Opening a corporate bank account is an obstacle that you should definitely tackle before going ahead with any professional activity. A bank account in UAE that is approved by the government is necessary for establishing a business setup in Dubai. The governments of Dubai and the United Arab Emirates offer all the assistance needed to maintain a prosperous and trouble-free business environment in the city. The city’s modern and effective financial system also offers all the ideal circumstances for setting up a business in Dubai. Business setup consultants in Dubai can assist you in locating the ideal bank based on the operations and processes of your company. The perks offered by each bank are related to a certain corporate setup in Dubai. Aside from hassle-free banking, the leading banks in Dubai provide all the guidance and support that ambitious business owners desire.
In addition to having excellent digital and mobile banking capabilities, banks in the UAE are actively pursuing the adoption of cutting-edge technology like blockchain and artificial intelligence. Unquestionably, the financial convenience provided by banks in the UAE makes it easier for international business owners to incorporate in Dubai. The process of obtaining corporate banking may be significantly more onerous for company owners than the paperwork and regulatory tests needed for business setup in Dubai. Every bank uses unique processes that change based on the most recent technology and regulations. In this article, we’ll go through everything you should keep in mind before establishing a business setup in Dubai.
Steps to Open a Bank Account in UAE
Getting a Business License
The first step in setting up a business in Dubai is to obtain a valid business license. This license is a crucial component in the process of opening a corporate bank account in the UAE. Without it, the bank will not recognize your business, and you will not be able to open a corporate bank account. A business license is proof that you are operating a legitimate business in Dubai, and it is a necessary requirement for opening a business bank account in the city.
Ensuring Legal Documents are in Order
The next step is to make sure that all your legal and business documentation is in order. This includes, but is not limited to, a fully completed application form, a copy of the Emirates ID, the name of the shareholder representative, a business model, memos, articles, etc. In general, the paperwork required for opening a corporate bank account in Dubai consists of:
- Copy of the Emirates ID card
- Company Trade License
- Certificate of Registration
- Lease Agreement
- Passport copies for shareholders and authorized signatories
- Company Memorandum & Articles of Association
However, it is important to note that the exact list of required documents may vary depending on the bank.
Visa Requirements for Business Owners
After submitting the required legal and business documentation, it’s important to ensure that visa requirements are met. Shareholders must apply for a resident visa and provide it to the bank, although this may not be necessary for all banks. However, some banks may require evidence of residency from at least one shareholder. Seeking the help of business service consultants in Dubai can simplify this process.
Choosing the Right Bank
Before choosing the right bank to help establish your business in Dubai, it’s helpful to understand the different types of banks in the UAE. The country has four types of banks: commercial, industrial, merchant, and Islamic, all regulated by the Central Bank of the UAE. The conventional banking sector in the UAE is dominated by larger banks, with the five largest banks accounting for over 60% of the sector’s assets. On the other hand, Islamic banking makes up 19% of all banking assets in the country, with eight full-fledged Islamic banks and 23 conventional banks offering Islamic windows.
Expats looking for a bank in Dubai have several options, including
- Emirates National Bank of Dubai (ENBD)
- Abu Dhabi Commercial Bank (ADCB)
- Dubai Islamic Bank
- Standard Chartered
- Abu Dhabi Islamic Bank (ADIB)
- Mashreq Neo.
When selecting a bank, it’s important to consider eligibility requirements and income, as well as the specific needs and operations of your company. Business consultants in Dubai can assist in finding the best bank for your business.
The Corporate Bank Account Opening Process in Dubai
To open a corporate bank account in Dubai, you typically start by speaking with an adviser or bank representative who will guide you through the process. They will need to receive a completed application form, along with the required documents. The bank will then verify all the information and make a decision on whether to approve or reject the application. If approved, the bank will conduct an investigation into the company’s management team, shareholders, and directors. The final step is an interview with the bank, where they will ask questions to determine the company’s profile. Once everything is complete, the corporate bank account will be opened.
Documents Required for Corporate Bank Account in Dubai
The following documents must be authenticated and submitted to the relevant authorities for opening a corporate bank account in Dubai:
- Copy of Emirates ID and shareholder representative
- Utility Bill
- Detailed business plan
- Information about the type of activities to be carried out in the account
- A list of at least five suppliers and five customers
- Declaration of the source of funds
- Full set of certified company incorporation documents
- Shareholders registry
- Company extract
- Certificate of good standing.
How BizVibeZ can Help you Establish a Business in Dubai
In Dubai, BizVibeZ has established itself as one of the city’s most trusted business consultants. We have helped many eager entrepreneurs bring their dreams to life and, more importantly, succeed. A reliable bank account is crucial for setting up a business in Dubai.
The risk of rejection is high when opening a bank account. In line with the policies of the chosen bank, we offer the best options. We take care of all the details and maintain transparency in all our client interactions. It is essential to seek advice from credible sources in the city. BizVibeZ excels in explaining changes in legislation and the importance of compliance. Why settle for less when you can have access to trusted specialists? By working with BizVibeZ, you can save time, money, and stress when starting a company in Dubai. So why wait? Give us a call today.