Dubai has a first-class transport network and a strong public order system. In addition, Dubai is tax-free. All of this makes the city a top choice for starting a new business in the UAE. If you are planning to start your business in the United Arab Emirates or Dubai, you will need a business bank account.
Stability and security are the hallmarks of the UAE banking sector. Together with reliability and excellent service, these characteristics make the UAE banks respected around the world. As any trusted UAE business formation advisor will tell you, if you want to run a business in the UAE or the United Arab Emirates, you need to open a business bank account Dubai.
Why do you need a business bank account in the United Arab Emirates?
You must have a business bank account in the United Arab Emirates in order to
- access funds
- to make investments
- to conduct business transactions
- To make and receive payments
In short, once your UAE business is up and running, you will need a UAE bank account to pay fees, receive and pay money, conduct business transactions, and perform routine operational tasks.
Have the necessary documents
In order to open a bank account in Dubai, you will need to provide certain documents. The documents provide information about business vouchers such as contracts and invoices as well as about customers and suppliers of the company. Although the list varies from bank to bank, in general, the documents required to open a business bank account in Dubai include:
- Copy of Emirates ID
- Company business license
- Registration certificate
- Lease agreement
- Copies of passport with authorized signatories for shareholders
- Company memorandum and articles of association
You will also need to provide the name of the buyer, the names of the suppliers, the bank statement of the shareholders from your home country / or the United Arab Emirates (if applicable) for the business account opened in Dubai.
Choose the Right Bank
An important but generally overlooked aspect of an established business in Dubai is choosing the right bank for your needs. You can also check the eligibility requirements different banks must have to find one that you can meet. Most banks in Dubai require a residence visa and a local address in the United Arab Emirates. Another thing to consider is the minimum continuity of balance that you need to maintain.
Challenges might you faced while opening a business bank account in Dubai
A study by the Dubai Chamber of Commerce and Industry (Dubai Chamber) and the UAE Department of Commerce found that at least 65% of entrepreneurs see banking as the biggest challenge in starting a business in Build Dubai. Opening a bank account in Dubai can take up to three months, making it difficult for companies to start their business. They are
Strict regulatory and compliance requirements such as Anti Money Laundering (AML) and Combating the Financing of Terrorism (CFT)
- Demonstrate the founder’s credibility.
- Insufficient information or weak business plan
- Problems with the physical space of the office.
- Minimum balance requirement.
Companies in UAE Free Zones with no or non-compliant office space may have difficulty opening a commercial bank account in Dubai.
While these strict regulations by the UAE authorities protect and protect against financial irregularities, opening a business bank account is time-consuming and difficult. This is where Business in Corporation zone Business Consultancy LLC can help. With extensive knowledge of international and local regulations, we have years of experience dealing with banks and opening business bank accounts in Dubai. Business in Corporation Zone is one of the leading business formation consultants in the United Arab Emirates Dubai.
Open business bank account Dubai according to your requirements and purpose. Cheap services, including starting a business in the UAE Free Zone without having a business office NK account, bears the brunt of the burden on the entrepreneur. The fact is that almost 50% of businesses in free zones are unable to open a business bank account. There is not much you can get out of starting a business in the United Arab Emirates without a business bank account.