08Mar, 22

Key Details of Opening a Business Bank Account in UAE ?

Following the company formation and resident visa applications, the next step is to create a business bank account in the UAE. After all, a business without a business bank account is effectively non-existent!

Opening a business bank account in the United Arab Emirates has a reputation for being administrative, complex, and time-consuming, and this is probably true! It is not a simple operation, as it necessitates a significant amount of time and works due to each bank's internal rules and regulations.

Here's everything Dhanguard will enlighten you about opening a business bank account in the UAE, including the documentation, significant potential obstacles, and a simple solution to all of your concerns.

What are things to Accomplish to Open a Business Bank Account in UAE ?

Even though all banks are regulated by the Central Bank of the United Arab Emirates, each has its compliance department and standards. On the other hand, most banks use the same approach to begin the account opening process.

To start a business bank account in UAE or any other Emirate, follow these steps:-

Obtain a Business License

Obtaining a licence is the first step of company registration in the UAE. After registering a company in UAE, you should receive a valid licence. Neither the bank will recognize nor allow you to open a Business Bank Account if your company does not have a valid licence. It would help if you approached a reliable business consultant in Dubai to get this done.

Choose the Right Bank

The most necessary part of business setup in UAE is Choosing the right bank according to your necessity. You can also look at the eligibility requirements various banks mandate according to their need. Almost every bank in Dubai asks for a residence visa and the local address in UAE. Another most important thing you have to focus at the minimum balance which is required to maintain in the banks

Start the Application

Once you have all of your documents in order, you must visit Dhanguard to begin the application process and will make you understand about the tax process as well.

Required Documents for opening a Business Bank Account in UAE

For opening a business bank account in the UAE, you have to submit some necessary documents. Those documents entail information regarding the proof of business, such as contracts and invoices, the business clients, and suppliers. At the same time, different banks have different lists.

Therefore Dhanguard's document for opening a business bank account includes:-

MainLand

These are the various essential documents of Mainland

· Trade Licence

· Memorandum Of Association (All)

· Passport, Visa & Emirates Id of all partners (if applicable)

· Office Tenancy or Ejari Contract (Physical officesta)

These are the various supporting documents of Mainland

· Six months bank statement (Personal/company from UAE/Home country.)

· Utility Bills as an address proof(for certain nationalities)

· VAT Certificate(if applicable)

· Business Model/company profile/ Website

· Customer Profile (CV) of the signatory

· Name of existing or prospective clients (suppliers/buyers)

· Debit & Credit Invoices

* All essential documents are mandatory. Supporting documents are as per the business profile.

Freezone

These are the several primary documents in Freezone

· Trade Licence

· Share certificate

· Memorandum Of Association/Article Of Association

· Passport, Visa & Emirates Id of all partners (if applicable)

· Office Tenancy (Physical office)

These are the several supporting documents in Freezone

· 6 months bank statement (Personal/company from UAE/Home country.)

· Utility Bills as address proof

· Business Model/company profile/ Website

· Customer Profile (CV)

· Name of existing or prospective clients (suppliers/buyers)

· Invoices /Bill of Lading/Shipping documents/ Agreements/ Custom Clearance etc.

Offshore Account

Below are primary documents of the Offshore Account

· Trade Licence /Certificate of Incorporation.

· Share certificate

· Passport

Below are Supporting Documents of an Offshore Account

· Parent Company legal documents

· Office tenancy parent company as address proof

· Last 6 months Company Bank Statement from Home Country.

· Certificate of Good standing (If applicable)

· Certificate of Incumbency (If applicable)

· Visa & Emirates ID(If available )

· Customer Profile (CV)

· Business Model/company profile

· Website (If available)

Foreign Entity

· Memorandum Of Association /Article Of Association- with legal attestation

· Trade licence.

· Share certificate.

· Passport with UAE entry page of shareholders

· Emirates ID, Visa pages of shareholders (In case shareholders have UAE residency)

· Name of existing or prospective clients (suppliers/buyers)

· 6 months bank statement (Personal/company from Home country.)

· Utility bill of shareholders showing address proof.

· Corporate legal documents and bank statements (In case a shareholder has a company outside UAE).

Things to Contemplate before opening a Business Bank Account in UAE

Several points are to be noticed before opening a Business Bank Account

The efficiency and security provided are two of the most critical factors contributing to the growth of the UAE corporate banking sector in recent years. In current years, several agreements have been made between UAE and other countries to curb tax evasion.
These agreements require banks to work with foreign authorities in some situations, despite strict privacy protections.
You can apply for a business account in the UAE if you have a UAE corporation, a registered branch, or a subsidiary company.
Your presence as a bank signatory is required for submitting the application and verifying the passport.
In terms of documents, you must examine the company's operations, the shareholders, the business management background, and the new entity's business plan in the UAE.

What is the Cost of Opening a Business Bank account in UAE?

As an investor seeking to open a business bank account, you may be curious about the fees. The focusing news is that, like other banks in other countries, UAE local banks do not charge any fees for creating bank accounts. Every local bank must keep a minimum monthly average balance, and each bank has its own set of minimum monthly average balance categories. If you open a business bank account with a minimum maintenance amount with any local bank, we strongly advise you to keep this balance because you must maintain a positive relationship with your bank from the start.

Why Choose Dhanguard to open a Business Bank Account in UAE?

Here are the few key points to be noticed about Dhanguard

We will guide you through all the process of completing the documents
When you go through the license application process as a consultant we are well known about all the rules and regulations therefore our knowledge will save yours ample time.
We will make you understand about government policies so that you cannot do something against the law.
We will assure you that you will never have any difficulty in creating a business banking account in UAE.

Conclusion

Every business must have a financial management system. In the UAE, business accounts track money owed to companies and creditors and cash balances, and employee payments. It is our job and our mindset to make your company's requirements as simple as possible. Dhanguard assists you in selecting your account by providing benefits and features. With an extensive bank network, years of experience, and a knowledgeable team, Dhanguard is here to help you open a Business Account or a Corporate Account in the UAE.

DhanGuard: All-in-One Solution for Business Setup in Dubai, UAE

DhanGuard is your ultimate one-stop solution for all your business needs. Whether you’re planning to set up a new company or expand your existing business in the UAE, we’ve got you covered with our comprehensive range of services. From Business Setup in UAE and Company Formation in Dubai to managing your financial and legal compliance, we provide everything you need under one roof.

Our services include:

Company Formation in UAE and Dubai
Opening a Business Bank Account in UAE and Dubai with a 99% success rate
VAT & Corporate Tax Compliance
Accounting, Bookkeeping, and Auditing Services
Trade License Renewal
Golden Visa Assistance

Let DhanGuard make your journey of Business Setup in Dubai seamless and hassle-free!

Talk to our Expert

About the Author

Hemant Katyal

(Founder of Dhanguard Corporate Service Provider, Dhanguard Banking Consultancy, Dhangaurd Business Center)

Hemant Katayal, the visionary founder of Dhanguard, leads a dynamic firm specializing in business setup, financial advisory, and banking solutions in the UAE. With extensive expertise in corporate banking and business structuring, Hemant has empowered countless entrepreneurs and businesses to thrive in the region’s competitive market. His deep understanding of financial management and compliance makes him a trusted partner for businesses seeking sustainable growth.

Key Details of Opening a Business Bank Account in UAE ?

Key Details of Opening a Business Bank Account in UAE ?