Qatar corporate banking options

Qatar business bank account setup
Since 2003, Healy Consultants Group PLC provided expert project management support to foreign investors interested to in quality corporate and Islamic banking in Qatar. While this process is time consuming, Healy Consultants will shelter our Client from the associated administrative challenges.

  • Engagement challenges

    • Similarly to other Middle East countries, securing corporate bank account in Qatar is a difficult, time-consuming task for bank signatories residing outside of the GCC area. To streamline the process, Healy Consultants will organize the due diligence collection from A to Z, on behalf of our Client;
    • Qatar corporate bank account setup is a difficult task when done through a newly formed company, when directors and bank signatories reside overseas. To optimize the probability of corporate bank account approval, Healy Consultants will prepare a detailed business plan.
  • Qatar banking system

    • The Qatari banking system boasts 16 commercial banks comprising a mix of local Islamic-oriented banks, foreign banks, branches and representative offices of internationally important banks;
    • More recognized local banks in Qatar include: i) Qatar Islamic bank and ii) Qatar Industrial Development Bank. Aiming to provide regionally competitive banking packages, Qatari banks are becoming preferred destinations for many businesses;
    • Some of the more renowned international banks include the Standard Chartered Bank Qatar and BNP Paribas;
    • To cater the needs of a modernizing Middle East banking, Qatari banks offer sophisticated corporate and checking accounts, saving accounts, debit and credit cards, fixed term deposit and wealth management services;
    • Islamic banking is vital part of the sector in Qatar. Consequently, Muslim foreign investors prefer to do business via Islamic-focused banks in comparison to Westernized branches of European banks;
    • Qatar’s banking industry has demonstrated its resilience in the face of an economic blockade imposed by the UAE, Saudi Arabia, Bahrain and Egypt. Credit ratings agencies Moody’s and Fitch both upgraded Qatar’s sovereign credit ratings outlook to stable in 2018, recognising the largely successful resolution of the challenges associated with the economic embargo;
    • The Qatar Central Bank has licensed and regulates 18 banks in Qatar. Although the increasing foreign exposure of Qatar’s banks is a growing challenge for authorities, Qatar’s banking sector has maintained its stability and efficiency in recent years. Local banks dominate Qatar’s banking sector, and have very high credit ratings, with Moody’s rating them Aa3 to A2;
    • For our international Clients, Healy Consultants Group PLC prefers to open multicurrency corporate bank accounts with subsidiaries or branches of foreign banks such as HSBC for ease of international transactions;
    • The Qatari banking sector has grown robustly (almost 12%) in recent years driven by large investments in real estate, infrastructure and transportation in preparation for the 2022 FIFA World Cup. A large inflow of expatriates and a sizeable increase in population has also increased demand for private and public sector services, including the financial sector;
    • Because of the increasing growth and popularity of fintech, Qatar Central Bank established the Fintech Regulatory Sandbox (FRS) and launched Qatar FinTech Hub (QFTH) as a means of boosting financial innovation. The regulatory sandbox, co-founded by Qatar Development Bank, invites entities to safely live-trial their services in the digital payment services space.
  • 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;
    • Nowadays, all Middle East banks 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 Qatari 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.

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

  • Trade finance

    • According to the World Bank, getting credit in Qatar is very difficult as the country is ranked 139 in the Doing business report for 2017. This said, Qatari 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 Qatar 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 Qatari resident company.
  • Engagement process

    Healy Consultants will follow the below established process to secure timely corporate bank account approvals for foreign investors in Qatar.

    Global corporate bank account opening process

Frequently asked questions

External videos

Contact us

For additional information on our formation support services in Qatar, please contact our in-house country expert, Ms. Chrissi Zamora, directly:
client relationship officer - Chrissi