Democratic Republic of Congo corporate banking options
Since 2003, Healy Consultants Group PLC has been efficiently and effectively assisting our Clients interested in expanding their business in the Democratic Republic of Congo to open a corporate bank account for their company. Healy Consultants can attend bank interviews on their behalf and secure complete set of corporate banking facilities without the bank signatories travelling. We also offer our Clients advice regarding which banks offer the best services for their business projects in the country.
DRC corporate bank options
- The DRC’s banking sector is underdeveloped, with the major banking institutions of the country concentrated in the big cities, and focused on short-term credit to a few private enterprises;
- The country’s economy is still very dollarized, even with the recent Government’s efforts to increase the usage of the local currency, the Congolese Franc (CDF). One of its latest regulations restricted payments related to i) education, ii) medical care, iii) water, iv) electricity, v) rent and vi) federal taxes to be made in CDF;
- Most financial institutions in the DRC offer accounts in both CDF and USD, which both being available for locals and foreigners;
- The majority of the financial institutions based in the Democratic Republic of Congo are foreign institutions, especially from other parts of the African continent. Clients can consider: i) Citibank ii) Bank of Africa iii) Standard Bank, iv) Access Bank;
- Our Clients may also consider opening a corporate bank account with a local DRC banks, such as: i) Rawbank ii) Advans Banque iii) Banque Commerciale du Congo iv) ProCredit Bank DRCongo;
- When possible, Healy Consultants recommends our new Clients to open a corporate bank account with a banking institution that they already have an existing relationship with in another jurisdiction. This optimizes i) the time required to open the bank account and ii) the bank’s requirements for our Client’s due diligence.
Healy Consultants DRC corporate banking services
- Healy Consultants will be pleased to assist our Clients to secure a corporate bank account with a reputable bank in DRC. Our fee for this service is US$4,950;
- Following company incorporation, Healy Consultants will assist our Clients to determine the optimal and time-efficient corporate bank account amongst the different banking options available;
- Healy Consultants will liaise with the banks to prevent our Clients from travelling to the DRC, however, there is still a 20% chance that the bank will require our Clients to travel for one hour in person interview. There will be a fee discount of US$950 if you have to travel;
- Once the bank account is opened, the selected bank will directly and independently provide our Clients with the bank account numbers so that our Clients can transfer the initial deposit.
- Healy Consultants successfully assists our Clients obtain additional financial support for their projects in the DRC. Please read below for further information:
- Healy Consultants’ expertise in obtaining additional corporate finance for our Clients in the DRC can secure them preferential business loans, optimized credit lines and overdraft or preferential terms;
- DRC banks implement the application procedures of their international conglomerates and will consider providing funds to finance investment or export finance projects only after sufficient due diligence process is implemented. Both international and local DRC banks often require any of the following documentation to consider an application, including: i) country- and business-specific SWOT plan, ii) sufficient collateral, iii) professional qualification and education of company management and iv) audited financial statements for previous periods;
- In addition to obtaining additional corporate finance, our in-house financial advisor will be happy to provide our Clients with further assistance to secure trade finance services including i) bank guarantees, ii) letters of credit, iii) finance against trust receipt (for imported goods) and iv) document against payment and against acceptance.
Exchange controls and other regulations
- Since 2001 the DRC Government has abolished exchange controls, however new exchange regulations imposed by the Central Bank will increase the time for foreigners to repatriate income from 30 to 60 days;
- Cash brought in or taken out of the country that is over US$10,000 require customs declaration.