How to open a corporate account with a UAE bank in 2023
It is not easy for a non-resident to open a corporate bank account in the UAE in 2023 because the government strictly controls the financial sector. Therefore, entrepreneurs must prove their reliability and honesty, convince the bank they know their industry very well, and provide all the necessary documents. Also, business owners must have a visa, rent an office in the UAE, and meet other requirements.
What you should know about the UAE banking system
UAE banks are entirely safe and protect customers' money from unauthorized interference. Among the advantages:
- Full confidentiality.
- Multicurrency account.
- Easy tracking of cash flows and transactions.
- Ability to pay taxes using a company account.
- Business loans.
- Advanced digital and mobile banking.
UAE banks are strictly controlled, so foreigners are scrutinized according to established protocol. If banks do not do this, they risk a fine. Therefore, in some cases, they are better to refuse the applicant than to deal with the regulatory authorities. It is crucial that not only the owners have an unblemished reputation but also the countries of their residence should not be under sanctions.
Thus, before applying for opening an account in a bank in the UAE, it is necessary to collect all the documents and get ready to answer all sorts of questions. To make the task as easy as possible, we recommend contacting IT-OFFSHORE.
How to open a bank account in UAE
More than 50 banks operate in the country, and the UAE Central Bank supervises them. They belong to 4 categories - commercial (local and branches of foreign institutions), Islamic and industrial. The most popular are:
- National Bank of Dubai, the largest in the UAE;
- Abu Dhabi Commercial Bank;
- Dubai Islamic Bank;
- Standard Chartered;
- Abu Dhabi Islamic Bank.
A company registered not in the free zone but on the mainland has a better chance of opening an account. If the business is already registered in the FEZ, it is advisable to have at least a warehouse on the mainland. It is also essential to get the license, if required. Otherwise, the account will not be opened.
Another condition, without which most banks will not open an account - is that the owner must have a visa and ID. In addition, a local residential address, a quality business plan, and a website increase the chances of a positive response.
Opening a bank account in the UAE: basic steps
To open an account with the National Bank of Dubai or another bank, you need to do the following steps:
- Determine which UAE bank is more convenient for your business, and read its requirements.
- Obtain a business license.
- Attach corporate and other documents to the application.
- Wait for the end of the inspection and the bank's decision. The officer will check not only the company, but also the personal information of its owners, shareholders, and directors.
- Have an interview with the bank officer, scheduled after thoroughly checking all the data.
Package of documents
Each bank has its requirements for opening an account. However, it is mandatory to submit the following documents:
- Passport and Emirates ID of the shareholder, company owner or director.
- Resident visa for the representative of the company.
- Comprehensive resume, which confirms that the owner, director is a professional in their field.
- Documents confirming the company's legal address and its founder's physical address.
- Corporate documents - memorandum, charter, license, certificate of registration, lease agreement, etc.
- Statement of a personal bank account of all shareholders with a description of transactions for the last six months.
- Paper confirming the company's ownership for which you need a corporate account.
- A detailed business plan.
- Board resolution authorizing the officer to open a corporate account.
Other documents may be needed, including information about the source of funds, vendor information, existing contracts, etc.
How to open a bank account in UAE
Contact IT-OFFSHORE experts to open a corporate bank account in UAE in 2023.