in the UAE
Find out more about the procedure of setting up
a corporate bank account in the UAE below!
Why open a business bank account in the UAE and what bank to choose?
Once you finish setting up or relocating your business to the UAE, you will need to consider opening a corporate bank account since it will be necessary to manage your business activities, send and receive money. There are around 50 different banks you can choose from, either local banks such as Emirates NBD, Mashreq, United Arab Bank and many more or branches of international banks like HSBC and Barclays.
We can help you figure out what bank to choose based on your business activity and all your needs! Contact us now!
Who can apply for a business bank account in the UAE?
Any entrepreneur/shareholder of a UAE-based business can apply, but to qualify for a business bank account in the UAE your organisation has to comply with the criteria established by the bank of your choice. A lot of banks require their foreign clients to make a deposit or maintain a minimum average balance. Some banks require their clients to provide bank statements of their savings accounts and a profile of potential clients and suppliers for a full KYC.
How to apply for a corporate bank account?
Every bank in the UAE, even the international branches, fall under the regulation of the Central Bank of United Arab Emirates. Since over the past few years regulations have gotten more strict, the process of applying for a corporate account has become more tricky and time-consuming.
You have to keep in mind that some banks refuse to issue corporate bank accounts to companies that are located in certain jurisdictions/free zones. The most cost-effective freezone is not always the best way to go. We will gladly help you choose the right freezone for your business activity!
In general, to apply for a corporate account the following documents will be required:
- Corporate documents including valid business license
- A comprehensive CV for each shareholder
- Utility Bill and Personal Bank Statement
- Corporate Bank Statement
- Passport copies for each shareholder
- Copies of contracts and agreements with suppliers/clients
Remember, that each bank establishes their own requirements and may request additional documents.
You may also want to consider other things, such as:
- How to open a personal account?
- How to apply for a visa?
- How to relocate yourself/your family to the UAE?
- How to buy/rent property without being scammed?
- How to benefit from tax exemption?
- How NOT to spend a fortune on all of the above?
Just leave the bureaucracy to us!
Doing it all yourself will take you a lot of precious time and money. We can help you save both!
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