🇪🇬 Opening a Bank Account in Egypt
Honest assessment of business banking for foreign founders in Egypt.
Egypt's banking sector is regulated by the Central Bank of Egypt (CBE). Major banks include National Bank of Egypt, Banque Misr, Commercial International Bank (CIB), and QNB Alahli. Corporate account opening requires the Commercial Registration, authenticated articles, tax card, passport copies, and a board resolution for authorised signatories. In-person visits are mandatory. Foreign-owned companies often face additional KYC scrutiny, and the process can take 3–6 weeks. Currency controls have been relaxed since the 2024 reforms but remain a consideration for repatriation of profits. Digital banking options are growing but still limited for corporate accounts.
Tips for Success
- Have all company formation documents ready before applying — trade licence, articles of association, certificate of incorporation.
- Prepare a clear business plan or description of your business activities, even if the bank doesn't explicitly ask for one.
- Consider digital/neo-banks as your first account — they typically have faster onboarding for new companies.
- Apply to multiple banks simultaneously rather than sequentially — rejection at one doesn't affect others.
This content is educational and does not constitute legal or tax advice. Always consult a qualified professional for your specific situation. Data last verified March 2026.