Opening a corporate bank account is an encounter that you should definitely tackle. A bank account that is recognized by the government is necessary for establishing a business setup in Dubai. The governments of Dubai and the United Arab Emirates offer all the assistance needed to maintain a prosperous and trouble-free business environment in the city. The city’s modern and effective financial system also offers all the ideal circumstances for setting up a business in Dubai. Business setup consultants in Dubai can assist you in locating the ideal bank based on the operations and processes of your company. The perks offered by each bank are related to a certain corporate setup in Dubai. Aside from hassle-free banking, the leading banks in Dubai provide all the guidance and support that ambitious business owners desire.
In addition to having excellent digital and mobile banking capabilities, banks in the UAE are actively pursuing the adoption of cutting-edge technology like blockchain and artificial intelligence. Unquestionably, the financial convenience provided by banks in the UAE makes it easier for international business owners to incorporate in Dubai. The process of obtaining corporate banking may be significantly more onerous for company owners than the paperwork and regulatory tests needed for business setup in Dubai. Every bank uses unique processes that change based on the most recent technology and regulations. In this article, we’ll go through everything you should keep in mind before establishing a business setup in Dubai.
How can I get a business bank account in Dubai?
1. Get a business license
This is the very first thing you should do before starting a business setup in Dubai. A legitimate company licence is always crucial in the subsequent processes. And this applies to requesting a bank account as well. Without the licence, the bank will not recognize you as a company, and you won’t be able to open a corporate bank account in the UAE. A business licence is sufficient evidence that you are operating a business in Dubai. As a result, a business bank account in Dubai must be accompanied by a company licence.
2. Have all the legal documents
The following step is to confirm that all the legal and business paperwork is correct before submitting it. As an example, a fully filled-out application form, a copy of the Emirates ID, the name of a shareholder representative, a business model, memos, articles, and so on. Generally speaking, the paperwork for opening a corporate bank account in Dubai comprises the following, albeit the list varies from bank to bank:
- Copy of the Emirates ID card
- Company Trade License
- Certificate of Registration
- Lease Agreement
- Passport copies for shareholders and authorized signatories
- Company Memorandum & Articles of Association
3. Visa Requirements
To guarantee that everything is accurate and up-to-date, the documents should be presented with the utmost care. After submitting your paperwork, you must then fulfil your visa criteria. You must make sure that your shareholders need to apply for a resident visa and submit it to the bank. While some banks would not ask for it at all, other banks might need that as evidence of residency from at least one shareholder. This stage of opening a bank account is crucial if you want to start a business setup in Dubai. Business service consultants in Dubai (add link) might help with each of these actions. For further information, see our prior blog.
4. Choose the bank
Let’s look at some facts about banks in the UAE before putting effort into finding the best bank account to help your business setup in Dubai.
The United Arab Emirates has four different kinds of banks: commercial, industrial, merchant, and Islamic. The Central Bank of the United Arab Emirates, which is entrusted with guaranteeing the fiscal health of each category of banking institution, regulates all banks. The assets of traditional UAE banks reached AED 2.275 trillion in November 2018, making up 79.7% of all banking assets. The country’s banking sector is dominated by larger banks, with the five largest banks accounting for over 60% of the sector’s assets. In the United Arab Emirates, conventional banks established 23 Islamic windows in addition to eight full-fledged Islamic banks, making up 19% of all banking sector assets that are accounted for by Islamic banking.
Top 6 Banks in UAE for Expats
1. Emirates National Bank of Dubai (ENBD
2. Abu Dhabi Commercial Bank (ADCB)
3. Dubai Islamic Bank
4. Standard Chartered
5. Abu Dhabi Islamic Bank (ADIB)
6. Mashreq Neo
Once you have all the required paperwork, you may start looking for the bank that best meets your requirements. There are many different national and international banks available. When choosing a bank, you should also take eligibility requirements and income into account. Business consultants in Dubai might help you choose the best banks based on the operations and requirements of your company. In Dubai, a number of banks provide additional advantages for particular company configurations. It takes a lot of investigation and results to locate the ideal one.
5. Application Process
This procedure is usually carried out following a thorough conversation with an adviser or a bank office that advises you on how to proceed. The officials must receive the aforementioned papers as well as an application that has been correctly filled out. The bank will next confirm all of the information and choose whether to approve or reject the application. Following approval, the bank investigates the application’s management group, shareholders, and directors. The interview is the last step. Interview questions are asked by the bank. Once finished, the bank account will be opened.
Documents required to open a corporate bank account in Dubai
This is a comprehensive collection of documents that must be authenticated and presented to the governance.
- Passport
- Copy of the Emirates ID and shareholder representative
- Utility Bill
- Detailed business plan
- Info about the type of activities on the account
- List of the names of at least five suppliers and five customers
- Disclosure of the source of funds
- Complete set of certified company incorporation documents
- Shareholders registry
- Company extract
- Certificate of good standing
How can Marqueway help you in establishing a business setup in Dubai
in Dubai, Marqueway has made a name for itself as one of city’s most reputable business consultants in Dubai. We have aided a lot of ardent entrepreneurs in realising their dreams and, more importantly, in succeeding. A good and trustworthy bank account is required for establishing a business setup in Dubai.
The likelihood of cancellation is significant when opening a bank account. In line with the policies of the bank you’ve chosen, we provide the finest options. We are concerned with all of the intricacies and the integrity of our interactions with all of our clients. It is imperative to get advice from the most credible sources available in the city. Marqueway does an excellent job of explaining the changes to the legislation and the significance of adhering to those regulations. When you have access to reputable specialists, does it make sense to listen to the cheapest ones? You may save a tonne of money, time, and stress when thinking of a company formation in Dubai by working with Marqueway. What are you waiting for, then? Just give us a call.