Corporate Bank Account Opening in Tanzania
Opening a corporate bank account in Tanzania is comparatively easy, and can be opened in either TZS or USD, GBP and EUR. This depends upon the type of account you choose and the bank in which you want to open.
Located in the sub-Saharan Region, Tanzania was an economy that was once solely dependent upon agriculture. But now, everything has changed. Newer reforms, as well as encouragement towards the introduction of private companies, has made the economy of Tanzania less dependent upon agriculture. The government of Tanzania has also supported foreign companies to invest in Tanzania, and help develop the economy of the country, by reducing corporate and income tax rates. This move has attracted most of the companies in setting up a business in Tanzania.
Before you start setting up your business in Tanzania, it is necessary for the company to open a corporate bank account in Tanzania. If you are looking on how to open a company bank account in Tanzania, then this guide is for you.
How to open a bank account in Tanzania
As several companies have been set up in Tanzania, corporate banks have a different set of requirements to open a corporate account. For Tanzania, the government has mandated to open a bank account for the following types of companies:
- Limited Liability Company (LLC)
- Public Company
- Branch Office
- Representative office
For sole proprietorship companies, it is necessary for them to open a corporate account in the name of the company, rather than use your account for transactions.
In Tanzania, there are a total of 40 commercial banks, of which the National Bank of Commerce (NBC), Tanzania is the country’s national bank as well as the regulator for all the banks in the country. Apart from being the country’s national bank, most of Tanzania’s assets are with the NBC. The commercial banks of Tanzania or other banks that have set up offices in Tanzania are:
- Mkombozi Commercial Bank
- National Bank of Commerce (Tanzania)
- National Microfinance Bank
- NIC Bank Tanzania
- The People's Bank of Zanzibar
- Stanbic Bank Tanzania Limited
- Standard Chartered Bank
- United Bank for Africa
- AccessBank Tanzania
- Azania Bank
- Letshego Bank Tanzania
- Akiba Commercial Bank
- Amana Bank
- Bank of Africa Tanzania
- Bank of Baroda Tanzania Limited
- Bank of India (Tanzania)
- Barclays Bank of Tanzania
- Commercial Bank of Africa (Tanzania)
- CRDB Bank
- Letshego Bank Tanzania
- Akiba Commercial Bank
- Amana Bank
- DCB Commercial Bank
- Diamond Trust Bank Tanzania
- International Commercial Bank
- Kenya Commercial Bank
- UBL Bank Tanzania Limited
- Mwalimu Commercial Bank
- TPB Bank Plc
- TIB Corporate Bank
- First Housing Company Tanzania Limited
- China Dasheng Bank Limited
- Equity Bank (Tanzania)
- Exim Bank (Tanzania)
- FINCA Microfinance Bank (Tanzania)
- First National Bank of Tanzania
- FBME Bank
- Guaranty Trust Bank (Tanzania) Limited
- Habib African Bank
- I&M Bank (Tanzania)
To open a corporate account in any of the above banks, it is necessary to follow these steps for a smooth opening process.
- Firstly, figure out which bank you want to have an account. Most of the competitors have some benefits if you open a bank account with them. So, list out your requirements and select the bank in which you would open your Tanzania corporate bank account.
- After choosing your bank, find out the documents required to open your corporate bank account. Carry the original documents and a copy, to submit to the bank.
- In Tanzania, most of the banks do not ask for a minimum deposit to open a bank account, but it is still advisable to maintain a minimum of TZS 100,000.
- After following the above procedures, submit the documents to the bank, duly attested and verified.
- Once you submit the documents, the banks take some time to cross check all of the details and verify them with the concerned authorities. If all goes well, your bank account will be opened, and along with that, a Certificate of Deposit will be given, so that the document can help for any further registration processes.
It takes about one to two weeks to open a bank account. Also, apart from the company accounts, individuals who are either residents or non-residents can open a bank account in either USD, GBP, EUR etc.
Documents Needed to Open a Corporate Bank Account in Tanzania
Once you get to know about the bank you want to choose, here are some of the documents required by most of the abovementioned banks:
For a Sole Proprietorship Company
- A copy of the company’s profile, extracted from the Registrar of Companies
- A copy of the Business License
- A Local ID proof, which can be either a Passport, Local Driving Permit or Voters Card
- For some banks, a referee name must be mentioned. A referee is a person who refers to open an account in the bank he has an account in.
- Two passport sized photographs
For a Partnership Company/Associations/ Limited Liability Companies (LLC)
- Certificate of Registration of the company, along with a duplicate
- Memorandum of Association, along with the Articles of Association
- Business License
- Letter of Application, drafted at the time of opening a bank account
- Tax Identification Number (TIN), along with the Value Added Tax (VAT) registration certificate
The opening fee of a corporate bank account in Tanzania is very nominal, which is usually free for most of the companies. Also, the bank will charge a nominal fee, which varies accordingly.
Why Business Setup Worldwide?
We at Business Setup Worldwide do help our clients in opening a bank account in Tanzania. Our experienced consultants will help you in the process of opening a corporate bank account. Some of our services include:
- Assisting our clients with choosing the most appropriate bank for your private or corporate needs
- Help with preparing all the required legal forms
- Help with making all the documents needed yby the bank for a new bank account
- Escort our clients throughout the entire process, from the start to the final approval
Contact us today to know more about these services. We are happy to help you!