opening a business bank account in dubai - here’s what you need to know
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Are you interested in opening a business bank
account in Dubai? Here’s what you need to know
Dubai is the most attractive UAE emirate for business people, like investors and
entrepreneurs. Its efficiency and security are some of the reasons why it is a popular
business location. And these advantages are also guaranteed for the banking sector.
Therefore, opening a business bank account in Dubai is also favourable.
In this article, you will learn everything about having a corporate bank account in this UAE
emirate. For example, you’ll discover the benefits you can get by opening this type of bank
account in Dubai. Also, here you will learn how to complete the process to open your bank
account. Let’s observe:
1. Why should you open a corporate bank account in Dubai?
2. What benefits can you obtain by having a business bank account in this emirate?
3. Elements you should consider before opening a corporate bank account.
4. How can you open a business bank account in Dubai?
5. What documents do you need to open your corporate bank account?
6. Available banks in Dubai in which you can open your business account.
7. How much can cost to open this type of bank account?
8. Information about the offshore bank account option.
9. How can Connectfz help you to complete the process to open your corporate bank
account?
1. Why should you open a corporate bank account in Dubai?
There are many reasons why an investor like you should open a business bank account in
Dubai. However, the main one is that it’s necessary to complete the business setup process
in the emirate. Here you’ll find the information you need about this important matter.
Banks in Dubai and the UAE are known for the many good features that they have. For
example, their reliability, top-rank security, and efficient services are some of their most
outstanding characteristics. Besides, the high level of privacy that they offer has contributed
to the growth of many companies.
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Here you can learn about the textile industry in the UAE and how to set up a textile
business.
2. What benefits can you obtain by having a business bank account in this emirate?
If you open a business bank account in Dubai, you’ll be able to obtain certain advantages
to manage your account. Besides, all of these benefits are guaranteed no matter the bank
you select to open your corporate account. Furthermore, some banks might even offer more
benefits to you, but that will vary depending on the bank. These are some of the common
benefits that all banks offer:
• Transactions are easy and safe. Besides, the transferring of capital from and to Dubai
is also possible.
• You can make transactions in multiple currencies. Also, there are currency exchange
options.
• All banks in Dubai ensure secrecy regarding your transactions and data.
• There is the option of availing loan facility and credit card with added benefits.
• You will be able to access and use the services of international banks too.
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• There is flexibility in the transfer of accounts.
• You can have many facilities, including a phone banking facility and a credit facility.
• Regardless of the bank you choose, there will be dedicated support from the bank.
3. Elements you should consider before opening a corporate bank account.
Before you decide to open a business bank account in Dubai, it is essential to consider
certain factors. For example, you must take into consideration the level of privacy that
offers each bank. You need to make sure that the bank will respect your privacy at all costs.
Another thing you must consider is whether to choose a local or an international bank. In
case you are an SME or a startup, it is more recommendable to choose a local bank. And
lastly, make sure to have clear documentation of your company. That includes elements like
the number of shareholders, business activities, the business background of the
management, and the business plan.
Here you can learn about some essential elements that all investors should consider before
selecting a business location.
4. How can you open a business bank account in Dubai?
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In order to complete the business account opening process, there are five main steps that
you must take. Furthermore, you’ll also need to gather and submit certain documents to
complete the process, which we’ll mention below. Now let’s take a look at the steps you
have to complete to open your corporate bank account:
• Firstly, you have to obtain a valid business license. If you do not have a business
license, the bank will not allow you to continue the process. Therefore, you will not
be able to open your business bank account. After getting your license, you’ll have to
get the required documents.
• Secondly, you must check the visa requirements. In other words, you must decide if
your company shareholders must have a residency visa. While some banks require
proof of this matter from at least one shareholder, other banks do not require it.
• Thirdly, choose the bank in which you want to open your account. There are many
options to choose from, but you should select a bank that fulfills your requirements.
You are free to choose between local and international banks.
• And lastly, you may start with the application process. You can request help from an
advisor or your business setup partner in case you have any questions.
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Here you can learn about the application process to obtain a commercial license in Dubai
successfully.
5. What documents do you need to open your corporate bank account?
Before start completing the process, you must meet some requirements to open a
business bank account in Dubai. You need to attach certain documents with the
application form before you submit it to the relevant authorities. Let’s take a look at some of
the general documents that you need to gather and submit:
• The passport and the residency visa of the company’s shareholder representative.
• A passport copy of the company director.
• A copy of the Emirates ID card of the shareholder representative.
• A complete business plan that includes information about the business activity of
the company. It must also include information about a financial plan, a brief business
development plan, suppliers, partners, and potential clients.
• The trade license.
• Relevant information regarding the type of activities on the account.
• Reference letters from business partners.
• Disclosure of the source of funds.
• Existing contracts.
• A full set of certified company incorporation documents.
• The certificate of incorporation.
• Memorandum and Articles of Association.
• The shareholders’ registry.
• Each shareholder’s personal bank statement for the past 6 months.
• The certificate of good standing.
• A list of current and potential clients.
• Company extract from the official companies registry.
Nonetheless, it is important to remember that some additional documentation might be
necessary during this process. Therefore, you must get in touch with a reliable business
setup partner to obtain more relevant information.
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Here you can learn how to get a real estate license to operate a real estate business in Dubai.
6. Available banks in Dubai in which you can open your business account.
Another important step that you must take when opening your business bank account in
Dubai is selecting a bank. In Dubai, you will be able to find the following local and foreign
banks available for you:
• First Gulf Bank.
• Commercial Bank of Dubai.
• Emirates NBD.
• United Arab Bank.
• Dubai Islamic Bank.
• Abu Dhabi Commercial Bank.
• Mashreq Bank.
• HSBC Bank Middle East Limited.
• Citibank.
• Barclays.
• Standard Chartered Bank.
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Make sure to select a proper bank that fulfills your business needs. Besides, you must also
analyze the minimum deposit that each bank requires. After that, you will be able to select
the most affordable one for your business.
Here you can learn about the process to convert a sole establishment to an LLC entity in the
UAE.
7. How much can cost to open this type of bank account?
Analyzing the cost of setting up a company is a vital element that investors should consider.
And among the most important costs, you can find the cost for opening a business bank
account in Dubai. Here we will take a look at some approximate costs for completing this
step of your business setup process.
Unlike most countries, local banks in Dubai and the UAE do not charge fees for bank account
opening. That is a great advantage for all investors and entrepreneurs who look forward to
opening a corporate account. However, they do require maintaining a minimum monthly
average balance, but it could vary according to the selected bank.
In local UAE banks, the balance might start from AED 50,000 to AED 500,000
approximately. But, as we mentioned before, this will depend on the bank you apply for. If
the investor does not maintain the minimum balance, a penalty can be applied monthly.
This monthly penalty starts from AED 250 approximately.
Therefore, it is recommendable to meet the requirements and make sure to always
maintain the minimum balance. Having a good and healthy relationship with your bank will
be necessary to achieve your goals and reach success. If you need more information or tips,
you can ask your business setup partner for guidance.
Here you can learn about the new Golden Visa for investors and entrepreneurs in Abu
Dhabi.
8. Information about the offshore bank account option.
Running a business can be a lot easier if you have a business bank account in Dubai.
However, if for some reason you’re not able to open a corporate bank account, you can opt
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for another option. We’re talking about the offshore bank account as your other alternative,
which is also efficient and can bring you benefits.
Offshore business bank accounts are present in a country different from your business
location. Also, this type of corporate bank accounts can provide investors with the same
benefits and level of accessibility. And, in most cases, they can provide even more
advantages and facilities to allow investors to have a marvelous experience.
In some cases, investors cannot open the normal bank account option for several reasons.
Some of them could be the nature of the business activities, the investors’ nationalities,
constraints, among others. Nonetheless, these investors can choose to open an offshore
account and obtain several advantages, including the following ones:
• You can have multi-currency accounts.
• There is the option of using e-banking systems.
• The minimum deposit for bank account opening is USD 5,000 or equivalent.
• There is no statement or ledger fee.
• You will be able to use free internet banking for both viewing and transaction.
Here you can learn about the new Golden Visa for investors and entrepreneurs in Abu
Dhabi.
9. How can Connectfz help you to complete the process to open your corporate bank account?
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Although the process to open a corporate bank account is simple, you can ask for help to
complete it. There’s an advantage you can get by requesting help from a professional
agency, which is saving your time. For example, if you let Connectfz help you complete this
process, you’ll be able to skip this process.
Besides, our banking services offer many benefits for investors like you. For instance, you
can get the information you need regarding the banking system in the UAE. Besides, you’ll
be able to understand the financial elements that you must take into consideration. For
example, some of those elements can be financial management and development.
On the other hand, you can also request other services to boost your business in the UAE.
For instance, you can hire payroll services to cover your company’s payroll necessities. Also,
you can get tax advisory services to have a total understanding of this matter. Contact us
and discover more useful services for your business.
Would you like to contact Connectfz to obtain more information about the process to
open a corporate bank account in Dubai? If you have any questions, call us
on +97143316688. You can email us at [email protected], and you will talk to one of our
representatives who will answer your questions.
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