Business Bank Account Banking Assistance
Required Documents for Opening a Bank Account in UAE
For the application, you will need to submit the following documents:
👉 The company’s trade license.
👉 Incorporation certificate or COI.
👉 Memorandum of Association.
👉 Board resolution document.
👉 Passport of the shareholder’s copy and Emirates ID.
👉 Director’s copy of passport.
👉 Letter of reference of all partners involved.
👉 Articles of Association.
👉 Registry of shareholders.
👉 Certificate of authorization.
👉 Business Plan.
👉 Company Information
Why Connect Middle East?
Business organizers and high net worth individuals of various nationalities seek to open a Business bank account in Dubai as well as other parts of UAE. There are a lot of procedures to open a business bank account here. With Connect Services Middle East, it is easy to open a business bank account for both residents and non-residents or corporate organizations. We aid you through the right way in finding the right banks in the region that offer low tariffs on banking facilities, simplified reporting system, high quality of services and competitive fees.
How do I set up a business bank account in UAE?
Opening A Business Bank Account
Business organizers and high net worth individuals of various nationalities seek to open a Business bank account in Dubai as well as other parts of UAE. There are a lot of procedures to open a business bank account here. With Connect Services Middle East, it is easy to open a business bank account for both residents and non-residents or corporate organizations. We aid you through the right way in finding the right banks in the region that offer low tariffs on banking facilities, simplified reporting system, high quality of services and competitive fees.
The requisites to open a bank account in the UAE vary from bank to banks. Similarly, banks do not follow an established guideline for opening corporate bank accounts.
After that the bank verifies all provided documentation and based on the verification; the bank will approve or withdraw the submission.
If the application is approved, the bank will then take the necessary steps to collect extra information such as the background of shareholders and directors, information about the management, etc. Subsequently, the bank performs a financial analysis of the company to obtain a broad picture.
After collecting all important documents and data, the banks call the applicant for an interview. After that, the bank process with the corporate bank opening formalities and creates the account for the applicant.
The UAE Central Bank has introduced policies to curb illegal practices like tax avoidance and terror funding. Consequently, banks and financial institutions must handle financial areas with diligence and precision.
On the other hand, the shareholders and director of the business must be physically present for the process. However, in Connect Middle East we take care of this process on your behalf, this way you do not need to be present. Let’s observe the detailed instructions for opening a startup business bank account:
All banks in the UAEA have an account opening form. Therefore, you must fill out the form and provide extra business-related information such as client details, invoices, business proof, etc.
Bank Guarantee for Business Setup
A bank guarantee is offered to a company or an individual regardless of the capacity of the organization. Thus, a formal understanding or fee is charged between the parties involving the situation. Some of the business activities in the UAE require bank guarantees to make an investment or hold a working capital. Connect Services Middle East guides and helps companies with a short-term bank guarantee facility that are valid for 3-10 days.
Mainly there are two parties that are involved in Bank Guarantee- Principal Debtor and Beneficiary for the bank. Connect Services Middle East will guide you through by being the enacting principal debtor making you the beneficiary. Through this, Connect Services Middle East intensifies the credit worthiness of your company to secure a bank guarantee. To open an Business Bank Account in the best-known bank in Dubai or to enquire about any of the UAE banks or offshore banking services, contact our business setup consultants.
Steps to set up a business bank account in the UAE
Opening a business bank account in the UAE is useful when you are in the process of registering your business in the country. On the other hand, with is pro-market and stable government, the UAE provides the best business environment. Likewise, its location eases the global trade by land, sea, and air.
However, setting up a large and small business bank account in the UAE can be a complex process; especially if you are on your own. Further, growing a company without long-term backing from a bank is also difficult. Therefore, a company bank account opening in the UAE is a good idea; they provide outstanding benefits.
When you are opening a business bank account in the UAE, you need to consider the benefits and profit rates as well as the fees for banking services.
The UAE has a vast banking industry regulated by the central bank created in 1980. On the other hand, there are approx. 50 foreign and local banks in the UAE. Similarly, this beautiful country has an easy corporate bank account setup; it is also stable de to banks’ liquidity buffers and resilient capital levels. Further, banks in the UAE are deposit funded; that is why their capital levels provide a massive, loss-absorbing buffer.
Let’s observe the 4 types of operational banks in the UAE:
- Investment banks.
- Commercial banks.
- Islamic banks.
- Industrial banks.
What do you need to open a business bank account?
With our massive experience, in Connect Middle East we will provide you with a basic list of requirements for opening the bank account. However, you must have in mind that this usually differs for each client’s scope of activity and bank requirements.
- Comprehensive resume: you must include your business and professional experience for the past 4 to 7 years. In addition, you must ensure the company’s business activity for which you want to open the corporate bank account matches your expertise in the provided industry.
- Utility bill: this acts as proof of the business’s address issued within the last 3 months.
- The organization’s corporate documents.
- Personal bank statement: for all shareholders for the past 6 months.
- Corporate Bank Statement: for the previous 6 months for the existing business of the shareholders (if required).
- Documentation indicating proof of ownership: this applies to your existing organization for which the ownership statement is provided. For instance, you can present a certificate of incumbency or other type of document issued in the previous six months.
- Business Plan: it should indicate all formation regarding the business activity of the organization, potential clients, suppliers (for a trading company), brief business development plan, the background of the partners (management team), and financial plan.
Additional requirements
As we mentioned earlier, the list of all required documentation may differ from each profile. That is to say, we suggest you provide a complete and exact list of documents consisting all the information. Therefore, when you follow all our specifications and guidelines; you will have your business bank account online and running within a month.
Similarly, to avoid any delays, you must ensure all your documents are well filed and prepared before the submission. In Connect Middle East we emphasize on this because this is the fastest way to have your startup business bank account running in a matter of days.
The business entity wishing to open a corporate bank account must submit proof of legal existence. And if the organization is owned by a corporate entity; you must submit extra documents related to management and ownership. In addition, the notarization of the business documentation is necessary in case of corporate ownership.
In the same vein, you must carry out the notarization process from your home country. Similarly, you must carry out the same process in the Business Setup in Dubai , UAE.
Similarly, the financial entity must understand the customer’s main business areas, the level of revenues, and its main suppliers and customers, and the anticipated volume of total deposits and currency.
How much does it cost to open a business bank account?
As an investor planning to open a business account in the country; you may ask yourself what are the costs involved for setting up a business account?
The good news is that the local banks of the country do not charge additional fees for opening a bank account in Dubai like most banks in other countries do. That is to say, all local banks are required to keep the minimum monthly balance; similarly, nationals and local banks has different categories of the minimum average balance per month.
Certainly, for UAE local banks, the overall average balance starts from AED 50,000 to AED 500,000; but it depends on which bank you are applying to. For example, the Emirates NBD starts from AED 50,000. Therefore, if you do not maintain the minimum average balance per month; the applicable penalties start from AED 250 monthly.
In addition, it is worth mentioning that if you open a large or small business bank account in the UAE with a specific maintaining balance; we recommend always to keep this balance. From the beginning, you will need to establish a good relationship with the financial entity.
Which is the easiest bank to open a business account in the UAE?
The banking sector in the city is a mix of international and local banks that cater to different consumer niches and financial segments. Further, these organizations offer banking services that eases business and lives in the country. Therefore, let’s observe the easiest foreign and local banks to open an account in Dubai and the UAE are:
Emirates NBD
When you discuss the top 5 banks in the UAE; the Emirates NBD is one of the first option that comes to mind to some people. In addition, it was created in 2007, it was a merge between the National Bank of Dubai and the Emirates Bank; the fourth- and second-largest banks in the UAE, respectively.
Similarly, this bank offers various services for both companies and individuals. Likewise, the bank has one of the most reliable internet banking systems, allowing you to access their services and banking system on the go. Some of their services include:
Business credit cards
- Auto Loans.
- Project Finance.
- Housing loans.
- Bank Information.
- Personal loans.
The Emirates NBD has branches located all across the UAE. Moreover, the ones located in Dubai are in Dubai Investment Park, the DIFC, and JBR.
First Abu Dhabi Bank
The First Abu Dhabi Bank was a combination between the National Bank of Abu Dhabi (NBAD) and the First Gulf Bank. It was created in 2016; leading to the creation of one of the top banks in Abu Dhabi, Dubai, and other emirates in the UAE.
Out of all financial entities in Dubai, this bank is known by its retail banking solutions. Further, the bank provides its customers with the best credit card and is also known for handling a massive house financing program in the UAE. In the same vein, the bank also offers its customers with various Shari’a banking services.
In addition, the bank is also popular for its:
- Bank Information.
- Savings accounts.
- Mortgage loans.
Dubai Islamic Bank
The Dubai Islamic Bank is among the best banks in Dubai and across the UAE. Likewise, this bank was created on September 15, 1975, by the former Vice-President and 2nd Prime Minister of the United Arab Emirates and Ruler of Dubai; His Highness Sheikh Rashid bin Saeed Al Maktoum.
The Dubai Islamic Bank serves more than 2 million customers in the UAE and it offers Shari’a services. On the other hand, the bank’s services are available to all clients, regardless of their religions and beliefs; this goes along with the UAE’s vision of social solidarity and coexistence. Similarly, the banks offer various services to corporate and individual customers; let’s observe:
- Business Finance.
- Auto Loans.
- Housing Loan.
- Personal loans.
Mashreq Bank
This is one of the top local banks in the Dubai area; further, it has offered its banking solutions to a large number of companies, institutions, and individuals since 1967. In addition, it is one of the best performing banks for more than 5 decades in the UAE. The success of its operations can be seen at the bank’s increase of branches across the UAE and 9 other countries worldwide.
The bank’s global expansion led to the creation of regional offices in Africa, USA, Asia, and Europe. Similarly, it is often seen as the best bank in Dubai; it also offers a comprehensive range of e-banking and banking services and solutions; including unique services and bank accounts for UAE residents. However, let’s observe some of their best services:
- Personal loan for UAE retirees.
- Debt consolidation loans.
- Personal loans for residents and citizens.
Can you set up a business bank account online in UAE?
Opening a business bank account online from abroad is not an easy task since most accounts require a signature of a bank officer. However, you can open a bank account remotely, by giving us legal permission to act on your behalf. Another option is to take advantage of an online bank like Ally bank.
How do we help you to open a business account?
In Connect Services Middle East we offer assistance when it comes to opening a startup business bank account in Dubai and the UAE. In other words, we will guide you through the entire process easier. Therefore, after you have chosen your bank, you can contact us.
Do you need an LLC to open a business bank account in UAE?
If you have a firm in the UAE (Free Zone, Offshore, or LLC), a subsidiary business, or a registered branch; you can start applying for a company bank account opening in the UAE with one of the local banks. In the same vein, you can apply for one of the international banks such as Citibank, Standard Chartered Bank, or HSBC; but certainly, a local bank account is better in terms of flexibilities form SMEs and starting companies.
But this process has no specified time limit. Similarly, each bank has its own timeline and methods. In the UAE, opening a bank for an LLC usually takes between 2 and 4 weeks.