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The UAE has always attracted a large share of investors and entrepreneurs from the world over, thanks to its vibrant economy and a conducive business environment. If you plan to set up your business in the UAE, you will need to open a corporate bank account.
UAE Banks are well-equipped with reliable and secure digital and mobile banking systems consistent with latest technologies. They offer ease of banking and a high level of privacy to foreign investors while incorporating a company in the UAE. Here is a complete guide on opening a corporate bank account in the UAE.
Points to Consider Before Getting a Corporate Bank Account in the UAE:
Cost to Open a Corporate Bank Account:
As an investor, you might ask if there are any fees for setting up a corporate bank account in the UAE. The good news is that the local banks in the UAE do not charge any fees for opening a bank account. However, all the local banks require that you maintain the minimum monthly average balance specified for different categories. If you are don’t maintain the minimum monthly average balance, then the penalty levied starts from 250 AED per month.
Time Required to Open a Corporate Bank Account in the UAE:
The procedure for opening a corporate bank account has no specified time limit since each bank has its own internal process and timeline. Typically, opening a bank account in the UAE for an LLC or a Free Zone company takes anywhere between 2 and 4 weeks.
Steps to Open a Corporate Bank Account in the UAE
Step 1: Get your Business License: Without obtaining a business license, the bank would not recognize you as a business, and it would not be possible for you to open a corporate bank account in UAE.
Step 2: Submit Necessary Documents: Ensure that all legal and corporate documents are submitted along with duly filled application form. The list of main documents required to open a UAE corporate bank account includes:
Step 3: Check Visa Requirements: Your shareholders may also require a residency visa. While some banks ask for residency visa as proof of residence from at least one shareholder, other banks may not ask for it at all.
Step 4: Choose The Right Bank: Once you have all the necessary documents in place, you need to choose a national or an international bank that best suits your requirements. You also need to consider the eligibility criteria and income while choosing the bank.
Step 5: Complete the Application Process: After a proper discussion with an advisor or the bank branch, the nest step is to complete the application process by submitting all the necessary documents with the duly-filled application form to the bank officials. The bank will thereafter authenticate every detail and gather background information about the applicant’s management team, its Shareholders, and Directors. The final step is the applicant’s interview. Once completed, the corporate bank account will be opened.
How Creative Zone Can Help
We understand how difficult it can be for foreign investors to get a corporate bank account in the UAE. This is why we offer customized solutions for every customer based on their business requirements. Through our partnerships and strong business relations with various banks in the UAE, we can help you open a corporate bank account in no time.
So, if you need help with company formation or opening a corporate bank account in the UAE, contact Creative Zone or call us at 800 LICENCE (5423673) today.
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