Business Account

WHY DHANGUARD FOR BUSINESS ACCOUNT?

While Business Account Opening in other countries is as easy as buying a Grocery from Supermarket. However, in UAE it is as difficult as Landing on Moon without a Rocket. Some newly Landed Expats (vs existing expats) find difficult to believe the harsh reality. In the end, they get tired of meeting different banks and bankers just for opening their company account.

The easiest solution to the above hardest problem is choose the right consultancy for your banking services - DhanGuard. DG over the years, has built a strong experienced team of Relationship Managers(Ex-Bankers) which are supporting for all the banking service needs to our clients. DG has more than 200 Active Bankers working with us from every bank of UAE. We work closely with all UAE banks acessing the current policy and process updates to easily open the business account for our clients.

After serving more than 200 clients for Business Account which is every month more than 20 Business Accounts with minimum time period. We are the TOP Business Account consultancy across UAE.

Page Contents

- Choosing the Right Bank for your Business.

- Business Entity Types Profiling 

- Business Activity Profiling

- Shareholders and Signatory Profiling

- Process, Documentation and Dhanguard Packages

- Click Here to Calculate your Service Charges

- Click here to View DHANGUARD MAGAZINE 

UAE has more than 50 banks to open business accounts.  For Owners/Investors, it is very important to choose the right bank as per their Business Turnover, Business Activity and other required services for better account operations. Below are detailed points: 

- Types of Business Account - Current Account & Savings Account(Call to Deposit)

- Schedule of Charges in Bank - SOC

- Point of Sale Machine – POS

- Foreign Exchange Rates

- Relationship Manager Service

- Letter Of Credit

- International Payments

- Customer Care Support

There are main four types of entity type in UAE. A company can choose as per the requirements the correct entity. Further under these entity types there can be vaiouus shareholding types as well.

Account Opening - Mainland Company (LIMITED LIABILITY, SOLE AND CIVIL COMPANY)

The Mainland Company is an onshore company licensed by a DED (Department of Economic Development) that opens up business possibilities in the local markets of the UAE, the Gulf, and the international arena, which is entitled to do business in the regional market as well as outside UAE without any limitation.

Mainland is marked as the LOW RISK entity type since it has below benefits:

  1. Proper Office – Physical Location for bank verification
  2. Accounts maintenance & VAT filing
  3. Local business mainly
  4. Easy traceable buyers and suppliers
  5. Employee’s working in premises

Account Opening - Freezone Company

A common choice for those seeking the most cost-effective company license in UAE There are more than 45 Free Zones in the UAE. Each has its own rules and regulations. If you are a startup company, then Free Zones facilitate business activities and attract companies looking to startup businesses. Foreign investors can retain 100% of their businesses without the need for a local partner.

Freezone is marked as the HIGH-RISK entity type since it has below issues:

  1. No proper office – Bank Verification not possible
  2. No VAT filing as the law allows – Know the Law
  3. Port to Port Business – Goods received on ports are usually supplied directly to other country
  4. Difficult to trace buyer and suppliers
  5. Mostly no employee

Account Opening - Offshore Company

Offshore Companies in UAE should not be confused with UAE freezone companies. An Offshore Company is a legal business entity that is set up with the intention of operating outside its registered jurisdiction and/or the location of its ultimate ownership.

Offshore is marked as the HIGHEST-RISK entity type since it has below issues:

  1. No proper office (Flexi Desk) – Bank Verification not possible
  2. No VAT filing as the law allows – Know the Law
  3. Not allowed to do business in UAE
  4. Difficult to trace buyer and suppliers
  5. Mostly no employee.
  6. No visa for the shareholders mostly non-resident

 

The process of gathering and analyzing information of the company is known as Business Profiling/KYC/Customer Due Diligence. Business KYC consists of many important details fir bank to understand the business of the company – click here to know more about business KYC. Whether you are small, medium or large-scale company, it is vital for you submit the right KYC to the bank. “Why Right Business KYC is important for the business account” Licensing Authorities in UAE offer various kinds of activities related to trade or service. Some of the activities due to Anti Money Laundering concerns are marked as High-Risk business activities.

These activities are marked as HIGH RISK due to below reasons:

  1. High Cash Deposit Vs Turnover – Wholesaler & General Traders
  2. Low Profit Margin vs Value of Transaction – Gold & Diamond
  3. Brokerage Firms 
  4. Financial activities – Exchange House, Financial broker, Stock Trader.

 

The process of gathering and analyzing information of the Individual Shareholders and Signatories is known as Shareholder Profiling/KYC/Customer Due Diligence. This Individual KYC consists of many important details fir bank to understand the shareholders of the company – click here to know more about Shareholder KYC. Banks are performing KYC to know the Ultimate Beneficial Owner. Whether you are small, medium or large-scale company, it is vital for you submit the right KYC to the bank. “Why Right Individual KYC is important for the business account”. 

In UAE due to recent Anti-Money Laundering (AML) and Combating Financial Terrorism (CFT) regulations issued by UAE Central bank. All the banks in UAE are asking more and more documents about the Ultimate Beneficial Owner (UBO) specially if it is from any High Risk or Sanctioned Country.

Sanctioned Countries

Cuba, Myanmar, Iran, North Korea, Ukraine (Crimea), Sudan and Syria.

High-Risk Countries

Iraq, Nigeria, Russia, Somalia, Ethiopia, Serbia, Yemen, Kenya, Uganda, Saint Kitts, Nevis, Anguilla, Malta, Cyprus, Zimbabwe, China and Libya

DG offers two packages for Business Account

Documentation for Business Account

1. Trade License 

2. Memorandum of Association or Share Certificate and Board of Resolution(if applicable)

3. Paspport and Visa copy of all partners

4. Original Emirates ID

5. Office Ejari(if applicable)

6. Owners Home Residence Tenancy Contract or Sharing Accommodation Letter

7. Bank Statement(if applicable as per profile)

8. Invoices of high volume transaction

9. Bill of Lading(if applicable)

10. VAT certificate 

DhanGuard Process of Business Account 

Process of Business Account Opening

DhanGuard is working closely with Below Banks

dhanguard working closely with UAE banks

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dhanguard versus direct bank

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