Investors and individuals who derive income from employment are required to open a bank account in Bahrain
. This is an important step and one that is taken care of as soon after arrival after possible. For company registration in Bahrain
, it is essential for the creation of the new business entity.
Choosing a bank that offers a multitude of services, that are suitable for business or individual needs, is essential in order to guarantee a well-rounded banking experience.
Our team of agents specializing in company formation in Bahrain can help answer any questions you may have on opening a bank account as well as when one should take care if this step, in relation to business creation.
In this article, we discuss the basic requirements that are generally set forth by banks. However, we recommend that interested individuals seek out specialized assistance, especially when they cannot be present in the country during the entire procedure and a power of attorney should be used.
Open a business bank account in Bahrain
Investors who wish to set up a company in Bahrain
need to follow a number of steps, starting with choosing the right type of company, preparing the corporate documentation, and registering the business with the Commercial Register (SIJILAT).
Opening a bank account is one of the important steps when setting up a business. The minimum capital for the business is deposited therein and, when needed, investors can also choose to access additional funding through a corporate loan, should this be in line with their business plan.
Below, our agents who specialize in company formation in Bahrain
list some of the issues that investors should take into consideration when choosing a bank:
• Funding: the bank can provide access to attractive credit and lending options for companies; this is an option that should be explored before deciding on a bank;
• Payment solutions: the chosen bank should offer suitable solutions to streamline domestic and foreign payments; this is important for international businesses in Bahrain;
• Accessibility: the bank should provide for easy usage of its online platform and mobile apps and an integrated and easy to use authorization system for trade transactions;
• Others: deposit accounts, interest enhancement, and other solutions for investments and liquidity offered by the bank can also be taken into consideration.
Please keep in mind that this list should only be used as a general guideline. Other criteria may be important for investors and corporate branches in Bahrain may choose to set up the bank account with a bank branch with which the parent company abroad is also engaged in banking (provided that the foreign bank is present in Bahrain).
Open a personal bank account in Bahrain
Opening a bank account for personal use in Bahrain is generally easier compared to the process of opening a corporate account. The documents that are usually required are listed below:
- passport and visa copies;
- a copy of your work permit, when applicable;
- a copy of the residential address;
- other documents may be optional, as required by the bank, for example, a salary certificate or a bank statement from a different financial institution with which you have worked in your country of origin.
If you are an investor looking to open a personal account after having created the one for company formation in Bahrain, our team can answer your questions.
Banks in Bahrain
The right type of financial institution can be chosen based on a number of criteria, among which the provided services, its seniority on the Bahrain market and whether or not it is a bank that has branches throughout the world (thus providing an advantage to international investors who may have opened another account with the same bank in another country).
Below, our agents list some of the banks in Bahrain. Please keep in mind that this is only a guideline for choosing a bank when interested in company formation in Bahrain.
Ahli United Bank: one of the largest banks, with more than 100 branches out of which more than 22 are based in the Kingdom;
Arab Banking Corporation: also one of the top three banks as per its assets, in 2017 it reported its total assets at more than 30 billion $;
Gulf International Bank: another one of the largest banks in Bahrain with reported assets in 2019 above 30 billion $; it has branches throughout the world;
National Bank of Bahrain: it was established in 1957 and it was the first locally-owned bank in the Kingdom of Bahrain; it has 29 operating branches, 100 ATMs and it is present in 3 countries.
The banks listed above are only some of the ones present in Bahrain.
If you need assistance choosing a bank before company registration in Bahrain, please feel free to contact us