How to open Company Bank Account in Dubai ? If you are searching this question on google you have landed on right page. Here you will get all the information you need.
Dubai, one of the leading investor-friendly business hubs in the world, has multiple attractions to offer such as a flourishing business environment, zero per cent tax rate, a strategic global location, a smooth and straight-forward incorporation procedure, transparent public policies, and a robust banking industry that provides a high level of privacy and conducive conditions for companies to operate. The UAE’s superb banking system is known for its outstanding hassle-free financial transactions and customer services. We present below a wealth of relevant information for all those who are curious to know How to Open a Company Bank Account in Dubai, besides an individual bank account:
To open a corporate bank account in Dubai, you need to submit the photocopies of the following documents:
Trade license; MOA/AOA; share certificate; incorporation certificate; passport with UAE entry stamp page of shareholders; visa page and Emirates ID of shareholders with UAE residency; last six-month bank statement of the shareholders; utility bill as the proof of address; corporate legal documents, and bank statements if the shareholder has business outside UAE.
Apart from the mentioned above documents, bankers might seek some clarification on transactions, invoices or contracts, or supporting documents to open the bank account. They may also send an employee to check the availability of the office at the address mentioned in your documents. The bank may also request information about your employees.
You should prepare Business Bank Account Documents Required with utmost carefulness to minimize issues and avoid rejection from banks.
Banks in UAE entertain new customers after strict verification as they operate under close observation of regulatory and inspection bodies, which, in turn, have to comply with the requirements of the European Union. So, they ensure that new applications for corporate bank account are not solely for the purpose of tax optimization.
How to open offshore bank account in Dubai
You can open an offshore bank account, if your company is registered as an offshore entity in the UAE. An offshore company is highly suitable for entrepreneurs or working professionals who want to enter into international trade or service and earn international profits. After their company formation, they need to open an offshore bank account to manage and deal with transactions from any corner of the world. However, an offshore bank account can be opened by an individual or under the company’s name.
To open an individual offshore bank account requires you to clear the KYC process involving proof of identity, proof of residency, credit history report, and proof of wealth.
For corporate accounts offshore accounts, there is a requirement of additional documents such as Memorandum and Articles of Association; Certificate of Incumbency; Certificate of creditworthiness, Company profile or brochure, and bank documents for last 6-12 months
Offshore bank account provides various advantages such as protection of savings; little or no tax; asset protection; greater privacy; flexibility of currency diversification; generation of higher returns; benefits from foreign exchange services; and easy money transfer.
If you are an individual-resident or non-resident in Dubai seeking to know How to Open a Bank Account in Dubai, we are happy to tell you that both types of customers eligible for a private/personal bank account in Dubai. But in the case of most banks, non-residents are allowed to open only a cumulative, deposit, or call account, and are subject to a monthly average minimum and/or maximum balance, unlike Dubai residents who can opt for both current and savings accounts.
While Opening a Bank Account in Dubai for Expats is not an easy process, it is not easy to open current accounts in the UAE, even for residents. As each bank has its own policies, it is advisable if you submit documents to several banks.
As for Requirements to Open a Bank Account in Dubai, they vary in terms of individual or corporate bank accounts.
What do I need to Open a Bank Account in Dubai?
For opening an individual account in Dubai, you need to possess the original and photocopies of:
Your passport; salary certificate from your company, or a NOC letter from your employer or sponsor; your Emirates ID, and your UAE residence visa. However, the exact procedures and requirements differ from bank to bank.
Sparta Galaxy Consultancy specialize in assisting in company formation along with bank account opening in Dubai for corporate and individuals. We have helped several entrepreneurs in opening and maintaining all types of bank accounts in Dubai including Bank Account for an Offshore Company.