Corporate Bank Account Opening in Dubai
Our professionally trained consultants assist in bank account openings 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
- Memorandum of Association
- Incorporation Certificate
- Passport Copies of all Shareholders
- Copies of Shareholders’ Emirates ID and Visas (if they are UAE residents)
- Company Certificate
- Office Lease Agreement
- Utility bills or Proof of Address
- Business Plan
- Personal Bank Statements of the last six months
- Names of all Existing and/or Potential Clients
- List of Suppliers and/or Partners
Additionally, banks require certain documents apart from the list above, depending on the jurisdiction the company is based in.
Our experts 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 in Dubai.
Things To Keep In Mind:
When opening a corporate bank account in Dubai, it’s important you get clarity on certain terms and conditions. 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 understand in your business setup process.
- 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 the account.
- Some questions to consider:
- 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?
- Does the bank require a minimum balance? And how much?
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.
Working with Business Link ensures these situations are taken care of by our team of experts. We listen to your needs and upon evaluation, help you in finding the trusted and right bank for your business setup needs.