BANK ACCOUNT
Corporate Bank Account OpeningBank Account Opening
A lot of business people are interested to open a bank account in Dubai-UAE, everyone wants to open their personal and corporate bank accounts in Dubai, so they can secure their monetary assets.
When it comes to Corporate Bank Accounts you have a wide choice of UAE-based banks to open an account with.
Even though a saying says “Cash is King”, idle cash in the wallet is not the future of wealthy people. Making your money work while you sleep is even better.
There are several banks that offer some interest rates on your cash. But this little profit comes with charges when you don’t maintain a minimum balance in the account. Banks charge some fees for non-maintenance of the minimum balance in the account. Not all banks charge fees, there are few banks that provide Zero Balance accounts in UAE.
It is important to mention that the procedure of Dubai bank account opening for corporate use
differs from bank to bank.
Bank account opening in Dubai requires time in order to complete all necessary steps
of the application to open a bank account in Dubai.
The following section of information about opening a bank account in Dubai
will give you a greater understanding.
Bank Account in Dubai UAE – Presence Requirements
As per the legal protocol of the financial institutions of the United Arab Emirates, it is compulsory to be physically present in Dubai for UAE bank account opening. Else, the process will be considered illegal and the bank will not permit opening a bank account in Dubai. The reason for physical presence is that the original signature of the documents and personal identity confirmation is an obligatory requirement that allows the applicant to open a corporate bank account in UAE. However, most banks allow online applications for the pre-approval stage to open an account.
Internet Banking
Most UAE banks allow internet banking which allows access to the account while traveling oversea
Account Owner
If you are a single shareholder or a joined company owner, bank accounts accommodate many ways of setup
Currency
Most banks offer accounts in different currencies like AED, EUR, USD or SFR
We at IMA International Management understand how crucial and grueling the process of opening a corporate bank account in UAE can be, and the possibility of the bank denying opening an account for you.
This is why we seek a personal conversation to understand your business and offer you a customized solution according to your business requirements and ensure to comply with every minute detail so that we can cater to you seamlessly.
So, if you have any queries related to company formation in Dubai, UAE, or how to open a corporate bank account in UAE then contact us. For bank account opening keep your documents ready, most banks are asking for the following documents.
- Your Passport as Shareholder or Director or Manager
- Copy of the Emirates ID and shareholder representative
- Comprehensive CV
- Utility Bill or Letter for the accommodation of the General Manager
- Detailed business plan
- Info about the type of activities on the account
- Last 6 months personal bank account as well as corporate bank account statement (if your company is not new)
- List of the names of at least 5 suppliers and 5 customers
- Disclosure of the source of funds
- Existing contracts with Partners
- Complete set of certified company incorporation documents
- Memorandum and articles
- Certificate of incorporation
- Shareholders registry
- Company extract
- Certificate of good standing
IMA Specialities
The business landscape has changed over the last decade. While traditional financial services are battling decentralized financial services and alternative payment solutions we understand the need and help you to find the right product and service for you.
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Bank Account Opening
Challenges you might face while opening a corporate bank account in UAE
Entrepreneurs or SMEs may face hurdles while opening a corporate bank account in UAE. We want to share some experiences we had in the past with you and give you knowledge how you can navigate around them:
- Regulatory requirements and compliance are tight and the UAEs commitment to fight financial crimes like money laundering, these effects also the bank account opening process.
- You as an entrepreneur need to prove your credibility while applying for opening a corporate bank account in UAE. You are required to prove good know-how of the industry in which you plan to open a business.
- Some banks in UAE require you to have a residence visa if you’re a resident applying for a bank account in addition to a local address in the UAE.
- If you plan to operate a physical office be prepared that some banks will send an Inspection officer to the address as mentioned in the documents submitted to verify the presence of the physical office.
- At any cost, you as an investor should have all information about the business ready to be presented to the banks. Incomplete information can lead to refusal of the bank in opening a corporate bank account in UAE.
- Avoid conducting business in high-risk areas or countries (embargo countries like Iran or Sudan should be avoided).
- If your Nationality belongs to a high-risk country, then be prepared that opening a corporate bank account is a big hurdle in the UAE.
- The majority of banks will require you to have a minimum balance of AED 25,000 to AED 50,000, depending upon the bank you pick to open an account in. A best practice is to pay in the shared capital on opening a corporate bank account into the bank account.
We have a team of expert professionals that possesses relevant experience in this domain. Our professionals work in close coordination with the clients and carefully analyze their specific requirements.