How to open business bank account in the UAE?

The entrepreneurs to do list is long and ever growing. From choosing and registering your company name to obtaining a license and visa.

Then there are the additional tasks to consider such as opening a corporate bank account. As UAE financial institutions are so heavily regulated, the process of corporate bank account opening in Dubai is not an easy process for overseas entrepreneurs.

However, there are a number of steps you can take to increase your chances of a successful application. For one, you should familiarize yourself with the financial institutions available in the UAE, along with their account opening requirements.

There are almost 50 licensed banks to choose from, including Emirates NBD, National Bank of Abu Dhabi, and First Gulf Bank, as well as international players such as HSBC and Barclays.

Next, you should partner with an expert in the UAE and its business processes. Anuvi Business Solutions will take the time to understand your requirements before advising on the bank best suited to your needs. We can even arrange an appointment for you in branch. Get in touch to book a free consultation.

In the meantime, keep reading to find out everything you need to know about corporate banking in the UAE.

What are the benefits of opening a corporate bank account in Dubai, UAE?

Cash Flow

It’s easier for business owners to monitor cash flows and transactions through a business bank account.

Tracking of Expenses

Business owners can use a business account to keep track of their spending and manage costs more effectively.

Tax Calculation

Organizations can assess their tax liabilities with a business account as it helps maintain tax payment transparency.

Professionalism

Many clients are hesitant to deposit funds into a non-business account. In fact, they prefer sending payments to an account in the business’s name rather than the owner. Business accounts are perceived as more professional and inspire confidence in potential customers.

Business Loan

If a business owner wants to take loans for their company or get a business credit card, having a corporate account can help.

Card Payments

This bank account enables the company to accept customer credit card payments.

Foreign Currency Account

When you open a business bank account in the UAE, you can also select foreign currencies. This means an effortless exchange of currencies.

What is the cost of opening a corporate bank account in Dubai, UAE?

On the whole, the UAE’s banks do not charge a fee for account opening, though many will charge an annual or transaction fee for their services.

It is also worth keeping in mind that most accounts require a minimum balance of anywhere between AED 5,000 and AED 150,000.

That said, as the account opening process can be difficult to navigate, many entrepreneurs opt to make use of business bank account opening services. This takes the headache out of corporate bank account opening in Dubai and can significantly increase your chances of a successful application.

List of Documents Required for Bank Account opening in the UAE

Given our extensive experience, we’ll provide you the basic list of the required documents required to apply for account opening by yourself. Note that this can differ based on each client scope of business activity and requirements of the bank.

·????????Comprehensive CV:?This must include your professional and business experience for the past 5-7 years. And make sure that the business activity of the company for which you want to get a corporate bank account matches with your personal professional experience in a certain industry.

·????????Utility Bill, as proof of address (issued on the last 3 months);

·????????The company’s corporate documents

·????????Personal Bank Statement?for each shareholder for the past 6 months

·????????Corporate Bank Statement?for the past 6 months for existing company of the shareholder (if applicable);

·????????Corporate Document that indicates proof of ownership?for your existing company, for which the statement is provided. It can be Certificate of Incumbency or any other document, issued within the last 6 months from the Authority.

·????????Business Plan, which should include all information with regards to business activity of the company, financial plan, brief business development plan, potential clients, suppliers (for a trading company) and partners, the background of the management team.

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Further to previous comments, the list of the required documents can be different considering each profile. We suggest you provide the exact and full documents which consist of all the information.?When you follow these guidelines and specifications, you should have your?UAE bank account running within a month. Once again, to avoid delay, ensure that your documents are well prepared and filed before submitting. We need to lay emphasis on this because we’d experienced some clients who had to wait for several months just because they have tried to open the bank account themselves and it took them many months to get it done. When we're mentioning several months – we mean 3 to 7 months, and you understand well how crucial time is for any business. The reason for the delay was only one - they failed to prepare and submit the correct list of documentation or have chosen the bank which is not entertaining your business activity.

Our experts can establish your company on your behalf, make your license, visa, and bank account applications, and take care of all the necessary admin – leaving you free to get on with running your business.

To know more about the steps and procedures for opening a business bank account in Dubai, Connect with our expert Consultants right away on +971506472494 or email us at [email protected] .