How Dhanguard helps to open business account in UAE?

By Sakshi Srivastav - 03 Mar 2021 Last Updated: 15 Sep 2021
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

  • Valid passport with the entry stamp
  • Residence address proof
  • Company Profile
  • All original Company Documents-MoA
  • trade license
  • KYC form duly filled with business information

Offshore Company Account Opening Requirements

  • Six months bank statement for a parent company and or the client's account.
  • Contracts with customers & suppliers if possible
  • Invoices can be used as evidence for some of the transactions on a statement.
  • Reference letter from the bank of the client in his own country
  • Newly established offshore entity (in UAE) that is 3 years should provide documentary evidence of running a similar business at least for 3 years in either UAE or another country.
  • The other requirements are parent company audited financial statements or an offshore financial statement for those already existing for 3 years it might be required.
  • A business plan is requested on the basis of case to case and the same can be mandatory for a consultancy business.
  • The legal documents for the company formation in UAE and requirement of owner IDs.
  • Proof of address for all the partners as a gas or electricity bill

Free Zone Company Account Opening Requirements

  • The owner has a UAE visa or if an owner appoints a POA who has a residency visa.
  • 6 months bank statement for the company or the client's account.
  • Invoices can be used as evidence on some of the transactions on a statement.
  • Reference letter from the bank of the client in his own country.
  • The legal documents for the company’s formation in UAE & the owner’s IDs.
  • Placing a small investment amount facilitates the process

Requirements for Non-Resident Personal Account

  • Passport copy and an entry stamp to UAE.
  • 6 months bank statement from your bank.
  • Reference letter from your bank
  • The source of wealth & source of income

Conclusion

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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