The dreamer’s paradise, Dubai, has been attracting businesspersons across the world. The governmental regulations and policies conducive for the growth of the business is the main factor that lures business firms to Dubai/ UAE. Consequently, you will find success stories of numerous individuals, who arrived in the UAE with hope in their eyes and turned out millionaires in a few years of dedicated effort.
The business services in Dubai can support you and aid you in establishing the business and commencing business operations in and around the country. The legal structure, the basic requirements and trade license will depend on the type of business you intend to begin. The procedure for setting up of each type of company, i.e. Mainland, Free Zone and Offshore differ from each other. Further, the license requirements will depend on whether you are starting an industrial, commercial or professional business entity.
Opening a corporate bank account is an essential part whilst establishing a firm in Dubai. Even though the procedure is simplified, it will necessitate assistance from a reputed business set up service in Dubai to comply with the formalities and open a bank account. More often than not, individuals are not clear about the process, which will put them in a perplexing situation. In this article, we will be discussing the things to remember while opening a corporate bank account in Dubai.
How To Open A Corporate Bank Account In Dubai?
The companies registered in the UAE can open a corporate bank account in the country irrespective of the type of company. The business owner has to submit the documents including initial approval, license details and other certificates to the bank for perusal and approval. This will also include the documents pertaining to the individual proving their identity.
Having said that, if the stakeholders include individuals from foreign countries, the identification documents have to be notarized in the home country and attested. After attestation of the documents in the ministry and the Embassy/ Consulate of the UAE in the home country, it has to be submitted to the Ministry of Foreign Affairs (MOFA) in the UAE. The final attestation is done at MOFA. The certificates and documents related to foreign individuals will be valid after attestation by MOFA only.
To evade risks, the Central Bank has laid down certain criteria to scrutinize the applications. The company’s expected turnover, business area and type, the amount of deposited etcetera will be verified during the account opening process. It will be further stringent in case you are establishing an Offshore Company. To avoid tax evasions and similar frauds.
The following documents are required for opening a corporate bank account in Dubai.
- Certificate of registration of the company
- Trade license
- Data regarding shareholders and certificates of the same
- Details regarding the buyers/ clients/ suppliers (03 each)
- Copies of passport of owner and stakeholders
- Calculated data concerning expected turnover in a fiscal
- Declaration from the company authorizing the person to open a corporate bank account
- Additional documents, based on amendments in regulations from time to time
Advantages Of Having A Corporate Bank Account In Dubai
A corporate bank account in Dubai will give you many benefits. It has been aimed to ensure that as much as businesses are opening corporate accounts in the country. As it is advantageous to the country.
- Easy and safe transactions including transferring of capital from and to Dubai
- The banks ensure secrecy regarding your data and transactions
- Currency exchange options
- You can access and utilize the services of international banks
- Avail loan facility and credit card with added benefits
- Transact in multiple currencies
- Phone banking facility
- Dedicated support from the bank
- Credit facility
- Flexibility in the transfer of accounts.
Why Kiltons Business Setup services?
Kiltons Business Setup Services LLC, Dubai has extensive experience in helping business setup. The exhaustive support from our experienced professionals will complete the business set up on behalf of you and guide you during future operational requirements. We have been successful in setting up numerous business firms of varying sizes and have witnessed them prosper.
We have been rendering services to start-ups, medium business entities and large business conglomerates. The support from our team of proficient professionals will be advantageous for you in the establishment and smooth functioning of your business entity. You can select the service you want and discuss your requirements with us. Kiltons will tailor the service according to your needs and will ensure that it gives you an optimum outcome.
Are you thinking of setting up a business in Dubai? Contact us now.