The United Arab Emirates has a prosperous economy. It has shaped itself as leading cosmopolitan hub of the world. Its infrastructure, strategic location, availability of skilled manpower, and constant support from the UAE government attract investors from all around the world. In recent years UK citizens have started investing in the UAE market. They are making a remarkable presence in the business landscape in the UAE. Starting a company in the UAE can be challenging for expats. There are a lot of important things involved in the process that might seem difficult to most of the people. One such important thing is opening a corporate bank account in the UAE. If you are a UK citizen planning to open a corporate bank account in the UAE, then this article is for you. Read on to know how to open a corporate bank account in the UAE.
BENEFITS OF OPENING A BUSINESS BANK ACCOUNT IN UAE
- Zero taxation
- Non-restrictive banking options
- Dedicated regional manager
- Easy international access
- Easy transfer of funds
- Mobile and Online Banking
- High level of secrecy
- Flexible investment period
- Asset management is available
Steps to open a corporate bank account in the UAE
1. Get Your Business License
A business license is the identity of your company. It is important to get a business license in UAE in order to start a business and to open a business bank account. Without a business license, you’ll not be able to open an account.
2. Get the Necessary Documents
The next important step is to make sure that your documents are in line. The documents needed can differ slightly from one bank to another. The following documents are required for opening a corporate bank account.
- Bank account opening form
- Resolution from the board of directors sanctioning the opening of bank account, and the signatories to the account
- A copy of the business license
- A copy of share certificates
- Copies of passports of all the business partners
- A copy of the Memorandum of Association and Articles of Association
- Copies of valid passports of all the shareholders
Sometimes you will need to provide invoices, reference letters from the business partners, company business plan, and other information regarding your planned business activity.
3. Choose the Bank
Once your documents are in place, you can find a bank which suits your requirements. Consider the eligibility criteria and income while determining the bank. The banks which provide corporate bank account facility in UAE are;
- Emirates NBD
- Abu Dhabi Commercial Bank (ADCB)
- Mashreq Bank
- Dubai Islamic Bank
- Abu Dhabi Islamic Bank
4. Application Process
It is suggested to visit the bank to have face to face meeting with the advisor. Clear all your doubts and queries for opening a bank account in UAE. The bank will review your application and send you an email confirming the approval or rejection of your application.
For more information about opening a corporate bank account in Dubai, speak to our business setup consultant on +97144081900 or WhatsApp on +971507775554. You can also drop us an email at email@example.com