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Corporate Bank Account Opening Dubai

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Corporate Bank Account Opening Dubai

The UAE is very popular for its well-settled banking industry and the great level of privacy the banks offer their clients. The significant development of private corporations, clear public policy, and no taxation has shaped. Another major reason behind the huge demand for corporate bank account opening Dubai is the great level of privacy. If you are interested then Start Any Business here to help you during the process.

This confidentiality is one of the topmost reasons for the success of the banking industry of the UAE which is trusted and protected for your capital. Banking sectors comprise several KYC’ and documentation that are monotonous and with persistent requests to produce the applicable certificate for internal authentication and inspection method.

Start Any Business (SAB) offers all the banking assistance that you require while setting up a business or company in the UAE. Whether it is opening an account for your company or providing a bank guarantee, our company can help you in both conditions. Permit us to give you some details that you have to consider before opening a corporate bank account in this emirate.

The Steps for Corporate Bank Account Opening Dubai 

  • Get Your Business License 

Obtaining a business license is a crucial move while you make an application for a corporate bank account opening Dubai. Without a business license, the bank won’t identify you as a business and this won’t be possible to open a business bank account in this emirate.

  • Prepare Necessary Documents 

The next move will be to make sure that all necessary documents are in place for submission. The documents include – Completely filled application form, Emirates ID’s copy, and stakeholder representative, Memorandum of Association and Article of Association, Business plan, and more.

  • Check Visa Requirements 

The third move is to be sure that your stakeholders have to be a residence visa. A few banks will ask for a residency visa as residence proof from at least one stakeholder, while other banks cannot require it.

  • Choose the Bank 

After gathering all the essential documents, you need to look for a suitable bank for your financial needs. There are a variety of domestic and global banks to opt from. You also have to think about the eligibility criteria and income when you decide on the bank.

  • Application Process 

The procedure is usually carried out after a complete conversation with the branch officer that guides you on the methods to undertake the procedure. Once you have submitted all the documents, the bank would authenticate each information and verify on selection or rejection of the application. After approval, the bank collects background details about the applicant and its team. After that bank interviews the, and then a business bank account would be set up.

Facts to Consider Before a Corporate Bank Account Opening Dubai 

  • In case you have an LLC corporation in a free zone or mainland or even a subsidiary or branch, you can make an application for domestic banks for corporate bank account opening Dubai.
  • If you have SME or startup, your existence as a bank representative is also required for one day or only some hours for presenting the application and attesting the passport in the banker’s presence.
  • In terms of paperwork, you are to consider the commercial activity, a number of stakeholders, management’s business background, and business scheme for the new unit in the emirate.
  • Don’t worry about confidentiality. In current years, many contracts have been signed between UAE fiercely securing privacy, there are a few cases in which banks should collaborate with overseas departments.

Benefits of Corporate Bank Account Opening Dubai 

  • Company bank account in the emirate can be opened in multiple currencies, giving easy and smooth exchange of currencies.
  • This is easy for business people to maintain cash flow and transactions through a corporate bank account opening Dubai.
  • A corporate account assists a businessman to access tax disadvantages with a corporate account. This assists in handling virtually.
  • Getting business loans can be smooth for business people for their corporation or obtaining a credit card.
  • The help to global banks and their procedure is also smoothly completed here.

How Start Any Business (SAB) Help 

Start Any Business understand how important and time-consuming the procedure for corporate bank account opening Dubai, and the chances of the bank denying to open a business bank account for you. That’s why Start Any Business gives tailored solutions for each customer as per their business needs and makes sure to follow every minute of information hence we can complete for your smoothly. So, if you want to know more regarding the same, please contact us.

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Frequently Asked Questions On Corporate Bank Account Opening Dubai

This typically takes around 2 to 4 weeks to open a corporate bank account in Dubai. Although, this isn’t assured as each application is subject to a bank’s internal adherence and management approval.

There are many best banks to open a corporate bank account. In order to choose the best bank for your needs, you can consult with business setup consultants. They will help you in guiding the best bank to open a bank account in Dubai.

Usually, banks in the UAE give two types of current accounts, with and without salary transfers. In case you are employed, it makes sense to open an account with your corporation’s bankers. It is to make sure that you get the salary as quickly as it is transferred.

You need to submit essential documents required by the banks. You need to complete the eligibility criteria specified by the banks. Complete all the formalities specified by the banks. You can contact business setup consultants in Dubai to know more about it.

To open a personal bank account in UAE as a non-resident, the following documents are compulsory. Copy of passport with the UJAE entry page. An original copy of the reference letter. But as a citizen, you need to have an Emirates ID.

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