Opening a Corporate Bank Account in Qatar
Upon obtaining a commercial licence in Qatar, you will be in a position to open a corporate bank account. There are several local banks to choose from and you should do some research prior to deciding on the bank that is right for you.
What documents are required?
The basic requirements/forms are listed below:
- Account Opening Form (obtained from the bank)
- Original Memorandum of Incorporation
- Commercial Registration Municipal License (Trade Licence)
- Original Computer Card
- Original IDs & Passports for all Partners and Authorised Signatories
- Deposit and Hold Amount for the account (varies depending on the bank)
- Authorisation letter on company letter headed paper, to be duly signed by authorised signatories, which should specify the rights in managing the accounts.
In addition the bank may request copies of:
- Commercial Registration of Venture Partner Qatar
- Municipal License (Trade Licence) of Venture Partner Qatar
- Computer Card of Venture Partner Qatar
- IDs of Authorised Signatories of Venture Partner Qatar
Plus any other forms specific to your chosen bank requests, for example:
- Signature Card Form
- Accounts Opening Terms & Conditions
- Customer Information Application Form
Who can officially open a business bank account in Qatar?
Typically the authorised persons to sign on the account opening documents are the owners of the company. Therefore, signatures will be required from the foreign owner(s) of the company and also by your local partner.
The bank may allow the General Manager or another appointed person with a residence permit in Qatar to open the bank account on behalf of the foreign owners of the company, in this case they will need to be authorised to do so on the delegation letter. This delegation letter must be signed by all shareholders named on the MOI and CR.
What are the other considerations?
The Initial Deposit must be deposited upon opening of the account.
Further to opening the corporate account it is essential for the General Manager and any other staff to open a personal account to ensure a smooth transfer of wages and avoid any potential issues with the Wage Protection System (WPS) in Qatar. Please liaise with your commercial bank manager to find out more.
How can Venture Partner Qatar assist?
Venture Partner Qatar can act as your local partner as per Qatari Law. In the case that we are the sponsor, we will be available for any signatory requirements. Simply bring any banking related forms or letters to our office and we will arrange for the signatures.