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How Dhanguard helps to open business account in UAE?

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.

Why do you need to open bank account in Dubai?

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

Know Your Customer (KYC) & Due Diligence to open business Bank Account

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.

Presence Requirements for Bank Account in Dubai UAE

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.

Documents to Open Bank Accounts in Dubai, UAE

General Documents required to open Bank Account for Corporate

Mainland Business Account

Basic Documents

  • Trade License
  • Memorandum Of Association (All)
  • Passport, Visa & Emirates Id of all partners (if applicable)
  • Office Tenancy or Ejari Contract (Physical office)

Supporting Documents

  • 6 months bank statement (Personal/company from UAE/Home country.)
  • Utility Bills as address proof (for certain nationalities)
  • VAT Certificate (if applicable)
  • Business Model/company profile/ Website
  • Customer Profile (CV) of signatory
  • Name of existing or prospective clients (suppliers/buyers)
  • Debit & Credit Invoices
  • * All basic documents are mandatory. Supporting documents are as per business profile.

Freezone Business Account

Basic Documents

  • Trade License
  • Share certificate
  • Memorandum Of Association/Article Of Association
  • Passport, Visa & Emirates Id of all partners (if applicable)
  • Office Tenancy (Physical office)

Supporting Documents

  • 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 Bank Account

Basic Documents

  • Trade License /Certificate of Incorporation.
  • Share certificate
  • Passport

Supporting Documents

  • 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 Bank Account

  • Memorandum Of Association /Article Of Association- with legal attestation
  • Trade license.
  • 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 of a shareholder has a company outside UAE).

Conclusion

We are highly qualified banking 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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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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