How to open a bank account in Bahrain Development Bank (BDB)

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

May, 2023

Last contact

April, 2024

Last update

March, 2024

the bank was founded in 1992 and is focused on small and medium business;
the bank only opens corporate accounts for companies older than 6 months;
the bank only opens accounts for local companies registered in Bahrain, and personal accounts also only for residents of Bahrain;
to open an account for a foreign company will require the opening of a branch in Bahrain;
minimum deposit to open an account BHD 6 000* (~ USD 15 920);
personal visit of founders and account signatory in Bahrain is required to open the account;
the main currencies available: BHD, USD, EUR, but you must first open an account in the local currency;
bank cards and chequebooks are available;
pre-approval is possible before starting the account opening process;
transfer fee to a foreign bank is ~ BHD 5,5* (~ USD 15);
Internet Bank in English;
time of account opening: about 1-2 weeks

*Rates are approximate as they may eventually vary depending on the service program chosen by the client in the bank

GSL rating

Beginning of cooperation

May, 2023

Last contact

April, 2024

Last update

March, 2024

Поиск консультанта...

+44 0 207 822 85 93

General information and rating

Not rated

Global rating

Not rated

Countrywide rating

—

Countrywide rating of the head bank

—

Global rating of the head bank

Year of foundation

1992

History

The bank began its operations in 1992

Personnel

There are English-speaking staff

Bank’s shareholders

All shares of Bahrain Development Bank are owned by the Government of Bahrain

Confidentiality

AML legislation is strictly observed

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Minimum requirements

14 897

Minimum balance, €

No restrictions

Transactions permitted per month

14 897

Initial deposit of funds, €

1

Deadline for the initial deposit, month

Minimum balance, €

After opening an account you need to make an Initial Deposit of BHD 6 000 (~ USD 15 917)

Transactions permitted per month

No limit on the number of transfers

Initial deposit of funds, €

The initial payment is equal to the minimum deposit

Deadline for the initial deposit, month

Immediately after opening an account

Minimum turnover, €/year

No turnover limit

How fast payments are executed

Same day or next day

Tariffs and services

14

Outcoming transfer, €

0

Incoming transfer, €

N/A

Account maintenance, €/year

N/A

Payment limit for credit cards, €/day

Outcoming transfer, €

Transfer fee to a foreign bank is ~ BHD 5,5 (~ USD 15)

Incoming transfer, €

The bank does not charge for incoming payments

Distant access to the account

There is Internet banking in English

Financial products

The bank provides a variety of financial services designed to meet the needs of small and medium-sized businesses in Bahrain. These include business financing, Islamic financing and Tamkeen financing for manufacturing, agro-industry, medical and other service sectors

Credit/debit cards

Bank cards and chequebooks are available

Account opening procedure

Days to open for incoming transfers

Case by case

Days to open for outcoming transfers

Case by case

References

Not necessary

Purpose of the account

Savings & current

Visit to the bank

A personal visit of the founders and the account signatory to Bahrain is required to open an account

Required

For legal entity: Charter and Articles of Association; Company Registration Certificate; Account Opening Resolution indicating the signatory on the account; completed bank form on the company and owner; copies of current contracts with counterparties; office lease agreements, cash flow chart, ownership structure chart, etc.
. On the individual (directors / shareholders / beneficiaries / attorneys): proof of identity (passport) + CPR / ID card; proof of address (in Bahrain and in the country of residence) no older than 3 months; Summary; Bank references + bank statements for the past 6 months.

Types of accounts

Current

Chances to open an account

Predictable

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