For a business bank account opening in Dubai, you need a licence, at least five years of business experience, an application form, and other essential documents.
The business bank account opening process has recently become relatively easy. Every company which has a business in the UAE must open an account. If you are looking for a secure way to carry out all your business transactions and protect your privacy- the bank account is the answer.
Now you must think it will take quite some time to open a bank account and register it for the business. It will take even more time to fill and submit all the documents and wait for the green light from the bank and other associated authorities; then, you’re mistaken.
Your new bank account will be functional and running in no time. It is the best way to save money while ensuring privacy.
If you are in business consulting in the UAE, you might have heard about their reputed banking industry. They have a high level of privacy. The banks provide a remarkable growth rate to private companies and transparent public policies and even have a 0% corporate tax rate.
An efficient banking system with conducive conditions is always in huge demand. So, how can you open a business bank account in the UAE?
You must submit a few mandatory documents. However, you must note that the criteria and the need for the essential documents may vary depending on the business and the bank’s criteria. Still, this is a comprehensive idea.
The shareholder representative and the company director must show the Emirate ID card (copy) and their valid passport (copy). You may also need to submit the shareholder’s representative residence visa.
You must have 5 to 7 years of professional business experience. It is best when the company’s commercial activities align with your technical expertise. You can open a bank account with no trouble.
You need a utility bill as proof of the current address (issued in the last three months)
To open a business account in the UAE, you must have the company’s business documents.
You must present the previous six months of bank statements from the shareholder’s company.
Each shareholder must provide a personal bank statement for the previous six months.
You must present a business document that can prove current business ownership.
The business plan is essential. It should include all the information about the company’s business activities and potential clients. It must also have the business development, financial plan, and management team’s background.
Always have a Board Resolution authorising the Company Officer to open the account.
If you want to open a business consulting, you might have questions about the fees. One good news is the local UAE banks do not charge to open a bank account. For the regional banks, there is a minimum monthly average that starts from 50k AED to 500k AED.
Each bank has multiple categories regarding the minimum monthly average balance. Some banks have a monthly average balance that you need to maintain. Otherwise, an applicable penalty starts from 250 AED per month.
Also, if you open a corporate account with a bank with a certain minimum balance, it is best that you always maintain this balance. This balance is essential to a good relationship with your bank from the beginning.
How Long Will It Take to Open a Bank Account in the UAE?
There is no set time limit for this process. When opening an account, you must know the internal method and the bank’s timeline. These are specific to the bank. Usually, opening a bank account for an LLC in the UAE in the free zone usually takes 2 to 4 weeks.
Documents You Need to Open a Business Bank Account in the Mainland and Free Zones?
Mandatory Documents
Free Zone Bank Account
You can open a multi-currency account in the UAE for business bank account opening. You can hold a bank account in various currencies, including AED, Euro, USD, GBP, CHF, and others.
End Note
Opening a business bank account in the UAE can be a daunting experience. However, with the expertise of these professionals, you can open an account in a short amount of time. There will be no hassle with the documents and the procedure. Experienced experts will assist you in establishing your business in the UAE.
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