Free Zone Company Bank Account in the UAE

by Zaara 25, Mar 2022

Free Zone Company Bank Account in the UAE

A freezone company requires a bank account to make deposits and to handle other money matters. If you own a buy or sell company or another, opening a freezone business bank account is a challenging job to do. It is when you need help to open an expert account to get through the problems quickly.

Advantages Of Bank Account Opening In UAE

  • Effectively manage your money.
  • Helps your company grow productively
  • Company finances quickly administered.

Essential Requirement to Open your Bank account in the UAE

Personal Bank Account Opening Requires the Following Documents:

  • Letter of Reference to the Bank
  • Candidates Valid Copy of Passport
  • Utility Bill Latest Paid
  • Private 6-month bank statement

Free Zone Company Bank Account Requires the Following Documents:

  • Candidates or shareholders business profile
  • For opening the Freezone Company Business Bank Account, the tenancy contract Ejari or Business Center Office Lease agreement is essential for an office inspection.
  • Trade License required to open a Business Bank Account.
  • It all depends on which freezone you have your licence to display your Articles of Association or Certificate of incorporation.
  • One of Passport Copy and Residency Visa shareholders along with Emirates id is mandatory (if applicable)
  • MOA (Memorandum of Association)
  • Company Name of Three Suppliers & Name of Three Customers

Depending on the bank you choose to open your account, a few more documents are needed. It helped hundreds of Freezone companies open their banks' Freezone Business Corporate Bank Accounts.

Setup Your Business Bank Account

The business bank account is set up quickly in three steps -

  1. Prepare the documentation
  2. Get a business license.
  3. Open a bank account

How to Open a Freezone Company Bank Account in UAE?

1. Information about real copy attestation in Dubai & across the UAE

A photocopy of the original document signed and stamped by a lawyer/solicitor is a valid certified copy of a document in Dubai and the rest of the UAE. It is a real and accurate copy of the original document. Genuine copies of documents are suggested when it is impossible to show the original record to the competent authority that has requested the form. Documents that are usually required to be submitted in Dubai after proper copy attestation include passports, service bills (DEWA bills), telephone bills, photographs, bank accounts, lease contracts and degree certificates (without limitation). As part of application forms often witnessed and attested by attorneys, it is often necessary to insert true copies.

2. Essential of True Copy Attestation in Dubai & the Rest of the UAE

A valid copy of a document is an essential way of verifying a document's validity in the UAE and worldwide. Requests for actual copies of customer documents in Dubai and the rest of the UAE, where customers are expected to send such documents to different third parties, embassies, government departments, banks, regulatory bodies and other institutions. As part of the immigration criteria, a number of our customers usually request certified genuine copies. Other measures include applications for the opening of bank accounts, the establishment of offshore companies, the submission of documentation to the courts, applications for admission to different organisations, etc.

It is necessary to understand that the notary public in Dubai and other Emirates does not provide any document with real copy attestation services unless the notary is publicly provided initially. In other terms, only lawyers can carry out the proper copy certification in Dubai and elsewhere for almost all documents in the UAE.

Bank Account In the UAE

In the modern era, it is often prudent to have offshore bank accounts in banks outside their home country, where they are taxed. It's a strategy for handling the funds efficiently and saving taxes. Commitbiz provides total solutions to open and operate bank accounts in the UAE. Working in collaboration with the corporate SME division of many banks in the United Arab Emirates provides Freezone companies with a wide range of assistance. The relationship with bankers makes it hassle-free for clients to open bank accounts and run them. It is also active in the negotiation and arrangement of clients' company loans/personal loans.

Individual shareholders of a corporation must be present in the UAE to open a corporate bank account. Suppose the shareholders are inconvenient to be present. In that case, a resolution can be passed and attested by the Offshore or Freezone authority authorising any person to be present in the bank and be the signatory authority to open the company’s bank account and close it.

If you're running a business in the UAE, you'd probably like to take advantage of the benefits that come with a bank account here. If for some reason (such as the existence of business activities, nationality restrictions, etc.), you are unable to get a corporate bank account for your company in the UAE. In that case, you can always opt for an offshore bank account instead.

An offshore bank account is one that exists in a country other than your business venue. It offers you the same degree of transparency and advantages, plus more!

The authorised initiator of ABC Banking Company, Mauritius, is Commitbiz. It offers the following equipment:

  • A minimum deposit of just 5,000 USD for account opening (or equivalent)
  • Multi-currency Accounts
  • E-banking facility

 

The process for opening your bank account consists only of a few steps. Ensuring that you complete each correctly will go a long way to opening your bank account as quickly as possible, mainly when opening a bank account.

We at Commitbiz can help you out with the process in a hassle-free and straightforward manner. Contact us today to know more.

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