With real estate developments and rising visitor demand, Dubai’s economy has been on the upswing for quite some time now. After establishing your business in Dubai, one of the first tasks is registering a corporate bank account for your company. Even while banking in Dubai is generally considered safe, obtaining a bank account as an international firm in the emirate can be a challenge. Many firms open bank account in Dubai every day, so the procedure isn’t impossible.
How To Open a Business Bank Account in Dubai, UAE?
It’s no secret that the United Arab Emirates has a thriving banking business and a high level of privacy for its customers. Its financial system is a symbol of strength and reassurance.
As a result of outstanding security, dependability, and customer service in the local banking industry, local banks are well-known worldwide. More and more business people worldwide want to create a bank account and do business in the UAE as a result. To create a business bank account, each financial institution has its own set of criteria.
Different Banks in Dubai
Many national and international banks are present in Dubai. Some of them are-
- Mashreq Bank
- First Gulf Bank
- Commercial Bank of Dubai
- Abu Dhabi Commercial Bank
- Emirates NBD
- United Arab Bank
Get Your Business License
Obtaining a legal business license is one of the most critical stages in starting a business. It is impossible to create a corporate bank account if you don’t have a company license.
Collect and Fill All Important Documents
Step two is to make sure your legal and business paperwork is in order before proceeding any further! Additional supporting papers, such as contracts or invoices, letters of recommendation from business partners, business plans, and information about your scheduled business activities may also be required by some banks.
Additionally, you may have to supply identical paperwork for each company if the same entity controls them. Authenticate all these by a UAE embassy in their country of origin and by MOFA (Ministry of Foreign Affairs). An expert in business formation in your area can provide you with further information on these criteria.
Check Visa Requirements
Determine whether or not your company’s stockholders require a residence visa before opening a business bank account. Only a few banks demand confirmation of this from at least one shareholder, while others don’t. Your stakeholders’ ability to get residence permits may affect which banks you consider applying to.
Choose The Bank
One can pick from a variety of national and international banks, as stated above. Take into account the qualifying requirements and income while choosing a bank.
Complete the Application Process
Time to create an official account. In general, it’s best to visit a bank office and chat with a representative who can answer any questions you may have. Once they’ve told you what to do, you’re free to continue. The formal account opening procedure may begin once you have the appropriate documents in hand.
If you have any queries or confusion, it’s best to visit a branch and chat with an advisor. You may arrange this appointment yourself, or you can ask the business setup Specialist to do it for you through the Bank Account Opening Assistance Service if you prefer.
You’ll need to bring the paperwork specified above to your appointment, which shouldn’t take more than 30 to 60 minutes. The bank representative notifies you if everything is in order. Typically, your account will be ready in 10 to 15 working days.
Requirements to Open a Bank Account in Dubai
The papers required by each bank will vary somewhat. To create a corporate bank account in the UAE, you’ll need the following documents:
- Form for creating a bank account
- Account opening is granted by a board resolution and the account signatories.
- An original or duplicate of your company’s license
- An original or a copy of the share certificate
- Business partners’ passports on a CD-ROM
- Memorandum and Bylaws
- Passport copies for all shareholders
A business or a corporate bank account in the UAE is a must-have if you conduct company formation in UAE. For whatever reason (such as the nature of your business, nationality restrictions, etc.), you’re unable to open a new business bank account for your startup business in the UAE. You may always open an offshore bank account instead of a UAE account.
If your firm has an offshore bank account, it is present in a separate nation. Accessibility and advantages are the same, plus more! Take the help of a business setup consultant for an easy bank opening process.