Dubai is one of the world’s leading business centre for amicable entrepreneurs. Free financial transfers play an essential role in business development in all sectors. Corporate bank account opening Dubai offers very customer-friendly and hassle-free services to entrepreneurs and companies when the applicant meets the banks’ relevant needs. Corporate bank account in Dubai procedure is an easy task if you know the bank’s proper paperwork.
Dubai’s economy has been on the rise for quite a long time now with real estate improvements and increased tourist demand. The financial outlook is also appearing strong it is no surprise more and more overseas businesses are looking to incorporate in the UAE. After you set your business in Dubai, one of the vital steps is to open a corporate bank account in the emirate as an international company can present some hurdles. Although the procedure is not impossible, and many businesses start banking in Dubai every day.
How to Open a Corporate Bank Account in Dubai?
The need for opening a corporate bank account in Dubai depends from bank to bank; however, throughout the procedure, the presence of a shareholder and director is typically needed. Sometimes attorneys can set up accounts on their customer’s behalf, though this is not frequently the case. Here are the steps you must follow when opening a bank account in the United Arab Emirates (UAE). Following are the steps to open a bank account in Dubai, UAE.
1. Obtain Your Business License
When you set up a company, one of the vital steps is to get a valid license. Without a license, the bank will not recognize you as a business, and you will not be able to open a corporate bank account in the United Arab Emirates (UAE).
2. Submit The Required Documents
After getting the business license, the next essential step is to ensure that your legal and corporate documents are in line. The exact documents required will differ slightly from one bank to another. These are a few of the documents needed to open a corporate bank account in the UAE.
- Bank account opening form
- Resolution from the board of directors sanctioning the opening of bank account, and the signatories to the account.
- A copy of the business license
- A copy of share certificates
- Copies of passports of all the business partners
- Copy of the Memorandum of Association and Articles of Association
- Copies of valid passport of all the shareholders.
Certain banks may require additional documents such as invoices, reference letters from the business partners, company business plan and information regarding your planned business activity.
3. Check Visa Needs
The next step is to establish whether your company shareholders are needed to have a residency visa to open a business bank account. A few banks need proof of this from at least one shareholder when others do not ask for it at all. So the issues of whether or not your stakeholders have residency visas in place may have a bearing on which banks you consider to apply.
4. Select The Blank
When all the documents are in place, you can look for a bank suits your needs. There are many national and international banks one can opt from. Do consider the eligibility criteria and income when deciding the bank.
5. Application Procedure
Now is the time to start with the formal account opening procedure. It is normally prudent to visit a branch of any bank and talk face-to-face with an advisor who can clarify any queries you might have.
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Advantages of Opening a Corporate Bank Account in Dubai
Banks in the United Arab Emirates (UAE) provide a high privacy and security level to the clients. The banks follow international standards and provide exceptional customer service. The effective banking system here offers a conducive atmosphere for businesses to comprise inactive transactions. Here are the advantages of opening a business bank account in Dubai:
- Complete confidentiality for personal information. The Common Reporting Standard (CRS) Agreement forces banks to share the details if needed throughout the occurrences of any doubt or detection of false activities.
- Safe and secure online and phone banking system
- Secure and reliable transfer of capital in and out of the United Arab Emirates (UAE)
- Access to International Banks and their Services
- Almost all kinds of Currency Exchange choices are available.
- Credit/ Debit Card advantages and facilities
- Joint Account choices
- Online Banking and Mobile App based transaction
Business Setup Consultant Services for Corporate Bank Account in Dubai
To set up your business in Dubai, it is vital to open a company bank account. There are several businesses setup consultancy services that offer the best services for opening a corporate bank account. The team of experts will act as consultants for bank account opening in UAE and suggest the type of account and the bank depending on your needs. The business consultancy services offer the required help for bank account opening and will guide you through the complete procedure from filing applications to fixing appointments.