Bank Account Opening
How To Open a Business Bank account in Dubai?
Why Do I Need a Business Bank Account in Dubai?
- To access funds
- To make investments
- To carry out trade
- To make and receive payments to/from suppliers, buyers, etc.
The Process of Opening a Business Bank Account in Dubai?
1. Choose the Right Bank
An important but usually overlooked aspect of business setup is choosing the right bank for your requirements. You may also look into the eligibility requirements that various banks mandate to find one that you can comply with. Most banks in Dubai will need you to have a residence visa and a local address in the UAE. Another thing you need to consider is the continuous minimum balance that you are required to maintain.
2. Get a Business License
This is the first step for company registration in Dubai. You will need to get a valid license after registering your company. Without a license, none of the banks will recognize or let you open a company bank account in Dubai. You should approach reliable business setup consultants like Avyanco to get this done.
3. Have the Necessary Documents
To open a business bank account in Dubai, you will need to submit certain documents. The documents provide information on proof of business, like contracts and invoices, and the company’s clients and suppliers. While the list differs from bank to bank, usually the documents for opening a corporate bank account include:
- 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
You will also need to provide the buyer’s name, suppliers’ name, shareholders’ bank statement from their home country / or UAE (if applicable).
Challenges in Opening a Corporate Bank Account in Dubai, UAE
A study conducted by the Dubai Chamber of Commerce and Industry (Dubai Chamber) and the UAE Ministry of Economy showed that at least 65% of entrepreneurs believe that banking is the biggest challenge they face during business setup. Company bank account opening in Dubai and the UAE can take as long as three months, making it difficult for businesses to begin commercial operations. Some of the significant challenges in opening a company bank account are:
- 1. Strict regulatory and compliance requirements like Anti Money Laundering (AML) and Combating the Financing of Terrorism (CFT).
- 2. Proving the credibility of the founder.
- 3. Insufficient information or weak business plan.
- 4. Issues with physical office space.
- 5.Minimum balance requirement.
Companies in UAE free trade zones without office space or compliance may find it quite challenging to open a corporate bank account.
While these stringent regulations enforced by the UAE authorities safeguard and protect against financial wrongdoings, opening a business bank account in Dubai is time-consuming and difficult. This is where Avyanco Business Setup Consultancy can help you. With extensive knowledge of international and local regulations, we have years of experience dealing with banks and opening corporate bank accounts. Avyanco is one of the leading business setup consultants in UAE who provide business bank account opening services.
Avyanco can assist you in opening your company bank account in UAE based on your requirements and purpose. While there are business setup consultants who provide impeccable services, including business setup in UAE freezone without having a corporate bank account, it’s the entrepreneur who will bear the brunt. The fact is, almost 50% of companies in freezones cannot open a corporate bank account in UAE. You cannot achieve much by starting a business in Dubai without having a business bank account.
At Avyanco we understand clients, their requirements, their specific intent and can guide them from A to Z with our complete and comprehensive business setup services. This includes initial approval, doc clearing, visa service, license, etc. Our team of experts consists of business set up consultants, seasoned lawyers, PRO executives, offshore personnel, and operations staff to ease the business setup. Our foundation is based on relationships and sustained through continuous innovation and productivity, and trust which makes us trusted by entrepreneurs who want to open a business bank account in Dubai without hassle.
Contact us now for a free consultation to know more about opening a bank account in Dubai, UAE. Our dedicated team of company formation specialists are ready to assist you.
