Open Bank Account in Dubai – Along with the rising economy, Dubai has seen an onslaught of new companies opening operations in the Mainland and free zones. The exemplary infrastructure of Dubai, increased tourist demands and the relaxed taxation laws have attracted new companies here. But before a company is started be it off shore or mainland, a bank account need to be opened.

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How to open a Business & Offshore bank account in Dubai:

Opening a business bank account in Dubai is a relatively uncomplicated procedure for Dubai Mainland Companies. Nevertheless, depending upon the size and activity of the business, customer identification requirements may vary.

The legal existence of the entity need to be proved to the Bank to get a loan. Companies owned by corporate entities should provide a full set of corporate documents to identify the management and conclusive beneficial ownership of the structure. These documents should be notarised/legalised in their country of origin and again in Dubai.

Taking into consideration global initiatives against tax evasion, money laundering and terrorist financing over the past few years, the Central Bank has imposed diligence procedures on financial institutions that open accounts for Offshore Companies. Hence, banks have had to adopt a risk-based approach to account opening. The customer’s primary business areas, the anticipated volume of currency and total deposits, the level of revenues and its main customers and suppliers should be understood by the financial institution before issuing a loan.

A business startup consultant can guide you through the process of opening a business & offshore bank account in Dubai and help you prepare all necessary documentation to facilitate an account application.

Documents needed to open a corporate bank account in the Dubai:

Company Trade Licence;
Certificate of Registration;
Share Certificate(s);
Company Memorandum & Articles of Association;
Board Resolution empowering a Company Officer to open the account;
Passport copies for shareholders and authorised signatories.

Depending on the bank and the corporate structure of the company, the required documents may vary. If the corporate shareholders of the companies are from outside the UAE they will be required to notarise and attest all parent company documents in the country of origin and again in the UAE. Before choosing where to open your business account, try to get an idea of the full list of potential charges you may incur..

To sum it up, opening a business banking account in Dubai should be a hassle free process & also there are diverse options for choosing the right account for your business. Choose wisely!