Banking Services in Dubai – Process of Opening a Business Bank Account in UAE
Dubai is an attractive investment destination for entrepreneurs from around the world. The vibrant economy and foreign population make Dubai one of the best options for settling down, working, or doing business. Investors can also open a Business Bank Account in UAE without hassle.
So, for the companies operating in Dubai to conduct financial transactions, having a business bank account is an essential requirement. The investors can open new startup companies and have a bank account for their company.
Dubai provides a lot of business benefits for investors. Also, the top-notch transport network, luxurious lifestyle, tax-free personal income, robust law and order system, etc., make Dubai the prime choice to set up a new company.
Additionally, the business owners would be required to open a corporate bank account to run their daily business operations. For that investors can choose from UAE banks and also a variety of international banks having a presence in the country.
How to Open a Business Bank Account in Dubai?
The network of banks in Dubai, UAE offers a variety of investment products to business owners. They all offer reliable and top-class services to business owners.
The banking network in Dubai is excellent with a vast number of banking products that are beneficial for the investors such as business loans with low interest rates, credit cards with many attractive offers, and more.
AURION being the pioneer in the field of business consulting and having more than 17 years of expertise in management consulting, has a long-lasting relationship with all of the major banks in the country.
So, our team of Business Consultants will guide you with the right choice for all your business banking requirements. Ranging from business loans to credit cards, the banks in UAE will offer business owners a host of banking products to choose from for their company.
The Process of Opening a Business Bank Account in Dubai?
The business owners must follow a process for opening a corporate bank account in Dubai. They can get expert assistance from Business Consultants such as AURION. So, for opening a bank account in Dubai, they must have a few documents ready as well as clear a KYC (Know-Your-Customer) exercise.
1. Select the Right Bank
There are a handful of national and international banks that have a presence in the region. Each offers a variety of banking products for the business owners. Hence, businesses must make a wise choice when onboarding them with a bank in the UAE.
Also, there is an eligibility criterion to qualify for a bank account in the UAE. Furthermore, a Trade License, UAE residence visa and local address are required for the bank account opening. Additionally, there is a minimum balance requirement in most of the banks.
2. Get the Trade License
Obtain the Trade License from any of the Free Trade Zones or Mainland of UAE. Depending on the chosen Free Trade Zone and the nature of business activity, the banks in UAE will offer the right banking solution.
3. Prepare the Documents
There are certain documents required to open a business bank account in Dubai. To strengthen the profile the bank would need proof of the business, any contracts or invoices, company; supplier details and more.
Again, only a few banks ask for all those details, it depends on the investment and nature of the business. In general, the banks will request for submitting a copy of Emirates ID, Company Trade License, Incorporation Certificate (if any), Lease/Tenancy Agreement, Shareholder details – passport copy, photographs, authorized signatures, etc.
Additionally, the banks will ask for the shareholder’s bank statement, Company Memorandum, Power of Attorney (if any), and the suppliers/buyer’s information. With the help of expert Business Consultants, they can prepare all the required documents for the opening of the bank account.
Challenges in Opening a Corporate Bank Account in Dubai, UAE
Many startups and businesses have challenges while opening a business bank account for their company. Sometimes the bank account opening will take months and have strict KYC norms.
Bank Account opening is essential for the company to conduct its commercial activities. There are various reasons why the bank account opening is a challenge in Dubai. A few of the reasons are:
- Strict regulatory compliance and laws like the Anti-Money Laundering (AML)
- Proving the owner’s credibility as a business owner
- Weak business plan and trade forecasts
- Absence of a physical office space
- Meeting the minimum balance requirement
Few banks in UAE will have a stricter KYC in place for Free Zone companies with Virtual Offices. It could be a challenge to open a corporate bank account with a virtual office in a Free Trade Zone.
However, with online banking services from Mashreq – The Mashreq Neo, and RAK Bank’s RAK Starter, as well as WIO Bank. So, even though there are strict regulations, by producing the right documentation, the company can open a business bank account for their company in the UAE.
Our team can help you with the right bank account in the UAE. The KYCs and other regulations will help to safeguard and ensure the transactions are clean. Any scams or unauthorized accesses will be denied and thus secure the banking transactions.
How AURION will guide business investors?
AURION has extensive experience in dealing with international and local business regulations. The team will help in opening the Business bank account in UAE. By analyzing the specific business requirement the team will provide the right option for the business owners.
The team will liaise with the banking experts and put the application across for review. We will ensure you obtain the bank account for your business. Get end-to-end business and banking consulting from AURION.
We handhold you in every stage of company formation, visa processing, legal documentation, special approvals, bank account opening and more. Connect with us for a business consultation and for opening a bank account in Dubai, UAE. We will help you realize your dreams easily.
