Bank Account Services in Dubai

Corporate Bank Account in the UAE

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 centers.

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 Corporate Bank Account in the UAE

  • 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

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 offshore bank account instead.

An offshore bank account 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
  • E-banking
  • 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 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!

FAQs

Is it mandatory to deposit a capital in the bank for opening a company?

This used to be mandatory but not anymore. Capital deposit requirement has been waived by most of the licensing authorities/registrars in the UAE, except a couple of licensing authorities (like DMCC free zone, Abu Dhabi Department of Economic Development).

Do banks issue a debit/credit card after the company bank account has been opened?

Mostly not; but a few banks would issue a debit card if it is a singly owned company. Same with a credit card; most banks do not give credit cards. But a few would give it against a deposit.

Do banks in the UAE give cheque books for an offshore company bank account?

No.

Can one open a multi-currency account in the UAE?

Yes; companies in the UAE can have accounts in different currencies like AED, USD, Euro, GBP, CHF, etc.

Is an offshore company eligible for letter of credit?

Offshore companies are not eligible for letter of credit (LC) or any other credit facilities from the banks.

What is the minimum balance required?

The balance requirements are kept in the form of monthly average balance. Some banks have the minimum monthly average cap as low as AED 10,000 or equivalent amount in any other currency.