One of the important steps, after you set your business in Dubai, is to open a corporate bank account for your business.
Corporate Bank Account Opening in Dubai
Dubai’s economy has been on a rise for quite a long time now with real estate improvements and an increased tourist demand. The financial outlook is also appearing strong, it’s no surprise more and more foreign businesses are looking to incorporate in the UAE. One of the important steps after you set your business in Dubai is to open a corporate bank account for your business. While the overall safety of banking in Dubai is attractive, opening a bank account in the emirate as an international company can present some hurdles. However, the process isn’t impossible, and many businesses start banking in Dubai every day.
Banks in Dubai
Dubai is a home to many national and international banks. The top options for choosing a local bank are as follows,
- Emirates NBD
- Abu Dhabi Commercial Bank
- Mashreq Bank
- United Arab Bank
- First Gulf Bank
- Commercial Bank of Dubai
Major foreign banks that open accounts for companies registered in the UAE include:
- Standard Chartered Bank
How to Open a Bank Account in Dubai, UAE?
The requirements for opening a bank account in Dubai vary from bank to bank, but during the process the presence of a shareholder and director is typically required. Sometimes attorney’s can set up accounts on their clients behalf, though this isn’t often the case. Here are the steps you must follow while opening a bank account in United Arab Emirates.
- Fill an account opening application form which will be supported by detailed company records. That information can include proof of business, like contracts and invoices, as well as information about the clients and suppliers
Attach the following documents with the application form and submit it to the officials.
- The passport (with residency visa) of the company’s shareholder representative
- Copy of the Emirates ID card of the shareholder representative
- Passport copy of the company director
- Information about the type of activities on the account
- Disclosure of the source of funds
- Existing contracts
- Reference letters from business partners
- Business plan
- Full set of certified company incorporation documents
- Memorandum and articles
- Certificate of incorporation
- Shareholders registry
- Company extract (from the official companies registry)
- Certificate of good standing
- After submitting the documents the bank will authenticate every detail submitted and approve or disapprove the application
- If the application is approved, the bank will gather background information about the applicant’s management team, including shareholders and directors. The information gathering process will also encompass the financial projections
- The final step is interview. The bank will conduct an interview with the applicant. Once this stage is successfully completed, the business bank account will be established
Banking in Dubai is known to be fraught with fees, and it’s always a good idea to get a full list of potential charges before choosing where to open your business bank account.
Benefits of Opening a Business Bank Account in Dubai
- Zero taxation
- Non-restrictive banking options
- Dedicated regional manager
- Easy international access
- Easy transfer of funds
- Mobile and Online Banking
- High level of secrecy
- Flexible investment period
- Asset management is available
Offshore Bank Account in Dubai
An offshore bank can be difficult to open in Dubai than any other major financial markets like Hong Kong or Singapore, but Dubai offshore banking is still preferred option for a few investors because of the reasons like,
- Secure, stable and reliable banking option that can help gain a strategic presence in an emerging financial market
- One can track transactions worldwide via internet banking which is available in most offshore banks
- Is it flexible and does not have any restrictions on fund transfer
Dubai Islamic Bank Account Opening
There are a number of banks offering Shariah compliant products in the UAE, you can choose from a wide range of Islamic bank accounts such as savings, current and deposit accounts. The process of applying for an account may differ across banks. You can visit any Dubai Islamic Bank branch and submit an application. You will be required to submit the necessary documents such as copy of the Emirates ID, visa and passport copies along with the originals. A recent salary certificate from your employer is also needed. You can also use phone banking or live chat if you have any queries and need assistance before visiting the branch.
All in all, opening a business banking account in Dubai should be a fairly a painless process with plenty of options for choosing the right account for your business.
Setup Dubai Company is a platform the help you start a business in the United Arab Emirates. Our advisors will take care of the entire bank opening process right from helping you select the bank account to collecting all the necessary documents and submitting the same to the bank of your choice. Contact us today- we’d be happy to help you.