Dubai is the dream destination for all those looking to turn their entrepreneurial aspirations into a reality. It has been increasingly attracting investments from Indian entrepreneurs who wish start a company and open a corporate bank account in Dubai or the rest of the UAE. If you too are wondering How to Open Bank Account in Dubai from India, particularly a business bank account, this blog is intended to help you successfully navigate through the process of company formation, business setup and bank account opening in Dubai.
Benefits of Opening A Corporate Bank Account in Dubai
A business account in Dubai enables you to transfer funds not just to India, but to the rest of the world with zero per cent taxation on both personal as well as corporate income.
Fortunately, there are no fees for Opening a Bank Account in Dubai for Expats. UAE local banks do not charge any fees for bank account opening similar to a majority of the banks in other countries. But the local banks require you to maintain the minimum monthly average balance which differs from bank to bank as well as the penalty applicable for not doing so. Generally, it starts from 50k AED to 500K AED. So, it is advisable that after Opening a Bank Account in Dubai for non-residents, you maintain the respective minimum balance to enjoy a good relationship with your bank.
You will be happy to know that Opening a Business Bank Account in Dubai is a rewarding proposition for all customers and they can avail 24×7 hassle-free online banking facilities in Dubai.
Paper work needed for opening a UAE corporate bank account
To open a Company Bank Account in Dubai, you need to submit details about your business activities, number of shareholders, professional background of the management and a detailed business plan to the concerned bank.
Given Sparta Galaxy’s extensive experience, we’ll help you comply with the complete list of the documents required to open a business or Non-resident Bank Account in Dubai in any of the following:
Dubai Islamic Bank, Sharjah Islamic Bank, Emirates Islamic, Emirates NBD, Mashreq Bank, Ajman Bank, Commercial Bank of Dubai, Rak Bank, Banque MISR, and ADCB Bank.
Some of the essential documents required to Open a Bank Account in Dubai are as follows:
Declaration & License
Your application should accompany a declaration from the board of directors permitting the opening of corporate bank account, with the signatories approving it, besides a copy of your business license issued by the Dubai Department of Economic Development or DED.
Important documents include copies of your trade license, passports of business partners, shareholders’ share certificates, Memorandum of Association (MOA) and Articles of Association (AOA).
Herein, you should include your relevant professional and business experience. Please ensure that the business activity of the company for which you are seeking to Open a Business Account in Dubai aligns in some measure with your personal professional background and experience.
(Minimum of the last three months): It serves as proof of your residence.
Personal Bank Statement:
Pertaining to every shareholder for the duration of past six months
Corporate Bank Statement
It should detail transactions for the past six months.
Some banks demand your Business plan where on you should provide all the information related to your outlined business activity, financial goals, precise business development plan, probable clients, suppliers and collaborators. This document can also include the background of the each member of the management team.
Before submitting your documents, please ensure that each paper is well prepared and nothing is missing. If you have chosen to delve into the offshore trading zone, you must take professional help to Open Offshore Bank Account in Dubai in a seamless way.
The banking industry of UAE is known for the reliability, security and respect for privacy that it provides to its customers. After you comply with all the above-mentioned guidelines and specifications for Opening a Business Bank Account in Dubai for Non-residents, we will get your UAE bank account up and running within a month.