Cost to open a Corporate Business Bank Account in Dubai, UAE

Commercial banks in the UAE are classified into two types: locally incorporated banks and foreign bank branches. In the UAE, there are 23 locally incorporated banks and 28 foreign bank branches (as at 2016). The Central Bank of the United Arab Emirates, which is in charge of ensuring the financial stability of these institutions, regulates all banks.

The United Arab Emirates is well-known for its renowned banking industry and the high level of privacy that banks offer their clients. Its financial system exemplifies stability. Local banks are well-known throughout the world for their high levels of security, dependability, and excellent customer service. As a result, an increasing number of businesspeople from various countries want to open a bank account and conduct business in the UAE. It is critical to understand that each financial institution has different requirements for opening a business bank account. The process of opening a business bank account in Dubai is simple if you are familiar with the banks' proper paperwork and KYC requirements.

UAE banking institutions

Many international and local banks operate in the UAE. The top local options for opening a corporate bank account in this city are as follows:

• Emirates NBD
• Abu Dhabi Commercial Bank
• RAK Bank
• Mashreq Bank
• First Abu Dhabi Bank
• United Arab Bank
• First Gulf Bank
• Commercial Bank of Dubai

Major foreign banks that open accounts for businesses registered in the UAE include:

• Standard Chartered Bank
• HSBC
• Citibank
• Barclays

Procedure for Opening a Corporate Business Bank Account in Dubai

To open a company bank account or corporate business bank account in Dubai, the following steps must be taken. Dubai is one of the world's most important business centres for friendly investors. Free financial transfers are critical to the growth of businesses in all sectors.

Bankers in Dubai may ask additional questions or request additional documents to open a bank account during the account's duration. As a result, it is critical that applicants respond in this manner. We, at Dhanguard with our team, can advise you on KYC criteria before opening a bank account in Dubai and make it simple for applicants to register.

The first step in opening a bank account is to fill out an account opening application, which must be supported by detailed company records. This information may include proof of business, such as contact and invoice information, as well as information about the company's clients and suppliers. To open a corporate bank account in the UAE, follow these steps:

Acquire a Business License

One of the most important steps in starting a business is obtaining a valid licence. The bank will not recognise you as a business if you do not have a licence, and you will be unable to open a corporate bank account.

Collect the Required Documents

The following critical step is to ensure that your legal and corporate documents are in order.

Check Visa Requirements

The next step in opening a business bank account is determining whether your company's shareholders need a residency visa. Some banks require proof of this from at least one shareholder, while others do not. As a result, whether or not your stakeholders have residency visas may have an impact on which banks you consider applying to.

Select a Bank

Once you have all of your documents in order, you can look for a bank that meets your needs. There are several national and international banks to choose from, as listed above. When deciding on a bank, keep the eligibility criteria and income in mind.

The Application Procedure

It is now time to start the formal account opening process. It is usually best to go to a bank branch and speak with an advisor who can answer any questions you may have. You can proceed with the process once they tell you what to do.

Facts to Consider Before Opening Corporate Business Bank Account in Dubai

Things that you should consider before opening Corporate Business Bank Account in Dubai:

• If you have a Limited Liability Company in the Mainland or a Freezone, or even a branch or subsidiary, you can apply for a corporate bank account with a local bank.
• If you own a small or medium-sized business, your presence as a bank signatory is also required for a day or just a few hours to submit the application and verify the passport in the presence of the banker.
• In terms of documentation, you must consider the business activities, the number of shareholders, the management's business background, and the business plan for the new entity in the UAE.
• There is no need to be concerned about privacy. Several agreements have been signed in recent years between the UAE and other countries in an effort to combat tax evasion. These agreements mean that, while banks must protect their customers' privacy, they must also cooperate with foreign authorities in certain circumstances.

Opening a Corporate Business Bank Account in Dubai Necessities

The exact documents required will vary slightly from one bank to the next. These are some of the documents needed to open a corporate bank account in the United Arab Emirates.

1. Form for opening a bank account.
2. The board of directors' resolution authorising the opening of a bank account, as well as the signatories to the account.
3. A copy of the business license.
4. A copy of share certificates.
5. Copies of all business partners' passports.
6. Copy of the Articles of Association and the Memorandum of Association.
7. Copies of all shareholders' valid passports.

Advantages of Opening a Corporate Business Bank Account

These are the Advantages of Opening a Corporate Business Bank Account:

1. Your account is kept private.
2. Banking services that are secure and dependable.
3. Your account will have low maintenance costs.
4. Online banking services will be available.
5. Money can be easily withdrawn and deposited.

What Is the Cost of Opening a Corporate Business Bank Account?

As an investor planning to open a corporate account, you may be wondering what the fees are for opening a corporate bank account. The real kicker is that, like most banks in other countries, UAE local banks do not charge any fees for opening a bank account. All local banks are required to maintain a minimum monthly average balance, and each bank has different minimum monthly average balance categories.

This balance ranges from 50k AED to 500K AED for local UAE banks, depending on which bank you apply to. For example, Emirates NBD starts at 50,000 AED etc. If you do not maintain the minimum monthly average balance, the penalty begins at 250 AED per month.

With Dhanguard our team recommends that if you open a corporate bank account with a specific minimum maintaining balance at any local bank, we recommend that you always keep this balance. Because you must maintain a positive relationship with your bank from the start.

Conclusion

Dhanguard also help business owners manage their corporate business bank accounts. With our team, offer a wide range of services to our clients regarding the opening and management of bank accounts. We have a team of qualified professionals who can recommend the bank that best meets your company's needs. Our services will save you valuable time.

Open business bank account online in Dubai, UAE. Compare and apply for business bank account from leading banks with Dhanguard.