If you are reading this blog, chances are you have made up your mind about setting up a business in Dubai and need advise on how to open up a corporate bank account.
The banking system in the UAE is one of the most sought after in the world because of it’s high level of privacy for account holders. It is because of this high demand for privacy that makes opening a bank account in the UAE a time consuming exercise for entrepreneurs to do on their own.
To start you will need the following documentation on hand:
- Copy of memorandum of association (MOA) or article of association (AOA)
- Trading license
- Share certificate
- Business Plan
- Passport with UAE entry page of shareholders
- Incorporation Certificate
- Emirates ID of shareholders (only if you have UAE residency)
- Visa page of shareholders (only if you have UAE residency)
- Name of existing or prospective clients
- Shareholders 6 months personal bank statement
- Proof of address (utility bill no older than 3 months)
- Corporate legal documents & bank statements for any company outside of UAE (only valid for shareholders with a company outside of UAE)
This process can be an admin nightmare, and to avoid your application being rejected or delayed by a few months (anywhere between 3 -7 months) you need to ensure that you prepare all the above documents according to the respective banks requirements.
This can be a tedious process to tackle on your own, but is significantly easier & swifter when working with an experienced corporate service provider like Hensley&Cook who has formed relationships with bankers across various banks in Dubai.
What will it cost to open a bank account?
Local UAE banks do not charge any fees to open a bank account but they do require businesses to maintain the minimum monthly average balance, depending on which bank you choose. These minimum balances range between 50K AED – 500K AED. The penalty for not maintaining these balances start at 250 AED a month.
Are there any bank alternatives?
YES! Meydan Free Zone, has launched an exciting solution called the Meydan Pay App – a 100% digital portal enabling business owners to get an instant and guaranteed IBAN. Business owners can complete transactions like generating invoices, accepting & making payments with the click of a button. As a partner of Meydan Free Zone we are equipped to provide with all the information you need if you would like to go this route.
Over the years we have built long-lasting relationships with bankers across the various banks in Dubai, allowing us to expedite our clients bank account applications.
For guaranteed bank account set up, email us on [email protected]