Dubai is one of the leading international financial centres and among one of the fastest growing cities in the world, this naturally makes it the hotspot for corporate banking. Dubai's stable financial market, strong bank secrecy, and low regulations make it a preferred city for banking over other financial centres.
At Commitbiz, our in-depth knowledge of banking protocols in the UAE and our excellent relationship with most international as well as local banks has helped hundreds of our clients open a corporate bank account successfully in Dubai, Abu Dhabi, and all other emirates.
What You Need to Open a Bank Account in Dubai?
- Original documents of the company (COI, MoA, License, etc.)
- Passport copy of shareholders and signatories [in case of corporate shareholding, a document of parent company till the passport copy of the ultimate beneficial owner (UBO)]
- Copy of UAE visa (resident or visit)
- Presence of the signatories in Dubai to sign forms in the banker’s presence
You may also be asked for:
- Last 6 months’ bank statement of the shareholders
- Customary KYC questions
What Are the Banking Benefits in the UAE?
- Easy international access
- Attractive interest rates
- Zero taxation
- Easy transfer of funds
- Flexible investment period
- Non-restrictive banking options
- Asset management
- Dedicated relationship manager
- Phone and online banking
What is the Process of Opening a Business Bank Account in Dubai?
The requirement for opening a business bank account in Dubai varies from one bank to other. However, the presence of a major director or shareholder is needed. It may sometimes happen that the attorney may set up accounts on behalf of their clients, though this is not a common practice.
Here are the steps to open a corporate bank account in Dubai –
1.Obtain a Business License
It is important to obtain a business license to open a bank account. The bank will not recognise a business if they don’t obtain a business license.
2.Get Documents in Order
The documents required to obtain a corporate bank account are mentioned above. The exact documents needed will differ from bank to bank. Some banks also require having supporting documents like contracts or invoices, reference letter from business partner, business plan and information regarding intended business activities.
3.Check Visa Related Requirements
Check whether the company shareholders are required to have a residency visa. Some banks require proof of this from at least one shareholder, while others do not ask for it at all. So the issue of whether or not your shareholders have residency visas in place may have a bearing on which banks you consider applying to. It’s best to find out early which banks have these requirements so it doesn’t cause any delays to your application further down the line.
4.Choose a Bank
Once the documents are in place, the business must approach the UAE banks. The one that is right will depend on specific requirements. One should consider –
When choosing a bank in the UAE, it is important to consider that most banks require you to have a residence visa. Additionally, selected banks may request you to provide a local address in the UAE.
Most banks in the UAE require a continuous minimum balance. This can range up to AED 1m, though most start much lower. For example, Noor Bank offers three tiers of accounts with minimum balances ranging between AED 20,000 and AED 500,000.
One can now begin the official account opening procedure. It is better to go physically to the bank rather than getting in touch online. Or one can also take of bank account opening specialist like Commitbiz.
You have already got plenty of things to worry about when establishing a new business: make sure that setting up your corporate bank account isn’t one of them.
Offshore Bank Account | A Viable Alternative
If you are running a business in the UAE, you’d definitely like to take advantage of the benefits that come with a bank account here. If, for some reason (like nature of business activity, nationality constraints, etc.), you aren’t able to get a corporate bank account for your company in the UAE, we have good news for you!
You may opt for an opening offshore bank account in Dubai instead.
An offshore account in Dubai is one that is present in a country different from your location of business. It provides you the same level of accessibility and benefits, plus more!
Commitbiz is the approved introducer for ABC Banking Corporation, Mauritius. It provides the following facilities:
- Minimum account opening deposit of just 5,000 USD (or equivalent)
- Multi-currency accounts
- No statement or ledger fee
- Free internet banking (both viewing and transaction)
Note: You need not get your documents attested for a second time for the offshore bank account.
Commitbiz – One-Stop-Shop for Corporate Bank Account Opening
Commitbiz is a registered firm that helps small, medium and large companies as well as entrepreneurs. We take care of all the business requirements of our clients and assist them with company incorporation, from start to end. The business development team from Commitbiz works towards limiting our clients’ liabilities, and ensuring that their assets are protected with free money repatriation and zero taxation, thereby ascertaining their business growth.
We assist you with all matters related to opening a corporate bank account in Dubai, including preparing the bank account application forms and attending the bank interview on your behalf. We can also help you with opening an offshore bank account.
For your bank account needs in the UAE, contact us today - we’d be happy to assist!