The Banks in UAE are highly developed financial system complies with the modern standards and customer requirements when it is about open a Business Bank Account Opening In UAE. UAE is also considered as the Worlds Business-hub where most the international companies have their presence. Because of these reasons, the UAE financial institutes have been acknowledged globally and increased a perfect standard in respect to the services they offer.
Since it is very important for any companies established in UAE to open a Business Bank Account Opening In UAE in order to run the business smoothly.
It is crucial to note that the process of opening a corporate bank
account varies from bank to bank. Opening a bank account requires time to complete all necessary application steps. In our opinion, the best solution to save time is to seek the advice of qualified professionals who have experience with this process. However, to gain a general understanding of the bank account procedure in Dubai, you may find the following information about opening a bank account in UAE useful.
Business Bank Account Opening In UAE
When recommending banks for account opening, we take into consideration several factors, such as the client’s nationality and country of residence, the types of transactions involved (e.g., trading, manufacturing, real estate, investment), volume of payment transfers, investment requirements, confidentiality, soft currency requirements, and language issues that may arise when communicating with the bank.
Opening a bank account in Dubai involves strict procedures and a significant amount of paperwork, although the specific requirements may vary from one bank to another. Dubai banks offer a range of standard banking services, including current, savings, and deposit accounts, as well as offshore accounts.
As business consultants in Dubai, we specialize in registering and incorporating offshore, freezone, and onshore companies, and we provide assistance with opening bank accounts. We typically assist our clients in opening bank accounts with both local and international banks in the UAE.
Required documents for opening various types of bank accounts.
1. Sole Proprietorship Company.
1. Trade License.
2. Partnership Agreement.
3. Passport copy and Emirates ID of all partners.
4. Power of Attorney if account is opened and operated by the Power of Attorney holder.
5.The POA should be a notarized document issued by the court. A Manager of a company can appoint a POA holder provided his name appears on the Trade License and Partnership Agreement. If the Manager’s name is not mentioned on the Trade License then all partners can appoint a Manager through a Board Resolution and the Manager can in turn appoint a POA holder if he has the authority to sub-delegate his powers. POA holder can only open an account if he is empowered do so.
Note: All original Documents along with signatory Passport and Emirates ID should be presented at time of signing.
2. Limited Liability Company (LLC)
1. Trade License (All 3 Pages).
2. Memorandum of Association.
3. Passport copy and Emirates ID of all partners with visa page/Entry Stamp page.
4. Passport copy of the Local Emirati Sponsor with “Idbara” page (Page 60).
5. Chamber of Commerce Certificate copy.
6. Power of Attorney if account is opened and operated by the Power of Attorney holder.
7. The POA should be a notarized document issued by the court. The Manager of a company can appoint a POA holder provided his name appears on the Trade License and the Memorandum and Articles of Association. If the name is not there then a Manager can be appointed through a Board Resolution. Once this is done then the Manager can appoint a POA holder, provided he is empowered to do so. The POA holder can only open the account if he is empowered to do so.
Note: All original Documents along with signatory Passport and Emirates ID should be presented at time of signing.
3. OFFSHORE Company UAE (RAK IC, JAFZA & AFZA)
1.Certificate Of Incorporation.
2. Memorandum and Article of Association.
3. Passport and Emirates ID copies of the shareholder(s) (Original passport will be seen of the signatory only).
4. Share Certificate, Incase share percentage is not mentioned in MOA or AOA.
5. Passport Copy of the ultimate beneficiary (If any).
6. Signing authority’s passport entry stamp page when he came last time in UAE (OR) Visa Copy if he is resident of Dubai.
7. In case of Corporate shareholdings structure, shareholder company`’s documents will also be required after legal, notary and MOFA stamping.
8. Company structure tree diagram on Company Letterhead.
9. CV of all the partners.
10. Company profile or business profile.
11. Board Resolution/Power of Attorney in favor of the Authorized Signatory in order to open, operate and close bank account in the name of the company. (If required).
12. Any other document to verify the record, bank may request for.
Note: All original Documents along with signatory Passport and Emirates ID should be presented at time of signing.
4. Free Zone Company
1. Incorporation Certificate or Trade License.
2.Share Certificate, In case share percentage is not mentioned in MOA or AOA.
3. Passport and Emirates ID Copies for all partners, if any, signed by the signatory (Original passport will be seen of the signatory only ).
4. Memorandum and Article of Association.
5. Board Resolution if any.
Note: All original Documents along with signatory Passport and Emirates ID should be presented at time of signing.
In case any change or amendment in the original documents of the company, same will be notarized and attested by that respective free zone.
5. Branch of Foreign Company.
1. Certificate Of Incorporation.
2. Memorandum and Article of Association.
3. Passport copies of all the partners (Original passport will be seen of the signatory only).
4. Emirates ID for all UAE visa holding partners.
5. Share Certificate, In case share percentage is not mentioned in MOA or AOA.
6. Passport Copy of the ultimate beneficiary (If any).
7. In case of Corporate shareholdings structure, shareholder company’s documents will also be required after legal, notary and MOFA stamping.
8. Company structure tree diagram on Company Letterhead.
9. CV of all the partners.
10. Company profile or business profile.
11. Any other document to verify the record, bank may request for.
Note: All original Documents along with signatory Passport and Emirates ID should be presented at time of signing.
Note all documents required to be attested and notarized by the nearest UAE Embassy / Consulate from the country of origin and Ministry of Foreign Affairs in UAE. WE CAN ASSIST YOU FOR ANY ATTESTATION PROCESS.
6. British Virgin Islands (BVI )or Foreign Offshore Company.
1. Memorandum & Articles of Association.
2. Certificate of Incorporation.
3. Board Resolution/Power of Attorney in favor of the Authorized Signatory in order to open, operate and close bank account in the name of the company.
4.Passport copy of shareholders as well as of the signing authority if any.
5. Latest three months bank statement for the signing authority.
6. Share certificate of the company if any.
Note: All original Documents along with signatory Passport and Emirates ID should be presented at time of signing.
Note all documents required to be attested and notarized by the nearest UAE Embassy / Consulate from the country of origin and Ministry of Foreign Affairs in UAE. WE CAN ASSIST YOU FOR ANY ATTESTATION PROCESS.
7. Non-Resident Personal Bank Account Opening Process.
1. Passport copy with entry page.
2. 6 months bank statement from the home country.
3. Bank Reference letter.
4. Utility bill.
5. The client needs to invest in some products like investment, bonds, insurance (minimum USD 500) and with this he can get a zero balance account OR
6. Maintain An average balance of AED 200,000/-
Note: All original Documents along with signatory Passport should be presented at time of signing.
Please note that the bank reserves the right to ask for additional information in line with the international practice of meeting the required compliance regulations and adequately establishing the “Know Your Customer” principle.
Additional informations
Presence of Authorized signatory in UAE.
As per the legal procedures of the financial institutions of the United Arab Emirates, it is compulsory to be personally present in Dubai for B ank Account opening. The reason of the presence is that original signature of the documents should be verified and personal identity confirmation is mandatory.
Business Bank Account Opening In UAE for foreign company
This is very much possible to open bank account in Dubai for the foreign company. A foreign company is a company registered outside the UAE, irrespective it is offshore Company such as BVI Offshore Company or onshore company in any jurisdiction round the globe. In order to open a bank account all the required documents should be legalized and attested from UAE embassy in the country of origin and then from ministry of foreign affairs in Dubai.
Cheque book issuing Policy
Cheque book is the most common way of transaction for corporate bank accounts. It is convenient and on the other hand this is a secure mode of payments. However, in order to get a Cheque book for corporate account of the company it is compulsory that the investor should be the resident of UAE and should have a valid UAE resident visa. Normally banks don’t issue Cheque book to offshore companies.
Debit card issuing policy
Normally once a Bank account is opened, Bank will provide a Debit card subject to terms and conditions of the Bank.
Online banking system
Most of the time the Bank provides online access to the Bank account in order to make the account transactions. For example bank account for offshore company companies, bank don’t issue Cheque book and debit card to client have only one option to operate his bank account which is online banking. Moreover, this is very important to mention that online banking systems of UAE extremely secured method to do business transactions and protect its clients from frauds. So, if you open bank account in Dubai, the main benefits of online banking system is that you can have full control on your Dubai bank account from anywhere in the world.
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