Bank Account Opening
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Open Bank Account in Dubai, UAE
Being an international business hub, Dubai is a bustling city where a lot of financial activities take place. In order to facilitate these financial activities, many financial institutions operate in Dubai and UAE. The banking sector in the UAE has a unique relevance of being the largest in the middle-east. You can open a bank account in Dubai, UAE for your personal purposes as well as business purpose.
Opening a bank account in Dubai for non-residents is also not a difficult task. If you are not a resident of UAE, you can open a personal bank account in UAE with specific limitations on the choice of banks and the features they offer. However, this limitation is not a major concern as many prominent banks in UAE offer non-resident bank accounts. Most banks in the UAE permit non-residents to open savings bank accounts only. Confident Business LLC consultants provide bank account opening services in UAE making it easier for people to open bank accounts in Dubai and other Emirates.
The commercial banking sector in the UAE can be generally classified into two types. And they are locally incorporated banks and branches of overseas/foreign banks.
After you have formed your business endeavour in Dubai or UAE, it is necessary to open a Corporate bank account. Business establishments irrespective of their type and region of operation should possess a Corporate bank account in order to pursue their business transactions. The corporate bank account opening formalities connected with the UAE mainland companies can be accomplished effortlessly.
The business establishments that would like to open a corporate bank account in the UAE should submit the proof of legal existence. If the business establishment is owned by a corporate firm, additional documents related to the ownership and management need to be submitted. The notarization of the corporate documents may be necessary in the case of corporate ownership. The notarization must be done from the country of origin and the same procedure must be carried out in the UAE too.
Guaranteed privacy is one of the greatest features associated with the banking system in the UAE. The privacy-factor attracts investors from all across the globe. This feeling of security instil confidence in the minds of investors .
Irrespective of the jurisdiction of operation of your company, (mainland UAE, free zone or offshore company) you may approach either a local bank or a foreign bank to open a corporate bank account. The selection of a bank solely depends on your company requirements. If you have established a startup concern or a small to medium enterprise in the UAE, the most feasible option is to open a corporate bank account through a local bank. A local bank provides the investor with the benefit of flexibility.
The physical presence of the signatories is mandatory at the time of submission of application. The passport verification of the signatories must be conducted in banker’s presence.
The monthly balance requirement varies from bank to bank. The amount varies from AED 20,000 to AED 150,000.
The business establishment can enjoy global reach Companies enjoy liberal banking policies Tax exemptions Trouble-free funds transfer options Enhanced secrecy in all banking matters Benefits related to asset management Net-banking and online banking facilities A team of committed staff to handle client’s query
The prerequisites to open a bank account in Dubai or UAE vary with banks. Banks do not follow a common guideline for opening a Corporate bank account. Get to know about the banking charges associated with various banks before selecting your desired bank.
The director and the shareholder of the company should be physically present for accomplishing the process. The detailed instructions for opening a corporate bank account in Dubai and UAE are listed below.
Every bank has an account opening form. Fill the form and provide additional company-related documents like business proof, invoices, client details, etc.
Along with the application, submit the below-mentioned documents too.
1.Trade license of the company
2.COI or Incorporation certificate
3.Memorandum of Association and Articles of Association
4.Board resolution document
5.Emirates ID and passport of the shareholder (copy)
6.Director’s copy of passport
7.Partner’s letter of reference
8.Registry of shareholders
9.Certificate of Authorisation
10.Business Plan
11.Prevailing contracts
12.Fund declaration
13.Company extract
- The bank verifies the entire documents that you have submitted. Based on the verification, the bank either approves or withdraws the submission.
- In the case of submission approval, the bank will take the necessary steps to collect additional details like the background of the directors and shareholders, information about the management etc. The bank will also perform a financial forecast of the company to obtain a complete picture.
- After gathering all the relevant data and documents, the bank calls the applicant for an interview. After completion of the interview, the bank proceeds with the bank account opening formalities and finally creates the Corporate bank account for the applicant.
The Central Bank of UAE has introduced measures to curb illegal practices like terror funding and tax avoidance in the global context. And hence banks and other monetary institutions are required to handle the financial matters with great precision and diligence.
Confident Business LLC offers the A to Z assistance when it comes to bank account opening for Corporate entities in Dubai or UAE. We shall guide you through the entire process with ease. After you have selected your desired bank, feel free to contact us. Our consultants are always ready to help you.