Dubai is known for its progressive laws and regulations. The UAE Central Bank is responsible for regulating commercial banking activities in the country and supervises the functioning of both public and private entities in the banking sector. As per the latest statistics, around 20 licensed banks are operating in the UAE. Opening a business bank account in Dubai is one of the first steps you should take when starting a new business. This will allow you to receive payments from clients, pay employees, and keep track of your expenses. There are also leading PRO services providers in UAE who can help you open your corporate and personal bank account with ease. The first thing you will need is to register your company name and contact details with the government, then you will need to submit documents to prove your identity including copies of your passport, visa, residence permit, and utility bill. Once approved, you will receive a debit card and account number, and PIN code. You will also be required to provide evidence of incorporation within ten days of opening an account. If you close your account before providing all of the above, you may face penalties of 1000 dirham’s per day.
Let us see in detail what it takes to open a company bank account in Dubai
To open a corporate bank account it is important to obtain a business trade license.
The documents required by each bank may differ but the general documents required are
• Account opening form
• A formal declaration passed by the board informing the opening of the business bank account
• The business incorporation certificate
• Your trade license
• Every single document in regards to company shares
• Articles of incorporation of your company
• Passport copies of all your partners
Companies with foreign nationals or expatriate employees need to understand their visa-related regulations when opening a bank account. Depending on which bank you choose to open an account with, they may ask for proof of residency visas for your partner(s).
Choose your bank based on the following factors: ease of doing business transactions; customer-friendliness; and the reliability.
You can prefer to either do the account opening process all by yourself or get it done by leading PRO services consultants who have profound knowledge on how to open a corporate bank account in Dubai.
Once you have opened a corporate bank account in Dubai, to manage all the financial matters of the company, including complying with the laws and regulations, investors, partners, and customers, you need to deploy faultless and high-performing accounting, bookkeeping systems, and best auditing services in UAE.
Opening a personal bank account is easy and free in Dubai. You just need to visit any of the participating banks in the UAE. After completing your application form, you will receive an email containing information regarding your application. If you meet all the requirements, then you can proceed to open your account within 24 working days.
The Process Of Opening A Bank Account In Dubai Is Simple
- Know Your Requirements Before Applying For An Account
- Choose The Right Branch To Apply At And Make Sure That They Have All Your Documents
- Avoid Using Fake Information or paying off bills
- Follow The Application Process Thoroughly
- Be Patient As It Takes Time To Get Approved
- Start Making Payments Once Your Account Has Been Opened
Banking and financial solutions need to be tailored to fit customer needs. Most banks provide basic account opening facilities online or over the phone. There are many different banking products available to suit all budgets and needs. So, collaborate with a banking solutions provider who will help you manage your finances better and avoid the headaches of dealing with banks directly.