Tips to Open Corporate Bank Account in Dubai

Dubai is known for its stable and secure banking system. The commendable growth of private companies, transparent public policies and 0% corporate tax rate has significantly contributed to the economic landscape of the UAE. All banks provide excellent customer-friendly services and also high levels of privacy for investors and business owners which adds to a huge demand of corporate bank accounts in Dubai. Listed below are few tips to consider if you are planning to open a corporate bank account in Dubai.

1. Acquire your Business License 

Before you apply for a corporate bank account, it is mandatory to obtain a business license. Without a license, the bank will not recognize you as a business.

2. Get all Necessary Documents

Listed below are a few documents required for opening a corporate bank account:

• • Bank account opening form
  • Resolution from the board of directors sanctioning the opening of bank account, and the signatories to the account.
  • A business license copy
  • A share certificate copy
  • Passports copy of all business partners.
  • Copy of the Memorandum of Association and Articles of Association
  • Copies of valid passports of all shareholders
  • Latest Utility bill of the shareholders
  • 6 months bank statements

Some banks require additional documents such as invoices, reference letters from business partners, company business plan, and information regarding the business activity

3. Check Visa Requirements

Check whether your company shareholders are required to have a residency visa. Certain banks require proof of this from at least one shareholder.

4. Select the Bank

After getting all documents, select a bank that fits your requirements. Always consider the eligibility criteria and income before selecting the bank.

5. Complete the Application Process

It is recommended to visit a branch of any bank and speak to an advisor who will guide you in the process and clear all queries. Once you are clear, you can complete the process.

If you are looking for a hassle-free process for corporate banking in the UAE, kindly contact us at +971 55 843 2911or info@corpinconsultants.com.