Beyond compliance, Bahrain boasts a strong and well-established banking sector, home to over 100 financial institutions, including major international banks such as HSBC, Standard Chartered, and Citibank. With a strong network offering a mix of traditional and Islamic banking services, Bahrain provides businesses with a secure and reliable financial environment, making it an ideal location for setting up operations and managing corporate finances.
Opening a business bank account in Bahrain is essential for efficiently managing your operations and gaining access to the local market. A local account allows you to handle transactions in multiple currencies—such as Bahraini Dinars (BHD), US Dollars (USD), Euros (EUR), British Pounds (GBP), UAE Dirhams (AED), and Saudi Riyals (SAR)—which is especially advantageous for businesses dealing with international clients or suppliers.
As well as currency flexibility, local business accounts provide access to credit facilities, international money transfers, and seamless online banking services, all with a high level of transparency and security thanks to oversight by the Central Bank of Bahrain (CBB), the industry’s regulatory body.
Opening a bank account is also a critical step in securing the Capital Deposit Certificate needed to activate your Commercial Registration (CR), giving your company legal standing to operate and access to essential tools for managing cash flow, payroll, and day-to-day transactions.
To open a business bank account in Bahrain, you must be at least 21 years old, and the minimum deposit required is typically BHD 300 (though this may vary depending on the bank and account type).
To get started, you'll need to gather several key documents, including:
Having all required documents in order is crucial to avoid delays during the account approval process, ensuring a smoother setup.
1: Gather required documents
Before you begin, ensure you have all the necessary documentation prepared. This includes your Commercial Registration (CR) copy, business plan, Extract copy, Board Resolution, CPR and passport copies for all partners, bank statements for the past six months, and visa and driving licence copies for each partner. Having everything ready will speed up the process and prevent delays.
2: Choose a bank
Select a bank that aligns with your business needs. Bahrain offers a wide range of both local and international banks, such as Ahli United Bank, HSBC, and Standard Chartered, which provide conventional banking services. If your business prefers Islamic banking, options like Albaraka Bank Group and Arab Banking Corporation are also available, catering to businesses with Sharia-compliant products.
3: Apply for a business account
Submit your documents to the chosen bank. Many banks in Bahrain allow you to apply either in person or online, depending on their process. The bank will review your application, ensuring that all compliance requirements are met.
4: Receive the capital deposit certificate
Once the bank approves your application and the account is opened, you will receive a Capital Deposit Certificate. This certificate is essential as it confirms the initial deposit required to finalise the company registration process.
5: Submit to SIJILAT
Submit the Capital Deposit Certificate to the SIJILAT system, which is the official registration platform in Bahrain. This step finalises your company’s registration and activates your Commercial Registration (CR), allowing your business to operate legally in Bahrain.
Sovereign PPG has extensive expertise in navigating Bahrain’s banking and regulatory landscape, ensuring a smooth and hassle-free experience for businesses. From document preparation to liaising with banks and overcoming any hurdles, we provide end-to-end support to expedite the process and ensure compliance.