The opening of a business bank account in Dubai is a very important step. If you want to start a business or expand your existing one, it’s essential that you have an account ready for the future. This article will provide information on how to open a company bank account in Dubai.
There are many different factors to consider when opening a business bank account. Not all banks will offer you the same services and facilities, so it’s important that you investigate your options before making a final decision.
Account type and details
The first step is choosing an account type for your company and finding out what each one offers – from monthly charges and transaction fees to special features such as e-commerce payment processing or cash management solutions. If you choose a local bank, your options will be limited. However, it’s possible to find the ideal business account if you do some research beforehand and compare each option.
When it comes to opening a business bank account in Dubai, there are many factors that can impact your decision. With so much information available online, you should be able to find the perfect fit for your company if you do some research first.
How to Open a Bank Account in Dubai, UAE
The requirements for establishing a bank account in Dubai differ from one to another, but typically, the presence of a shareholder and director is required throughout the procedure. However, an attorney can also set up an account on the behalf of his/her client. The steps involved in opening a business account in Dubai are:
- Fill out an account opening application form. Make sure that it is supported by detailed documentation of your company. You will need to provide information like invoices, contracts, proof of business and more.
- Once the application form has been filled in, you will have to attach the following documents before submission:
- Passport, Emirates IR & visas of all business partners
- Trade license
- MoA or Memorandum of Association
- Address proof in the form of utility bills
- Profile of the signatory
- VAT certificate (if applicable)
- Business plan/model/company profile
- Credit & debit invoices
- Office tenancy contract
- Once the documents are submitted to the bank, the officials will verify the details submitted to them and approve the application
- Lastly, the applicant is interviewed by the bank. Upon successful completion of this step, your business bank account will be opened.
Dubai’s banking system is notorious for charges, and it’s always a good idea to acquire a comprehensive list of potential fees before opening a company bank account.