Dhanguard can easily help businesses open corporate or open business bank accounts with any regional and foreign banks in Dubai and UAE. In the wake of the global financial initiatives against tax evasion, money laundering, and terrorist financing activities, the UAE Central Bank, in line with the international standards has introduced various compliance requirements on financial institutions and on the customers opening offshore companies. All financial institutions and commercial banks in the UAE have been regulated by the Central Bank of UAE. It can be noted that each financial institution has its specific requirements to open a business account in UAE.
Many business persons are interested in opening a bank account in UAE. Everyone wants to open corporate bank accounts in Dubai as they want to secure their monetary assets. Due to this, almost all international banks are attempting to open their representative branch offices in Dubai. There is an increase in interest of international investors, and therefore business owners want to keep their companies' capital in the banks of Dubai
Many foreign entrepreneurs operating the business worldwide through UAE offshore companies or having small facilities commonly referred within the free zone are having challenges to operate and open a bank account in Dubai UAE because of the recent Combating Financial Terrorism (CFT) and Anti-Money Laundering (AML) regulations issued by the UAE Central bank. All the banks in UAE are asking for more and more documents about the Ultimate Beneficial Owner (UBO) WHICH INCLUDES personal profile and website showing the business information under (KYC) Know Your Clients requirements.
As per the legal protocol of the financial institutions of the UAE, it is compulsory to be physically present in Dubai for opening a UAE bank account. Else, the procedure is going to be considered illegal, and therefore the bank won’t permit to open a bank account in Dubai. The reason for physical presence is that the original signature of the documents and personal identity confirmation is obligatory requirements that allow the applicant to open a corporate bank account in UAE.
General Documents required to open Bank Account for Corporate
We are highly qualified business consultants who can guide the investors through every step to open a bank account for the company business. With assistance at Dhanguard, the investors need not worry about the burdens of documentation or any other regulations.
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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.
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