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Corporate Bank Account Opening in UAE
Opening a Corporate business bank account in the UAE is useful when setting up your business in Dubai. There are some procedures to follow while opening a corporate bank account. To make the entire process easier, you should require the services of a reliable business consulting firm. Expand Corporate Services is a UAE based business consultancy firm that can make your bank account opening easier for you by handling all the hard work. We have been in the market for more than 25 years now and have become the most trusted firm for all types of consultancy services from business setup services, branch office establishment, PRO services, translation and attestation to bank account opening all under one roof.
How to open a business bank account in Dubai?
Although all banks are regulated by the Central Bank of UAE, they each have their own compliance department and their own specific policies. For starting the account opening procedure however most banks follow the same procedure.
Below are the steps to get started with your business bank account in UAE
Obtain your trade license
If you would like to open a business bank account in any UAE bank then the first thing is to get your UAE trade license otherwise the bank will not consider you as a business without a trade license which is a legal requirement.
Choose your bank
There are many national and international banks in UAE offering corporate bank account opening services in UAE and each bank has its own requirements. When selecting a bank make sure you also examine the eligibility criteria and income.
Double check your legal and corporate documents
The next important step to gather all legal and corporate documents in place before submitting them.
Once all requirements are fulfilled the bank will then examine every piece of information whether to accept or reject the application. As a final step the bank will interview the candidate. Once all the requirements are completed the corporate bank account will then be established.
Benefits of Opening a UAE business bank account
- Zero taxation
- Dedicated regional manager
- Easy international access
- Non-restrictive banking options
- Easy transfer of funds
- High level of secrecy
- Mobile and Online Banking
- Asset management is available
- Flexible investment period
Required documents for corporate bank account opening in Dubai
Below are the documents required to open a corporate bank account in UAE.
- Utility Bill
- Emirates ID Copy and shareholder representative
- A detailed business plan
- Detailed information regarding the type of activities on the account
- A list of the names of at least five suppliers and five customers
- Complete set of documents for certified company incorporation
- Disclosure of the source of funds
- Company extract
- Shareholders registry
- Certificate of good standing
Expand Corporate Services is a Dubai based business consulting firm with more than 25 years of experience in the local market and have successfully helped many businesses in setting up their businesses, provided them reliable and cost-effective PRO services, translation services, tax and accounting services and also in bank account opening.
Expand Corporate Services can help you with your application fast and efficiently and will also help avoid certain pitfalls, avoid possible rejections, and speed up the process.
There is no fix time duration for opening a corporate bank account in Dubai and normally it can take between 2 weeks to 3 months.
In UAE, local banks do not charge any fees for opening accounts. Each bank has its own terms and conditions for maintaining minimum balance. This balance could range from AED 50k to AED 500k for local UAE banks.
Each bank has its own set of eligibility criteria for opening a corporate bank account in UAE. Few of these are listed below:
- The company must keep a specific minimum monthly balance in its bank account as per requirement.
- Many banks require the organization to hold a savings or current account to qualify for a business account.
- There may be additional requirements specified by the bank.
We appreciate your time and your business, so we offer you a rapid yet a detail-oriented service. Contact us today for opening your bank account with any bank in UAE.
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