How You Can Open A Company Bank Account In UAE

1. How You Can Open A Company Bank Account In UAE Presentation By Start Any Business

2. Introduction The United Arab Emirates (UAE) is famous for its renowned banking industry, and the high level of privacy banks offer their customers. The UAE has a booming economy and is home to massive populations of expatriates from across the globe. Most of the entrepreneurs and traders move to UAE for business. If you are planning on doing business in the UAE, you also need to open a bank account. Once your business or company is set up in Dubai, the next step to consider is the corporate banking options available to you and your company. If you are wondering how you can open a company bank account in UAE, there is no need to worry as here we highlight the complete guide to open a bank account.

3. Introduction Opening a UAE corporate bank account can be stressful for entrepreneurs. Newly implemented guidelines, ever-changing compliance regulations, and international banking protocols combined with the banks’ expectations over recent years can make it very time-consuming. The entrepreneurs might find the task of obtaining banking much more monotonous than the form filling and compliance checks that were needed for their company set up in Dubai and other emirates of the United Arab Emirates (UAE).

4. Documents Needed For Opening ACompany Bank Account In UAE • Copy of MOA • Trading license • Passport with UAE entry page of shareholders • Share certificate • Emirates ID of shareholders (If shareholder have UAE residency) • Visa Page of shareholders (If shareholder have UAE residency) • Incorporation certificate • Banking statement of shareholders dating back to the last six months • Name of existing or prospective customers • Utility bill of shareholders showing address proof • Corporate legal documents and bank statements (If a shareholder has a company outside UAE)

5. Company Bank Account Recommendations When you are looking to secure a regional business bank account, then you must take the following steps to open a company bank account in UAE. 1. Keep A Residential Address It’s vital to secure a local residential address to prove your dedication to the country and the local economy. Bank signatories should also have a UAE visa and Emirates ID to enhance their opportunities for approval. 2. Signatory Should Hold Shares Share ownership must be regarded when setting up an account. For international corporate and holding structures, the bank account signatory should have the company’s shares in the trust to open the account initially. After this is done, the claims can be assigned to your preferred holding structure.

6. 3. Solid Business Plan Create a robust business plan to make sure the best opportunity of opening your bank account. Your project doesn’t have to exceed three important information pages detailing who you are, where you come from, and your business purposes. It is also suggested you create a landing page or website that confirms your suppliers and customers and secure physical offices in the most suitable location. Choosing for a free zone that matches your brand and persistence could also encourage your application’s viability. 4. Offshore Versus Free zone Viability It would help if you familiarized yourself with the differences between offshore and free zone companies. Given the reputation of offshore banking scandals in recent years, UAE banks often negatively view local and international offshore companies. In this context, UAE banks usually only want to offer their services to local offshore companies under particular strict and structured events.

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