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.
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:
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:
To open a corporate account in any of the above banks, it is necessary to follow these steps for a smooth opening process.
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.
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
For a Partnership Company/Associations/ Limited Liability Companies (LLC)
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.
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:
Contact us today to know more about these services. We are happy to help you!