While making arrangements for your UAE business, there are endless assignments that you need to finish. Setting up your corporate ledger likewise falls profound inside this rundown.
There is a variety of respectable nearby and unfamiliar monetary organizations and banks that are working in UAE, going from Abu Dhabi Commercial Bank, Emirates NBD, etc. So forth, every one of these establishments offers a healthy bundle of administrations that can help you in additional moving up your business stepping stool.
Setting up a corporate bank account in Dubai, UAE is not hard, but it still requires much paperwork. Take care of all the paperwork and procedures that are required for opening a bank account in Dubai.
Some Important Facts About opening corporate Bank Account in Dubai
- One main reason for opening a bank account in Dubai is its privacy and security feature, making it very efficient for your funds. UAE banks respect your privacy.
- Suppose you have any company in UAE like Freezone, LLC or offshore or any other registered company in UAE. In that case, you can always apply for the local banks for the business bank account opening. You can also use it for international banks like HSBC, Citibank, Standard chartered, etc. A local bank is a more reasonable option for startups and SMEs.
- If you have a startup or SME registered in Dubai, UAE, then you will be required to sign the bank account for just a day or a few hours to apply and verifying the passport.
How to Open a Corporate Bank Account in Dubai, UAE?
Here is a complete guide that will be required to open bank account in Dubai, UAE, from submitting documents to the account opening process-
- Get Your Business / Trade License
It is one of the most critical steps required for setting up your business in Dubai because a bank will not open your business account or acknowledge your business identity without a trade license.
The business license process is. You need to pick up a business type, and then finalize a business name based on the guidelines, choose the right kind of incorporation and get all the paperwork done.
After you submit all the papers and get your business license, you can quickly start applying for a corporate bank account. straightforward
- Collect and Submit All the Documents
After you get your business license, arrange all your other vital documents too. Documents are required to vary from one bank to another.
Here is a list of some of the standard documents required by every bank:
- Copy of trade/business license
- Article of memorandum and article of association
- passport copies of all your partners
- Share certificates
- A corporate bank account opening form
- A company’s certiﬁcate of incorporation
- Check Visa Related Requirements
Check whether your bank requires the residency visa’s of all the shareholders of your company or not. Some banks require this from at least one shareholder, or all, while some do not require this at all.
So this visa thing depends totally on the banks in which you want to open your bank account.
- Select your Bank
Once you collect all the documents and those in place, you can move to the next step of selecting the bank to open an account. Based on your requirements and needs, make the right bank a choice.
The most important thing required to open a corporate bank account in Dubai, UAE, is to have a residency visa and local address in UAE. Some banks in the UAE also require you to have a certain amount of minimum balance.
Based on these factors, make a choice of bank for which you are eligible, and your requirements are fulfilled.
- Account opening Application Process
After the paperwork is done, you can start the formal bank account opening process. Book an appointment and talk to an advisor there to get answers to all your queries and concerns.
Also, present all your documents for verification. After verification and eligibility criteria are met, your corporate bank account setup process will start. It will be completed in 10-15 working days, and you will have your active bank account.
Corporate bank account opening is an easy process, and only a few steps are required, but you have to do it very carefully and ensure that you complete each step correctly and submit all documents.
If you still have any doubt or find it challenging to open a bank account by yourself, you can always talk to a business setup consultant and get help with the entire bank account opening process.
See: 6 TIPS FOR RUNNING AN OUTSTANDING HOME-BASED BUSINESS
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