Corporate Bank Assistance
Every company needs a corporate bank account to conduct business. There are 26 foreign and 22 Emirati banks in the UAE’s commercial banking sector. The Central Bank of the UAE is an independent entity in charge of overseeing the financial adequacy of these banks.
Opening a bank account in the Emirates is a comparatively easy process for free zone and mainland company establishments, subject to the size and structure of each company.
However, the paperwork and documentation needed to open a corporate bank account often require the services of firms that specialise in bank account opening in the UAE.
Advantages of Setting Up a Corporate Bank Account in the UAE
- The banking system in the UAE is well-known for guaranteeing its clients’ privacy.
- Businesses can operate seamlessly and thrive alongside the country’s economy courtesy of its efficient banking sector.
- Numerous currency accounts can be set up for easy currency conversion.
- Businesses can control expenses and better track cash flow with the help of a corporate account.
- By using their bank account, corporations can swiftly acquire loans or credit cards for their operations.
- Companies can access international financial institutions.
How to Create a Corporate Bank Account in the United Arab Emirates?
Every bank in the UAE is subject to regulation by the UAE Central Bank. However, each bank has a compliance department and its unique set of specialised rules. The general requirements for opening a bank account are as follows:
Obtain the business licence
A business licence is necessary to open a corporate bank account. You cannot open an account without a permit since the bank will not recognize you as a corporation.
Visa requirements
You need to make sure that your stockholders have resident visas as well. For the records of certain banks, one or all shareholders may need to provide proof of residence.
Prepare additional legal and corporate paperwork
You must ensure all necessary legal and corporate documentation is in place and completed for submission. This comprises, among other things, a copy of your Emirates ID, a complete business plan, and your Memorandum of Organisation.
Bank selection
After you’ve gathered the necessary documentation, you must select a bank. There are several domestic and foreign banking institutions to choose from. You should also think about the bank’s credentials and financial standards while choosing one.
