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Bank Account Opening in Dubai, UAE
Our professionally trained consultants assist in bank account opening in Dubai. The financial sector in Dubai is constantly flourishing, with numerous banks being opened, transactions being made, and investments taking place – certainly, the banking and finance sector is one that’s been set up efficiently. However, despite this, opening a corporate bank account can be time-consuming due to the internal policies that exist for each bank. Business Link offers unique banking solutions and guidance to assist you in choosing the right bank that fits your business needs the best.
Something to keep in mind while bank account opening in Dubai is that to do business in the UAE, you need to specifically open a corporate bank account. By law, business owners are prohibited from carrying out business activities from their accounts. A current account is a type you’re most advised to open as it is perfect for process and holding large amounts of transactions.
Documents Required for Bank Account Opening in Dubai
Since there are multiple jurisdictions and various company types in the UAE, some documents are more important than others for bank account opening in Dubai – owing to the special requirements set by each one. To open a corporate account, you are required to submit the following documents pertaining to your business:
- Trade license
- A copy of the Memorandum of Association
- Incorporation certificate
- Valid passport copies of all shareholders
- Copies of shareholders’ Emirates ID and visas (if they are UAE residents)
- Share certificate of the company
- Office lease agreement
- Utility bills or proof of address
- Business plan
- Personal bank statements for the last six months
- Names of all existing and/or potential clients
- List of supplies and/or partners
Additionally, banks require certain documents apart from the list above, depending on the jurisdiction your company is based in. Our experts can assist you for the same. We deal with different types of companies based in various jurisdictions and because of this, we understand the requirements set by banks regarding corporate bank account opening.
Things to keep in mind
When you decide to open a bank account in Dubai, it’s important you get clarity on certain terms and conditions so that they don’t interfere with your matters later. Since this account will be housing all the revenue generated through your business or will be used to transfer the salaries of your employees, it’s one of the most important steps to sort out.
- You have the authority to open a corporate account if you have a mainland or freezone, branch office or subsidiary.
- Your company license and business activities will considerably influence the status of your corporate account
- Some questions to consider beforehand; Does the bank require a minimum balance? If so, what would it be?
- Under what conditions does the bank impose penalties, and what are the fees associated with these penalties?
- What regulations are put in place regarding salary transfers?
While it can seem like something that is not a big deal, banks often have hidden charges or terms and conditions that come forth later when you’re unable to back out. Working with Business Link ensures these situations are taken care of by our knowledgeable team of experts. We listen to your needs and upon evaluation, help you in finding the trusted and right bank