Open a Business Bank Account in Egypt

Current Account

A savings account in Egypt is preferred by freelancers and businesses. It is mostly ideal for businesses that require daily transactions, payments, withdrawals, and deposits. A current bank account allows you to withdraw funds without any limits. It also offers unlimited transactions, but does not provide any interest on surplus funds in the bank account.

The Central Bank of Egypt (CBE) is the authority responsible for the current account through anti-money laundering frameworks. It is popular among businesses that require paying suppliers and receiving payments from customers, such as retail, e-commerce, transportation services, and healthcare.

Savings Account

A savings business account is designed to earn interest on the deposits in your bank account. This business bank account is preferred by companies for long-term savings. It also works as an emergency fund for your business operations. The savings account offers attractive interest rates for businesses that get credited every six months.

However, a savings account has limited transactions and is not used for daily business operations. The Central Bank of Egypt (CBE) regulates the savings account and requires businesses to ensure compliance with the banking laws for capital and deposit limits.

Foreign Currency Account

Businesses engaged in international transactions and receiving money in either EUR, USD, or GBP and converting it to Egyptian pounds (EGP) can use the foreign currency account. This account gives you the flexibility to hold multiple currencies. This account usually comes with an ATM card.

To open a foreign currency account, you will have to stay in compliance with the regulations set by the Central Bank of Egypt (CBE). A foreign currency account allows deposits in multiple currencies and is preferred by foreign businesses and expatriates.

Islamic Business Account

The Islamic business account is preferred by Muslim business owners in Egypt. It is a banking account that focuses on risk sharing with the bank. It does not operate on traditional interest and is regulated under Egyptian law. The Islamic business account offers religious comfort and access to an interest-free financing process.

In this business account, your tangible assets will be linked to all your monetary transactions and will be taxed the same way as other conventional banks in Egypt. Additionally, it has the same registration and documentation process as any other bank account.

Non-Resident EGP Account

The Non-Resident EGP account is an ideal bank account for non-residents in Egypt who want to withdraw money when they are visiting the country. It is helpful for non-residents as it helps with fund transfer and paying for services locally. It also allows you to deposit any foreign currency and withdraw it in EGP.

This is a process instructed by the Central Bank of Egypt (CBE) to simplify the account opening process for foreigners in the country. It also encourages bank account opening without compromising the regulations and removing the difficulties non-residents face while opening an account.

Corporate Bank Account

The corporate bank account is preferred by investors and businesses operating within the country. It is especially designed for large corporations that have established a company in the country with the General Authority for Foreign Investment (GAFI). The corporate bank account is heavily regulated by the Central Bank of Egypt (CBE).

The minimum share capital for a corporate bank account in Egypt is between EGP 1,000 and EGP 500,000. A corporate bank account is also used for multi-currency accounts to manage foreign transactions. It also offers various features like online banking, debit cards, and chequebooks.

Registered Business

Before you open a business bank account in Egypt, you will need a registered business. You need to incorporate a company within the country with the General Authority for Investment and Freezone Authority (GAFI).

Registered Office Address

Proof of a registered physical office address is mandatory for a business bank account in Egypt. The proof can be either a utility bill or a lease agreement. Even if your business is operating online, you will still need to show proof of a registered office.

Tax Identification Number (TIN)

Having a Tax Identification Number (TIN) for a business bank account in Egypt is a legal requirement. You need to apply for a TIN from the Egyptian Tax Authority before opening a bank account, as the banks use TIN to identify your business.