Open Business Bank Account
Steps to Open a Business Bank Account in the UAE
For investors and businessmen, the UAE has opened its doors to a variety of exciting business opportunities. Everyone who wishes to run a profitable business dreams of setting up a business in the UAE.
Many companies find the UAE to be a successful commercial center. Therefore, setting up a business anywhere in the UAE becomes essential for entrepreneurs. However, opening a business bank account is one of the most essential steps to take before starting a company in UAE.
Are you searching for a reliable method to save money while protecting your privacy? In recent years, opening a corporate account in the UAE has become easier, and it is strongly recommended for any developing business. Moreover, a few guidelines should be followed while opening a bank account. To make the process flow more smoothly, you might contact a business consultant in the UAE.
Steps to be taken while opening a bank account
Acquire a business license
Obtaining a trade license is a necessary step in the process of opening a bank account. Without a license, the bank will not identify you as a business, and you will be unable to open a corporate account in the UAE.
Place Related Legal and Corporate Documentation
Before filing the legal and corporate documentation, double-check that everything is in order. A properly filled registration document, a proof of Emirates Identification, and the identification of a shareholder representative, for example with business strategies, memos, publications, and so on.
Review the visa needs
Following a detailed review of the documents, the next step is to determine whether your investors, too, require a resident visa. Some banks may need verification of residence from just one investor, whereas others may not.
Select a bank
After you have all of the relevant documentation, you may seek a bank that meets your requirements. There are numerous regional and global banks to select. When deciding on a bank, you must also examine the eligibility conditions and income.
Procedure for Applying
Typically, this procedure involves a thorough discussion with an adviser or a financial institution that advises you on how to proceed.
The above files, along with a properly completed registration form, must be presented to the officials. Following that, the bank will confirm every detail and check whether or not the application is approved or denied.
Upon approval, the bank receives the details about the applicant's management team, investors, and trustees.
The interview is the last stage. The candidate is interviewed by the bank. The bank account is opened after the paperwork is finished.
Vital documents to create a business bank account in the United Arab Emirates
The below documents are necessary to create a business bank account in the UAE including both locals and non-residents.
- Share certificate
- Trading license
- MOA/AOA photocopy
- A photocopy of the Emirates ID as well as the investor representative
- The Utility Bill for address proof
- Comprehensive company strategy
- Information regarding the user's account activity, including banking statements for the last 6 months
- Make a list of at least five providers and five buyers
- The source of funding must be disclosed
- A complete set of official business incorporation documentation is provided
- Registration of Stockholders
- CV of applicant
The time limit for opening a bank account is not defined. Each bank has its own internal processes and schedules for opening accounts. Opening a business bank account for an LLC or a Free Zone business in the UAE normally takes 2 to 4 weeks.
Perks and Features of a Corporate Business Account
- Safety and Security
- Minimum Account Balance
- Accept a Number of Currencies
- Chequebook Service
- Purchase Power
- Overseas Business Transactions
- Digital Funding Access
- Appealing Interest Prices
Top 5 Banks in UAE for Business Accounts
- 1. Emirates NBD
- 2.. Mashreq Bank
- 3.. Abu Dhabi Commercial Bank
- 4.. Commercial Bank of Dubai
- 5. Abu Dhabi Islamic Bank
- 6. Dubai Islamic Bank
The need to open a corporate bank account becomes necessary when you set up a new business in the UAE. The procedure is simple yet time consuming. Therefore, hiring a business consultant will help you get the work done.
OBKBC is a reputed business setup consultant in the UAE. Our professional assistant works hard to help our national and international business clients with money management and foreign business issues.