Open a Bank Account in Qatar
Updated on Sunday 01st March 2020
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If you are a foreign investor in Qatar or a person working in this country and need to open a bank account, you should know that this is not a complicated procedure. However, you might want to benefit from complete support offered by one of our company formation agents in Qatar. They can also help you register a company in Qatar and guide you throughout the incorporation procedures involved.
What are the requirements for opening a bank account in Qatar?
First of all, you need to have a residence permit for Qatar in order to open a bank account, whether for personal use for linked to your company registered in this country. The following details are important aspects that you should consider when opening a bank account in Qatar:
- In terms of documents, the passport containing the visa and a letter issued by the company you work for in Qatar are needed.
- In the case of newly formed companies in Qatar, the Certificate of Incorporation is needed for opening a bank account.
- A temporary bank account for the minimum share capital of your firm can be transformed into a permanent one for your business in Qatar.
- Once the bank account is opened, you can access your money with the help of applications accepted and offered by the bank.
One of our company formation specialists in Qatar can act on your behalf with a power of attorney if you would like to open a bank account for your company. We can also be appointed representatives for your firm in Qatar, so do not hesitate to talk to us.
Can I access loans in Qatar?
Yes, whether you wish a credit loan for your company or for you as a natural person, it is good to know that banks in Qatar can grant such finances. One can benefit from low-interest rates applicable to varied credit loans. If you would like to access bank loans, do not hesitate to talk to one of our specialists and ask for support and assistance.
Can I make international money transfers and payments?
Yes, you can use your bank account in Qatar and make overseas payments for your company. Also, natural persons can easily make international money transfers, in complete security. It is important to know that particular fees might apply, and such information can be obtained from your bank.
A bank account for dependants in Qatar
The cases of dependants of the visa holders in Qatar are special and that because they need to obtain the formal permission of the head household in order to open a bank account. Another important aspect to consider refers to the visa holder who needs to sponsor the wife/husband or children, in order to open their own bank accounts in Qatar.
Do I need to deposit a sum of money when opening a bank account?
No there is no need to deposit a sum of money at the time you open a bank account in Qatar, particularly if it will be used as a salary account. Money deposits will be imposed only for saving accounts and for those linked to a company in Qatar. The minimum share capital is deposited in a local bank account in Qatar.
Do I need to travel to Qatar to open a bank account?
No, there is no need to travel to Qatar for the formalities of opening a bank account in this country, as these aspects can be handled online on the official websites of established banks in this country. More than that, you can get in touch with one of our company formation agents in Qatar and solicit our support and assistance. We can gladly help you with the formalities for opening a bank account, no matter if it will be used for your company or for personal use.
Investments in Qatar – Why choose this destination?
An upward trend in terms of foreign investments has been registered in recent years in Qatar and that because the authorities focused more on the ways in which FDIs can be sustained. The excellent infrastructure, a great and appealing tax system, plus a stable economy represent a few of the strong points and advantages of Qatar in front of international investors. In terms of business, and investments, you might find interesting the following facts and numbers:
- The 2019 Doing Business report issued by the World Bank ranks Qatar 83rd out of 190 economies in the world;
- Approximately USD 32,7450 million was the total FDI stock registered in Qatar in 2018;
- The World Cup 2022 is on top of priorities of authorities in Qatar and that because huge investments are expected.
- Japan. USA, Singapore and South Korea are among the important investors in Qatar.
If you would like to open a bank account in Qatar and need support, feel free to contact our team of company formation agents in Qatar. We can also help you register a company in Qatar.