Important Things To Remember When Opening A Dubai Corporate Bank Account

Dubai has been the dreamers paradise to attract business persons from all over the world. The governmental policies and regulations are suited for the growth of the businesses. This serves as the factor to lure business firms in UAE or Dubai. You can find the success stories of many individuals who arrive in the United Arab Emirates having hope in their eyes and turn out to be a millionaire within a few years. 

Dubai’s business services will support you in establishing and commencing your business operations throughout the country. The trade license, basic requirements and the legal structure depends on the business type you intend to choose. The procedure to set up for companies like Freezone, Mainland, and Offshore will differ from each other. Also, the license requirements depend on whether you start a commercial, industrial or professional business entity. 

It’s crucial to open a corporate bank account for establishing a firm in Dubai. Although the procedure can be simplified, you require assistance from the reputed business setup services of Dubai to open a bank account and  comply with the formalities. Many individuals are unclear about the process, which puts them into a perplexing situation. Here, we will discuss the important things to remember when opening a Dubai corporate bank account. 

How To Open A Dubai Corporate Bank Account

Companies which are registered in the United Arab Emirates can open a corporate bank account in Dubai, irrespective of its company’s type. The business owner must submit the documents like license details, initial approval, and required certificates to the bank for its approval. It includes documents of the individual that proves their identity.

When the stakeholders have individuals from foreign countries, their identification documents must be notarized at their home country and get attested. After the document attestation at the Ministry and the Consulate or Embassy of the UAE in the home country, it should be submitted to the UAE’s Ministry of Foreign Affairs. The final attestation happens in the Ministry of Foreign Affairs (MOFA). Only then the documents and certificates of the foreign individuals are valid after their final attestation.

The Central Bank lays down a few criteria for scrutinizing the applications. The business area, company’s expected turnover and its type, also the amount deposited will be verified at the account opening process. This gets more stringent if you establish an Offshore Company, for avoiding tax evasions or similar frauds.

Necessary Documents For Opening A Dubai Corporate Bank Account 

• Trade license.
• Company registration certificate.
• Certificates and data of shareholders.
• Details of clients, buyers and suppliers.
• Passport copies of stakeholders and owners.
• Calculated data of expected turnover.
• Company’s declaration of authorizing a person to open the corporate bank account.
• Documents needed based on the amendments in regulations.

Benefits Of Having A Dubai Corporate Bank Account 

• Safe and easy transactions such as the capital’s transfer from and to Dubai.
• Maintains secrecy about your data and transactions.
• Currency exchange options. 
• Phone banking facility.
• Transact in multiple currencies. 
• Use the services of international banks.
• Get a credit card and loan facility with added advantages.
• Credit facility.
• Flexible in transfer of accounts. 

Originally posted 2022-07-14 05:48:38.