Opening A Business Bank Account In The UAE For Entrepreneurs
If you are planning on starting a business in Dubai, a vital step of the company formation process is to open a business bank account. Opening a corporate bank account in the UAE will allow you to seamlessly conduct all transactions that you need for your company. It will also help you easily manage money in different currencies and send money back to your home country.
On top of all that, there are a ton of benefits of company bank account opening in Dubai. The Emirates is chalk-full of local and international banks that offer fast service, 100% transparency, and multi-currency banking facilities.
So, if you are an entrepreneur looking to open your bank account for your newly established business in UAE, keep reading! Here is everything you need to know.
Benefits of Business Bank Account Opening in UAE
The banking sector in Dubai is very strongly established and offers a ton of advantages to entrepreneurs and business owners with corporate accounts.
Here are just a few of the advantages of opening a company bank account in the UAE:
- Full confidentiality of your personal information
- Safe and reliable transactions
- Ease in transfer of capital from and to Dubai.
- Maximum security financial system – no risk of theft or fraud
- Multiple international currency exchanges available
- Easy access to utilize the services of international banks
- Safe and secure online and phone banking system.
- Loan facilities and credit card with added benefits
- Plenty of UAE banks offer nominal minimum account balance
- Dedicated and round the clock support for all your banking needs
- Large range of local and international banks in UAE to choose from
- Easy access to company funds even on-the-go
Steps for Company Bank Account Opening in Dubai
In order to be eligible to open a corporate bank account in the Emirates, you need to have proof of owning a business in the region. This is primarily done by presenting your valid trade license. After that, the process of opening your account should be fairly quick and easy.
Here’s a quick overview of the steps to open a bank account in UAE:
- Obtain the valid trade license in Dubai from Mainland, Offshore, or Free Zone’s in the UAE
- Obtain the residency visa for yourself and all company shareholders.
- Choose your bank of choice. The UAE offers many local and international banking chains to choose from. An expert business setup consultant can help you find the best bank for your needs.
- Complete the application form and submit all necessary documents to open the corporate bank account. Documentation may include:
- Emirates ID of all shareholders (Original and Copy)
- Valid passport of shareholders and company directors (Original and Copy)
- Residency visas of all shareholders
- Business plan
- Memorandum of Association and Articles of Association
- Registry of shareholders
There may be more or less required documents, depending on the specific nature of your business activities and the bank that you choose. An expert company setup consultant in Dubai can help you obtain and submit the right documents.
Eligibility Criteria for Opening a Business Account for Entrepreneurs in UAE
All banks have certain eligibility criteria that must be fulfilled before you can open a company account. Luckily, the UAE offers minimal roadblocks, and the eligibility conditions are simple and straightforward.
Here are the criteria for opening a corporate bank account in UAE:
- Minimal Initial Deposit (amount varies from bank to bank)
- Minimum average balance (to show consistent balances and transactions)
- Know Your Customer (KYC) documentation (an accurate profile of your existing and potential customers and clients)
Open Your Company Bank Account in UAE Today!
As you can see, opening a bank account for your new business in the UAE should be fairly easy. Not only is the setup process very simple, but it will provide many long-term benefits that will ensure that you can conduct business transactions seamlessly. Here at Blue Kryon Consulting, we offer premier bank account opening services. Contact us today to get started!
