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Opening Company Bank Account

Free Zone Company Bank Account in the UAE

by Zaara 25, Mar 2022

A freezone company requires a bank account to make deposits and 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.

Some advantages of opening a free zone UAE bank account are as follows:

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

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How to Open a Company Bank Account in the UAE Free Zones?

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

1. Get a Business License

Opening a bank account requires several steps, one of which is obtaining a company license. You couldn't open a business bank account in the UAE without the license since the bank wouldn't recognize you as a corporation.

2. Prepare the Documentation

The documents mentioned below are essential:

  • 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 is required to open a Business Bank Account.
  • It all depends on which freezone you have your license to display your Articles of Association or Certificate of incorporation.
  • One of the Passport Copies 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.

3. Check the Visa Requirements

The following step would be to confirm that your stockholders need a resident visa as well. While other banks might not ask for it at all, other banks might need that as proof of residence from at least one shareholder.

4. The Application Process

After having a thorough conversation with a bank branch or advisor who can provide guidance on how to proceed, this step is typically carried out. The application must be presented to the officials along with the aforementioned papers and a properly completed application form. 

The bank will then confirm all information before approving or rejecting the application. Following approval, the bank investigates the management group, shareholders, and directors of the applicant.

The interview is the last step, and the applicant is questioned by the bank. The bank account will be established once everything is completed.

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Important Information about Attestation in Dubai & across the UAE

The following should be kept in mind while setting up a business in UAE:

1. Real Copy Attestation

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. True Copy Attestation

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.

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.

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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FAQs

What are the advantages of opening a free zone business bank account in the UAE?

Some advantages of opening a free zone UAE bank account are as follows:

  • Effectively manage your money.

  • Helps your company grow productively

  • Company finances are quickly administered.

Which documents must be submitted after proper copy attestation in Dubai?

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).

Why can only the lawyers carry out the proper copy certification in Dubai?

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. So, only lawyers can carry out the proper copy certification in Dubai and elsewhere for almost all documents in the UAE.

What is done after the bank approves the application along with the documents in the Emirates?

Following approval, the bank investigates the management group, shareholders, and directors of the applicant. The interview is the last step, and the applicant is questioned by the bank.

What are the documents that must be submitted to open a company bank account in a free zone of UAE?

The documents mentioned below are essential:

  • 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 is required to open a Business Bank Account.

  • It all depends on which freezone you have your license to display your Articles of Association or Certificate of incorporation.

  • One of the Passport Copies 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.