Corporate banking in Namibia in 2023
Healy Consultants assists our Clients with opening a corporate bank account in Namibia. Our experienced banking team will prepare all required documentation and submit them to the preferred bank. We will also attend the bank interview on your behalf and will assist you with applying for the supporting banking services available. Please read below for further information regarding Namibia banking system and our corporate banking services in this country.
Namibia corporate banking options
- There are four major commercial banks in Namibia and these are i) Bank Windhoek ii) First National Bank iii) Standard Bank and iv) Nedbank. These banks have branches spread all over the country and offer a range of services including multi-currency services, payment facilities, loans and mortgages and internet banking facilities;
- We often recommend our foreign Clients to open their Namibian corporate bank account with a bank with which they already have a bank account in another country, as this will reduce i) time required to open the bank account and ii) documents required to complete the due diligence check;
- As an alternative to a local Namibian corporate bank account, Healy Consultants recommends an international corporate bank account with a top-tier bank outside of Namibia. Examples include London, New York, Germany, Bulgaria, Ireland, Australia or Dubai. It is a time consuming task and our fee for this service is US$4,950 without travel or US$4,000 with travel. All banks will be top tier banks in these countries with excellent internet banking services.
Healy Consultants Namibia corporate banking services
- Healy Consultants assists our Clients with opening a corporate bank account in Namibia. Please read below for further information:
- Healy Consultants will be pleased to assist our Clients with opening a corporate account for their Namibian company within 4 weeks. Internet banking will be approved within the subsequent week. Our fee for this service will be US$4,950;
- While our firm will liaise with the banks to prevent our Clients from travelling to Namibia, there is still a 50% chance that the bank may require our Clients willing to start a business to travel for a one hour interview in Namibia. There will be a fee discount of US$1,450 if you have to travel;
- Following bank account approval, the preferred Namibia bank will directly and independently email our Client the corporate bank account number.
- If requested, Healy Consultants will also assist with obtaining bank financial support for business projects in Namibia. Please click read below for further information:
- Healy Consultants may assist our Clients with obtaining corporate finance in the form of a loan, overdraft or simply preferential credit terms. Please contact our Namibia CRO for inquiries regarding these services and related fees;
- Namibian banks will consider providing funds to finance investment projects, provided sufficient information is provided. Documents requested include i) a well-prepared business-plan, inclusive of a feasibility study ii) availability of collateral assets iii) qualifications of business owners and management iv) last 3 years audited financial statements and v) a detailed review of the project’s strength, weaknesses, opportunities and threats (SWOT matrix);
- In addition to corporate finance, our in-house consultants may also provide our Clients with 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.
Opening a corporate bank account in Namibia
- In order to open the corporate bank account, Healy Consultants will proceed as below:
- Before setting up a business in Namibia, Healy Consultants will assist our Client choose the best corporate bank account amongst the different banking options available;
- During company setup, Healy Consultants will submits the incorporation package to the Registrar of Companies for pre-approval and obtains the certificate of incorporation of our Client’s new company;
- Healy Consultants submits a complete corporate bank account opening application to the bank account including i) pre-approval from the Registrar of Companies ii) the bank questionnaire forms and iii) all due diligence documents;
- Once the corporate bank account is approved, Healy Consultants emails our Client the bank account details;
- Our Client then proceeds to transfer the share capital into its Namibian corporate bank account. The bank issues a certificate of deposit necessary to continue with the incorporation process.
Exchange controls and other regulation
- In September 2014, the Bank of Namibia announced the approval of a currency conversion agreement with the National Bank of Angola, which would allow Angolan entrepreneurs to make payments in Namibia with Angolan currency (kwanza) and for Namibians to also be able to close sales in Angola with Namibian dollars. This would promote bilateral trade between the countries;
- Namibia is a member of the Common Monetary Area (CMA) and is therefore regulated by the Reserve Bank of South Africa. The government of Namibia imposes foreign exchange controls through appointed commercial banks on the transfer of funds into and out of the CMA by residents as well as companies;
- Non-residents are allowed to freely repatriate profits from Namibia without government intervention but are required to report all investments into the country to the Bank of Namibia;
- All funds out of Namibia by residents require registration of the foreign company with the Bank of Namibia. This is done to disrupt money laundering activities;
- There are no restrictions on the amount of foreign currency that residents may hold in bank accounts, but there are ceilings on the amount residents are permitted to transfer abroad;
- The exchange rate for the Namibian Dollar to the South African Rand is ZAR1=NAD1.