How to Open a Kenya Community Bank (KCB) Business Account as a Foreigner

KCB provides business-class customers with various account products tailored to their specific needs. Customers can also set up their accounts in foreign denominations like USD, EURO, and GBP. This makes it easier to begin your Business Account opening process as a foreigner.

If you’re looking to open a Business Account with KCB Bank as a foreigner, this is the article you need to read. We’ll show you how to go about the account opening process, requirements, and benefits.

An Overview of Kenya Community Bank (KCB)

KCB Bank (Kenyan Community Bank) has a consistent history of delivering financial services to over 47 countries worldwide and a heavy presence in East Africa. Since the bank’s inception well over 130 years ago, they’ve been committed to assisting its clients and local communities to prosper. 

The Pan-African bank has a vast customer base due to its exceptional service sector. The company also powers several innovative banking solutions while retaining its signature community bank atmosphere.

KCB has its headquarters in Kearney, Missouri. It has several other full-service local and regional branches, including Bonner Springs, Gladstone, and Liberty. KCB bank is an FDIC-approved Equal Housing Lender with a loan procurement office in Lee’s Summit. 

Can a Foreigner Operate a KCB Businesses Bank Account?

Eligible foreigners are permitted to own a KCB Business Account. However, there are certain requirements for eligibility. You must have proof of residency (such as a valid address number, etc.). This is a minimum requirement for KCB Bank.

Having a residency permit might slow down your KCB Business Account opening as a foreigner the first time. You may have to wait until you’re in the country, especially if it’s your first KCB Business Account opening. On the bright side, this might help you to properly organize the necessary paperwork and follow up the process.

Nonetheless, there’s no harm in contacting the KCB customer care center to find out whether you can open your Business Account remotely. If you meet such eligibility criteria, you may be granted your request.

What Documents Does a Foreigner Require to Open a KCB Business Account?

The paperwork may vary depending on your country, the type of business account you want, and your specific business needs. Some corporate accounts require more documents, while others require fewer. 

As a result, it would be best to consult with the bank ahead of time to know what specific requirements would suit your needs.

Here are some of the basic requirements for opening a KCB Business Account as a foreigner:

  • Completed application form
  • A valid ID card (such as a Passport or an equivalent form of identification, e.g., a National Identity Card)
  • Kenyan Visa
  • Proof of National residency (e.g., proof of home address, residency card)
  • Proof of Kenyan residency (e.g., rental agreement, utility bill)
  • Passport-size photograph (some banks may require more than one)
  • Document of Character reference (usually a recommendation from a trustworthy employer, serving as proof of character)
  • Your Kenya Revenue Authority (KRA) PIN, proving you’re an eligible taxpayer
  • Board Resolution for the opening of the Business Account or equivalent Board Minutes to the effect
  • Business licence
  • Certificate of Registration/Incorporation
  • Copy of National IDs (for company Directors/Board Members)
  • Copy of Partnership Deed or Articles of Association
  • Employer Identification Number (EIN)
  • Ownership agreements
  • Proof of Identification (for all company directors)
  • Social Security number (SSN) if you are a sole proprietorship
  • Your company’s Business Formation Documents

Benefits of Opening a KCB Business Account

Simple Access

Having separate accounts for your personal and corporate money allows you to manage your assets better. It allows you to easily access any of them and keep track of your transactions.

Simple Auditing

A current account provides your company with extra auditing alternatives. You can pay your taxes and other financial responsibilities with more ease.

Flexibility in Account Operations

KCB Bank has low operating requirements for its clients, such as “no minimum balance.” This implies no restriction to the minimum amount you may hold on your KCB Business Account.

No maximum balance

KCB Bank does not impose any maximum balance restrictions on its business-class clients. In this manner, your organisation is not restricted in any way.

Intelligent, faster transactions

A KCB Business Account allows you to conduct quicker and smarter B2B transactions with other businesses. There will no longer be lengthy waiting hours or cumbersome processes to make or receive payments from other firms.

Overdraft Loans for Businesses

You can profit from business overdrafts, grants, and lending options as a KCB Business Account holder.

Free Account Statement

KCB Bank provides free monthly account statements to business-class clients on request and at regular intervals.

No opening balance

There are no opening balance requirements.