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Opening Company Bank Account In Dubai

The United Arab Emirates (UAE) is known for its financial industry and the elevated level of security the banks give their customers. The development of privately owned businesses and Zero percent tax rate has transformed formed the monetary scene of the UAE. It offers a proficient financial framework for organizations to work and contribute to the monetary development of the nation.

The nation has attracted many business owners to invest in the land of Dubai, UAE. This has led to open bank accounts for corporate. These companies manage their entire financial transactions through a corporate bank account. However, the banks also welcome individuals to open and maintain an account. Opening a company bank account in Dubai for business has a particular procedure to follow.

Steps To Open a Corporate Business Bank Account In Dubai

If you own any business or a registered branch or subsidiary company, you need to have an active business account. Opening a business bank account in Dubai is available for Free zone companies and offshore companies. The requirement to open a bank account varies from bank to bank. Here are the steps you must follow while opening a business bank account in the UAE.

Fill an Account Opening Form:
The banks will provide you an account application form which is supported by several documents. You need to attach various documents that prove the existence of the business.

Requirements (Documents to be attached)

Authentication By The Bank:

Each document you submit is verified by the bank. Any variance in the document can disapprove your application.

Background and Business Check:
If the application is approved by the bank, it will conduct a background check of the company and its officials. The bank will scrutinize the management team, the business details, and authenticate the company’s shareholders’ details. This background check can also encompass the financial stability of the company.

Final Interview Is The Last Step:
If the bank authorities are satisfied, they give further clearance for opening an account. The final step is the interview with the applicant where bank officials can clear their queries; ask them for any other requirements, etc. The process to establish a business bank account is complete.

See the Charges involved:

It is a good idea to know in advance the fees and fines involved in the business account. It is necessary to check any initial deposit amount required, or the transaction frequency, limitation on account withdrawal, etc. Get a list of potential charges beforehand and read the terms and conditions in detail.

So, if you own a business or planning to set up the same, you must have a business account in Dubai, UAE. With zero taxation, the nation welcomes business giants from every corner.

 

Frequently asked questions

Opening a company bank account in Dubai follows a stepwise procedure. The owners of the company need to fill the application form and attach supportive company documents for verification. The bank authorities will validate and verify those documents and conduct a background check. After the verification, the authorities interview the owners to clarify any doubts or inquiries if any. After this last procedure, the bank allows opening business account in the UAE.

There are a set of documents required for opening a business bank account in Dubai. They are:

  • Passport of the directors and shareholders
  • Residence visa of the directors and shareholders
  • Company incorporation documents (MOA and AOA)
  • Copy of business contracts
  • Copy of ID’s of company officials
  • Incorporation documents

It depends on the sole discretion of the bank whether they want to open your account as a non-resident. Many banks limit such types of accounts.

Yes! You can open a business bank account from India by proffering them the documents related to ID proof, address proof, 2 months old bank statement, KYC documents, etc. But you will have to visit Dubai after the clearances are done. The bank requires your physical presence for the interview session.

  • The most popular top three banks that serve best for opening a business account are:
  • Emirates NBD;
  • Mashreq Bank;
  • Abu Dhabi Commercial Bank.

A lot of banks in the UAE offer low to zero balance business account to maintain easy money flow. You can deposit and withdraw any amount from such business accounts as per your use.

The Emirates NBD Bank Account is considered the best bank for LLC. It is packed with digital services like online transfers, online banking, bill payments, etc.

  • For a small business, there are three main factors to consider a bank for financial operations.
  • It should offer flexibility in transactions
  • It should offer no-fee business checking accounts
  • It should be easily accessible and open to provide small business loans or small business credit cards.

Yes! You need to have an LLC or branch office or any subsidiary branch of the business to open a business bank account in Dubai, UAE.

To open a business bank account you need to have all the relevant incorporation documents of the company. It should be accompanied by ID proofs of the company’s officials along with contract papers. The bank validates these documents to open a business bank account.

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