What is the Process of Opening a Business Bank Account in Dubai?

 

What is the Process of Opening a Business Bank Account in Dubai?

The requirements for opening a business bank account in Dubai differ from one bank to the next. However, the presence of a major director or shareholder is required. In addition, it is not uncommon for attorneys to open accounts on behalf of their clients.

Here are the steps to opening a corporate bank account in Dubai:

1. Get a Business License

To open a bank account, you must first obtain a business license. If a company does not accept a business license, the bank will not recognize it.

2. Organize your documents

The documents needed to open a corporate bank account have already been mentioned. The specific documents required will vary by bank. Some banks also require supporting documents such as contracts or invoices, a reference letter from a business partner, a business plan, and information about intended business activities.


3. Confirm Visa Requirements

Check to see if the company's shareholders need a residency visa. Some banks require proof of this from at least one shareholder, whereas others do not. As a result, whether or not your shareholders have residency visas may influence which banks you consider applying to. Therefore, it's best to find out which banks have these requirements early on, so your application doesn't get delayed later.

4. Select a Bank

Once the documents are in order, the company must approach UAE banks. Specific requirements will determine the best option. Consider the following: 

Eligibility Criteria

When selecting a bank in the UAE, keep in mind that most banks require you to have a residence visa. Furthermore, certain banks may require you to provide a local address in the UAE.

Income

Most UAE banks require a continuous minimum balance. This can go up to AED 1m, but most people start much lower. Noor Bank, for example, has three tiers of accounts with minimum balances ranging from AED 20,000 to AED 500,000.


5. The Application Procedure

The official account opening procedure can now begin. It is preferable to visit the bank in person rather than communicate with them online. Alternatively, Gryffin Capitalist, a bank account opening specialist, can be contacted.

When starting a new business, you already have a lot on your plate; make sure that opening a corporate bank account isn't one of them.

                                              



Gryffin Capitalist is the approved introducer for ABC Banking Corporation, Mauritius. It provides the following facilities: 

  • Minimum account opening deposit of just 5,000 USD (or equivalent)

  • Multi-currency accounts

  • E-banking

  • No statement or ledger fee

  • Free internet banking (both viewing and transaction)

Note: You need not get your documents attested for a second time for the offshore bank account.

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