Dubai is an amazing place to Set up a Business. From a growing economy to an international market pathway to excellent real-estate and infra, UAE has everything to boom a business. You have space to grow your business with a lot of paperwork in place, one of which is to Open a Corporate Bank account in the UAE. To simplify the tedious task, Business Link UAE is here to guide you throughout the process.
Things to Know Before Opening a Bank Account
- Banks in the UAE offer a high level of privacy.
- Every company in LLC or Free zone need or a branch company needs to have a corporate account
- Local banks are the first preference for startups
Benefits of Opening a Corporate Bank Account
- 100% tax-free
- Indirect contact of dedicated regional manager
- Access to international transactions and more
- Digital banking available online or on mobile
- Privacy is maintained throughout
- Quick and easy fund transfer procedure
- Asset management
List of Documents Required
- Form for opening a Corporate account
- Trade license in UAE
- Certificate of Incorporation/Registration
- Share certificates
- The company’s Memorandum and Article of associations, known as MOA & AOA
- Passport of owner/director and other shareholders
- Resolution from the board of directors on authorizing the opening of a corporate bank account.
- Disclosure of contracts and existing source funds
- Copy of business plan
How to Open your Corporate Bank Account in UAE?
Now that you know the benefits and documents required in opening a corporate bank account in Dubai, it’s time to understand and follow the right process to avoid any jerks, since Dubai is quite strict with the legalities.
- You need to have a trading license – This is obtained when you file an application as per your business activity, get your company a name, submit a license application form and then you get a go-ahead for account creation
- Visa – you will need to have a residency visa and even the shareholders might need it. Banks generally ask for residency proof for some shareholders, if not all.
- Select bank – You can select any bank from the list of banks in UAE. There are local and international banks to choose from
- Complete bank form – Fill corporate account opening form and submit company details such as invoices, business proofs, clients and supplier details, etc.
- Document submission – There can be some difference in the type of documents asked by the different banks, but some generic ones have been stated above in this blog
- Authentication – Now it’s the bank’s turn to authenticate submitted documents for approval or disapproval of an application
- If approved – If the application is approved, the bank will ask for other information related to background checks of shareholders and directors. Bank will ask for details related to financial projections.
Opening a corporate bank account in UAE is not child’s play, but not to worry, Business Link UAE is here. We are your business set up partners to help with all legalities and paperwork instantly, from an onshore and offshore company account, visas and licensing to registration, and more. Business Link offers a plethora of services to make you have a splendid stay in the UAE.