Your to-do list is going to be never-ending when it comes to setting up a business in UAE. While business setup in UAE, there are so many tasks that you need to complete. Setting up your corporate bank account in Dubai also falls deep within this list. There is an array of reputable local and foreign financial institutions and banks that are operating in UAE ranging from Abu Dhabi Commercial Bank, Emirates NBD, and Abu Dhabi Islamic Bank (ADIB) to Barclays, Standard Chartered Bank, and HSBC, etc. All these institutes offer a wholesome package of services that can assist you in further climbing up your business ladder.
Although setting up a corporate bank account in UAE is not difficult anymore as it used to be, however it still requires you to tick a few boxes in order to ensure that you have all the prerequisites. Hence, you need to pay a little extra consideration to all the documents and procedures that you are required to complete before you approach your choice of a banking institution for opening a corporate bank account.
Set Up Your Corporate Bank Account In UAE in 5 Easy Steps
01. Get Your Business License Ready
This is the most crucial step in setting up your business because a bank will not acknowledge your business identity nor open an account without a business license. The license application procedure is also simple. All you need to do is to choose your business activity first, then finalize the name for your business, choose the right type of incorporation and get all your relevant paperwork done. Once you get this done to submit the documents your application process has been completed. Once you receive your license, you are all set to move ahead for applying for a corporate bank account. Business Setup Consultants can help you choose the right activity type for your business needs. You can contact us today for more information. Also, you can hire a PRO service in Dubai.
02. Get All Your Legal Documents Together
Once you get your business license ready, get all other important documents organized too. Document requirements vary from bank to bank, however, the documents that are generally required by all include a copy of your trading license, share certificates, article of memorandum and article of association of your company, passport copies of all your partners, and the resolution of the board of directors sanctioning the corporate account opening and also of all the account signatories. Some banks may also call for additional documents like business invoices and reference letters etc.
03. Make Sure You Have Met All Visa Requirements
As soon as you arrange all the legal documents, you need to ensure whether the shareholders of your company require a residency visa; as some banks ask for this. It is recommended to find at the earliest that whether the banks in your list require a residency visa so that this does not delay your application at the last moment.
04. Choose The Bank That Most Suited Your Needs
When all your documents are in line, you are now all set to approach one of the many banks in UAE. However, it is important to choose the bank that best suit your needs. Eligibility, business cash flow, foreign trading, and Islamic banking are some of the options that you may consider while choosing a bank for opening your corporate account.
05. Complete Your Bank Application Process
When all your paperwork is done, you can now finally begin the formal process of opening a corporate bank account. Some of the banks in the UAE allow you to complete the process online, however, it is advisable to visit the nearest branch for gaining a better insight into the process. You can reserve an appointment with the bank representative to further understand the setup process.
This is the way you can complete the setup process for opening a bank account. Although there are few steps, it is very important to fulfill each of them accurately. It is almost advisable to work with a business partner so that the process runs smoothly.