks in Bahrain require a business plan in order to approve corporate bank account opening. To optimize the probability of such approval, Healy Consultants will prepare a detailed business plan as part of the engagement;

Bahrain banking system

Future Bank

  1. As a Middle Eastern financial centre, Bahrain is home to more 55 wholesale banks. Most of these banks offer Islamic-oriented instruments, while branch offices of internationally important banks offer conventional banking services;
  2. Regionally important Bahraini banks include: i) Bank of Bahrain and Kuwait and ii) Arab Bank Ahli United Bank ;
  3. Some of the more renowned international banks include Citi Bank Bahrain and BNP Paribas, These banks offer sophisticated corporate and checking accounts, saving accounts, debit and credit cards, fixed term deposit and wealth management services;
  4. Arab banking corporationIslamic banking is an important available in Bahrain. International Muslim investors prefer Bahraini banks that focus on Islamic banking, making Bahraini banks attractive Middle East solutions.

Healy Consultants services

  1. Expected average timelines for corporate bank account opening include i) 4 weeks to receive corporate bank account numbers and ii) 3 weeks to activate online banking facility;
  2. Middle East banks, particularly banks in Bahrain require i) a set of legalized due diligence documents and ii) often a personal meeting in order to pre-approve a corporate bank account for a foreign bank signatory;
  3. National bank of BahrainAfter our Client’s preferred bank confirms corporate bank account approval, the bank token device and supporting documentation will be couriered directly to the Client;
  4. Healy Consultants can open a local business bank account for a foreign company. Many of our Clients use a local business bank account to receive payments and pay suppliers without the need to register a local company. Our fee for this service is US$4,950.

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

Trade finance

Bahrain islamic bank

  1. According to the World Bank, Bahrain is still lagging behind popular financial centres because of its “getting credit” rank -106th out of in the Doing business report for 2017.
  2. On a case-by-case basis, Bahraini banks are willing to provide finance to local companies if the following conditions are met i) there is a quality SWOT analysis in place; ii) the bank receives a detailed business plan; iii) business owners are experienced professionals; iv) the last 3 years’ audited financial statements and v) a quality feasibility study;
  3. To secure trade finance services, Healy Consultants is happy to assist our Clients with sourcing: i) suitable bank guarantees and letters of credit; ii) obtain sufficient finance against trust receipt and iii) documents against payment and against acceptance;
  4. Healy Consultants will help our Clients to obtain corporate finance in the form of a loan, overdraft or simply preferential credit terms.

Foreign exchange controls

BMI Bank

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

Engagement process

Ahli united bankHealy Consultants Group PLC puts in place an detailed corporate bank account opening process to ensure our Client’s banking facilities are activated timely and efficiently.
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