How You Can Open A Company Bank Account In UAE

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How You Can Open A Company Bank Account In UAE
Start Any Business
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Introduction
The United Arab Emirates (UAE) is famous for its
renowned banking industry, and the high level of
privacy banks offer their customers. The UAE has
a booming economy and is home to massive
populations of expatriates from across the globe.
Most of the entrepreneurs and traders move to UAE
for business. If you are planning on doing
business in the UAE, you also need to open a bank
account. Once your business or company is set up
in Dubai, the next step to consider is the
corporate banking options available to you and
your company. If you are wondering how you can
open a company bank account in UAE, there is no
need to worry as here we highlight the complete
guide to open a bank account.
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Introduction
Opening a UAE corporate bank account can be
stressful for entrepreneurs. Newly implemented
guidelines, ever-changing compliance regulations,
and international banking protocols combined with
the banks expectations over recent years can
make it very time-consuming. The entrepreneurs
might find the task of obtaining banking much
more monotonous than the form filling and
compliance checks that were needed for their
company set up in Dubai and other emirates of the
United Arab Emirates (UAE).
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Documents Needed For Opening ACompany Bank
Account In UAE

• Copy of MOA
• Trading license
• Passport with UAE entry page of shareholders
• Share certificate
• Emirates ID of shareholders (If shareholder have
  UAE residency)
• Visa Page of shareholders (If shareholder have
  UAE residency)
• Incorporation certificate
• Banking statement of shareholders dating back to
  the last six months
• Name of existing or prospective customers
• Utility bill of shareholders showing address
  proof
• Corporate legal documents and bank statements (If
  a shareholder has a company outside UAE)

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Company Bank Account Recommendations
When you are looking to secure a regional
business bank account, then you must take the
following steps to open a company bank account in
UAE.
1. Keep A Residential Address
Its vital to secure a local residential address
to prove your dedication to the country and the
local economy. Bank signatories should also have
a UAE visa and Emirates ID to enhance their
opportunities for approval.
2. Signatory Should Hold Shares
Share ownership must be regarded when setting up
an account. For international corporate and
holding structures, the bank account signatory
should have the companys shares in the trust to
open the account initially. After this is done,
the claims can be assigned to your preferred
holding structure.
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3. Solid Business Plan
Create a robust business plan to make sure the
best opportunity of opening your bank account.
Your project doesnt have to exceed three
important information pages detailing who you
are, where you come from, and your business
purposes. It is also suggested you create a
landing page or website that confirms your
suppliers and customers and secure physical
offices in the most suitable location. Choosing
for a free zone that matches your brand and
persistence could also encourage your
applications viability.
4. Offshore Versus Free zone Viability
It would help if you familiarized yourself with
the differences between offshore and free zone
companies. Given the reputation of offshore
banking scandals in recent years, UAE banks often
negatively view local and international offshore
companies. In this context, UAE banks usually
only want to offer their services to local
offshore companies under particular strict and
structured events.
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