The United Arab Emirates is well-known for its renowned banking and the high level of secrecy afforded to its customers. The UAE’s economic environment has been formed by the phenomenal rise of private firms, clear state policies, and a 0% corporation tax rate. An efficient financial system creates favorable conditions for businesses to boost the country’s economic growth.
Some basic Requirements For Opening a Bank Account in Dubai are-
- Business License Copy
- Trade License Copy
- Shareholder Certificate
- MOA and AOA
- Bank account opening form
- Passport Copies
Some Important points To Consider Before Opening a Business Bank Account
- If you are a new startup company, you will also need to show your presence as a bank signatory until your passport gets verification.
- If you run an LLC or mainland or a subsidiary company, you can open a local bank account.
- In terms of documents, you must examine the company operations, the number of shareholders, the management’s business background, and the business strategy for the new organization in the UAE.
- Several treaties have been made between the UAE and other nations to combat tax evasion. These agreements indicate that, while banks must safeguard their customers’ privacy, they must also assist foreign authorities in certain instances.
Cost For Opening a Bank Account
Like other banks in other countries, the good news is that UAE local banks do not charge any fees to open bank account in dubai. All local banks must maintain a minimum monthly average balance, and each bank has different minimum monthly intermediate balance categories.
Process To open a Business Bank Account in UAE
The banking business in the UAE is known for its stability and security. Together with dependability and excellent service, these characteristics make UAE banks recognized across the world. If you want to run a business in the UAE, you must create a corporate bank account in Dubai or the UAE, as any reputable business setup experts in the UAE will tell you.
Get a Business License
It is the initial stage in forming a corporation in the UAE. After registering your firm in the UAE, you will need to get a legal license. Without a license, no bank will recognize you or allow you to create a corporate bank account. To have this done, you need to contact reputable business establishment specialists in Dubai.
Get Necessary Documents
Specific papers must be submitted to open a bank account in Dubai. The documents include proof of business, such as contracts and invoices, and information on the company’s clients and suppliers
The list of documents you will require is-
- Lease Agreement
- Passport copies for shareholders
- Copy of the Emirates ID card
- Company Trade License
- Company Memorandum & Articles of Association
- Certificate of Registration
Select Right Bank
Please select the right bank for your needs because it is an essential but sometimes neglected part of establishing a business in Dubai. You should also check into the qualifying conditions that various banks impose to locate one that you can meet. Most banks in Dubai will require a resident visa as well as a local address in the UAE. Another item to consider is the ongoing minimum balance that you must maintain.
The banks available in UAE are as follows-
- RAK Bank
- United Arab Bank
- Commercial Bank of Dubai
- Emirates NBD
- Abu Dhabi Commercial Bank
- Mashreq Bank
- First Abu Dhabi Bank
Follow Application Process
It is now time to start the formal account opening procedure. It is typically best to go to a bank location and chat with an advisor who can address any questions you may have. You may proceed with the procedure after they tell you what to do.
Conclusion
If you follow these instructions and criteria, you should be able to open your UAE bank account within a month. Again, to minimize delays, make sure your paperwork is prepared correctly and filed before sending them. We need to emphasize this since we’ve had some clients who had to wait for many months simply because they tried to create the bank account themselves, and it took them a long time.