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How to Open a Bank Account for Oil and Gas Company in UAE ?

UAE has always attracted entrepreneurs and investors from all over the world. It attracts a significant number of investors looking to establish a business in the UAE. Once your company has been established, the following step is to open a corporate bank account. If you want to start your own oil and gas company and also learn how to register a bank account for an oil and gas firm in the UAE. So, in this blog, we will walk you through the process of opening a bank account for Oil & Gas Company in UAE

How to Open an Oil and Gas Company Bank Account in the UAE?

The requirements for opening a company bank account in the United Arab Emirates differ among banks; however the presence of a significant director or stakeholder is normally required. The first step in opening a corporate bank account is to complete a bank account opening application that is supported by detailed company information. This information may include business proof, such as invoices and contact information, as well as information on the company's suppliers and clients.

To open an oil and company bank account in the UAE, follow these steps:

Obtain a Business License

One of the first steps in establishing a company in Dubai, or the UAE, is to secure a valid license. The bank will not recognize you as a business if you do not have a license, and you will be unable to create a corporate bank account.

Check Visa Requirements

The next step in creating a bank account for your company is to determine whether your firm shareholder needs a resident visa. Some banks need verification of this from at least one stakeholder, while others do not. As a result, whether or not your shareholders have valid resident permits may have an impact on which banks you consider applying to.

Choose a Bank

Once you have all of the appropriate documentation, you may hunt for a bank that meets your needs. There are numerous international and national banks from which to choose. When deciding on a bank, keep the qualifying conditions and income in mind.

Application Process

The formal account opening procedure can now begin. It is usually best to go to a bank location and speak with an advisor who can answer your questions face to face. You can proceed with the treatment once they tell you what to do.

Read More: How to Open Business Bank Account in UAE?

Benefit of Starting an Oil and Gas Company in UAE

Below mentioned the benefit of starting an Oil and Gas Company in UAE

  • The financial advantages of trading in black gold are widely established. The extra benefit of doing business in Dubai is that you may deal in this important commodity while benefiting from the UAE's low income, corporate, and customs tax rates.

  • Another benefit of starting an oil and Gas trading company in Dubai is the rapid and low-cost incorporation process. Then there's the emirate's location, with convenient flight timings and time zones that coincide with many of the world's most important oil markets.

Documents Required for Opening an Oil and Gas Company Bank Account

The necessary documents that you required to be prepared for oil and gas company bank account opening are given below:

  • Valid Trade License
  • Certificate of Incorporation / Registration
  • Share certificate
  • Company Memorandum of Association and Articles of Association
  • Board resolution authorising a company officer to open the account
  • Passport copies for shareholders and authorised signatories
  • Copies of contracts and agreements
  • Invoices from suppliers or receipt issued to customers

How to Set Up an Oil and Gas Company in UAE

The oil and gas industry is one of the UAE's strategic areas. This is an important contributor to the national economy of the UAE. The oil and gas industry necessitates a wide range of support systems, including infrastructure, oil rigs, oil fields, transportation, storage, labour, and others. Many people who want to start a business in the UAE want to know how to start an oil and gas firm in the UAE.

The following are the steps to establishing an Oil and Gas company:

  • Choose the trade names you want to use as your trademark.
  • Determine the proposed entity's business activity.
  • Choose the entity's legal form.
  • Arrangement of office space
  • Submit the document to the appropriate authorities.
  • Obtain a business license.
  • Establish a company bank account.
  • Register with the Departments of Immigration and Labor
  • Obtain visas and work permits

Conclusion

We offer a great variety of services, pricing, and quality, with no hidden fees. We have a team of skilled individuals with considerable experience in this field who deliver excellent services.

Dhanguard helps their clients to open bank accounts in a variety of jurisdictions, but we specialise in opening personal and corporate bank accounts in the UAE. We can significantly improve account opening success rates. We can also decrease the probability of application hold-ups due to incorrect or missing documents that the client may not have been aware of. 

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Frequently Asked Questions

Yes, a foreign entity can open business account in the UAE. The registration of any organisation in the UAE is generally an easier and cost-effective way.

The requirement for opening any bank account in the UAE vary from one bank to another. Although, the existence of a major director or shareholder is generally required.

A limited company should have a dedicated bank account because they have a separate legal entity.

The benefits of having business account includes tracking of the expenses, easy calculation of the tax liabilities as well as management of cash flow.

Yes you can open a business account in various major currencies of the world other than the UAE dirhams.

Every bank has a unique internal procedure and timetable for opening accounts. For an LLC or a Free Zone company, obtaining a bank account in the UAE normally takes 2 to 4 weeks.

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