Banking Services

Opening a Corporate Bank Account in the UAE can be a complicated and time-consuming processespecially for our foreign investors. With the right guidance and knowledge, we can help you open an account smoothly and efficiently.

The UAE offers complete privacy to foreign investors and entrepreneurs who wish to open a corporate bank account in the emirates. This privacy ensures that your personal and financial information is kept confidential, which is crucial for business security and success. Corporate bank accounts in the UAE can be opened in many currencies, which means investors can exchange currencies effortlessly between AED, Euro, British Pound and United States Dollar

Opening a business account helps investors access tax liabilities, which helps maintain transparency in tax payments. This is particularly useful for businesses that operate in multiple countries and have complex tax structures.

Availing business loans can be easy for business owners who have a corporate bank account in the UAE, A business account can also help entrepreneurs get a credit card and other financial tools, making it easier for them to manage expenses.

The UAE’s banking system has been known to be free from maltreatment on the web and telephone banking frameworks. This means your financial information is secure and protected from cyber threats.

The Emirates offers easy access to worldwide banks and their administration, making it easier for entrepreneurs to conduct business globally.

Considerations Before Opening a Corporate Bank Account in UAE

To be eligible for a corporate bank account in the UAE, you must have a valid business license in the Mainland or Free Zone, or a branch office or subsidiary.

This is a crucial requirement that must be met before you can proceed with opening a corporate bank account. If you are a start-up or an SME, your presence as a bank signatory is also needed for a day or a few hours to submit the application and verify your passport.

This requirement ensures that the bank has verified your identity and can approve your application. When opening a corporate bank account in the UAE, you must provide documentation related to your business activity, the number of shareholders, business background, and business plan for a new entity in the UAE.

These documents are necessary to ensure that your business is legitimate and that you have a viable plan.

Challenges When Opening a Corporate Bank Account in the UAE

Regulatory Requirements and Compliance Pressure:

The UAE has strict regulations in place to combat financial crimes like money laundering. As a result, opening a bank account can be tricky due to the regulatory requirements and compliance pressure that businesses must meet.

Proving Credibility

Entrepreneurs must prove their credibility while applying for a corporate bank account in the UAE. They need to demonstrate their knowledge of the industry in which they plan to open a business and explain why they require a bank account.

Residence Visa and Local Address

Banks in the UAE require resident applicants to have a residence visa and a local address in the UAE to open a bank account.

Complete Information and Economic Substance

It is important to have all the necessary information about your business ready when applying for a bank account in the UAE. Incomplete information or lack of economic substance can lead to difficulties in opening a corporate bank account.

Step by Step Guide of Obtaining a Corporate Bank Account.

Step 1 – Obtain a Business Trade Licence

Having a valid business license is essential to open a corporate account in the UAE. The bank needs to recognize you as a legitimate business entity.

Step 2 - Understand the Application Process

It is important to consult with us or a bank representative to understand the process and requirements. Setting up your company through Slide Corporate Services is beneficial because of its dedicated team of banking experts who are on hand to guide you on corporate bank account compliance matters.

Step 3 - Organize Legal and Corporate Documents

To open a corporate bank account in the UAE you need to provide the bank with a folder of documents, which includes the complete application form, Residence visas, Emirates ID copies of all shareholder representatives, Business plan, Memorandum of Association (MoA) or Memorandum of Understanding (MoU) and Articles of Association (AoA), and Board resolution among others.

Step 5 – Submit Application | Documents.

The list of important documents required for opening a corporate bank account in UAE includes:

  • Copy of the Emirates ID of the shareholder representative.
  • Company trade license.
  • Certificate of registration or incorporation.
  • Lease agreement |Utility bill.
  • Detailed business plan.
  • Memorandum, and Articles of Association.
  • Board resolution authorizing a company officer to open a bank account.
  • Copies of passport of shareholders and authorized signatories.
  • Disclosure of the source of funds.
  • List of at least 3 suppliers and 3 customers.
  • Shareholders’ personal bank statements for the last 6 months from their home country or UAE (if applicable)
  • Shareholders’ corporate bank statement (of an existing company) for the last 6 months (if applicable)
  • Process by submitting all necessary documents with the duly filled application form to the bank officials. The bank will then authenticate every detail and gather background information about the applicant’s management team, its shareholders, and directors. The final step is the applicant’s interview, and once completed, the corporate bank account will be opened.

Step 5 – Expected Turnaround Time

The process of opening a bank account for a Mainland or a Free Zone company typically takes 1-6 weeks.

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