Company incorporation process in the Kingdom of Bahrain has evolved over time. Business investors take several measures dealing with completing the company setup process in a hassle-free way. At the same time, it is essential to understand that equal measures need to be taken to proceed ahead with the bank account process. The Bahraini government mandates the business entities to move forward with the bank account process simultaneously with the company setup process. This guide outlines the several steps that are required to be taken into consideration to complete the bank proceedings.
However, let’s start with the basics of understanding the banking system in Bahrain that will help you to understand the process in a smooth way as you deal with the company set up process in Bahrain.
The Kingdom of Bahrain holds a strong banking network that allows the individuals and business entities to proceed with the account setup process easier, along with financial assistance. As of 2019, the nation holds a wide number of financial institutions including the top international private players like HSBC, Standard Chartered, Arab Bank etc. The complete banking system in Bahrain holds the below-mentioned aspects.
The Muslim investors widely accept the concept of Islamic finance and the region hosts several global organizations which include:
The Kingdom of Bahrain holds the different types of bank accounts:
Proceeding with the current accounts grabs the maximum financial flexibility. This type of account helps account holders with instant access to the available funds. Some of the features of a current account in Bahrain include the following:
Some of the key essentials for opening a current account in Bahrain include:
However, while dealing with the current account, make sure that you don’t overdraft your bank account. In case, if the account is overdue, the respective bank might charge a substantial fee for the same.
The savings and deposit account can be opened in any of the retail banks in Bahrain. One of the core reasons for opting for a savings account is that the deposited amount can be withdrawn at any point in time. Some of the features of a savings account in Bahrain include the following:
Bahrain, being one of the booming business hubs, mandates the corporate entities to proceed ahead with opening a bank account for the relevant business entity. The process turns out to be a simple one. However, one needs to make sure that the right set of documents is required to proceed towards the completion of the process.
The relevant set of materials must include the following list.
Before you proceed towards the corporate bank account process in Bahrain, certain key points are to be remembered.
As the foreign ex-pats focus on completing the business setup process, yet, they face several obstacles when it comes to establishing a corporate bank account in Bahrain. Some of the challenges that are faced by the ex-pats include:
As a business entity would attract a vast number of customers and deal with multiple business transactions, holding a separate business bank account helps in the following ways:
Business Setup Worldwide is one of the top business consultants in the UAE. If you are looking forward to opening a bank account for your business, feel free to have a word with our advisors. Contact us today-we’d be glad to assist.