The United Arab Emirates has a prosperous and flourishing economy. It has fashioned itself as a leading cosmopolitan hub of the world. Its superior infrastructure, strategic location, availability of skilled human resources, and continuous and endless support from the UAE government draw investors from all around the globe.
In recent times Indian citizens have started investing heavily in the UAE marketplace. Almost fifty percent of the entrepreneurs, freelancers, and business owners currently working in Dubai are of Indian descent or are Indian nationals. They are performing remarkably well in the business landscape of the UAE.
Nevertheless, starting a company in the UAE can be both exciting and challenging for expats. There are a lot of essential elements and things involved in the business setup process that might seem a tad difficult to most of the people, especially to budding entrepreneurs. One of these critical things is opening a corporate bank account in Dubai or the rest of the UAE. If you are an Indian citizen intending to open a bank account in the UAE, particularly a business bank account in the UAE, then this blog is for you.
Continue on to know exactly how one can open a bank account in the UAE:
Advantages of Opening A Business Bank Account in The UAE
- Zero taxation on both personal as well as corporate income
- Non-restrictive banking choices
- Dedicated regional manager
- Indulgent international access
- Effortless transfer of funds
- Mobile and Online Banking
- High level of secrecy
- Flexible investment period
- Asset management is available
Read More : Basic Requirements to Open an Offshore Bank Account in Dubai
How To Open A Corporate Bank Account In Dubai
1. Get Your Trade License
A trade license is the identity of your business. It is necessary to obtain a business license in the UAE in order to start a business in Dubai and to open a corporate bank account. Without a company license, you will not be able to open a bank account, particularly a business account.
2. Get The Essential Papers and Documents
The next critical step is to make sure that your paperwork is in order and is in line with the requirements requested by the bank. The documents demanded by a bank in Dubai can vary slightly from one bank to another. However, the gist of the documents required for opening a corporate bank account is quite similar and is listed below.
- Bank account opening form from the bank of your choice
- Declaration from the board of directors authorizing the opening of corporate bank account, and the signatories approving its opening
- A copy of a valid business license issued by the DED ( Dubai Department of Economic Development)
- A photocopy of share certificates
- Photocopies of valid passports of all the business partners and shareholders
- A copy of the Memorandum of Association (MOA) and Articles of Association (AOA)
Sometimes you will be required to give invoices, utility bills, reference letters or letters of recommendation from the business partners, company’s business plan, and any additional information concerning your outlined business activity.
3. Choose The Bank
Once your paperwork is completed, you can then find a bank that suits your requirements. Analyze the eligibility criteria and your income while selecting the bank. The banks which give business bank account facility in UAE are:
- Emirates NBD
- Mashreq Bank
- Dubai Islamic Bank
- Abu Dhabi Commercial Bank
4. Application Process
It is recommended to visit the bank to have a one on one meeting with your advisor. Remove all your doubts and queries regarding opening a corporate bank account in the UAE. Once you have submitted your application, the bank will review your request and inform you through an email about the approval or rejection of your application. Upon approval, you will be the proud owner of your very own business account in the UAE.
Need a Hand?
You can contact KWS MIDDLE EAST for further information about opening a corporate bank account in the UAE. We provide complete bank account opening services in addition to business setup services in Dubai. Speak to our business setup consultants in case of any other queries related to company formation in Dubai. Be it Dubai Mainland or Free Zones. We can help you establish a business setup in Dubai.
Call us today; We will be happy to assist you!
You can also contact us through an email at email@example.com