It is vital to open a corporate bank account in UAE If you are operating your business in Freezone of mainland Dubai. There are many choices available in the UAE. It is also known to be the financial hub, but the process and documents involved in creating and opening a bank account can be challenging in the UAE.
In the last two decades, the UAE has grown into a leading global business setup hub and holds a critical business and international financial market position. Beyond this, the UAE’s efficient banking system provides many solutions for companies to improve their ecnomic growth. The UAE’s desire to adjust to EU standards Transparency means that the bank will need to have full information on Ultimate Beneficial Owner (UBOs) and show that the company has the right power to open and operate banking in the UAE. With that in mind, where you begin to open a bank account in the UAE?
The steps for opening a corporate bank account in the UAE are hassle-free and straightforward now because UAE is a place for many national and international banking institutions. Every bank in UAE has different requirements for the documents, so make a selection accordingly. Although some steps are widespread and essential for every bank, some equipment is additional.
Among all the considerations, you should note that opening a company account without the company’s founder’s presence is not possible. If not, the procedure is declared invalid, and the account is blocked. It is also possible to have a registration in one bank subsidiaries outside the UAE.
Some of the top local banks present in the UAE is listed below-
- Emirates NBD
- Commercial Bank of Dubai
- United Arab Bank
- RAK Bank
- First Gulf Bank
- Abu Dhabi Commercial Bank
- First Abu Dhabi Bank
- Mashreq Bank
Foreign Banks –
- Standard Chartered Bank
What Documents Are Required for Opening a Corporate Bank Account in Dubai, UAE?
The list documents are essential for bank account opening. Note that different banks sometimes require alternative forms, so it is best to contact your bank directly for a complete list.
After the following documents are present to the bank and the application process begins, the average time is 30 days to set up a corporate account formally.
Corporate Documents: The corporate documents required for opening a bank account are related to the company like power of attorney, details of shareholders, board resolution, trade license, and memorandum of association.
Comprehensive CV: This document depicts your professional and business experience. The business operation should match your personal and professional work experience of the past.
Utility Bill: This document will work as proof of address and should not be older than the past three months.
Bank statement of Personal account- Submit the past six months’ bank statement of your company’s shareholders.
Proof of Ownership- A document that proves the ownership of shares of the applicants.
Business plan – All the details about the business activity, idea for business development, who will be your potential customers, and details about the staff and partners.
What are the Steps for opening a business bank account in Dubai, UAE?
- Get your Business License-
Before planning to set up a bank account in the UAE, you first need to incorporate your business. While this can be a relatively straightforward process, you must make some vital decisions in advance.
When you open a company, one important step is to obtain a valid license. Without a license, the bank will not recognize you as a business entity and reject your corporate bank account application.
- Legal documents-
For opening a corporate account, ensure that all the corporate documents are in place. The documents that are needed will vary slightly from one bank to another.
- Check Visa Requirements-
The next step towards opening a business bank account is to determine whether your company’s shareholders are required to have a residence visa. Some banks require this proof of at least one shareholder, while others don’t.
- Choose Bank-
After submitting all the documents, you can find a bank that suits your needs. There are many local and international banks available in UAE, from which you can make a selection. While making bank selection, make sure to check the eligibility criteria and income.
- Application Process-
Start the formal account opening process. Visit any bank branch and speak face-to-face with an advisor who can answer any questions you may have. After meeting them and you can start with the application process.
While the bank account opening process consists of several steps, make sure you complete each one accurately. You can also work with a business setup consultant for hassle-free business setup and corporate bank account opening process.
Amy is an experienced business analyst and loves writing articles related to business and management. Her articles focus on very informative and researched pieces of information.