Corporate Banking Assistance
Corporate Banking Assistance
Are you an entrepreneur who wants to set up a business in Dubai or the UAE? If so, opening a corporate bank account is one of the most crucial steps you need to take.
A corporate bank account provides many advantages for entrepreneurs. Improved cash management, lower transaction fees, and easy access to finance are just some of them.
Benefits of a UAE Bank Account
Low Taxation
UAE banks are not subject to income tax. This makes them an easy choice for businesses looking to cut their tax liabilities.
High Degree of Confidentiality
UAE banks maintain a high level of confidentiality and privacy for their clients. This means your business will get greater security for its funds.
Easy Access to Finance
UAE banks offer businesses easy access to finance, with a range of credit products and services.
Multicurrency Accounts
UAE banks offer multicurrency accounts. This enables businesses to conduct transactions in different currencies.
Facilities Offered by the UAE Banks
- UAE banks offer online banking services. This helps businesses to manage their accounts, transfer funds, and pay bills online.
- Credit facilities, including loans, overdrafts, and credit lines. This help businesses finance their operations.
- Debit and credit cards to their corporate clients, which can be used for a range of transactions.
- Trade finance services to businesses engaged in international trade. This includes letters of credit, guarantees, and collections.
- Savings accounts are available for individuals and businesses with good interest rates.
- Banks provide Current accounts that are useful for managing daily finances.
Things You Need to Open a Corporate Bank Account in UAE
- A valid business license issued by the relevant authorities in Dubai or the UAE.
- Identification documents for all the authorized signatories of the company. These can be passports, UAE residence visas, and Emirates IDs.
- Proof of address for the company, such as a utility bill or tenancy contract.
- MoA and AoA of the company.
- Bank statement of the shareholders for the past 6 months.
What is the Process of Opening a Corporate Bank Account in UAE
1
Choose a Bank
Research and choose a bank that fits your business and offers the services you need. There are various banks in Dubai, including local and international banks.
2
Gather Required Documents
The documents may vary depending on the type of company you have but typically include:
- Valid passport and UAE visa of the authorized signatories and the shareholders.
- Emirates ID of the authorized signatories and the shareholders.
- Proof of address of the authorized signatories and the shareholders.
- Copy of the trade license.
- Memorandum of Association (MOA).
- Board resolution for opening a bank account.
- Company stamp.
3
Apply for the Bank Account
Fill in the application form. Submit it along with the documents. The bank will review your application to ensure that you meet their eligibility criteria.
4
Account Opening
If the bank approves your application, you will receive the details of your new business bank account. You may need to visit the bank in person to sign the account opening forms and provide a specimen signature.
5
Activate Your Account
Once you open the account, you will need to activate it by depositing the required minimum balance.
Note that the process of opening a business bank account may vary depending on the bank’s policies and requirements. It is always best to consult with a banking expert or a business consultant for more information and guidance.
This is where Reflechir comes in. We offer corporate banking assistance to help you open a corporate bank account in Dubai.