Getting A Business Bank Account For Your UAE Entity
A business bank account is an essential tool necessary to run a business. Without a valid bank account, no business can function or provide financial documents for official purposes. It is crucial to have a corporate account to run your company without any financial hurdles. Learn more to understand why business account opening is important and how you can start the process.
Importance Of A Business Bank Account In UAE
To efficiently run commercial activities, it is ideal to have a corporate account in a good bank. Opening such an account offers multiple benefits depending on the business and the bank. UAE’s legal laws often require notarized financial statements to authorize specific procedures. In such cases, having an account in a bank in Dubai helps speed up the process.
Banking in Dubai is known to be one of the safest in the world. A Dubai bank account can offer maximum privacy to protect the interests of its clients. Additionally, UAE exchange currency rates affect banks directly and indirectly, but the conditions still encourage investment in the Emirates. Now, let’s know the requirements to open a business bank account in UAE to start your journey.
Requirements To Open A Business Bank Account In UAE
Trade Licence of the company
- Certificate of Registration
- Share Certificate(s) of the shareholders.
- Memorandum of Association & Articles of Association
- Resolution that allows a Company Officer to open an account.
- Passport copies for shareholders and authorized individuals.
In addition to the above requirements, some Dubai banks require a minimum balance to start an account; the minimum balance can be between AED 20,000 – AED 150,000, depending on the kind of business and the bank. Besides the minimum balance, bank accounts in Dubai also differ for a non-UAE resident, offshore company bank account etc. Based on the ownership, the bank will take 2-4 weeks to open the business account; the process may be faster for an offshore bank account. Depending on the type of account, certain facilities and benefits may also vary. Despite the differences in benefits and facilities, the business account opening is not tricky for a UAE entity. By following proper steps and completing specific procedures, opening a business bank account in UAE will be very easy.
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