Kuwait corporate bank account
Over the past decade, Healy Consultants Group PLC successfully assisted foreign investors secure quality corporate and Islamic banking in Kuwait. While this process is time consuming, Healy Consultants will shelter our Client from the associated administrative challenges.
- Unfortunately, similar to other Middle East countries, securing timely corporate bank account in Kuwait is a difficult task for investors and bank signatories residing outside of the GCC area. Healy Consultants will project manage the due diligence collection from A to Z, negating the need of micromanagement from our Client;
- Kuwait corporate bank account setup is a difficult task when done through a newly formed company, when shareholders, directors and bank signatories reside overseas. Healy Consultants will prepare a business plan for the bank to optimize the probability of corporate bank account approval.
Kuwait banking system
- The Kuwaiti banking system boasts 17 commercial banks comprising a mix of local banks, foreign banks, branches and representative offices;
- Some of the more renowned international banks include the HSBC, BNP Paribas, and Citibank Kuwait;
- Suitable local banks in Kuwait include: i) Gulf bank of Kuwait and ii) Kuwait international bank. These banks offer increasing competitive services in pursuit of attracting more and more quality international Clients;
- Nowadays, Kuwaiti banks offer increasing range of services portfolio to cater the needs of a modernizing and telephone banking, checking accounts, saving accounts, debit and credit cards, fixed term deposit and wealth management services;
- Kuwaiti banks focus on Islamic banking which is becoming more and more popular for Muslim investors from around the globe Consequently, Kuwait is becoming a recognized financial centre for investors from Malaysia, Indonesia and Pakistan.
Healy Consultants services
- Healy Consultants bank account opening team can open the corporate account within 4 weeks and obtain internet banking approval within the subsequent 3 weeks. Please note that the Kuwaiti bank will require a set of legalized due diligence set to pre-approve a corporate bank account for a foreign bank signatory;
- Following bank account approval, the preferred Kuwaiti bank will directly and independently email our Client the corporate account number;
- 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.
- Getting credit in Kuwait is increasingly difficult as the country is ranked 118 in the Doing business report for 2017. This said, Kuwaiti banks are willing to provide finance to local companies if the following conditions are met i) a detailed business plan; ii) availability of security; iii) experience of the business owners iv) the last 3 years’ audited financial statements v) a realistic feasibility study and vi) project strength and weaknesses analysis (SWOT);
- We also assist our Clients to secure trade finance services including i) bank guarantees; ii) letters of credit iii) finance against trust receipt and iv) documents against payment and against acceptance;
- 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
- The Central bank of Kuwait does not impose currency exchange control to both local and foreign investors. Consequently, non-residents can freely repatriate funds from the country without any government intervention;
- Resident companies can freely remit dividends to non-resident shareholders;
- Non-resident shareholders can freely repatriate sales proceeds of their stake in a Kuwaiti resident company.
Healy Consultants will follow the below established process to secure timely corporate bank account approvals for foreign investors in Kuwait.